Those who plan to sell their house in Colorado this year may have a chance to clinch a handsome profit in return, due to the expected growth in home prices.
Fitch Ratings expects the state to be among the top 10 states with the strongest housing markets in 2018. In some regions within Colorado, the level of price growth is expected to be even higher than the state average.
Colorado Springs Market
Home prices in Colorado would increase 3.1%, while property values in Colorado Springs would surge by 5.7%, according to Fitch. Strong demand for homes and a low supply of properties primarily drove the increase in Colorado Springs’ home prices for January.
The median price for a house in the region amounted to $295,000, up by more than 11% YoY, according to a Pikes Peak Association of Realtors report. Almost 940 properties changed possession during the month. The report also noted that monthly sales have been on the rise on an annual basis for most of the previous 3.5 years.
Over the last two years, Fitch said that the level of price growth in Colorado had been higher than most states. If you plan to sell a home in Colorado Springs or Vail, realtors may not find it hard to market your property due to the full recovery of the market after the economic recession.
One reason involves more people moving into Colorado to find jobs. The state’s employment market has continued to attract in-state migration, so it has not stopped the level of home buying activity even if mortgage rates have increased recently.
Before you intend to put your home for sale, you should consult with an experienced broker or realtor. An agent should help you find the highest bids and give your listing the best exposure on the market.