Fallen Denver home prices and record-low mortgage rates have pushed housing affordability to a 40-year high. Meanwhile, Denver rental prices are continuing to rise at a fast pace, according to a new report by Hotpads.com, a rental listing service.
Rental prices in 20 of the largest metro areas increased 3.75 percent in 2011, and prices are expected to continue to rise in 2012. Meanwhile, home prices fell by 1.83 percent in 2011, according to the report. Denver home prices are widely viewed to have bottomed out and are expected, by most economists, to rise commencing in the spring of 2012.
“In a lot of cases it’s getting to a point where it makes more sense for people to buy because rent has been going up significantly faster, while home prices have been falling,” Paul Gleger, author of the report, told AOL Real Estate. If you are currently renting, this may be the best year ever to invest in your first home in the metro Denver area.
For information on Denver real estate, please contact TeamCox Realtors at 303-400-6060.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance