Survey Reveals Light Rail and COVID-19 Impact on Denver Single-Family Homes DENVER, CO. Survey Reveals Light Rail and COVID-19 Impact on House Prices in Denver. A
Denver House Prices
Survey Predicts Significant Future Appreciation
A recent survey of home-owners in Denver, Colorado highlights undeniable confidence and certainty in the future of the local housing market.
Watson Buys employed a 3rd party company to perform the survey which was designed to gauge whether home-owners believed house prices would continue to go up in Denver and what their future plans were in relation to the housing market.
The results were not a surprise to the team here at Watson Buys. We keep a very close watch on local market conditions.
Shall we give you the results?
Recent survey of Denver home-owners highlights undeniable confidence and certainty in the future of the local housing market
The 4 questions and their results can be seen in the table above. Specifically, these 4 questions asked were:
- Do you believe it is more difficult to move due to the pandemic?
- Is the low inventory we see in Denver make finding a house to buy harder?
- Will Denver house prices go up over the next 12 months?
- Will you be selling your house in 2021?
Why does pandemic make it harder to move?
78% of home-owners in Denver believe the pandemic still makes moving more difficult. BUT is this based on fact?
In short, the truth is the pandemic on its own does not make it hard to move. However, the perception that it creates adds further fuel to the fire that is a hyper-competitive seller’s market in Denver right now.
We spoke with a number of local Denver pros and they all agreed on one thing. The biggest reason the pandemic is making it harder to move in Denver is that people who are on the fence about selling their houses are not.
AND WHY ARE PEOPLE NOT SELLING THEIR HOUSES?
They are not selling for 2 reasons:
- They simply believe the pandemic makes it harder to move logistically
- They don’t believe they will find a new home because of Denver’s low inventory.
“The 2 reasons for not selling shown above further increase the difficulty to find a new home in Denver because potential listings are staying off-market” stated Olivia D, an investor in Denver.” She continued “The truth is public perception, that is not founded on facts, is further increasing the shortage of inventory here.”
“I agree that public perception is a bit of a problem however this is something we deal with, both good and bad, no matter where we are in a real estate cycle” commented local Denver agent Tim J.
Logistically, packing up your house, hiring a moving company, and moving across town to your new house, is not really any harder than before.
“We have found companies have adjusted well to the new normal,” said Olivia
Does low inventory make finding a new house hard?
Of course, it does!
Think about it like this.
If 100 people want to buy a new house and there are 10,000 houses for sale they could buy a house very easily. However, turn that around and if you have 10,000 people looking and only 100 houses for sale then finding that forever home is going to be hard.
Now if you want to sell fast then this is an ideal time to list your home of course.
Our survey results showed Denver residents have a good understanding of this relationship with a whopping 87% of those surveyed believing low Denver inventory will make finding a new house difficult (see graphic below).
Will Denver's house prices continue to go up?
92% of homeowners in Denver believe house prices will continue to rise in the foreseeable future.
AND our expert panel agrees.
“I really feel like I just keep repeating myself but the same things are continuing to drive the market” states Olivia. “Low inventory, low rates, and high demand.”
“Don’t forget the continuing net positive migration of people and businesses too that is driven by lifestyle. People want to be in Colorado!” says Tim.
Are you planning to sell your house in near future?
100% of people surveyed said they will not be selling there near homes in the near future.
When asked to elaborate they said they wont be selling in the next 12 months.
A number of surveyed pointed to low inventory and increased difficulty due to the pandemic.
7 Reasons to Believe House Prices in Denver Will Continue to Rise
We are proud to share that Realtytimes.com recently published an article by Shaun a member of the Watson Buys team. He reveals 7 reasons why prices in Denver will rise in the near and mid future.
Excerpt from article:
“There are 7 reasons why I am optimistic about the prices of single-family homes in Denver continuing to increase in 2021. In fact, these 7 lead me to be both optimistic and enthusiastic about 2022 also.
The last reason is a goody!
People believe the pandemic is making moving more difficult. Many of these people stated that because of this they won’t be listing their house in the next 12 months.
This is something that we can actually influence” said Olivia. “It won’t be easy but we need to let people know that moving during the pandemic is not any more difficult than before the pandemic.”
The rest of the survey clearly points to Denver homeowners being certain house prices will continue to go up over the next 12 months.
The team at Watson Buys will continue to study, research and monitor the conditions of the housing market in Denver because we buy houses in Denver, right?
Because of our belief in asking for the business, PLEASE, if you or someone you know wants the easiest and fastest way to sell a house in Colorado and you want to get paid a cash price based on fair market value please think of us at Watson Buys.
If you want to learn more about selling a condo as-is check out this great guide.
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