As we approach the presidential inauguration, demand for homes continues to increase throughout the country, in a recent real estate market trend. Although this trend is taking place nationally, multiple sources report that the trends continues to be particularly hot in Colorado.
Recently, Realtor.com reported that two Colorado cities, Denver and Colorado Springs, were among the countries’ hottest real estate markets last month. Denver came in at number six and Colorado Springs in 14th.
In particular, home buying interest became strong throughout the country after the election. Often the winter months are a slower season in real estate, particularly in snowy climates like Colorado, but this year the market shows no signs of slowing down. Nationally and locally, this is due to a few trends:
- Mortgage rates increasing. After years of remaining low, mortgage rates recently started going up, with plans to continue to rise over 2017. Would-be homeowners hope to buy now before the rates increase further.
- Snapping up the remaining inventory. Buying may be getting more popular in Colorado and nationwide, but housing stock isn’t increasing. Many people are buying homes now to make sure they get the ideal house for their needs.
- Better weather. In Colorado, the weather has been warmer and sunnier than usual, particularly last fall and early winter, so more home buyers were willing to brave the elements and go house hunting.
Even with the busy market in Colorado, now is still a great time to buy your next home. According to Denver Business Journal, while inventory may be down, single family home sale prices remain steady. Denver also has the second highest appreciation values of home values in the country, making a home a great investment. But be sure to buy soon, before mortgage rates increase and inventory further shrinks.
For your Home Buying needs in Colorado contact Stephanie Iannone 303-641-7484