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Continued Good News For Colorado!
While 2016 seemed to be an amazing year for real estate and business growth in Colorado, 2017 is on track to not disappoint. While we may cringe at the following statistic when it comes to traffic and congestion, Colorado’s net migration hit an all time high last year of 45,000 new people. 2017 is expected to bring slightly less at 40,000. A good sign for the long term economic health of the state is with so many millennials coming to Colorado, they will hit their income potential years of 35 to 55 over the next 10-15 years, so they will be here when they start to make real money! Another statistic according t the Colorado Real Estate Journal is that 2017 will see Colorado in the top 10 for employment.
This is good because as inflation increases all of us will need to make more money to retire. In 1980, a person needed $763,395 to have $100,000 in interest income per year. By 2000, you needed $2 million in the bank to earn that same $100,000 in interest. Today, you need $14 million! So while low interest rates make it so that now is THE BEST TIME EVER TO BUY A HOME, it also makes it much more difficult to save.
If you have any questions about this information, or would like to chat about how this will affect real estate in the Northern Colorado area this year, give me a call!
Fort Collins By The Numbers
As we come to the end of July, I thought it would be helpful to show you where we are in this market that you may have heard is "crazy" or "hot" right now. It is true we do have a lot of activity on homes in the under $350,000 mark right now (right at 2 months worth of inventory, and the NAR stats show that a "balanced market" should be at 6 months of inventory). Only 45 homes are available in all of Fort Collins under $350,000. I have helped many sellers this year list homes in that price range so they could move up in to larger homes as their families grow or take advantage of the HUGE equity that their homes have increased by to purchase the home that they have always wanted.
The fun thing is you can sell in a "seller's market" in that lower price range, and then buy in a more balanced or even "buyer's market" depending on how much higher in price you can be looking in. Over $500,000 in Fort Collins is at DOUBLE the inventory with about 4 and a half months of available inventory, and over $750,000 there is about 19 months of available inventory.
Those numbers outline not only the opportunities that exist in the higher price ranges, but also the need for a full comprehensive marketing plan like the Windermere Certified Listing Process when you have a high end home to sell.
If you would find it helpful to know how much equity you have in your home, please contact me for an Equity Snapshot that will show you what financial position you are in with your home.
