Real Estate Market Update

Hot or Not?

If you’re in the market for a new construction home, you’re in luck—housing permits climbed five percent nationally in October, which marked the fastest rate of building permit authorizations since 2007. In fact, permits shot up in every region of the country, growing 14.1% since last year.

The largest amount of new construction options in the area is found around Stapleton, where 389 new single-family construction permits were issued in 2018 and 2019.

Did You Know?

Open floor plans may be on their way out—at least with older generations.

37% of Baby Boomers said they preferred open floor plans, in addition to 40% of Gen X buyers and 43% of Millennials. For buyers older than the Baby Boomer generation, that number was at just 29%. We may start gradually seeing a move away from open layouts and back toward walls that help clearly define living spaces.

Buy Now or Later?

Predictions for the next two years are out from Freddie Mac, and they’re looking fairly positive. They expect mortgage rates to remain around 3.8% for the foreseeable future, and they also predict that total home sales will tick up to 6.1 million in 2019 and 6.2 million in 2020.

Low interest rates and slower appreciation are both leading factors in the growing affordability of homes. If you’re hoping to buy anytime in the next two years, conditions are looking optimistic thus far.

What’s Happening in Denver?

This January, from the 17th through the 19th, the Colorado Indian Market & Southwest Art Fest will be celebrating its 39th year of operation. The colorful event centers around Native American, Southwestern and Western art and culture, with highlights like juried artwork, tribal dances, and tons of speciality foods. For more details, visit the official event page here: https://dashevents.com/productions/colorado-indian-market/