The housing market crash of 2008 left many homeowners in a state of crisis, forcing hundreds foreclosures. It also caused a significant amount of trepidation amongst prospective homebuyers who were skeptical about purchasing a house in such a dismal real estate market. Yet recent trends have suggested that the market is finally turning around —particularly in the Denver area, where the value of homes has been steadily appreciating in the past year.
Upswing in Market Trends
In the past year, Denver has seen an impressive increase of more than 10% in home prices across the board. January 2013 saw some of the most significant property appreciations in the city, marking an auspicious start to the year. Moreover, while at this time last year there were over 10,000 unsold homes in Denver, there are currently less than 7,000 unsold properties now. These trends rank Denver tenth on the list of cities that have seen the greatest home appreciation over the past year.
There is also every suggestion that the aforementioned trends are evidence of a sustained improvement in the national real estate market. For example, even though Denver’s real estate ranking has dropped from #3 to #10 since 2012, this demonstrates that an increase in home prices is occurring across the board. According to real estate analysts, this in turn indicates that the country—and Denver in particular—may be at the beginning of a ten-year upswing in real estate values. Many point to the improvements in the job market as the key catalyst for these improvements in the real estate market, with Denver itself experiencing a 3.1% growth in the job sector last year.
Positive Effects for All Communities
The steady and sustained market upswing has positive implications for those living in all areas of Denver. Thus, whether you are looking for a home for your family in Greenwood Village or are thinking of moving into the historic Observatory Park district, you will find that home prices and real estate values are on the rise. While this might mean you’ll be paying more out of pocket for your home, it also means that the value of your prospective property is also increasing. The key, of course, is to buy before prices go any higher.
Value of Upscale Homes on the Rise
When the housing bubble burst several years ago, even luxury homes did not escape the fallout, and many market analysts and real estate professionals were afraid that this sector would not recover from the economic downturn. However, in the past year Denver has seen an increase the prices of its upscale homes as well, which bodes well for those looking to purchase homes in high-end areas of the city such as Cherry Creek, Willow Springs, and The Preserve.
If you have been waiting for the right time to buy in Denver, wait no longer. Take advantage of the current buyer’s market, and take the steps to finally invest in your dream home. All signs from the market trends point to the fact that buying soon will allow you to continue to reap the rewards of your investment as the value of your home will continue to appreciate.