Here is a short list of trends that I am keeping an eye on in the coming year. I am working on the final statistics for 2010 and overall there is much to be thankful for (the numbers look pretty positive). I am looking forward with enthusiasm to helping many nice people buy and sell homes. Let’s make 2011 a great year!
- Slow Recovery – The housing sector is lagging and we are seeing improvement. The improvement won’t be dramatic until we see widespread job growth. I expect volume and prices to remain relatively stable in Boulder County.
- Foreclosures and Short Sales – Most areas in the Boulder area have been shielded from an overload of distressed sales. However, I expect these types of sales to be a part of our market for a few more years. They both create excess supply and provide downward pressure on prices.
- Eventual Housing Shortage – New housing starts in Boulder County are way down. Population continues to rise. Eventually something has to give. I suspect that the market will recover before the builders will catch up. This means positive pressure on prices and low supply of listings.
- Relief in the Rental Market – Because it is difficult to buy a home, the rental market has been strong. Instead of building condos to be sold expect for rental projects to be built. This is good news for tenants and not so great for landlords.
- Interest Rates Increasing– Interest rates are at nearly 40 year lows. I expect rates to rise slowly with the economy. Take advantage now.
- Buyers Willing to Commute – Buyers are willing to drive the extra 10, 15, or 30 minutes to get more for their money. Much to the chagrin of the Boulder City Council.
- This I Know For Sure – I will spend this year continually striving to serve my clients. Giving them great information, helping them make smart decisions and most importantly, helping them achieve their objectives in a friendly and professional manner.