Advice from Colorado realtors: How to prepare yourself for homeownership in 2024
New data is showing economic projections for potential Colorado homebuyers in 2024. Every year, the Denver Metro Association of Realtors meets for a summit to review that information.
"It's a summit that we do every year and bring in a few different economists from a national level, a local level," explained Libby Levinson-Katz at this year's January event. "We're sharing our predictions for 2024, kind of reviewing what happened in 2023 as well."
Levinson-Katz is DMAR's Chair of Market Trends, and she studies statistics for hopeful buyers. Her first piece of advice is to brace yourself for the median home price and current interest rate.
"In December, the median price for a new home (in Denver) was $578,000. I expect prices to stay relatively flat to where they are right now," Levinson-Katz said. "And when it comes to interest rates, 2023 was rough. We had interest rates that felt like they were going up every day. In 2024, interest rates are finally coming down, so we expect more buyers and sellers to come back to the marketplace. Mortgage rates are more friendly. A lot of lenders are predicting that interest rates will say in the sixes, maybe in the high fives. But really check through your financing, make sure you know what you can afford."
Then, when you're serious about buying, she advises getting help from an expert: "The first call should not only be to a real estate agent but to a lender. Calling those professionals first is going to make the transition to homeownership easy."
And if you find you're not quite ready for a home and looking to make things a little easier on your wallet, there are ways to navigate that as well: "Maybe you're looking at a $400,000 budget, and you're looking at a townhome or condominium. From there, stay there for a few years. You can sell it and you'll have some equity. It's an entry into homeownership."
If you're looking to buy a home and need assistance, click here to learn about programs across Colorado.
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