On Wednesday, Move.com, the company that also owns the more popular Realtor.com, published a survey they conducted forecasting home buying in 2010. According to Move.com one in 20 Americans say they plan on buying a home within the coming year. While that doesn’t seem like a lot of people the most interesting part of the data are the demographics. The people most likely to buy will have a median age of 34 or younger and will be living in the South and West according to the survey.
If that’s true it bodes well for Colorado. Denver has been one of the first cities to lead the charge out of the housing slump. Denver also has continued to grow through this recession because it’s an attractive place to live and work. Young people flock to Denver because of jobs, lifestyle and climate. Corporations are relocating their headquarters here or building new facilities and along with that come new young workers.
According to the survey, roughly one quarter of all potential buyers said the number one reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes. Now let’s take that data and see how it applies in our local market. Again that fits in perfectly with what Denver has to offer and what we are hearing from buyers. With the exception of the luxury market home prices bottomed out earlier this year and now are headed up. The buyers we are working with know that foreclosures are harder to come by, they don’t seem motivated by interest rates and the inventory has not been historically high in Denver since 2006.
Of course this is just one survey, but it is encouraging for Denver and its surrounding suburbs. There is no question that if the recovery continues Denver is poised perfectly to appeal to what buyers want and where they want it.