We all wish we could tell you what is going to happen but the reality is I can’t and nobody else could either. It depends on what side of a real estate deal you are on too. That is the better question to ask back when I’m asked how long is this market going to continue. Are you wanting to buy or to sell? A big shift in the kind of information to allow my client to make the more informed decision to act.
What we will tell you is that looking at population growth into Denver metro is the trend of 60,000 people into our area yearly. If 2.4 folks make a household then the supply of new builds to keep up would be 25,000 housing units. Builders are now around 15,000 units and at some point they will catch up. Supply and demand always works very well. Capital too without much government intervening.
With our economy around Broomfield and CO one of the best in the country some other cool things are going on. All the “kids” living back at home in the basement are now moving out and driving rental rates up. And those apartments with multiple peoples…friends living together to share cost, are now moving on to buying.
Now if you think through this market knowledge you would see that for sellers it should remain a great sellers market for another few years. A good time to sell those properties that in a normal situation would be a tougher sell. Property on busy roads, under power lines and such things.
Buyers use the same knowledge to get out there and be ready for fast actions to find and buy that home. The interest rates continue to be at record lows and that equals affordability power. Your 60k income with allow you to get that $300k home! The investors are still buying up so much of the -200 to 250ish inventory. Then buyers shopping 300k don’t fight so many cash investors.
Ok that’s the quick #’s analysis of how long will the market be like this question. But the emotional grab for a great market will be around for a very long time! Check out this video from this morning and in a minute you can see why to live in Broomfield CO.
When you are looing to make that real estate decision you need to work with an agent who first understands your needs. We want to help you and with Total Market Knowledge this will make the whole process much more fun and to reach your goal. Call me for that kind of service.