DENVER (KDVR) — There’s never been a more difficult time for first-time homebuyers to try and get into the market here along the Front Range.
Prices are high and inventory is low, which is why some Coloradans are seeking unconventional methods to lock down their first home.
The fact is, plenty of buyers are paying in cash upfront.
Within the last six months, the Colorado Association of Realtors has noticed more companies offering buyers a “cash purchase option” where they will actually make the offer for you in cash, so you have the opportunity to win a bid.
According to the Colorado Association of Realtors, the company will then put a mortgage on the home the very next day.
“If you’re just brand new starting into this and you’re looking to buy in Denver where your average sales price is close to $750,000 the down payment is going to be the challenge,” said Kelly Moye with the Colorado Association of Realtors. “So I actually think this is a really good option for people to say, ‘look I’d rather get into the market and not rent for the next ten years,”.
The average sales price for a home in Denver is currently hovering around $750,000.
For a list of additional home buying options, click here.