Ever wondered how the Colorado real estate market is looking or the local economy as a whole? Is it still a good time to buy or sell property? There’s good news, the market continues to look favorable according to the following data:
A recent study by Area Development assessed 373 cities in the United States for their potential as leading locations for business leaders to choose for expansion or location of their businesses. They evaluated each city for its “prime work force, economic strength, year-over-year growth, and “recession-busting” attributes”. The results put four Colorado areas in the top twenty ranking:
20. Fort Collins/Loveland
The Denver area is considered the hottest real estate market nationwide due to buyer activity, home value appreciation and a growing economy, according to a report posted by Realtor.com in May of this year.
According to the National Association of Realtors® 2014 Profile of Buyers and Sellers, Realtors® interviewed estimated that the housing prices in Colorado will increase by 5.2% over the next 12 months in 2015 compared to 3.5% for the entire United States.
What does this mean for the real estate market? It means the value of our homes is likely to increase over time as there will continue to be an influx of people into Colorado, which increases demand and thus increases the value of our properties. It means that people who recently bought a home can expect to see increased valuation in their property. Also, it’s a great time for homeowners to sell as they will cash in on the equity they have built up in their home and will likely see increased valuation on their newly purchased home. Further, due to high demand from low inventory, sellers can likely get a higher price for their home (sometimes with offers coming in above the list price) in a shorter amount of time.