Is Now the Best Time to Sell Your House? Population Growth is Slowing, but Property Values Still at
Net migration dropped significantly for the first time in years, which could signal a slowdown in Colorado's rapidly growing population. With home values at all time highs, many Coloradan's are taking advantage of this situation before the influx slows.
It's no secret that our state's population has been exploding lately. Just last year alone, over 223,000 people moved to Colorado (according to the U.S. Census Bureau’s American Community Survey). However, this number is offset by the increasing amount of people that are moving out of Colorado every year, about 193,000 of them to be exact. While this is still a net gain for our overall population, this is the biggest drop in net migration we have seen in recent years. To many, this may suggest that this population boom is finally starting to cool off.
NET MIGRATION DECLINE
Net migration is defined as the amount of people who move into Colorado, minus the amount who move out of Colorado. As you can see in the diagram below (courtesy of the Denver Post) last year marked a significant drop from the years prior.
When asked why they are leaving our great state, interestingly many people site reasons relating to the recent population boom. According to an article by The Denver Post, surveyed Coloradan's often said they were leaving to pursue "better job opportunities and lower living costs elsewhere." The article goes on to outline the frustrations of many who are not able to find jobs that pay enough to support their raising rent costs. They also highlighted issues that many people had with congested transit and commuting.
THE GOOD NEWS
While some people may complain about traffic and raising rent costs, those of us who are fortunate enough to be homeowners may be signing a different tune.
Denver Metro home prices are up a staggering 57 percent the past eight years! (as measured by the S&P CoreLogic Case-Shiller home price indices through October). Since November of last year alone, average Residential houses have gone up an incredible 11.85% in Denver. (according to Denver Metro Association of Realtors statistics) This means that many Coloradan's could be sitting on a gold mine and not even know it!
It is growing more and more common to see people who bought their homes in The Highlands, Wash Park, or RiNo to see their property values double and triple over the years. Many folks who moved in 10-20 years ago are astounded to see what similar properties sold for in their neighborhoods.
But you don't have to live in these super popular areas to reap the benefits. Colorado's population has increased over 11% from 2009-2016. With over 5.5 million residents now living here, housing has become incredibly in demand. Couple this with the record breaking low amount of new homes coming on the market (only 6312 on the market in October) according to Denver Metro Association of Realtors statistics, and we have a sellers market the likes of which we may have never seen before and might not see again.
THE OUTLOOK
Only time will tell where the market leads us from here. However with the recent slow in population grown, many speculate that insane price increases we have seen will start to even out in the coming months and years. Regardless of speculation about the future, it remains certain that this is one of the best times ever to sell your home. With new home inventory at all time lows, Seller's are able to benefit from fierce competition and bidding wars among Buyers. If you are thinking of down sizing, moving out of state, or have fallen on financial hardship, selling your home now might be a wise decision.
Facing financial hardship, unforeseen life circumstances, divorce, or even foreclosure? Don't panic, Spurlock Homes is here to help! No matter the condition of your house or the specifics of your situation, we are here to offer an easy solution. We take all the stress of selling your home out of the equation by offering fair, all cash offers on your house within 24 hours of initial viewing. You pay no extra fees, no commissions, and can walk away with cash in your pocket in as soon as 9 days!
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