Denver home prices rose twice U.S. average | Inside Real Estate News
Interesting in depth article here, but I’ll highlight few of the key points, in my opinion at least:
Denver-area homes appreciated 12.1 percent in 2012 from 2011, twice the national average.
“It is an index,” he said, and not just a change in the average or median price of homes. “I don’t pay too much attention to average and median prices,” he said, as they are influenced by the mix of homes selling.
“Buying is cheaper,” Thibodeau said. “After you have been in your home for three years, it is cheaper than renting, given the mortgage-interest deduction and everything. But you have to plan to stay in your house for at least three years.”
Thibodeau also said that low mortgage rates are here to stay.
In fact, he said he doesn’t expect mortgage rates to skyrocket again in his lifetime.
He said he expects that Denver-area homes could rise another 6 percent or so this year from 2012.
Thibodeau said that Colorado homes did not have a bubble during the great recession.
“From peak to trough, Colorado homes fell by 14 percent,” Thibodeau said. “A 14 percent drop is painful, but not a bubble. There was no bubble in Colorado.”
Formerly battered real estate markets such as Miami and Phoenix are currently staging big percentage gains.
Miller’s “bottom line” projections include:
- User activity will remain strong — Landlord market coming soon.
- Investment activity to stay strong.
- Overbuilding not likely.
- Built-to-suit activity to continue.
Read the full article here: http://insiderealestatenews.com/2013/02/denver-saw-no-bubble/#more-22160
- More Coloradans paid off home loans in 2012 (denverpost.com)
- Colorado Real Estate Snapshot (legacyrealtor.wordpress.com)
- Metro Denver apartments scarce as rents soar (denverpost.com)
- Sellers Seem To Be In Control In Denver Real Estate Market (denver.cbslocal.com)