Colorado Real Estate – it is a beautiful place to live! What are the trends and predictions?
While it is no longer a surprise that Colorado and much of the nation are experiencing improved employment rates, a growing economy, and a healthy real estate market- what is surprising are the oftentimes fluctuating trends that occur in real estate.
Each year, Realtors attending the National Association of Realtors (NAR) Conference have the privilege of learning about the most current real estate research and analysis to help their clients make informed decisions. A highlight at this year’s conference in Boston was NAR Chief Economist and Senior VP of Research Dr. Lawrence Yun’s annual report presentation and predictions for the year ahead.
Dr. Yun reported that nationwide in 2017, we saw the highest number of home sales in a decade. Sales for existing homes and new homes totaled 6.1 million. He called his prediction for the future slightly “boring” with home sales for 2018 predicted to be 6 million homes, increasing to 6.1 million in 2019 and 6.3 million in 2020.
According to Dr. Yun, homeownership is still one of the best wealth creators in America. In the last real estate boom, as prices rose so did the level of mortgage debt. In the boom since 2012, wealth has been created at a much more rapid rate due to lower mortgage debt and the absence of the subprime and greater- than-100-percent financing.
All of this being considered, in 2018 we are still seeing rising prices in 90% of metro markets. Lower price ranges have had stronger price gains, but not as much in the upper price ranges. Notably different have been higher price gains near downtown areas as opposed to suburban areas.
The most common things Colorado buyers are wanting are as follows:
- Soft, comfortable and contemporary home design, furniture and accessories.
- Slightly smaller homes and condos is trending
- Open floor plans including higher ceilings, full walls of windows and fewer hallways
- A place to retire as Colorado ranks second in the country for retirement.
- Patio homes that require smaller square footage, simplicity, and the ability to get outside and live healthier lifestyles (but not yard work)
With all this said, keep in mind that all real estate is local, right down to the street. National statistics are very general trends.
The only thing constant in real estate in Colorado is that trends will continue to ebb and flow.
All my best,
Picket Fence Properties, located in Windsor, CO is Northern Colorado’s Top Notch Property Management company helping owners with their rentals, income/investment properties and vacancies in Northern Colorado. Are you a owner of a home for rent or that you’d like us to manage? We help you have the perfect tenants in NoCO. Are you looking for somewhere to rent in Greeley, Loveland, Fort Collins, Wellington, Eaton, Evans, Windsor, Frederick, Firestone? Look no further, we have all your real estate and rental needs covered. Check out website for vacancies today.