When it comes to securing a home in Denver’s competitive market, Mile High residents are willing to go further than the average American, according to a recent report from Bank of America.

In its 2022 Homebuyer Insights Report, Bank of America found that more than 70% of prospective homebuyers in Denver said they’d make an offer within three days of viewing a house, compared to 65% nationally. Not only are Colorado house hunters willing to act fast, but they’ll also get creative to secure the home of their dreams. At 44%, potential millennial buyers in Denver are more likely than the average millennial to say they’ll use public or private grants for closing costs.

On top of rising interest rates, the median closing price for a single-family home sat around $660,000 in March, according to the Denver Metro Association of Realtors. Meanwhile, the average closing price jumped to $797,700. However, the supply issue is alleviating slightly. The number of new listings for homes got a boost to 4,332 in March after hitting a low of 1,779 in December 2021, DMAR reports.

Earlier in the year, it was common for buyers to offer six figures above the asking price while competing with dozens of offers, but with the recently increased inventory, now it’s more common to compete with just a few offers. Still, the combination of record-high sales prices and increasing interest rates mean buyers may suffer steep monthly mortgages.

With these factors playing against them, 32% of prospective buyers in Denver feel pressure to find a home within the next nine months, according to the Bank of America report. While they have the upper hand, sellers will need to stay grounded in their pricing strategies as buyers can sense when a house is priced too high, even in this competitive market.

It may seem daunting but becoming a homeowner in this market is definitely doable. The first step is finding an experienced pro to help you understand what’s ahead. Give Metrowest a call today – we’d love to help explore your options!