Monday, February 17, 2014

A Stable Housing Market and Beautiful Scenery Make Denver Real Estate an Attractive Choice

I have written recently about the reasons homebuyers should buy Denver real estate now: low mortgage rates and tax deductions, as well as the Front Range's growing population and increasing property values. While the housing market remains tenuous due to a large number of foreclosed homes, the most recent reports on the Denver real estate market continue to support my conclusions and the idea that now is a great time to purchase Denver property.

First, good news keeps coming in for the Denver metro area: As the Broomfield Enterprise recently reported, Broomfield was recently listed as the third best area in the country to buy a home. Why? The two reasons cited in the article were the amazing scenery of the Front Range and the incredible rate of job growth in Broomfield and surrounding areas. The 50 percent job growth in Broomfield over the past decade points to the underlying trend of Colorado's continued population growth, which should continue to support the greater Denver real estate market.

More good news came from a dourly headlined article, "Home Prices Still Falling". While the article's author, WallStreetPit, noted that home prices continued to fall in most metro areas in late 2010, Denver was one of two metro areas surveyed that actually saw home prices rise. The recent buoyancy in the prices of Denver homes for sale supports the larger argument that now is a good time to enter the Denver real estate market.

Indeed, while Denver property values plunged from 2007 to 2009, along with those in the majority of the nation's metro areas, prices have actually stabilized in the Denver metro area since March 2009. This stability should be somewhat permanent given its current length (over 22 months) and the general return of U.S. housing prices to more normal, historic levels.

This return to normal of U.S. housing prices from their bubble highs means that house prices do not have as far to fall, even if Denver property prices do start decreasing again. This, coupled with the thousands of dollars in annual tax savings that homeowners can realize through mortgage payment tax write-offs makes now a sensible time to enter the housing market.