I love education. I could easily be a career student if student debt weren’t a thing and that pesky burden of having an income didn’t exist. Luckily, workshops and continued education are a part of my job and I’ve been inspired by my last educational opportunity to blog about it! Recently, I had the opportunity to hear Lawrence Yun, the chief economist for the National Association of REALTORS® speak. Before I attended this forum I also heard Ted C. Jones, chief economist for Stewart Title speak. Both speakers were a wealth of knowledge and I gleaned a stand out message from both forums.
Colorado’s housing market is iron strong. Jobs are still growing in our state and people are still flocking here. Both speakers indicated the Denver housing market is NOT a bubble. In a city and state where quality of life is literally right outside the door, there doesn’t seem to be a determinable end to the increase of value in homes and property, as Denver has been seeing clear evidence of this.
So what does this mean for our local Summit County market? Due to our proximity to Denver, both economists predict a continued growth and strengthening of our market. They forecast the increase will be similar to Denver’s while not quite as chaotic. True, the economists indicated Summit County has more swings in the job market, mostly due to the seasonal nature of our resort community. However, the Summit County real estate market is predicted to steadily increase as those “Front Range” folks want to recreate and unwind here in our mountain playground more than ever.
If you have been tossing around buying a home in Summit County, the economics are indicating now is a great time. Mortgage rates are predicted to increase at a slow pace, still giving buyers a chance to finance a potential second home purchase. Whether lending or a cash purchase is in your future, the experts are showing a favored housing market in our neck of the woods. Hopefully, this provides even more reasons to take advantage of the Summit County lifestyle, now we have science on our side.