Keep These Stats in Mind when Denver Home Shopping
The Internet is filled with stats that the average browser really doesn’t care about. If you are like most others, your eyes probably scan through articles and conveniently bypass numerical stats that you have no reason to learn. However when you are hunting for a Denver home, becoming familiar with some of those stats can be very helpful and important. Below are AIM HOMES’ stats to keep in mind when Denver home shopping.
- The average home spends roughly five weeks on the market. So, if you see a home listed a week ago, but at a high price, there is a good chance it will be reduced, unless it sells first. However, if you see a home that is priced low but has been active for eight weeks then it is likely that there is something wrong with it or it was overpriced to begin with.
- There are approximately two million people in the United States with their real estate license, so finding an agent you are really comfortable with won’t be a problem. Don’t settle.
- Your debt can’t be more than 43% of your total income. The new mortgage rules in the “Qualified Loan” state that a borrower’s debt can’t exceed this percentage.
- Nearly five million homes were sold in 2014. So, although some areas are experiencing a seller’s market, there are still homes to be found. Adding to this number was 437,000 newly constructed homes, as well.
- Don’t plan on moving out of your newly purchased home for five years. You could lose a significant amount of money if you sell much sooner than that.
- The Internet is so helpful with home purchase information that 90% of all buyers initially begin the process online. You can search for properties, compare schools, figure out commute times, and learn about local crime rate in an area.
- Approximately 38% of all house hunters are first time buyers. The average age of a first time buyer is 31 and their median household income was $64,000.
- Although 20% is the ideal amount for a down payment the average amount financed is around 90%.
- Of the 9% of sale-by-owner properties, 18% of the seller’s found understanding the paperwork to be the biggest challenge while 13% stated getting the right price was the hardest part of the sale.
Whether you are a first time or repeat Denver buyer, learning some of the important stats can help with the process. The Internet has answers to an array of questions that may arise, such as choosing an agent, exploring the market, and learning about your debt-to-income ratio; the more information you can arm yourself with the better.