Spring market predictions for 2021

Dated: January 28 2021

Views: 88

 

Sellers, prepare, and buyers, stay ready. The housing market will continue to flourish into the Spring along the Front Range, providing sellers with an excellent opportunity to put their home on the market.

 

Housing demand expected to remain high

 

Low mortgage rates have caused high buyer demand all last year, a trend that is expected to continue into the spring. The low rates have created an excellent opportunity for homebuyers to get into the house they’ve always wanted. Mortgage rates stood at 3.72 percent at the beginning of 2020, according to Freddie Mac, and now, rates are one full percentage point lower than that.

 

Housing prices will continue to increase

 

We’re predicting housing prices to continue on their upward trend in the spring. The average selling price of a home in the Metro area took a 13.8 percent jump year over year. In 2019, the average selling price was $484,161, according to the Colorado Association of Realtors, and that increased to $550,774 in 2020. The growth is expected to continue into the spring, fueled by a shortage of supply and an increase in demand – there are still a limited number of homes for sale, and a high number of buyers looking to make the big purchase.

 

Growth may be slower

 

However, it may be at a slower pace - real estate analysts are forecasting that homes will continue to appreciate in 2021, but that appreciation may not be as quick as last year. Forecasters predict, on average, that home prices will increase by 3.9 percent.

 

Exurbs” will remain popular relocation destinations

 

Certain areas are drawing the attention of interested buyers, specifically “exurbs” – defined as an area outside the city that is easily accessible to the downtown core, is more rural and has a much lower housing density. This trend was influenced and continues to be influenced by the pandemic, with many home buyers searching outside the city for more affordable homes closer to nature that better suit their work-from-home lifestyle.

 

This makes the Longmont/Berthoud area a prime relocation spot, offering miles of trails, space to snowshoe or paddleboard at McIntosh Lake, and boasting a vibrant restaurant scene with more than 100 locally owned and regional eateries. Growing up in the area I know the region well, and can help you get into a home that best suits your needs.

 

That’s why it’s important to choose an experienced realtor who knows the area. When you’re choosing a realtor to work with, you want someone who knows the area you’re looking at, and understands the current market.

 

I’m here for you!

 

I’ve spent most of my life in Northern Colorado, growing up in the Longmont/Berthoud area, and later graduating from Colorado State University. If you're interested in a home in Mead, Longmont, Berthoud or any of the surrounding areas, I am a great source of information, and would love to work with you! For more real estate advice, contact me today at 303-709-7814.

Blog author image

Dina Young

Raised in the Longmont/Berthoud area, I've lived in Northern Colorado most of my life. I graduated from CSU with a Psychology degree and after raising 2 girls, got my license in 2012. I play hockey on....

Latest Blog Posts

Top 5 Local Businesses To Check Out in Mead

Top five local businesses to check out in MeadConsidering a visit to Mead? Or perhaps you’re looking to see if it would be an ideal place to make your permanent home.Regardless of what’s

Read More

4 Reasons Why Homeowners Should Sell NOW!

If you’ve been contemplating putting your home up for sale, now is a great time to make the move. Why is now a good time to sell? Read on to find out four reasons why it’s an excellent

Read More

Welcome to Platteville!

Reasons to love living in PlattevilleEmbrace a laid back, small-town lifestyle in the beautiful town of Platteville, Colorado. Located in Weld County, the population of this hidden gem is just shy

Read More

What You Should Know BEFORE You List

Thinking about putting your home on the market, but not quite sure where to start? Before you put it up for potential buyers to see, there are a few things that are beneficial to know before you.

Read More