The largest living generation at 73 million strong, Millennials are leading the pack of home buyers, forecasted to be 45 percent of those obtaining a new mortgage this year. The dilemma they face in the 2019 market is the rising cost of homes with only a modestly increasing availability of affordable homes, just under 7 percent according to the Washington Post.
Colorado Springs and Denver metro areas remain hot and desirable for many would be home buyers. Based on job growth, starter home affordability, inbound home searches and more, the independent real estate search engine giant, Trulia, forecasts Colorado Springs as the number one affordable inland city to expect growth in 2019.
Apply the following strategies to increase your odds of securing a new home in this competitive housing market:
- Grasp the advantage by choosing your mortgage lender in advance. Have them completely evaluate your financial picture and provide a pre-approval letter to bring to your real estate agent. In a competitive home-buying market, a simple pre-qualification letter won’t be enough if there are multiple bids on a property.
- Choose your Real Estate agent carefully. Ask your loan officer or see TopAgentsRanked.com for real estate specialists in the Colorado Springs metro area.
- Learn about loans with low down payment options such as HomeReady, USDA, FHA and VA. Down payment assistance may also be a consideration depending on your financial situation. Our mortgage loan officers can help you assess all of your buying options.
- Determine your priorities and areas you can be flexible in such as location and housing needs before shopping.
A Plus Mortgage is available to assist you either at our office or in a coffee café convenient for you. Our prime interest is assisting you with your home buying goals.
Contact Rich, David, Kathleen or Eileen at our Colorado Springs office to get started: (719)-572-5155
Washington Post: Inventory of For-Sale Homes Expected to Rise in 2019;
Housing Wire: These Will Be the Top 5 Housing Markets in 2019;
Realtor.com: Market Hottness Index for 2018;