The Colorado Real Estate Market
At New Dwelling Mortgage, we are passionate about one thing... your mortgage. With our personalized approach and expertise in the local market, we are the go-to mortgage broker for home buyers in Colorado.
Our mission is to help you find an affordable mortgage in Colorado in a simplified manner. We manage our clients' process by applying for loans with different lenders, finding competitive interest rates, and negotiating loan terms.
Shopping for a home in Colorado can feel overwhelming, especially with its competitive real estate market. You might wonder how to navigate this complex process efficiently. That's where New Dwelling Mortgage comes in!
By working with us, you gain access to a professional who understands a real estate market that is as ever changing as its weather. They will help you find the best mortgage rates and terms, saving you both time and money. With their expertise, you'll feel more confident making informed decisions while searching for your dream home in the Centennial State.
How much does it cost to buy a house in Colorado?
As of April 2024, the median sale price of a home in Colorado was $621,800, which is a 7.4% increase from the previous year. This makes Colorado one of the more expensive states to live in the US. With the breathtaking mountain views and snow-packed ski resorts, who wouldn't want to live in Colorado?
Down Payment: A standard down payment is 20% of the home price. For a $530,000 house, expect to pay about $106,000 upfront. Some programs offer lower down payment options, especially for first-time home buyers.
Closing Costs: These usually range from 2% to 5% of the loan amount. On a $530,000 house, closing costs would be between $10,600 and $26,500. Common items include appraisal fees, title insurance, and loan origination fees.
Mortgage Rates: Current rates range between 2.5% to 4.5%, typically influenced by credit scores, down payments, and loan types. Your mortgage broker will help secure the best available rate. Calculate your mortgage here!
Property Taxes: Property tax in Colorado averages 0.55% of the home's assessed value. On a $530,000 property, annual taxes would be around $2,915.
Homeowners Insurance: Insurance costs average $1,500 per year but can vary based on location, home value, and coverage requirements.
HOA Fees: Many Colorado homes, especially those in newer or planned communities, have Homeowners Association (HOA) fees. These range from $100 to $700 per month, covering amenities and maintenance.
2024 Colorado Mortgage and Home Buying Market Overview
Mortgage Rates
Expect mortgage rates to fluctuate in 2024. Analysts from Mortgage Bankers Association project rates may hover between 6-7%. Higher rates can impact your monthly mortgage payments, so exploring various loan options through a broker is essential. View Today's Rates!
Housing Inventory
Inventory levels in Colorado could remain tight for 2024. The National Association of Realtors indicates that while new listings increase, demand still outstrips supply. Fewer homes on the market mean intensified competition among buyers. New Dwelling Mortgage has a large network of vendors we work hand-in-hand with to offer you the top home choices in your budget!
Down Payments and Closing Costs
Down payments play a critical role in home buying. Traditional loans commonly require around 20%, although FHA loans offer options as low as 3.5%. Closing costs can range from 2-5% of the home’s purchase price. Our goal is to make your home-buying journey smooth and stress-free, turning your dream of homeownership into a reality.
Property Taxes and Homeowners Insurance
Property taxes in Colorado average around 0.49% of a home's assessed value, according to SmartAsset. Homeowners insurance averages $1,500 annually. Understand these figures fully, as they impact your overall yearly expenses.
HOA Fees
Homeowners Association (HOA) fees vary by location and amenities. In Denver, fees range between $200 to $400 monthly.
Market Trends
Stay informed on market trends. Colorado’s market exhibits seasonal variations, with spring and summer being peak buying seasons. Monitor trends closely, using your mortgage broker’s insights to time your purchase effectively.
Trust New Dwelling Mortgage to keep you updated on these factors, helping you navigate the 2024 Colorado market with confidence!