Guest blog provided by Carla Knight with Metro Brokers Real Estate
Buying a home in Colorado is a hot topic for many millennial's and potential home buyers nationwide. That’s because Colorado is a hot spot for transplants and buyers from all over the country.
Because Colorado has become such a hub over the last few years, the housing market has increased significantly, causing a lot of potential buyers to back out of the market. However, things could change for those potential buyers in 2018.
This year we could see a change in the housing market. That’s why it’s so important to know what to expect and what to look out for.
Predictions for Buying a Home in Colorado in 2018
As a real estate agent that has been selling homes throughout the Denver Metro area for many years, I can confidently predict that the 2018 housing marketing will be more accommodating for people that are looking to buy a home and not break the bank.
It’s best to consider buying a home in Colorado this year because the housing market is on a continuous incline. The average cost of a single-family residential home in Denver has gone up every year:
In May 2015 — $406,000
In May 2016 — $451,000
In May 2017 — $524,000
The prediction is that these costs will continue to go up later this year and into 2019. So those that are “waiting out the market” aren’t using the best strategy.
However, the increase in prices could be less in 2018 compared to the years prior.
According to an article in the Denver Post, Metro Denver’s housing market could find modesty in 2018, home and rent prices could flatten this year. They predict that home prices will increase at the same 5 percent(ish) as the rest of the nation.
So even though the prices will go up, it will be less significant than years past. The combination of those prices flattening and the current low interest rates, buyers that have been waiting to jump in the game should do so now.
Buy a Home Today!
So it could very well be best to act now rather than wait when it comes to buying a home in Colorado, and you can get the process started today.
This guest blog was provided by Carla Knight Homes, a real estate company that’s committed to helping you find the perfect home. If you’re looking for a house in Denver or if you’re in need of some real estate advice, you can reach me, Carla Knight, at 720-626-9747 or CarlaKnightHomes@gmail.com.
Scott Synovic is a top performing mortgage loan originator providing superior levels of service and satisfaction to clients and business partners in Colorado - www.scottsynovic.com NMLS #253799 Fairway Independent Mortgage Corporation #2289