Real estate trends are looking up in nearly every direction as we enter the summer real estate season. According to Realtor Magazine, it is hard to find a single area of the country where the real estate market is showing weakness. This is a significant conclusion, and the first of it’s kind since the nationwide real estate market slump and crash in 2008.
Real estate market weaknesses could be indicators including declining values, increases in foreclosures, etc. The current positive leading indicators include:
- dramatic increases in existing home sales of more than 9% in 2012 – the highest in 5 years
- a 54 month high in new-home construction – extremely welcome news for all construction related business concerns
- home remodeling activity is on the rise with a significant climb in the first quarter of 2012 – the highest since 2004
- a steadily declining foreclosure rate which at its lowest level in 4 years
These combined factors are considered to be part of current, improving real estate trends and are expected to continue throughout the remainder of 2013. The remaining challenges for real estate owners and buyers include those still facing negative equity, the fact that mortgage credit still remains tight and that overall inventories of for-sale homes remain significantly lower than pre-2008 crash inventories.
Take advantage of a these combined, favorable market indicators and capitalize on Colorado real estate prices while they remain affordable, compared to many other regions of the county. Real estate is one of the highest potential ROI investments compared to other traditional investments because of the current market conditions. There is still time to ‘buy low’ and glean the benefit of overall Colorado property appreciation trends and projections. This is forecast to be one of the busiest summers in Colorado’s real estate history, and possibly the summer that all those who have sat off to the side ‘waiting until the time is right’ come off the fence to the closing table. Real estate will rival many traditional investments in short-time positive gain averages, (12 months or less). A qualified buyers agent is the best way to get the most amount of information quickly to take advantage of these current, important market conditions. A buyers agent places your buying interests and needs first and foremost in their diligent search for properties that will fulfill your requirements.