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As these market trends are expected to continue into 2021, it’s safe to say Colorado home prices will keep increasing. For most, now is not an ideal time to buy a house in Colorado, as listing prices are high and options in the market are limited. However, mortgage rates in the state are currently a bit lower than average, so you can save money over time if you get a good rate. Working with a local real estate agent can help guide your decisions and point you to the best deals in the state.
Hiring a local property management company can help in finding tenants for your investment property in Denver. The best place to buy rental property is about finding growing markets. Cities like Loveland & Fort Collins are good for investors looking to get started with rental property ownership at an affordable price. These trends provide a macro look at the growing rental demand.
How Was the Housing Market in Denver Last Year?
The city is home to Colorado State University and the average citizen’s age is 29. It’s also known for its laid-back culture, food trucks, and excellent river rafting. Many view Fort Collins as a young city with lots of room to grow in the coming years. It has many attractions that bring in families such as zoos, museums, trains, and parks. It also has a surprisingly vast selection of restaurants and nightlife.
“I believe we are moving toward a balanced market, which we haven’t seen in over 16 years,” DMAR Market Trends Committee Chair Libby Levinson-Katz wrote in the most recent report. In the third quarter, 10,749 homes were sold, which is a drop of 27.8% from a year ago. A typical mortgage borrower has excellent credit, substantial equity, and a fixed-rate mortgage with a rate well below 5%. We only have enough for three months, roughly half of what we require. Realtors provide access to the MLS, but you can skip this and list on MLS via the Flat Fee MLS listing service. Home staging means preparing your home for sale with or without the help of a professional home stager.
We are the MLS
Colorado Springs sits on the eastern side of the Rocky Mountains. The Colorado Springs metropolitan area is home to around seven hundred thousand people. The Colorado Springs area is seeing continual, rather fast growth. Colorado Springs real estate has continued to appreciate faster than most of the markets in the US.
Mortgage rates are touching a record high of 7.08% and may rise even further as the Federal Reserve works to control inflation. If you’re not planning to stay in the real estate property for a long time, do not buy it. Also, the buyer closing costs depend upon each state and cost up to 4% to 5% of the home selling price. The supply of newly constructed houses has yet to return to pre-2007 levels.
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The number of luxury homes that went under contract in November decreased by 18.75 percent, and the number of closed transactions decreased by 13.12 percent, month-over-month. Free, accurate real estate market reports that help YOU establish yourself as the expert in your area. But in percentage terms, the increase this year has been huge and rapid, especially for new homebuyers who have seen rates double or nearly double since they signed contracts. All of this data points to the fact that the Colorado housing market is and will continue to be a seller’s market in 2021. Over 6% of the population of Colorado has at least received the first shot of the vaccine. And so now we look forward to the post-COVID-19 world to make our Colorado housing market predictions for 2021.
That keeps many college grads here after they finish school while attracting students in the first place. However, it is the offices of Big Tech firms like Google and Microsoft that are more attractive. Aurora has the least expensive rents in the Denver metro, with a two-bedroom median of $1,695; rents grew 0.8% over the past month and 11.8% over the past year. NeighborhoodScout.com's data shows that in the past 10 years Denver real estate appreciated by nearly 146.94%. This amounts to an annual real estate appreciation of 9.46%, which puts Denver in the top 10% nationally for real estate appreciation. As of December 04, 2022, the average rent for a 1-bedroom apartment in Denver, CO is $1,638.
Denver's strong economy gives buyers the ability to spend more on housing, consequently increasing real estate prices. Home values rose so much over the past six or seven years that affordability became an issue for a person earning the median income in this area. Because interest rates affect a buyer's capacity to afford a home, buyers are taking more time to examine the value of each home, indicating that buyers are pickier. The average price fell 0.58 percent from $736,675 to $732,437 month over month. While this is a slight decrease, it is a 4.17 percent rise over this time last year, when the average price was $703,119. Furthermore, market-wide price decreases are decreasing, with close-price-to-list-price percentages falling by only 0.40 percent for attached and detached houses.
Denver Metro Area is still a seller’s market across the board but the historically low mortgage interest rates did help buyers as far as housing affordability is concerned. The months of inventory for single-family detached residences is 3.43, while attached properties have a month of inventory of 3.08. The Luxury Market offers the most months of inventory of any price range.
Englewood has seen the fastest rent growth in the metro, with a year-over-year increase of 13.8%. The Denver Metro Association of REALTORS® published its October Market Trends Report which demonstrated that it was yet another record-breaking month but only in two categories. In this report, the DMAR Market Trends Committee examined the various records broken last month. But expectations will need to adjust, for both sellers and buyers alike. Many will wait in the background, ready to pounce once affordability improves, Sturtevant said. As for buyers, more of them are being priced out of the market, but they aren’t giving up completely.
In May 2022, single-family home sales in El Paso County, Colorado increased by 4.9% while new listings increased by 18.9% year over year. The median sales price has reached a new peak of $490,000, which is +13.6% higher than last year. Total available properties for sale also increased by 63.8% year-over-year which amounts to 0.9 months of supply. Months of supply is a good indicator of whether a particular housing market is favoring buyers or sellers.
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