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Buying A House In Colorado – Bankrate.com

If you’re thinking about buying a home in Colorado, you have plenty of tough decisions ahead. Do you want to be in the middle of the action in Denver? In a happening city like Boulder or Colorado Springs? Or are you looking for sm…….

If you’re thinking about buying a home in Colorado, you have plenty of tough decisions ahead. Do you want to be in the middle of the action in Denver? In a happening city like Boulder or Colorado Springs? Or are you looking for smaller towns or skiing meccas, like Durango, Crested Butte and Telluride? No matter where you decide to plant your roots, the Centennial State will put you closer to the beauty of the great outdoors. Read on to get a complete understanding of how to buy a home in Colorado.

How to buy a house in Colorado

Decide where to live in Colorado

First things first: This is a big state, so you need to narrow your search for the right place to buy a home. If you’re looking to live near a bigger city, Fort Collins takes the top spot on Bankrate’s list of best places to live in Colorado. While the Front Range along I-25 is the most densely populated part of the state, don’t forget about Grand Junction and towns farther west.

While it’s smart to look at the list prices of homes in each of the cities you’re considering, make sure to consider the cost of other essentials, too. For example, Bankrate’s Cost of Living Calculator shows that Denver is around 15 percent more expensive than Colorado Springs.

Tips for buying a house in Colorado

As you figure out how much you’ll need to spend to buy a home here, be aware that property values and competition levels vary dramatically across the state. If you’re looking to buy in the Denver metro area, the median sale price is now more than $635,000, according to the Colorado Association of Realtors — a 15.5 percent increase over last year. And the competition is fairly steep: Homes tend to stay on the market for only 14 days. Head west to Mesa County, though, and the median price is just $401,000, with homes staying on the market for much longer: 63 days, on average.

In addition to a home’s price tag, you’ll also need to know how much money you plan to put into a down payment. This will help you figure out how much financing you need, and whether the amount you need to borrow exceeds conforming loan limits. If it does, you’ll likely be looking for a jumbo loan, which tends to come with stricter credit requirements and higher rates.

Things to know about buying a house in Colorado

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