Boulder is a bustling city at the base of the Rocky Mountains, complete with a street for pedestrian shopping and vibrant college life. Buying a home in Boulder, an urban hub that so effortlessly blends nature and city living, is a dream for many. While you might love Boulder, you probably don't know the real estate market here inside and out. That's why we've compiled our expert knowledge into one article just for you
Why should you buy a home in Boulder?
Accessible real estate market
Boulder is considered by many to be an exclusive area, but there are still some deals here. Condos and townhomes in this city can come with a surprisingly low price tag. You may find that a starter home in Boulder comes with a lower mortgage payment than rent would be on a similar home.
Booming economy
Home to Amazon, Siemens, and other titans of industry, Boulder County has become a magnet for multinational corporations. It is not only the big businesses that bring life to the region; smaller establishments such as restaurants and shops have provided an influx of business in recent years.
Climate controlled by nature
Are you dreaming of sunny summers and mild winters? Due to its position at the foothills of the Rockies, Boulder is the place for you. Although it may have a reputation for snowy days, the truth is that this city usually only sees about 15 during each season. That's why so many come to enjoy its more temperate weather.
Top neighborhoods in Boulder
East Pearl
East Pearl is a tranquil side of Boulder, extending from Broadway to 28th Street and easily accessible via Pearl Street. While it may still be subject to the commotion of downtown, peaceful banks line Boulder Creek and bring an idyllic atmosphere to this region.
Mapleton Hill
Home to Victorian mansions, Mapleton Hill is the iconic historical district of Boulder. Those looking for some nightlife will be delighted by its proximity to downtown while nature enthusiasts take pleasure in Mt. Sanitas' natural border to the west — perfect for quick hikes!
Chautauqua
The wondrous sight of the Flatirons is a prominent feature in Boulder, and Chautauqua is the epicenter. Wherever you may be within this region, these beautiful rocks can be seen atop the skyline with awe-inspiring views. While there are no commercial shops inside Chautauqua's boundaries, just two miles away from its borders lies East Boulder, where shoppers will find all their necessities.
What to know about buying a house in Boulder
Median home price
The current median sale price for homes in Boulder is $979,000 as of March 2023.
Closing costs
Average closing costs for a buyer can range from 2-5% of the value of your new home and include things like appraisal fees, homeowner's insurance, and loan origination fees.
Property taxes
If you're considering buying a home in Boulder, you're looking at two different property tax situations. Boulder County has one of the highest median property tax rates among the over 4,000 counties in the United States, collecting an average of 0.57% of a home's assessed value. However, the state of Colorado's property tax is one of the lowest in the country (the national state average is 0.99%), sitting at 0.48% of the assessed value of your home.
Requirements for buying a house in Boulder
Conventional loans
A loan that typically requires a minimum of 5% down payment, conventional loans have flexible terms, including fixed-rate or adjustable-rate mortgages. The requirements for qualification can vary depending on the lender but typically include good credit history and proof of stable income.
FHA loans
Backed by the U.S. government, FHA loans support Americans who may not have the best credit history or owe an outstanding debt. The perks include a lower down payment on a house and lower interest rates than would normally be expected of home buyers.
VA loans
Designed for military members, veterans, and surviving spouses of service members, the VA Home Loan option makes homeownership accessible with no required down payment on a house and extremely low interest rates.
Money-saving tips for buying a home in Boulder
Find the best mortgage rates in Boulder
When buying a home, you want to ensure you're getting the best deal on your mortgage. After all, you pay your mortgage every month — so make it work for you, not against you. Contact local banks and credit unions, particularly your bank. Many banks offer special mortgage rates and packages for customers.
Use a bigger down payment to keep monthly payments down
If you can, consider making a 20% or higher down payment on your home. At this point, you'll start to see the interest rates on your mortgage decrease. By making a larger down payment, you can save money on your monthly payments and in the long run.
Increase your credit score
A higher credit score will enable you to qualify for lower interest rates and better loan terms. To get your credit score up, consider reducing any outstanding debt, paying all bills on time, and avoiding major credit purchases prior to buying a home.
Use a commission rebate to save money
Commission rebates are another way to save money when buying a home. If you and your real estate agent agree to a commission rebate, they'll share a portion of their commission from the sale of your new home with you, typically 1-3%.
Start your journey to becoming a Boulder homeowner
Now that you know more about Boulder real estate, the home-buying process should feel accessible and manageable. From the best neighborhood to live in to ways to save on your next home, you're well set up to be the newest homeowner in Boulder. Contact 8z Real Estate to learn more about buying a home in Boulder today.
