It seems like the housing market just isn’t on my side. I’ve been searching for a house to buy in the Denver area for the past year and the competition has been fierce. Last year, homes were selling for 30k over the asking price, all cash, and skipping home inspections. This year, interest rates have skyrocketed and house prices have only gone up, making it difficult to find something in our price range. We aren’t being picky and our expectations are low, but it feels like every house we tour between Longmont and Littleton (60 miles) has major issues that are beyond DIY repairs. Townhouses have high HOA’s that make them just as expensive as a $460K house. It’s disheartening and I’m starting to feel desperate.
It’s hard to find something in this market for under $450K. That used to be the going rate for starter homes in 2019 and 2020, but now it seems like prices have doubled in the last 3 years. I’m in Southern Maine and it’s the same story here; you need at least $400K to get a livable home and these same homes sold for $200K 3 years ago. The affordability of the market is really bad and it doesn’t look like prices are going to drop anytime soon. It’s a difficult situation for first time buyers and investors alike.