Home Buying in Denver>Question Details

patriciadarak, Home Buyer in Denver, CO

Can we get a nice house in a nice neighborhood for $100,000?

Asked by patriciadarak, Denver, CO Sun Jun 9, 2013

We are moving this summer, and want to settle in somewhere nice for our 3 young children. Will we be able to find a place, or can you suggest an apartment area?

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Answers

10
This has to be frustrating for you. You might want to widen your search area as others have suggested. Having 3 young ones, you probably do want something in the suburbs. Aurora is a good start.
0 votes Thank Flag Link Sat Jun 29, 2013
Hi Patricia,

Good question. 2 years ago I would have said maybe if you are there bright and early on day one with a clean offer and no closing costs or contingencies. Now it is virtually impossible in any nice area of Denver. You might want to consider a condo or townhome in a decent area. That would be a good way to get your foot in the door and take step up from there. At least I can say that condos now are appreciating faster than homes in the Denver area. Could be a good investment. Best of success in your search.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Jun 15, 2013
Right for this is an extremely aggressive price range, in which a lot of investors are picking them up for cash to rehab and resell. Depending on loan type and credit situation you may be better at looking at buying maybe around $150k range as even at that point most times the payment will be less than the rent.

Ritchy Haynes
NMLS 76066
303-910-7440
0 votes Thank Flag Link Thu Jun 13, 2013
$100,000 is a little low but it may depend on how far you can live from Denver. There are homes in the eastern portions of the state that might be close.
0 votes Thank Flag Link Wed Jun 12, 2013
$100K is a limited price point. The competition will be fierce so best to have your ducks in a row. Who is doing your loan? Loans under $100,000 are trickier than those over. Do you have your down payment and closing costs money set aside? Select an agent quickly. As others have mentioned, the few houses available at this price point sell lightening quick, so having an agent on your side is crucial.
0 votes Thank Flag Link Mon Jun 10, 2013
Patricia, I have been looking for a home in that price range and although Aurora is too far from my daughter,she lives west of Denver, Aurora is East of Denver-I have seen many nice homes at that price point there. Just sign up for the MLS and look yourself, also you can get houses for far less than what they are worth at the Hud Home store- http://www.hudhomestore.com/Home/Index.aspx -but they sell very quickly, my agent is Michael Turner, he has been non-tiring in helping me look for for a very specific property as I have special needs, this is his e-mail if you would like to contact him- mturner@relogic.com . or his phone is- 720-300-0889. But you can sign up for many sites,and select the price range and area and particulars that you want and get emails with the new listings every day so you can see what is out there-here are some good ones--trulia.com (this one has a crime tab that you can click on to see reports of crime in the neighborhood) very important!! or you can go to https://www.crimereports.com also a very good site! other listing sites-- movoto.com redfin.com http://www.cohomefinder.com, good luck in your home search for your family!
0 votes Thank Flag Link Mon Jun 10, 2013
Great comment for your agent and search. Hope you are staying abreast of interest rates. Rates were in the low three's earlier this year. Now rates have climbed over 4 percent. As you are searching for the ideal home with a limited budget, you really want to keep rates in mind because the amount of house you can afford will decline over time.
Flag Wed Jun 12, 2013
You don't say where you want to live. There are many towns in Colorado where this is possible but not in metropolitan Denver.
0 votes Thank Flag Link Sun Jun 9, 2013
$100K is a nearly impossible price point within Denver right now. You might try Aurora, or some of the farther eastern towns, but Denver's median price is almost three times that amount. If you are looking to check out rental rates in different parts of the city, I would suggest http://www.padmapper.com. You can get an idea on rental rates for different sizes and types of homes. Best wishes!
0 votes Thank Flag Link Sun Jun 9, 2013
The average Sold price in the Denver Metro Area is $335,776. I think the era of $100,000 3+ bedrooms hoes to be had is over.

The good news is that there is mortgage credit available to help first time buyers buy a home of their own.
0 votes Thank Flag Link Sun Jun 9, 2013
Hi Patricia,

It depends on the type of lifestyle you're looking for. There are some nice up-and-coming neighborhoods with smallish houses and big big lots, that would be great for urban farming type experiences. In other neighborhoods, getting something large enough and in a nice finished condition might be a bit of a challenge. Do you currently live in Denver? Any thoughts on areas? And, are you or your husband/partner handy and willing to do some renovation?

We'd be happy to help you scout out some areas and possibilities. Feel free to give us a call or email any time. :-)

Tony & Karen
720-427-4836
0 votes Thank Flag Link Sun Jun 9, 2013
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