Over four years ago, my husband Mark and I purchased our first home near Sloan’s Lake. We were so excited that we found such a lovely first home. Over the years, we had taken on some pretty significant projects, and we loved our space. Well, covid happened, and our 1000 square foot bungalow seemed to feel a tiny bit cramped.
We started to venture out and explore potentially purchasing a new home. We started casually shopping and suddenly found this fantastic new construction home in Cory Merrill. It was perfect and that space that said, “you’ve got to move”.
Ok, Kelsea, that’s a nice story, but let’s talk about how it changed your universe. Could you give me the good stuff?
Since we bought our home four years ago, the Denver market has consistently grown with YOY gains in appreciation. This meant that our $360,000 bungalow in 2017 was now worth over $550,000 in 2021. When we listed our home, the response was unreal. Those projects paid off, and we sold our home for over $600,000. The proceeds from one sale allowed us to put a significant down payment on our new home and kept our monthly payment in a zone we felt comfortable with.
Since we were able to lock in a low rate, which was lower than our refi rate back in June, it was the perfect buying/selling storm. Investing in real estate allowed us to move into our dream home!
Look at the month’s worth of inventory. Property under $200,000 has the most amount of inventory of any other price point. That studio in Cap Hill. That one-bedroom in Glendale. It’s absolutely possible to find an affordable option!
Of course, now is not the right time for everyone, but if you’re waiting for the bubble to burst, just like you were waiting over five years ago, don’t. Starting small, even in a condo, will build you equity faster than any other investment option. Use that equity to leverage life moves. That rent could be going to a downpayment that later could help pay off student loans, buy a new home, or pull a home equity loan to make those renovations you’ve been dreaming of. While our market is busy, there are incredible options that can allow you to get your foot in the equity building pond.