With 2016 home values predicted to rise by another 7-10% in some areas, this could mean tens of thousands of dollars in additional equity for homeowners.
Denver, CO (PRWEB) March 02, 2016
According to the Denver Business Journal article, resale prices of detached single-family homes in the Denver area are up 10.2 percent from a year earlier. “Additionally, last December’s 10.2 percent year-over-year rise in Denver-area resale prices was nearly twice the national gain,” said RE/MAX Northwest Broker and founder of The Altitude Group Matt Thomas. “With 2016 home values predicted to rise by another 7-10% in some areas, this could mean tens of thousands of dollars in additional equity for homeowners.”
Denver, in fact, has been named the No. 1 housing market in the country for 2016, and national reports indicate the city will literally be second to none this year as far as home value increases. However, inventory is low and there are not enough houses for interested buyers.
“The market tends to move closer to balance as we move out of winter into spring, but as long as the demand for housing remains high, inventory levels will remain low,” said Thomas, a listing agent. “Colorado was said to have grown by 101,000 people last year, which is a staggering number.”
On the bright side interest rates have fallen, which also serves to bolster demand for housing. Furthermore, the Denver metro and surrounding markets have seen multiple years in a row of double-digit gains in home values. In fact, Denver has seen increases in its home price index every month since February 2014. New construction in Colorado is also booming, but still can’t seem to keep up with demand.
“There are currently many advantages in the real estate marketplace for both home buyers and home sellers, but keep in mind that competition is the name of the game whether you’re buying or selling a home,” said Thomas, a Certified Negotiation Expert (CNE). “The question is, How much competition will you have once you’re ready to test the market?”
About Matt Thomas, RE/MAX Northwest
Matt Thomas is a listing and buyer’s agent specializing in relocation and staging. His goal is to help clients capture the essence of what makes Colorado the kind of place where they want to have a home or business. He is also the leader and founder of The Altitude Group. For more information, please call (303) 269-1617. The office is located at 12000 Pecos Street, Suite 160, Westminster, CO 80234.
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