The Barry and Larry Vestera Real Estate Program Radio show
8:00-9:00 AM | November 20, 2021
On the show:
Barry Miller (Host, and real estate agent with Remax Masters Millennium, Denver, CO)
Larry Stanley (Co-host, Barry and Larry Consumer’s Real Estate)
Chris Coil (Data analyst with Remax Masters Millennium)
Current real estate markets in the United States
- While the current real estate markets throughout the United States are very strong, there are a few places as robust as the Colorado front range.
- People and families keep relocating to the front range, creating a demand for new homes, apartments, condos, and townhomes.
- Unfortunately, construction cannot keep up with the demand, so home prices are soaring.
- This is a great deal for home sellers but very difficult for homebuyers. For families moving to Colorado, finding homes that they can afford is very difficult.
- There is no long-term resolution the experts can see to resolve this
- There is nothing experts can see that can change much in the upcoming at least in the next 6 months
- It looks like the rate of increase has slowed a little bit in the front range based on the NAR reports
- Big criteria that NAR does not report on is population
- So many in these spots where they are currently experiencing the big appreciation have not had it compared to other regions like the front range
How are the current real estate markets holding up throughout the United States?
- There is only one city across the United States that has a decreased in its median price
- Springfield, IL is the only city recently that is not a positive appreciation of cash
- The front range is remaining one of the most consistent and strong regions throughout the United States
FAQ: Should you wait to buy because maybe the prices might come down?
- Experts don’t think we will experience a slow down so you might as well get in the market now because it will only get more expensive
- There are about 10 annual appreciation rates as a slow down. The normal rate should be 3% to 5%
- Before selling your home and attempting to buy a new one, buyers should first evaluate markets like this and try to decide whether it is a good time to buy and sell
- The point is, there is no good time to buy and sell in the front range
- It’s always the same and it’s going to remain like this for at least another year
- The front range markets will continue to be strong for at least another year
Data from the recent housing reports:
- The top 3 states for appreciation, economic growth, population, and jobs are North Carolina, Texas, and Colorado
- The 4 parts of the United States that the National Association of Realtors had used: North East includes mainly the middle Atlantic states, MidWest which includes Missouri and Ohio and other, South includes mostly south up to Texas, and West which is mostly Colorado and California
- 2013 is the base year used for the data collected
- Western states have 10% annualized appreciation which is huge
- The NorthEast states have 4% annualized appreciation
- More of these cities in the NorthEast are expected to have about 18-20% growth
- These areas will always gain population because these are the places people want to live and rest when they retire
- Population growth will always create jobs in all sorts of industries
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