If you are ready to make a move to the Rockies or if you already live in Colorado and are ready for a bigger home, there are many things to consider.
First, where should you live? What are the trendiest places in Colorado right now?
What is the housing market like there? How much will you need to buy the house of your dreams?
Is there a lot of competition for houses right now?
What are experts saying that interest rates will do in 2019?
If I need to sell my current home, when is the best time to put it on the market?
Yes, Colorado is an extremely popular state, but what are the current real estate trends?
2019 Real Estate Market Forecast for Colorado
Overall, the price of Colorado homes is rising.
Based on the current data, here are the ten most expensive Colorado cities as of 2019: Cherry Hills Village, Columbine Valley, Aspen, Sedalia, Vail, Snowmass Village, Basalt, Greenwood Village, Boulder, and Mountain Village.
What are the home values doing in these expensive Colorado neighborhoods? The short answer is that home prices have continued to rise.
The more complicated answer is that while the real estate market is indeed thriving and healthy, it is not as hot as it once was.
Current reports say that 99% of homes sellers received the list price. This figure was down 0.9% from the last report.
The number of days on the market was 51. This was longer than the last report. The number of new listings was down from March of last year to March of this year.
Does this mean that real estate investors are going to leave the Centennial State as fast as the snow melts in the spring? Of course not.
Home prices are still rising; there just is not as much movement overall in the market.
The average home price in Colorado is $376,800, and the average price is expected to rise. In fact, experts forecast that the price will continue to increase by 3.8% by February of 2020.
Home prices depend on the area. Boulder’s median price is $687,000. The next most expensive area is Denver, where the average home sells for $383,200. Pueblo is the most affordable metropolitan area. Houses in this city sell at $138,700.
Experts say that people move to Colorado because they want a resort lifestyle, and want to enjoy the outdoor activities that mountainside living offers. Homes in areas such as these continue to rise in value.
When Is the Best Time to Sell a House in Colorado in 2019?
Colorado’s weather greatly impacts real estate trends. Even though native Coloradans are used to large amounts of snow, people moving into the state may wait until they are sure that spring has arrived before attending open houses.
Late-spring blizzards, like what happened in March of this year, obviously affected home sales.
Overall, selling your home in early May may give your home an average of a $4,300 boost in its selling price.
The last half of April, May, and the first half of June is also a strong time for homeowners to sell.
The end of December and the end of January are statistically the worst times to put your home on the market in Colorado.
In popular areas, there is still a strong seller’s market, but it is slowing.
Reach out to a local real estate agent in your area for the best data regarding sales in your county.
When Is the Best Time to Buy a House in Colorado in 2019?
If you are planning to purchase a home in Colorado, especially in the more popular mountain-side towns, you are going to face more competition than if you bought in other parts of the state.
Second, interest rates are expected to increase as 2019 continues. Lock in a lower interest rate by starting the home buying process now. Some analysts are saying that they could go a high as 6%. Because of this, locking in a good interest rate with a 30-year, fixed-rate mortgage would be recommended.
If you have flexibility on when you can purchase your home, and if you aren’t necessarily picky on the style and neighborhood, you could try to find a good deal around the holidays and into January. Homeowners who are selling their homes at this unpopular time of year may be doing so out of necessity. You might be able to capitalize on this by getting a better deal.
Don’t try to buy without a buyer’s agent. It is important to find someone who knows the area, and will negotiate on your behalf.
Whether you are buying or selling, your first step is partnering with an experienced, local real estate agent. Finding the best agents in Colorado is easy. Our Clever Partner Agents will offer guidance and support through the home buying or home selling process.
If you are selling, our agents will give you the skinny on how to offer a competitive pricing strategy. If you are buying, he or she will negotiate on your behalf to find the perfect house for you.
Fill out the online form, and we will be in touch to answer any questions and connect you with one of our full-service, local Partner Agents for a no-obligation consultation.