The Transcript 29
June 14, 2018
OVERVALUED FROM PAGE 28
Other factors may come to bear on the housing market: a steady increase in gas prices can redirect family incomes, Danyliw said. High prices may be sending young people elsewhere to buy their first homes, he said. “We’re getting to the point where home prices have gotten so high that they outweigh the desirability of living here,” Danyliw said. The end result of the Denver area’s housing issues might be a general cooling of the market, Danyliw said, especially if condo construction picks up in the face of reforms to the state’s decade-old construction defects law and eases the first-time homebuyer bottleneck, Danyliw said. “2018 will still be a banner year, but it might not be a record-breaking year,” Danyliw said. Feeling the squeeze First-time homebuyers have an uphill
battle, said Jack McCambridge, the cofounder of Eave, a metro area mortgage lender. Buyers utilizing first-time homebuyer grants or Federal Housing Administration loans may see themselves outmaneuvered by full-price cash buyers or traditional buyers, McCambridge said. Buyers who can put 20 percent down on a house will find their bids far more attractive, McCambridge said, though 20 percent of a median-price, single-family home in the Denver area is now more than $90,000. Low inventory and high prices mean first-time buyers may need to make tough choices. “One of the hardest things to do in this market is to be confident about the property you want to buy,” McCambridge said. “Is it in the part of town you want to be in? Does it have the features you want?” Seeking out personal connections with sellers or finding sellers interested in maintaining a family atmosphere on their block can help, McCambridge said. Still, some would-be buyers just won’t be able to pull it off here, McCambridge said. “Some definitely end up just discouraged,” McCambridge said.
What’s it cost? The following are the median sale prices of singlefamily homes in April, the most recent month with available data, for communities throughout the Denver metro area, according to the Denver Metro Association of Realtors. At right is the percentage increase or decrease as compared to April 2017. Lone Tree: $775,000 (-8.6 percent) Golden: $670,000 (+15.3 percent) Highlands Ranch: $550,000 (+22.2 percent) Denver: $500,000 (+17.6 percent) Parker: $490,000 (+7.7 percent) Centennial: $480,000 (+5.7 percent)
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