As someone who moved from SC (sold my home) and moved here expecting to be able to buy within my first year, four years later it is still unfeasible to consider buying in Denver. Even with my salary being on the higher end of things, I cannot justify the prices here. Even renting is still egregious with the price gouging. I am fortunate enough that my company will pay me to move to another location and honestly, I may just have to do that in the next few years if things don't improve.
Same story as me, sold my house in Columbia, SC and moved to Denver. I'm amazed at how much more homes cost out here! A 1,500 sf shack built in the 1960s in Denver costs over $500k. $500k in SC buys you a 4,000sf brand new house with all the upgrades.
Yep, no one is getting a break on rent, either. I'd say don't give up totally yet. The next six months will be VERY interesting from a buyer perspective; buyers are in control more and more, and can negotiate all sorts of concessions to make payments more palatable. The video turned out a bit doom-and-gloom-y but in general I'm still hopeful.
Watched the entire video. Thank you Sam, this is a very valuable analyses. Like you said we've all been thinking a crash is coming, the FED were thinking that too. Yet nothing so far. Save, wait and see.
One thing is better than 1980. In 1980 the interest rate on a 30 year mortgage was close to 17%. That doesn't negate your point. Affordability is a serious issue. Prices for everything need to correct and wages need to come up. At least prices have stopped going sharply up. The price gauging has stopped.Hopefully that will make it possible for wages to catch up.
Yeah. It'll be interesting to see what happens after all the new economic data yesterday-jobs down big and unemployment up. Maybe prices level even more.
@@DenverLivingwithSami would think the jobs data would be enough to get them to finally cut rates. Of course, they don't care what I think. We'll have to wait and see what they decide.
@12:30 ... if we are paying $3,000/mo that would make the numbers way different. slip of the tongue, i know. but still $3000/year is insane. Living in MA i'm at $1,200/yr. so it's insane to think insurance is DOUBLE what i'm paying now is ridiculous. Moving back to CO is looking like more and more of a pipe dream.
It's gone up a lot in the past 18 months, but still, insurance will vary wildly by property type and location, so it's one of those things that's really tough to estimate. But yeah, it seems to be very different by state. I have a client moving from Florida who's currently paying $7,000+ (per year, not month 😆).
It's destroying all these communities because people under 40 without trust funds can't live here. Denver is already a crappy shell of what it was when I first lived here in the late 00s, and it's getting worse.
@mrbuckmeister it's not for me. My money is elsewhere. Housing feels like a speculative market that borders on ponzi scheme territory, which is not where I invest. I am just commenting on the fact that the market is a huge reason Gen Z and Millenials are checking out. Our demographic future is a complete nightmare.
📢📢📢HOAs ARE NOT “TAKING ADVANTAGE OF LOWER PRICES AND CHARGING HOA DUES”📢📢📢 HOA dues pay for things that single family homes pay for. Just because most SFH owners neglect maintenance and don’t actually accrue the true cost of ownership doesn’t mean HOA dues are some scam that the board collects for personal gain…
If you need to read an article to understand how bad affordability is, you're definitely out of touch. Typical real estate agent. There is a crash coming. You can't always look at history to see the future.
Where is the data indicating a crash, and when is the crash coming? Because I've been hearing about this crash for at least three years, and nobody has been able to answer these questions. Help me out here; I'm out of touch.
@@DenverLivingwithSam Does the year over year decline in median home values not indicate a crash? Have you seen the recent homes on market from people that bought 2-3 years ago? They're taking loses! Have you seen how real estate prices have increased in the past four years?
The answer to your first question is no, it does not. I honestly think you’re confusing a market crash with a market cycle. You can do some googling if you’re interested, but basically, all markets work on on cycles of up and down. Denver real estate dropped 12% in 2022/23 and no one considered that a crash.
@@clipartinc what market area are you using for your data of median home value declines? All of Denver? a specific zip code, a specific "neighborhood/market area". Additionally are you looking at single family housing data, condo's, townhomes? Certain price points or home styles? Please elaborate on your data set to support your conclusions above. Thank you
![The Best Buyer Opportunity in 11 Years [Denver Real Estate Market Update]](/img/1.gif)
As someone who moved from SC (sold my home) and moved here expecting to be able to buy within my first year, four years later it is still unfeasible to consider buying in Denver. Even with my salary being on the higher end of things, I cannot justify the prices here. Even renting is still egregious with the price gouging. I am fortunate enough that my company will pay me to move to another location and honestly, I may just have to do that in the next few years if things don't improve.
Same story as me, sold my house in Columbia, SC and moved to Denver. I'm amazed at how much more homes cost out here! A 1,500 sf shack built in the 1960s in Denver costs over $500k. $500k in SC buys you a 4,000sf brand new house with all the upgrades.
Yep, no one is getting a break on rent, either. I'd say don't give up totally yet. The next six months will be VERY interesting from a buyer perspective; buyers are in control more and more, and can negotiate all sorts of concessions to make payments more palatable. The video turned out a bit doom-and-gloom-y but in general I'm still hopeful.
Watched the entire video. Thank you Sam, this is a very valuable analyses. Like you said we've all been thinking a crash is coming, the FED were thinking that too. Yet nothing so far. Save, wait and see.
One thing is better than 1980. In 1980 the interest rate on a 30 year mortgage was close to 17%.
That doesn't negate your point. Affordability is a serious issue. Prices for everything need to correct and wages need to come up. At least prices have stopped going sharply up. The price gauging has stopped.Hopefully that will make it possible for wages to catch up.
Yeah. It'll be interesting to see what happens after all the new economic data yesterday-jobs down big and unemployment up. Maybe prices level even more.
@@DenverLivingwithSami would think the jobs data would be enough to get them to finally cut rates. Of course, they don't care what I think. We'll have to wait and see what they decide.
Thanks for the content
You need to make over 8k monthly after taxes as individual to afford a town home for 400k
we all know thank you
@12:30 ... if we are paying $3,000/mo that would make the numbers way different. slip of the tongue, i know.
but still $3000/year is insane. Living in MA i'm at $1,200/yr. so it's insane to think insurance is DOUBLE what i'm paying now is ridiculous. Moving back to CO is looking like more and more of a pipe dream.
It's gone up a lot in the past 18 months, but still, insurance will vary wildly by property type and location, so it's one of those things that's really tough to estimate. But yeah, it seems to be very different by state. I have a client moving from Florida who's currently paying $7,000+ (per year, not month 😆).
It's destroying all these communities because people under 40 without trust funds can't live here. Denver is already a crappy shell of what it was when I first lived here in the late 00s, and it's getting worse.
We need to find ways to help you get a starter home.
@mrbuckmeister it's not for me. My money is elsewhere. Housing feels like a speculative market that borders on ponzi scheme territory, which is not where I invest. I am just commenting on the fact that the market is a huge reason Gen Z and Millenials are checking out. Our demographic future is a complete nightmare.
📢📢📢HOAs ARE NOT “TAKING ADVANTAGE OF LOWER PRICES AND CHARGING HOA DUES”📢📢📢
HOA dues pay for things that single family homes pay for. Just because most SFH owners neglect maintenance and don’t actually accrue the true cost of ownership doesn’t mean HOA dues are some scam that the board collects for personal gain…
I…agree with all of that?
Add another $2k or so for child care (if u can get it)
Ouch!
Yep! I have two in daycare right now. One goes to kindergarten later this month so I'm getting a "raise," ha.
If you need to read an article to understand how bad affordability is, you're definitely out of touch. Typical real estate agent. There is a crash coming. You can't always look at history to see the future.
Where is the data indicating a crash, and when is the crash coming? Because I've been hearing about this crash for at least three years, and nobody has been able to answer these questions. Help me out here; I'm out of touch.
@@DenverLivingwithSam Does the year over year decline in median home values not indicate a crash? Have you seen the recent homes on market from people that bought 2-3 years ago? They're taking loses! Have you seen how real estate prices have increased in the past four years?
The answer to your first question is no, it does not. I honestly think you’re confusing a market crash with a market cycle. You can do some googling if you’re interested, but basically, all markets work on on cycles of up and down. Denver real estate dropped 12% in 2022/23 and no one considered that a crash.
@@DenverLivingwithSam The dropping has really just begun. buckle up!
@@clipartinc what market area are you using for your data of median home value declines?
All of Denver?
a specific zip code, a specific "neighborhood/market area".
Additionally are you looking at single family housing data, condo's, townhomes?
Certain price points or home styles?
Please elaborate on your data set to support your conclusions above. Thank you