The housing market has experienced a huge downturn and is slow to recover. This is applicable even to Colorado, which has been pointed out to have one of the fastest recovering real estate markets in the country. Still, the confusion remains. You should definitely explore your main housing options – staying in one of the many Colorado home rentals or purchasing a property. Each has its advantages and disadvantages and they should be carefully weighed on the basis of your personal prospective.
In terms of availability, the Colorado home rentals seem to outnumber the properties for sale. In addition, the house sales in large cities, such as Denver and Colorado, have dropped significantly which makes the market shrink even further. Despite this, you might be able to find your dream home, but you will have to carry out a more thorough search that will take you longer. This is yet another reason why renting a property is the better option for the time being, at least in this respect. You can readily find different types of houses as well as apartments for rent, including ones which are part of residential communities.
The next most important factor to consider is the property pricing in the state. Realtors suggest that there is an increase in the asking prices. In Denver, the home prices have increased by 4.4% for the past month while in Colorado Springs they went up by 7.25%. The higher prices can certainly put off a lot of potential home buyers. Still, these are predicted to increase slightly more in the near future, but the margin will not be large, experts claim. The prices of Colorado home rentals have not been affected by the increase in property prices, at least for now. It is possible to find cheaper properties, especially in the apartment niche.
Financing is also playing an important role, when it comes to deciding between buying and renting. According to many experts, the mortgage deals are now extremely favorable not only in this state, but everywhere in the country. With the average home mortgage interest rate being 4.3% for a 30-year loan, the prospects for buyers seem excellent. Still, you should not give in to the frenzy, before you have actually reviewed your credit score and history. A poor rating can automatically boost the interest by a few percentage points.
In general, your choice between Colorado home rentals and properties for sale should be based on your personal needs and requirements. Housing experts recommend those who are relocating to a city or town in the state to rent a home first, until they settle in. In a real estate market that is still adjusting to stable levels, finding a house and securing a beneficial deal can be a very stressful and time consuming process. That is why you should consider giving yourself as much time as you need to find the perfect home.
Colorado has a lot of great places with excellently organized infrastructure and school network that offer a variety of properties, so you will certainly find the best house.