03 Sep A Look at the Northern Colorado Housing Boom
It’s been a hot topic for the past few years, but the truth remains – housing prices in Northern Colorado continue to increase. An example of the rule of supply and demand; more and more people are migrating to Colorado for jobs and to start families (take out comma) yet the number of available homes isn’t increasing at the same rate. This means that if you’re trying to sell your home, you’re in luck – but buying a new one is a different story.
What It Means for Homeowners
According to the Coloradoan, the home value in Fort Collins will double over the next 10 years, with prices rising to rates comparable those in Boulder today. So your single family home that is currently worth $250,000 can easily be worth $500,000 or more in just a decade. Similar price increases are expected for Longmont and Loveland. This is great news for anyone who recently purchased or is looking to purchase a new home (take out comma) since the investment value will be extremely high.
(Note: be sure to educate yourself on what it takes to buy or sell a home with high radon levels)
What It Means for Home Buyers
However, there are also those who caution against too much excitement. Eric Thompson of Windermere Real Estate notes that while housing prices may continue to increase, we also need to keep an eye on the inflation rate. Thompson makes a point when he says that “we also need wage growth to keep up. We need enough people in the population to be able to afford to pay those prices.” If potential home buyers don’t see adequate wage increases, they may not be able to afford to buy a home in Northern Colorado for very much longer.
As more and more people move to Northern Colorado from out of state, it’s important to realize the impact this will have on the radon mitigation industry. First of all, Colorado is unique in that it has extremely high levels of radon compared to the rest of the United States. Someone moving from the west or east coast into Colorado may have zero knowledge about radon gas, radon poisoning, or the importance of radon mitigation in Longmont or other areas. And remember, radon testing is not currently mandated by law in Colorado, so this is something that a potential home buyer will have to figure out along the way.
What It Means for Job Seekers
So what exactly needs to happen in order to keep up with rising housing prices in Northern Colorado? The simple answer is more jobs. Luckily, there’s some good news on that front, too.