National home prices
While everywhere is experiencing rising prices, the mountains states are downright booming and Colorado is leading the way. Year over year, the only state that has appreciated more than Colorado is Nevada.
Clients and friends often ask me if the Boulder-Denver area is different from the rest of Colorado or the nation. I answer honestly. I’m not an expert in real estate across Colorado. In fact if you came to me asking to purchase a house in Pueblo or Montrose or Steamboat Springs, I would do my best to find you the right Realtor to help you but it would not be me. Even when I can get data as far away as Grand Junction, I will not pretend to know the market intricacies there and the best way I can serve you is to refer you to someone who does. What I can tell you is that from what I’ve read and the other Realtors I talk to in the 4 corners of Colorado… Everyone is experiencing a rising market with supply and demand issues.
Buyers along the Front Range are duking it out with ever increasing offer prices and have almost run out of contingencies to remove or reduce in the Contract to Buy and they are not alone. Colorado, all the mountain states and much of the U.S. are sharing this sellers market with us.
I have several clients (investors and primary residence buyers) heading for Montana to try and buy a little slice of something that resembles what Colorado was 10 years ago. Looking for lower population density but still the rugged geography, stunning views, fresh air and quieter pace of life. But for as many that I know are looking outside Colorado, there are 4x the amount looking to move to Colorado for the quality of life they dream about from San Francisco, Texas and New York.
At the end of the day people WILL pay more to live in a progressive state with 300+ days of sunshine, proximity to skiing, hiking, climbing and biking adventures. They will compete to lock in low interest rates on homes they see themselves living in, raising healthy kids in and enjoying a view from, for years to come.
It comes as no surprise to those of us who have lived here for years, that the quality of life we have is better than most – even if we do take it for granted on occasion. Now we have another reason to be grateful… Our Colorado real estate holdings are even better investments as national home prices rise.