Located east of Denver‘s city limits and approximately half its population, Aurora is the third largest city in Colorado. Its size makes Aurora a hub for shopping, housing and a variety of recreational activities. People looking to buy a home in Denver would be wise to take a look at Aurora, too, where the real estate market tends to be slightly less competitive and slightly more affordable.
“Aurora spans a very large area, so we have everything from condos to million-dollar homes, but it’s one of the most affordable places in the metro area,” says Kelly Brink with 8z Real Estate. “It’s such a big city, there’s something for everyone.”
To help you navigate the Aurora real estate market, here are three tips from some of Aurora’s top real estate agents, as identified by OpenHouse Realty, a real estate data company (and U.S. News partner).
Consider a variety of areas. Before you start your home search in Aurora, determine what you need most. Do you desire an easy commute to work? Do you want your kids to attend school in the Cherry Creek School District? Do you want to be in a walkable area with amenities and services like restaurants and bars?
[Read: A First-Time Buyer’s Guide to Denver’s Cherry Creek Neighborhood.]
Erica Chouinard with Re/Max Success says, “The first question is where do you want to live and why? Do you want to live in Aurora for school, work or access? You’re not buying just because of a floor plan or price, it’s a lifestyle.”
The differences between the north end of the city limits and the south side are clear. The north side of the city offers easy access to the airport and downtown Denver, and features ranch-style homes that were built in the 1950s and 1960s. The south side offers easy access to the Denver Tech Center, Cherry Creek Reservoir and the Cherry Creek School District, with homes displaying newer construction styles.
“Schools are a huge driving factor,” Chouinard notes. “We have a lot of people who want to specifically live in the Cherry Creek district, which drives the growth in the southeast corridor.”
People who travel for work or who are employed at the airport might want to look at the north end near East Colfax. Those who desire a quick commute to the Denver Tech Center might prefer the south end closer to Interstate 225. Those working in health care may want to look at the areas surrounding the new Children’s Hospital Colorado or the Veterans Affairs hospital for easy access.
Be prepared to play to win. Just like in the rest of the Denver metro area, housing inventory in Aurora is low and demand is high, leading to stiff competition for homebuyers — though experts are seeing the market start to mellow.
[Read: How to Avoid Getting Burned (and Burned Out) When House Hunting in Denver.]
Brink says, “The market here has slowed down and leveled off a bit, but it’s definitely still a seller’s market. It’s taking longer to sell, but it’s not bringing down the prices.”
This benefits buyers because a slower market gives them more time to make a decision on a property without the anxiety of intense competition. “It’s helpful for buyers because they actually have time to make more quality offers and we’re seeing less ‘cold feet’ offers that fall through,” Brink adds.
But sellers still have the upper hand in Aurora — at least for the time being. Homebuyers need to come prepared to compete with cash offers, waived inspection clauses and rent-back agreements, which allow the seller to stay in the home until they find a new home themselves.
Consider building a custom home. Several areas of Aurora are still being developed, and it’s often possible to build a new home on an empty lot for the same price as an existing home. For some buyers, there might be more value in building a custom home on a new lot than buying an older home. Not only do these buyers have a better chance of getting all their “must haves” in their new home, but they also avoid the headache and stress of bidding wars and failing contracts.
[Read: A Buyer’s Guide to Denver’s Highlands Neighborhood.]
Chouinard explains, “You have to wait 10 to 12 months to have a house built, but you’re building your dream home instead of getting into a multiple offer situation on a house you only kind of like, and is maybe outdated.”
Southwest of the Aurora Reservoir, buyers can find lots for new builds, as well as near the new hospital areas where there is still a lot of undeveloped land.
Looking for a real estate agent in Aurora? Our Find an Agent tool can match you to the person who’s most qualified for the job.
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3 Tips for Buying a Home in Aurora, Colorado originally appeared on usnews.com
