A Thanksgiving tradition for many families is to go around the table and allow each person to say what they’re thankful for in life. I cannot join you for Thanksgiving dinner, but I’ll offer up the following things I’m thankful for, with a bit of a real estate twist:
- I’m thankful we live in Colorado. The active lifestyle and attractive amenities make our state one of the healthiest real estate markets in the country. In the most recent state by state home appreciation published by the Federal Housing and Finance Authority, Colorado ranked second in the country for annual home price appreciation behind only Washington state. Of course, with rising home prices comes affordability issues, but…
- I’m thankful Colorado is still affordable. Not everyone may agree, but when you look at the affordability of homeownership through a national lens, Colorado home prices are higher than the Midwest and South, but nowhere near as high as cities on the East and West coast. For example, the Front Range median home price of $367,000 is still much lower than Seattle’s at $652,000 or Boston at $561,000. Furthermore, affordability is not just a function of home prices. Interest rates and personal income are also key factors. The good news is that interest rates remain low, in turn keeping mortgage monthly payments relatively low. Also, Coloradoans are making more money. Per capita income in the state increased 3.9% in 2016 and posted a quarterly increase of 0.8% in the latest data from Q2 2017, according to the Bureau of Economic Analysis.
- I’m thankful that the clients I helped purchase are sitting on some significant equity. I can’t tell you how much I enjoy sitting down with one of my clients for an annual Real Estate Review and having the pleasure of telling them their home is worth quite a bit more than it was when they purchased. It’s great to be the bearer of good news!
- I’m thankful for my clients. I am thankful for each and every one of my clients who entrusted me with one of life’s biggest decisions and transactions. More than that, they entrusted me to help them create the life they want to live, and that is what real estate is ultimately all about.
I hope you and yours have a wonderful Thanksgiving. With gratitude.
A Refreshing Look at the Question “What is my House Worth?”
Let’s take a look at some of the stats for our area to get a better idea of what is going on in the local housing market!
In El Paso County for Oct 2017, the average sales price* was:
- $276,500 for Single Family Homes (up 8.5% from 1 year ago)
- $184,600 for Condos/Townhomes (up 11.9% from 1 year ago).
I have access to detailed stats across Colorado and can help you find out the worth of your property any time. I can also help you determine what your home is worth even if it’s in a different area. As always, I am here for you. If it’s time for you to buy or sell, let’s talk.
*Median sales price based on a six-month moving average