Are you like some of the other thousands of people moving to Colorado recently? If so, chances are you are curious about the Colorado Real Estate market and what is happening. Before you dig in deep to Colorado real estate, you might want to get an understanding of the Centennial state as a whole. This article will help you with that.
As you might learn, Colorado is home to more than 5 million people. Last year in 2015 it is estimated that more than 101,000 people decided to move to Colorado. With that said, we are in the midst of a population boom! Typically a population boom like this will come with a real estate boom on its tail. That is exactly the case here in Colorado. Even small towns in the Western Colorado real estate market like Glenwood Springs have felt the surge in population therefore creating a spike in real estate prices.
What most people find when they arrive in Colorado and start to figure out their housing plans is this. Unlike most other places where it makes sense to rent an apartment and get your feet wet with surroundings before buying, the opposite is true. With the population boom, rent has sky rocketed in most areas of the state and if you have the means to do so, purchasing real estate can actually be less expensive than renting! An average 2 bedroom condo in Colorado will rent for approximately $1,400 per month right now. You can still purchase a 2 bedroom condo in many places for around $200,000 resulting in a monthly mortgage payment of around $1,000.
The big thing here is that you need to be ready to purchase real estate sooner than later if you plan to stay in Colorado and build your life in this beautiful state. By saving money, ensuring your credit score is good and reducing debt to income ratios, these will all help you achieve the goal of purchasing real estate in Colorado. Although it can be challenging, it will certainly be worth it when you are able to call a property your own and no longer have to pay for someone else’s mortgage!
Another bonus of purchasing real estate in Colorado is that if you ever need to move, you can easily rent your property to cover the costs. This is investing 101 and a sure way to start building incredible equity for yourself. Whether you are planning to purchase a forever home, an investment property or just a weekend getaway in the mountains, I would love to chat with you about your real estate goals and do all I can to help you achieve them!