The Colorado Real Estate Market: Will It Ever Levels Off?
It Seems Like Colorado is seeing way more people wanting to move to Colorado than move out. That is fueling the real estate market in the seller’s direction. Real estate agents throughout Colorado are seeing way more supply than demand. This is pushing the prices higher and higher.
What is going on with the Colorado Real Estate Market?
For years the Denver market has been red hot. Over the past few years though, it appears the demand for properties is leveling off. People want to move here but they just can’t afford it, or they don’t want to. The combination of high home prices and low inventory is creating a frustrating situation for sellers. In most parts of the state, inventory is still falling and prices are still going up. If you have a house for sale in Colorado, good luck getting buyers. Most of the recent sales have been all cash or close to it. With prices rising so much and most sellers at the end of their rope, they can’t afford to spend a ton of time selling the house. Most people just want to get the house sold as quickly as possible and move on.
Why Is This Happening?
Lower supply is the primary reason why these prices are not leveling off. Soaring housing costs in the states are also a big factor. The influx of Colorado residents to the state is overstretching housing supply. Colorado is moving away from a traditional oil and gas economy and growing into a renewable energy economy. The huge influx of new residents is also pushing prices higher. I remember, when I first moved to the state, it seemed like everywhere you looked there was new construction. The booming economy and people moving in also means higher prices. Not to mention, the rural areas of the state are suffering from low population. There simply aren’t enough people to support these housing prices.
What Does This Mean For The Future of The Market?
There is a lot of uncertainty over whether this will hold up. However, it doesn’t seem as if the market will reverse course. It seems to be the same trend we are seeing throughout the entire country. Which could mean a growing economy for everyone. What are your thoughts?
Is it a good time to sell my Colorado home?
This situation is good news, a bad news scenario for homeowners. The good news is the trend of people moving to Colorado is showing no signs of stopping. The bad news is that the house prices and sales are still going up. Here is what experts are saying about the housing market in Colorado: Alexandra Tachie-Menson is a Director of the Colorado Association of Realtors. She says, “It’s definitely an oversupplied market. We’ve been seeing these rates of homes sales for years, going back to 2012. Now, we’re finally starting to see some return on that investment because these prices are getting too high. A lot of that oversupply is from the increase in jobs that have started showing up in Denver in the past couple years.” Are these prices normal?
Is it a good time to Buy a home in Colorado?
A lot of the homes on the market are selling in the over-asking price range. In most of the housing areas in the state, there are far too many homes for the number of people moving in or out. Many of the new homes are being built in areas that are known for the low cost of living in Colorado. This is raising prices in areas that are already expensive. With so many homes on the market at the same time, you need to do everything you can to stand out. If you can get in on the last sale of a home on the market before it sells into escrow, it could mean you get the home for significantly less money than the going rate. How Long will the real estate market be like this? There are a lot of factors that make it hard to say how long the real estate market in Colorado will continue this way.
Are the Denver Foothills (Evergreen, Conifer, Morrison and Golden) a hot market?
One would assume that the homes in the Denver Foothills (Evergreen, Conifer, Morrison and Golden) would be completely full. Many new homes have been built in those areas in the past decade. With the drought, the lack of rain, and the flooding, these homes are making a great deal of sense. This area was mostly built around golf courses and ski resorts. http://www.realtyfinder.com/ The Colorado Market is Insane right now Even though the snow has stopped falling, this isn’t stopping Coloradans from buying homes. The real estate market in the Foothills has been crazy, real estate agent say. There are more homes for sale now than any time in the past 10 years. You can drive around these towns and see a ton of “For Sale” signs.
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