Whether you are looking to move or looking to invest, Colorado is considered one of the hottest places to do so in 2020. Colorado is beautiful, it has a wonderful climate, and a huge amount of activities. It is also impossible to ignore that Denver made it to the PwC’s Emerging Trends in Real Estate Report as one of the top 10 housing markets to watch. There are many housing trends occurring in Colorado that prove, now is the time to invest in Colorado.
Colorado has the seventh fastest growing housing market in the United States. In fact, Colorado’s population grew by 80,000 people in 2018, which is an increase of 1.4%. This is up almost a full percent, as the average in previous years was only 0.6%.
The economy in Colorado also grew 4.5% in 2018, while the state added over 72,000 jobs. These trends are likely to continue, which makes it a great state to invest in.
After the Great Recession in 2008, many homes were built in Colorado. Despite how one might think this pace wouldn’t slow down, it did dramatically. This means that now there are fewer new homes for sale in Colorado, which makes the home values rise.
The median home price in Colorado in 2018 is $374,100 according to Zillow, which is a 6.6% increase from past years. This is relatively well-priced compared to other parts of the country, still with room for growth.
If you think that Colorado is only good for wintertime activities, then think again. This state is not only home to skiing and snowboarding, but also hosts the opportunity for climbing, biking, hiking, kayaking, and camping.
The Colorado housing market is known to be extremely landlord-friendly. This is because Colorado is actually one of the only states where landlords can access their rental property without a 24-hour notice (with proper cause).
This makes it much easier to evict tenants who don’t pay rent, as the compliance notice is limited to 72 hours.
Over the past few years, Airbnb has become an incredible source of income for many investors. Having said that, Colorado has also become an extremely popular tourist destination in the United States.
This makes Colorado a great location to rent out investment homes to short term guests. Renting out vacation homes to tourists has grown from only 6,000 annually in 2014, to over 40,000 last year!
If you are looking to invest then Colorado should definitely be on your shortlist. With a variety of options, Denver Investment Real Estate Group, a Colorado Real Estate Investing Company, can help you find the perfect investment for you.
The compliance notice is actually 10 days based on new legislation passed this last year.