Soaring cost of living in Denver pushing renters into the home-buying market

DENVER - Homebuyer Julian Beausoleil put an offer on a house only 5 minutes after seeing the property.

"We put an offer in and we're waiting until 5 o'clock today to see if they've accepted the contract," said Beausoleil.

In Denver's current housing market, Julian's house-buying experience is common.

Kenwood Real Estate at Cherry Creek boasts that it is Denver's largest independent broker. Jennifer Niederhauser says would-be buyers have to be ready with a strong offer in hand to compete with multiple offers.

"You don't have much time to decide," said Niederhauser. "You really have to walk in and make a decision within an hour in this market."

According to PorchLight Real Estate Group, Denver has a market where 58 percent of homes priced in the $200,000 to $400,000 range are under contract in 7 days or less.

"I thought it would be a bit easier, but we had a couple of showings on Saturday and the minute we walked out of one and thought about maybe doing an offer, it was under contract," said Beausoleil.

"Coming out of that housing recession that we were in," said Niederhauser. "I thought we'd have slower growth. the change would be more reasonable, but it's just exploded over night."

Industry insiders say escalating rents are pushing people into the housing market, but it's a market that's not big enough to support the demand.

"We're definitely in a place that's not suitable and so something will change and shift because that's the definition of unsuitable," said Niederhauser.

In the meantime, if Denver's rising rents are causing concerns or eviction fears for you or someone you know, please email us.

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