I think everyone is wondering about the Real Estate Market with all the news articles on the mortgage market eliminating loan programs tightening credit standards and closing their doors. Where does that leave our Denver Real Estate Market.
Yes, there area a record number of foreclosures in the state of Colorado this year and that was featured in many news articles. The real story is that some area were hit hard with foreclosures and prices were affected in those areas Weld County, Aurora, Southwest Denver, Northwest Denver and Northeast Denver. The rest of the Metro area was only slightly affected by all of the Foreclosure activity. So, home prices were up an average of about 2%.
Colorado has grown fairly steadily in the past 5 years and the experts do not predict a steep downturn in prices for our fair State. This growth is expected to continue through 2007 with about 45,000 new jobs created. Tourism is up. The commercial market is going “crazy” and these have been indicators in previous markets of a residential upturn in prices and quicker sales.
That may not happen in 2007. But, if the inventory of homes decreases in 2007, it could start to turn around in 2008. So, it is a great time to buy! There are deals to be had for rental properties if you can afford to buy and hold for 3 years for so. The number of renters is up and positive cash flows are becoming the norm.
Also there are other investment opportunities such as buying a second home.
In places such as Mexico, Costa Rica , Belize and Colorado Mountain Communities. So, if you are looking to make a purchase out of the country or any place in the United States. We can put you in touch with people who can walk you through the process.
Another investment opportunity would be if you have college age kids to purchase a condo or home and have the roommates pay the mortgage. In 4-5 years sell and build equity to off set college expenses. No real estate market lasts forever.