My residential buyer, seller, and investor clients often ask me what I foresee happening in our Denver metro market. My short answer is that things are actually looking pretty good for everyone.
Lawrence Yun, who serves as chief economist for the National Association of Realtors, recently provided an upbeat outlook on real estate in our region. He shared that a combination of a strong job market, affordability of homes, and a decline in new home building have all partnered up to deliver a nice recovery trend to our metro area.
Mr. Yun then commented that we can expect these healthy trends to remain tempered by continuing foreclosures and buyer pessimism. Regardless, he believes we should expect the Denver market to exceed the national market as a whole in home appreciation for 2008.
My personal take on these two sides of the coin is that we have a very nice economic recovery trend happening here - it's not coming on too fast, nor too slow. There is VERY low risk in our market right now for a decline.
Our metro Denver homes market is also now serving up a diverse array of opportunities:
For Sellers with good properties, it is very possible to get top dollar on your home. There is very little bargaining happening on good, well positioned, well marketed properties.
For Buyers - especially 1st time home buyers, great deals and foreclosure can still be found on homes and condos. There are many pockets of opportunity here in the south metro Denver market for you to seize.
For Investors seeking solid Denver income properties, this one of the most perfect times to invest in this market. Rents are climbing, vacancy rates are dropping, and there are deals out there that many investors haven't seen for years.
I specialize in the southern region of the Denver metro market - Parker, Castle Rock, and surrounding areas. Please call me with any questions you may have about how these trends are affecting local real estate.