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Nationwide, we’ve seen a great run for the housing market. Despite the COVID-19 pandemic, we saw home sales in 2020 reach the highest level since 2006. Independent financial planner Thomas Reilly of Strategic Wealth Designers joined us on the newscast to discuss the current state of the Colorado housing market. Colorado is experiencing a seller’s market.
“There is extremely high demand across the state for homes,” Reilly says. “Low interest rates are driving this trend. We are seeing homes on the market for a very short amount of time, and prices are going up due to the high demand.”
Denver is extremely competitive right now. Many buyers find themselves engaged in a bidding war to secure the home they want. Inventory for homes is at a record low, which means homes are becoming less affordable for buyers.
“The lack of homes is going to continue to drive home prices up,” Reilly says. “Detached single-family homes will likely see the most competition, especially in the $300,000-$500,000 range. We’ll also see home appreciation rise.”
High demand and low inventory will continue the seller’s market that Denver has been experiencing. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to firstname.lastname@example.org.