Colorado Real Estate Market Trends and the Move-Up BuyerPosted on Feb 02, 2018
Some real estate experts point out it's the best "move-up" Colorado real estate market in 40 years. People in the position to buy their luxury dream homes have an opportunity to leverage the low-interest rates as well as lower demand for high-end homes. Several factors come into play for the step-up home buyer. In most cases, a person living in a Colorado starter home can get a great deal by purchasing homes build during the "McMansion" real estate craze that commenced in the 1990s. Homes in some higher-priced Colorado neighborhoods sell at a slower rate compared to the overall fast-paced market. For move-up buyers, that's great news.
Checking the inventory of homes
It's possible to place a bid on a luxury home priced at more than $700,000. Real estate experts point out there is plenty of inventory for homes priced above the half million dollar mark. To understand the better inventory for higher-priced homes, consider the demographic shifts and home-buying trends. Baby boomers made up one of the largest home-buying generation during the 1980's and 1990's. Many boomers bought mammoth homes, but there was less demand from the Generation X homebuyers who followed.
Getting ready for a project
Because baby boomers had many of the luxury homes built two decades ago, many of the sprawling homes need renovations. The homes might not come equipped with the latest technology or smart features. Still, a buyer today will likely get a decent bargain on a spacious home with good "bones." Adding smart features and updating the flooring, appliances and interior features is simple enough for so many buyers addicted to HGTV. Other factors that deter some people from buying a larger home include the recent tax reform law that lowers the property tax deduction. Of course, for people who plan to use the standard deduction, the change isn't relevant.
Whether you hope to buy or sell a high-end home, rely on an experienced real estate agent that understands the Colorado real estate market trends. Although it might require patience, it's possible to sell your large home with the right buyer. Ultimately, it only takes one buyer to make a dream deal. At Team Lassen, we work with buyers and sellers interested in homes in all price ranges. For more tips on becoming a move-up buyer, please contact us.