When planning to purchase or sell a house, the most important part of the process is research. And you can’t properly do your research unless you pay attention to trends and predictions for the coming period! After all, it can take a while to get through the process of buying or selling a house. The prep work alone can take months. In order to help out with at least a part of the process, we’ve put together a guide on the Colorado real estate market: trends and predictions for 2023.
Cost of Purchase
Colorado real estate market prices are generally still on the rise. What’s more, it seems like the price of properties will only continue to increase. The only good news? It seems like the price growth will slow down a little. It will still remain a steady price increase, but we should no longer see sudden price spikes or homes selling for much more than they are worth in 2023. We can see that the initial sale frenzy post-pandemic has somewhat calmed down, which is why the current situation has appeared. Of course, things will still remain highly competitive since the number of houses on the market is a lot lower. This also means buyers have to settle. Instead of looking for a home straight out of your dreams, you may want to look into the best budget kitchen remodeling ideas and similar in order to transform a home into one.
What Rent Is Like
Depending on your point of view, the current rent situation in the Colorado real estate market is either amazingly promising or rather ominous. Namely, rent prices are still on the rise, and we can expect the trend to continue throughout the year 2023. In fact, Colorado is among the states which are expected to experience the highest climb in rent prices this coming year. Obviously, this is amazing news for landlords and investors. Tenants, on the other hand, are about to face even more difficulties. And yet, we can also assume that, just like this year, people will continue to rush headlong into looking for better rental properties. The effects of the pandemic are still keenly felt, and the new found insistence on having a comfy place to live in case you’re stuck in it for months on end is still going strong.
Payment Plans
The good news is, whether you are looking to take out a mortgage or a more traditional loan, right now would likely be a good time to do it. This is because interest rates are still very, very low, making it a good time to get into the housing market. Of course, just like with most costs related to the Colorado real estate market, interest rates are growing. In fact, we can expect that in 2023, they will once more see a considerable rise. So, definitely consider acting sooner rather than later! If you are planning to take a more holistic loan that can cover more than just the cost of the house, do remember to account for all your spending. As the experts from Homegrown Moving Company Colorado like to point out, lots of people forget about ‘smaller’ expenses of moving until it’s too late!
Availability of Homes
We touched, briefly, upon the subject of housing market inventory. As it turns out, demand massively overshadows supply in the Colorado real estate market. What this means is that power has definitely shifted into the hands of the sellers. Still, as you can tell from the fact that prices are not soaring but crawling upwards instead, this hasn’t had disastrous consequences so far. If anything, it seems to have increased competition between sellers instead. In turn, lots of house owners are looking into what affordable amenities and features they should add to their homes to make them more competitive on the market, such as resin driveways. Still, the high demand does mean that almost every investment will see guaranteed returns, and this particular trend benefits both the sellers and the prospective buyers. So, we can consider it an overall boon for the market thus far.
Amenities And Purchase Trends
For the most part, we can safely assume that the most popular amenities will not change too much in 2023. Namely, the things home buyers in Colorado look for are open floor plans, an outdoor area, ample storage space, a nice location and, more recently, smart home features. These are all, to an extent, still a reflection of the pandemic’s effects. No one likes the idea of cramped and small spaces much anymore. And it is always a good thing to have useful facilities such as a storage provider near your home. Such considerations made on time will make even long distance moving to Colorado and an effort to transfer your belongings safely much easier. Still, if there is one shift to expect, it will be the growing popularity of smart homes and their rapid growth in number. Their sheer convenience makes them a serious draw.
Commercial Investments
We have good news for everyone interested in the prospect: commercial real estate investment is more viable than ever in the Colorado real estate market. Of course, this covers more than just investing into office spaces for rent. The economy in the state is really picking up once more, which means that businesses are in need of a wide array of facilities and services. Including warehouse space and similar! Particularly in Denver, of course, but other cities and towns in the state are not lagging far behind at all. Which means that you can run a decent, and increasingly profitable business by pandering to their needs. So, even if your goal is not to get your hands on an ideal home for yourself and your family, now is a pretty good time to get involved in the Colorado real estate market.
Final Comment
Being familiar with the Colorado real estate market: trends and predictions for 2023 will give you an edge. Now, you need to roll up your sleeves and tackle the market! Just remember: don’t be impatient when looking to buy or sell a home.