If your house in Denver needs concrete foundation repair, you can choose to fix the problem through various contractors in the area. Perhaps consider that it’s high time to start looking into purchasing a new home. Either way, retaining (or cashing in on) any real estate in Denver this 2020 and beyond would be a practical strategy for you and your family.
Here are four reasons Denver’s real estate situation finally achieves stability this time.
The Numbers Speak for Themselves
In case you want to turn your current home into an investment property, selling at the moment doesn’t have to be your immediate solution. Instead, you can refurbish and get a fixer-upper for the time-being, and consult with a foundation repair contractor to evaluate if your home is up for some external fixes.
According to Norada Real Estate, 30 million tourists would have chosen to rent an apartment or a house, over checking into a hotel when visiting tourist spots like the Rockies, Denver Botanic Gardens, and the Denver Zoo. If you’re not ready to let go of your home just yet, but are open to buying a new house, you can turn your home into a rental space and gain passive income from that in the long run.
World Report and U.S. News also ranked Denver as the 37th best place for retirement, and the 3rd best place in the U.S. to live in. Excluding the metro, Denver houses roughly 700,000 individuals, and that’s not a bad place to be in.
Employment Rate Remains Low, While Job Opportunities Amass
With an unemployment rate of less than 3 percent annually, Denver provides financial stability—perfect for millennials who are planning to settle down or for growing families. It’s because of this that more people both in and out of the state are starting to look at Denver to move into. Which brings you to the next advantage.
The Influx of Potential Renters Predicted to Rise
Most colleges or universities can be found within the Denver state: Metropolitan State College of Denver with over 20,000 collegiate, Colorado Christian University with over 7,000, and American Sentinel University with 100 students, to name a few.
It’s a landlord’s dream, as what they’d call it, as most of the youth are more comfortable renting than owning property while they study. Even after graduation, most of them are predictably low-risk investors, so they would likely continue renting until they’re stable enough to purchase their own home.
Denver Real Estate Is A Buyers’ Market
If you’re not looking to rent out your property and are considering moving into a new home, now may be the best time to purchase one. Sellers remain conservative with their pricing since more homes are up for sale. It means real estate inventory has increased.
According to real estate experts, the winter months are an ideal time for sellers to be aggressive because the market is more limited and buyers are less willing to pay premiums during this season. Expensive properties, in turn, become hot commodities and gain more popularity in the sellers’ market.
In spite of the recession a few years back, Denver managed to remain stable in its real estate management and has continued to progress slowly but surely through the years. Whether you’re looking to buy a new home or rent out your current one, Denver is a great place to invest in and strike while the iron’s hot.
