The Premier residential market was feeling the love in February with its sales volume increasing 6.18 percent month over month, and 12.12 percent year over year. Sellers loved that their homes were not taking as long to sell in February with the days on market down 32.74 percent from the prior month to 76 days. No President’s Day sales were happening in the Premier single-family segment of the market, as the price per square feet increased 4.32 percent from the prior month. The average price of a single-family home in the Premier market was $589,683 - up 0.07 percent from the prior month. With 999 active residences (single-family) at the end of February, and 1.99 months of inventory, buyers had more to choose from compared to homes under $500,000, but needed to act quickly when a listing came on the market. In the category of highest year-to-date percentage increase in sales and sales volume, 2017 over 2018, the Oscar goes to…the Premier condo market at 24.83 percent sold and 23.93 percent sales volume at over $100 million. Days on market for Premier condos was striking at 237 days, down 27.30 percent from the prior month. There were 261 active listings and 3.18 months of inventory in this segment of the market, so buyers had more to choose from in the Premier condo market over other segments of the market. Download the full March market trends report here.
Furthermore, baby boomers are confronted with the same question for varied reasons that include a newfound desire to be mobile and investing in a market that is appreciating from the aftermath of the recent housing bubble.
Real estate agents well-versed on the variables that determine whether a client should pursue homeownership instead of a lease, are positively guiding people through this major life decision.
So posed with the question of whether to buy or rent, what is the answer?
If you do the math, buying in booming markets such as San Francisco, New York, Boston, Los Angeles and my hometown of Denver becomes less expensive than renting over time; plus, with property values rising, it is generally favorable to purchase a home as a long-term investment.
“Renters who want to become buyers hear the buzz that there is a frenzy in the real estate marketplace with multiple offers, over list price and low inventory, so they are nervous to enter into the homebuying market, and they are sticking to renting,” said Denver-area Realtor Brigette Modglin. <<Read More >>
If I were to tell you that Denver ranks pretty high in the country for places that young entrepreneurs are moving to, would that surprise you? Probably not because we all know that Denver is one of the fastest growing cities in the United States and with our outdoor playground in our backyard, the work/life balance here attracts hard workers from all areas. Recently, Denver was ranked 9th in the nation of best cities for young entrepreneurs based on the four criteria of young adult influence, educational attainment, population growth and tax environment by MoneyRates.com.
The rate at which this city is growing will not slow down anytime soon and the types of jobs that the city has to offer is bringing more and more talent to Colorado. Young entrepreneurs see Denver as a place to set up shop because they don’t have the excessive cost of living, a great pick of potential workers and they get to live in one of the most beautiful states in the country. Also the location of Denver is idea for work, it is not too long of a flight from California or the Midwest (New York is always a bit of a long flight but hey, for the view of the Rocky Mountains I think many people will take the three + hour flight).
When many of these young entrepreneurs come to Denver they are looking for a place to set up shop or even a place they can use as a live/work space. One thing I would recommend is to look into the extensive selection of lofts this city has to offer that are ideal as live/work spaces. Since 2005, I have been specializing in lofts, specifically those in the downtown area, and my website AllDenverLofts.com is a great place to start looking for any young entrepreneur looking to move to Denver. Not only will you have a spot to work and live, but you will also own property here in Denver that is always a great investment. I constantly tell my clients that the greatest investment anyone can make for themselves in Denver right now is in real estate and the facts and numbers that recent studies have shown continue to prove that point.
If you are an entrepreneur looking to move to the Denver area sometime soon or anytime in the future, give me a call or email today and let’s set up a time to chat about the choices you have when it comes to looking for the perfect life/work space for your business.