Colorado Real Estate Experts' 2017 Market Predictions
Happy New Year ICOR Friends! And just like that, we begin the second week into the New Year.
The journey we took to get through last year was nothing short of incredible. The Colorado real estate market was fascinating to watch as demand was much higher than supply, resulting in property values showing their strongest numbers in years. This may be due to unemployment being at an all-time low of 4.6%, or even the historically low mortgage rates.
Whatever it may be, it is best to take a glimpse into the past so we can prepare for the future. So, we at ICOR rounded up a few of our industry experts to get their take on this past year in the Colorado market, as well as what to watch for in 2017.
As more and more investors flock to Colorado Springs, it remains an inexpensive alternative to Denver or any large surrounding city. The market is predicted to remain fairly stable, with a slight increase of interest rates. This will provide investors with a terrific opportunity for growth and investments in 2017.
The completion of the 4-lane expansion of Hwy 9 from Frisco to Breckenridge will allow visitors and locals alike to access Breckenridge more easily. Strong snow levels will also help draw in lots of visitors whom in turn become a future buyer.
Mesa County / Grand Junction
The oil jobs in the area have really grown to levels not seen in years. If the jobs continue to grow at this rate, then a large positive x-factor could affect the housing market.
For the commercial market, Downtown Denver is in the midst of constructing $2.47 billion in projects, including a 311,000 sq ft office space and a 495-room Le Méridien / AC Hotel, to name a few. With all this new construction, the commercial market itself is set to grow exponentially.
Mortgage prices were at an all time low, but that will start to change this year. As interest rates and mortgages increase, the Northern Colorado rental market is expected to grow as buyers turn to rentals instead.