Buyers are still determined to buy a home despite interest rate increases. “I think people realize later does not mean better,” said CAR Spokesperson Kelly Moye. “Later could mean worse. Our prices appreciated 25% last year. Those people who didn’t buy a year ago are kicking themselves today.” The Federal Reserve announced on March 17 that the interest rate would increase by a quarter percent...
The popularity of multigeneration living is in flux throughout the nation, according to two recent reports. Colorado, along with Arizona and Nevada, had the largest increase in multigenerational households, which is defined by three or more generations who live in the same home. From 2014 to 2019, that increase went up 12.34 percent across the three states, according to a study from LendingTree. The NAR’s Home...
Prospective homebuyers who keep losing out on homes because of a lack of a cash offer could have a new option. The concept is called shared appreciation, where some companies are offering to put a cash offer in for a homebuyer if they cannot, and then get paid back later. The company will typically place the cash offer for the buyer after signing the...
While more than 65% of Americans owned a home in 2021—the highest amount ever—the black community’s rate of homeownership was only 43% nationally, down 1% from last year. This and other data were covered in NAR’s latest Snapshot of Race and Home Buying in America Report. “As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the...
Several Denver Metro-area real estate experts in reporting that $1 million is no longer the price point for a luxury home. To live in luxury in Denver, buyers should plan to pay between $1.5 to $2 million or more, and likely on the higher end of that range. “It’s less and less likely that buyers can get the luxury home they pictured by paying...
“There are plenty of thought-provoking choices to make in life--more so when you take a glance at predictions and numbers that can relate back to your or your client’s livelihoods,” said Estes Park REALTOR® and CAR Spokesperson Abbey Pontius. In Estes Park, the average sales price of a single-family home is $583,367, and townhomes and condos are at $393,000. “This amount of money will have...
Many ideas await the recommendations from legislators on how to spend $400 million of COVID-relief money on how to make housing more accessible to more people. “We’re all saying it: This is a once-in-a-lifetime chance to make investments in housing that we would never as a state be able to make in our own,” said Cathy Alderman, chief communications and policy officer for the Colorado...
New Coloradoans and the state’s stay-at-home orders during the pandemic have combined to form an unprecedented amount of growth in home values and scarcity in 2021, according to CAR’s 2021 Year-End Market Trends Report. The overall median single-family home price across Colorado went up 32% between 2019 and 2021. “In 2019, we were starting to see a plateau in the real estate market with appreciation...
For homeowners affected by the Marshall fire, the time between the disaster and receiving much-needed federal and insurance dollars is uncertain. “it’s the hardest, darkest period that these victims have to walk through,” said CAR Foundation Executive Director Amy McDermott. “Our hope is that this funding can bridge that gap.” The Foundation has received over $2 million to give to homeowners during this time, and...
Recent home listings in the Marshall Fire Burn areas are still selling over the asking price in a short time. There were 17 homes under contract that sold within two days of being on the market. The language in the listings reads differently than it did two months ago. “Instead of the remarks saying, ‘Great house, open space, and views,...