The housing market has experienced a major recession and is slowly recovering. This is even true of Colorado, which has been noted as one of the fastest recovering real estate markets in the country. Still, the confusion remains. You should definitely explore your main housing options: staying in one of Colorado’s many rental homes or buying a property. Each has its advantages and disadvantages and must be carefully weighed based on your personal perspective.
In terms of availability, Colorado home rentals appear to outnumber for-sale properties. Also, home sales in big cities like Denver and Colorado have dropped significantly, further shrinking the market. Despite this, you may be able to find your dream home, but you will have to do a more extensive search that will take more time. This is yet another reason why renting a property is the best option at the moment, at least in this sense. You can easily find different types of houses, as well as apartments for rent, including those that are part of residential communities.
The next most important factor to consider is the price of the property in the state. Real estate agents suggest that there is an increase in sales prices. In Denver, home prices rose 4.4% over the past month, while in Colorado Springs they rose 7.25%. Higher prices can certainly put off many potential home buyers. Still, they are expected to rise a bit more in the near future, but the margin will not be large, experts say. Colorado home rental prices have not been affected by rising property prices, at least for now. It is possible to find cheaper properties, especially in the apartment niche.
Financing is also playing an important role when deciding between buying or renting. According to many experts, mortgage deals are now extremely favorable not only in this state, but throughout the country. Given that the average mortgage interest rate is 4.3% for a 30-year loan, the outlook for buyers looks excellent. Still, you shouldn’t give in to the frenzy, before you’ve checked your credit score and history. A bad rating can automatically increase interest by a few percentage points.
In general, your choice between Colorado rental homes and properties for sale should be based on your personal needs and requirements. Housing experts advise those moving to a city or town in the state to rent a home first, until they settle in. In a real estate market that is still adjusting to stable levels, finding a home and securing a beneficial deal can be a very stressful and time consuming process. That’s why you should consider giving yourself all the time you need to find the perfect home.
Colorado has many great places with excellently organized infrastructure and a network of schools offering a variety of properties, so you are sure to find the best home.