In 2010, the average close price of a home in metro Denver was just under $260,000. A decade later, that price has skyrocketed to $487,000.
It’s a statistic that has renters in Denver nervous about making the jump into homeownership, but it shouldn’t be a detractor. As Denver continues its vertical growth, more attainable and entry-level options are hitting the market — making homeownership a reality for those who may feel it’s impossible.
“We’re noticing that younger buyers who are renting are choosing to rent because they have these unfounded beliefs about what our real estate market is doing,” said Brady Cullen, broker associate with Denver High-Rise Living, a Keller Williams real estate team focused on condo living. “But the truth is, there are great listings on the market that definitely fit that entry-level price point.”
Looking to educate those renters and first-time buyers, Cullen and broker associate Julia Arnett are hosting a special event this week that will leave attendees equipped with the knowledge and resources to dive into home ownership. And while they’re there, they can enjoy a craft beer or two for a good cause.
The First-Time Homeowners Happy Hour is from 5-7 p.m. Thursday, Jan. 9, at Improper City, 3201 Walnut St., in the River North Art District. This networking event is free to attend and is packed with resources about the entire home buying process.
It’s also a chance to help a great organization. The folks at Ratio Beerworks have kindly donated a keg of their French saison, Dear You, for the event. The first 50 people in attendance get to put their first beer on the Denver High-Rise Living team’s tab. A portion of the proceeds from each pint of Ratio’s beer you purchase afterwards goes to the Denver Rescue Mission, a nonprofit that provides resources for those experiencing homelessness. And as a bonus, If you’re at Improper City earlier in the day, or even after the event, you can still help the rescue mission by purchasing a glass of Dear You.
In addition to meeting Cullen and Arnett, who can explain the home-buying process and showcase a number of listings with attainable price tags, several other professionals in the Denver real estate industry, who are also sponsoring this event, will be on hand, including:
Alicia Soto, of ETO Insurance, who can explain the different options and what’s needed when it comes to home insurance.
Lee Katsberg, of Pillar to Post Home Inspections, who can explain the intricacies of new and old homes to look for when touring listings.
Eric Kulbe, of Synergy One Lending, who can educate on the different financing options and programs available to first-time buyers.
Penny Crook, of Canyon Title, who can discuss the process of closing on real estate.
The number of first-time homebuyers nationally is expected to take off in 2020, according to a recent analysis by credit bureau TransUnion. It’s estimated that between 8.3 million and 9.2 million first-time buyers will enter the housing market beginning this year through 2022. That number is up from the 7.64 million that entered the market between 2016 and 2018.
A survey in that same study showed the top reasons for delaying home ownership was overall housing prices and general time to find a steady career. Luckily, the economy in Denver continues to grow, allowing those buyers to focus on getting their finances in order and purchase their first condo or home.
Still, a number of those first-time buyers have more questions than answers when it comes finding their first place to call their own — especially when it comes to financing options. According to a survey in that same study, two-thirds of buyers were unfamiliar with Fannie Mae and Freddie Mac.
“Educating buyers is our top priority at Denver High-Rise Living,” Arnett said. “We hope all potential homebuyers can attend and go home with some new-found confidence about their ability to buy in this market.”