Discouraged and defeated, Coloradans struggle to close on dream homes

Lawmakers hope to help through revolving loan program
Discouraged and defeated, Coloradans struggle to close on dream homes
Posted at 7:32 PM, Apr 12, 2022

DENVER — While traditional housing assistance programs focus on the lower end of the income spectrum, the housing crisis in Colorado can be felt at any level. Specifically, those who fall in the middle range are experiencing the challenges of buying a home in the Denver metro area.

“To sum it up is probably discouraging," said Jennifer Adams, who has been searching for a home for at least a year.

Adams says it is difficult to compete with buyers who have all cash offers, or who put in an offer above the asking price.

“I'm in a great place financially, and I should be able to buy a house. But, that's where it's becoming tricky — is that dream gone for me?" asked Adams.

Chad Nash works as Adams' real estate advisor and is sad to see some people having to leave Denver because of the housing market.

“The American dream has become unattainable," said Nash, who works for Compass in Denver. “I spend the bulk of my time, week in and week out, just really encouraging my buyers to stay with it.”

Those with Ed Prather Real Estate say the housing market heavily favors sellers, and successful offers depend on understanding what exactly a seller may want from a buyer.

“It's taking not one offer, not even two or three. In some cases, it's 10, 15, 20 [offers]," said Ed Prather. "These days, you're seeing a lot of post-closing occupancy needs, you know, people don't want to move twice, right. If somebody can purchase the home and allow the seller to hang out there for a couple of weeks, even a month, that could be more beneficial, more attractive to the seller in given circumstances.”

Nash says there are obviously sellers who are mainly concerned with profit, but that there are some who are more interested in finding a buyer who can positively contribute to the community. He says having a personal story attached to an offer can make it stand out when compared to others.

State Senator Rachel Zenzinger, D-Jefferson, hopes to help people in middle income ranges purchase a home through a piece of legislation currently being considered.

“We are creating a revolving loan program that will really focus on those middle income areas," said Zenzinger. “If we are addressing those individuals who are in the middle, we are actually benefiting people in the middle and below, because no longer will they be taking over those low income spaces for individuals that need them.”

For Adams, what has made the biggest difference in her search for a home is having Nash by her side.

“I'm here to fight for you," said Nash. "I'm here to do whatever I can to lead you to that dream of owning a home."