As with every year the Colorado Dream House Team gives you real estate news that you can use. This year we think it’s more important than ever to share with you this important economic forecast. There is something for everyone in this brief overview whether you are buying, selling, or investing.
If you are thinking about selling this spring/summer you need to have your home on the market and sold before July. Why? Because we are headed for an economic slowdown particularly in the real estate market. I would expect the local market dropping by as much as 10%. This will be due to the economic crisis that is currently brewing overseas. The meltdown between the EU, UK, Italy and other countries will seep over to the US markets by the third quarter. If you thought the real estate market hit the brakes this past fall you are right, and it will happen again this fall. The drop at the end of 2018 was from different factors (buyer fatigue, low inventory, rising interest rates, and the election), but this time it will be fueled by uncertainty overseas, tariffs and a divided government.
The slowdown I just mentioned above is your buying opportunity. I would look to buy something between July and December. This will be the perfect storm for buyers. You’ll have falling home prices along with low-interest rates (the Fed has indicated they may not raise rates in 2019) which means a better buy and a better monthly payment. Let's get you in position to buy an investment property (residential or commercial) or a new primary home. We work with multiple lenders on a variety of programs that use less of your cash and more of theirs.
There are many projects around town that merit your consideration like the new Canyons development on the east side of I-25 on the way to Castle Rock which is going to be amazing with about 5000 homes. Shea is the main developer but all of the big box builders will be in there along with custom builders. There is Sterling Ranch in Littleton that is beginning phase two of that 12,000 home project. Downtown, the owner of the Colorado Rockies, Charlie Montfort is building condos in one of the parking lots next to the stadium (cranes are on sight with the sales beginning in about 6-8 months). These units will be amazing and we predict they'll be a grand slam like the Coloradan (no pun intended). A Canadian firm called Amacon has filed plans for a 463-unit condo project at the corner of 18th and Glenarm (currently a parking lot). They are proposed to break ground this May with completion in three years. For right now the Coloradan has about 15 units left in the building if you are looking for yourself or thinking about an investment. This is one of the premier condo buildings in downtown and is commanding amazing rents. East/West Partners the owner of the Coloradan is considering another condo project at the corner of 9th and Colorado. They have bought the land, but the sales on that are about two years out. However, for those you that bought in the Coloradan as an investment, hold your unit there for two years, then sell it and turn the same appreciation trick in another new building from East/West. If you are unsure of what we are talking about, make sure you ask one of us on the team.
In closing, we are in for a roller coaster ride this year and we need YOU more than ever. You have been the very lifeblood of our business and the people that you have referred to the Colorado Dream House Team. We NEED your referrals more than ever!
Who do you know that we should know? Would you consider introducing us to your friends, neighbors or family? I promise we’ll take good care of them and you’ll get all the credit.
Thank you, God bless you and we pray you have an amazing year.
Dan Polimino & The Colorado Dream House Team
Dan Polimino is a Broker/Owner with the Colorado Dream House Team, Keller Williams Realty DTC. Contact the Colorado Dream House Team at 720-446-6325, email@example.com, coloradodreamhouse.com