Denver real estate is like Denver weather, changeable, unpredictable, and not like anywhere else in the country.
Today’s forecast was for sunshine, temperatures in the high-50’s and slush everywhere. The bitter cold and snow of last Sunday and Monday are past, the famed Denver sunshine is back. Denver’s forecast is for more sunshine tomorrow. Get out to one of Denver’s famed parks this week. Cheesman Park has a great view of Downtown, Washington Park has two lakes and City Park is next to the Denver Zoo.
If you’re heading out to the Stock Show this week, look around. You may see more smiles on more faces. Consumer confidence in Denver is on the upswing, and the recent Emerging Trends in Real Estate report echos what we’re seeing here “on the ground.”
Denver’s real estate forecast is sunny too.
Inside Real Estate News, by John Rebchook, reported that by strengthening Denver’s core and adding to the light rail system, Denver is well-positioned to weather the storm. Denver boosters have always touted the quality of life here, but it’s apparent that more and more people are catching on that the quality of life is terrific and the economy is relatively stable. In the report, Denver received a green light and the report goes on to say that our area has stabilized.
Colorado is still wrestling with lack of employment, foreclosures and a stall in new homebuilding, but Denver is poised to have a terrific January for real estate.
January 2011 may post declines in year-over-year from 2010, but don’t think that’s a trend. Remember that in January last year there was a frenzy of tax credit purchasing. 2011 is poised to be a more “normal” year, with a slow steady start and building from there.
Rates have begun their creep. Historically great rates are still to be had – but the guarantee of a rate in the 4’s is elusive at best. Expect to lock in the 5’s now, and rates will probably stay there throughout the year.
Sellers – get your house sold now before increasing rates erode your buyer’s purchasing power.
Buyers – buy now before you’ll find you’re buying less house for the money. Not only will increasing mortgage rates affect your purchasing power, so will home prices. They’re poised to stay flat or even increase.
2011 will be an interesting year, to be sure! At least in Denver, we’ll have guaranteed 300 days of sunshine. We’ve already had 12 sunny days this year.
Look for homes in Denver at www.gretchensdenver.com. Your one-stop shop for homes, neighborhood and relocation information.