Investors are focusing on buying real estate in Denver and Colorado Springs, which are top 10 housing markets according to Forbes. Forbes suggests that following the investors may be a good idea for home buyers. These cities are predicted to be among the best in the country for a dramatic turnaround in home prices.
Our exclusive buyers agents have a similar analysis. They show that this is the best time to buy since the mid 90’s because of the low home prices and the pressure placed on sellers. Exclusive buyers agents also show that because of low mortgage rates, buying a home is more affordable than ever.
Investors are looking for cities where home prices have dropped, but that have signs of improvement over the next few years. Signs like an increase in population before the recession began, job growth and the mix of jobs in the area.
A mix of jobs is important because if the city depends solely on one industry, especially if it is a volatile one (like investing or construction), it is likely to be hit especially hard during economic downturn.
Forbes List of America’s Best Housing Markets for Investors
1. Raleigh-Cary, North Carolina
2. McAllen-Edinburg-Mission, Texas
3. Austin-Round Rock, Texas
4. Nashville-Davidson-Murfreesboro-Franklin, Tennessee
5. San Antonia, Texas
6. Colorado Springs, Colorado
7. Albuquerque, New Mexico
8. Denver-Aurora-Broomfield, Colorado
9. Springfield, Missouri
10. Indianapolis-Carmel, Indiana
The list was compiled by Local Market Monitor, a real estate research firm. The list is based on predictions of job growth, population changes and where home prices have reached the bottom.
Denver Metro has a healthy mix of industries.
The 2010 Economic Profile for Metro Denver shows a healthy job mix of Fortune 500 companies representing the telecommunications, internet services, packaging and aerospace, real estate, engineering, healthcare and beverage production.
Plus, Denver, and Colorado are working to become even more attractive to businesses, and is already considered a “Top 3 State for Business.”
To discuss your investment possibilites with one an exclusive buyers agent, fill in our Find an Agent form.
Looking for a good investment in Colorado? You may want to consider buying a home near the light rail. In a study done in 2008 by Your Castle Real Estate home values increased about 4% while the majority of Denver home values dropped by at least 7%. The study focused on home values along the South East line over the 2 years after the line opened.
Plus, as the light rail becomes increasingly functional and use rises, the value of property near the light rail will probably also increase.
The Light Rail is expanding.
The West Corridor Light Rail, extending form Union State to the Jefferson County Government Center in Golden, is scheduled to complete within the next few years. Homes that neighbor the stations along the new line could also see home value increases.
Also, RTD just announced on Aug.4 that they have purchased additional land to further expand the rail system.
People value proximity to Light Rail.
Since I stopped having to commute to work on I-25, my entire life is better. That commute meant an hour of anxiety and … well, terror. Anxiety as I watch the minutes until I’m late to work burn by while stuck in bumper to bumper. Or worse, no traffic, and the Evil Knievels can really let loose.
Avoiding a dreaded commute is just one reason people are opting to move closer to the light rail. Saving money on gas is another. Being energy conscious is another. A night on the town with the Rail as “Designated Driver” is another. Getting work done during your commute. Laughing at the cars stuck in bumper to bumper while you cruise by.
The reasons are endless. The bottom line is, people want to be closer to the light rail. Demand drives home prices up.
With the light rail becoming more convenient and covering more territory, living near a station will become more in demand. This could be a great opportunity to purchase property that will increase in value.
If you are interested in moving closer to a light rail station, one of our exclusive buyer’s agents can help you find the right home for you.
Parks add Value to Property…and Life
Parks don’t just add to your quality of life, they can also add the value of your home. According to a paper written by John L. Crompton from Texas A&M University in 2005, a property that is neighbors with a park can have an increased value of as much as 20%.*
That’s why on a home for sale by a park will tell you on their MLS listing. For example, “back to open space,” or “walking distance to park.” It’s a valuable perk.
Coloradans are healthy, and we love our parks.
Going to a park can make you feel just like a kid again. By my house there are 4 or 5 different parks, it’s incredible. At one of the local parks, there were many families outside, enjoying the day. Kids swinging and sliding on the play ground for some good old fashioned play. Adults were exercising. I’m pretty sure I saw some of the happiest pets in the world, sneaking a little “off-leash” time to cool off in the lake.
All of this was around noon on a weekday. I can see why Colorado is one of the healthiest states in the country. If you go to a park in Colorado, you won’t be alone.
What kinds of parks does Colorado have to offer?
- Colorado has 42 state parks that include visitor centers, kid programs, picnic areas and spectacular views and sunny days. The parks cover almost 250,000 acres.
- Colorado has 4 national parks including the Rocky Mountain National Park and Mesa Verde.
- Denver alone has 200 parks. Two hundred city parks… in Denver! Lakewood, beautiful Lakewood, has 99 city parks covering 7,000 acres.
Aside from the fresh air and health benefits, most parks are free.
If you love the great outdoors, move to a state full of like minded neighbors. Or, if you want to start – this is a great place!
Our incredible parks are just another reason to relocate to Colorado.
If you are interested in moving to Colorado, or maybe just changing neighborhoods, you can talk to one of our exclusive buyer’s agents to find the perfect home near the perfect park for you!
**The paper is titled “The impact of parks on property values: empirical evidence from the past two decades in the United States.” It is not a study based solely on Colorado, and it was published before, and so does not take into account, the recession. The author, Dr. John L. Crompton is a Distinguished Professor of Recreation, Park and Tourism Sciences.
