Top Ten Predictions for Boulder Real Estate Market in 2013
My focus is buying and selling residential real estate. Today’s blog is a Top Ten list. The Boulder real estate market started making a strong rebound in the fourth quarter of 2012 and that trend is continuing into 2013. We are seeing a limited number of homes – low inventory – combined with several positive factors such as low interest rates and owning is less expensive that renting drive sales upwards. Here are my Top Ten Predictions for 2013.
More homebuyers will enter the market, including younger Gen Y buyers.
Prices are going to climb, especially in the entry level market during 2013.
The number of sales of existing homes will climb, likely by 7% from 2012 levels.
Inventory of homes for sale will continue to fall. There is very tight inventory – the number of homes for sale – currently in the Boulder region.
Home Affordability continues in 2013 to be very strong. With low interest rates, it is less expensive to own than rent.
Mortgage rates begin to climb as the year progresses. The Fed has been actively pursuing a number of strategies to keep rates low, but expect to see this strategy change towards the end of the year.
Higher priced homes sell. This is already occurring in the Boulder market. While the entry level market has been strong, more expensive houses, especially those over $1,000,000 are beginning to sell. View homes now for sale over one million in Boulder.
Distressed sales – foreclosures, shadow inventory, foreclosures continue to fall in 2013. There are still deals to be had. Check out Boulder County foreclosures now.
The number of short sales will peak. These transactions can be trying for buyers, but expect to see these sales top out. Read more about short sales.
Lending will remain tight in 2013. Getting approved for financing will be key in 2013 for getting a home loan. Read about Boulder Mortgage lenders now.