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2017-01-03 14:56:38
2017 Real Estate Prediction for Denver Market

2017 Real Estate Prediction for Denver Market

All housing indicators show positive trends for 2017, but moving at a slower pace than 2016, due to two major factors: rising sales prices and mortgage rates. 

Overall Sales Prices
Metro-Denver real estate set pricing records, and this year could prove the same. Overall national predictions for 2016 were around 5.5% year-over-year gain, and this year is expected to be only slightly down at 5.3%. Denver outpaced all national numbers, with home price appreciation ranging from 8-12% from last year. The average price of a home sold in metro Denver crossed the $400,000 mark in November, while the median price was around $350,000, according to the Denver Metro Association of Realtors. Expect to see these prices continue and inch up towards Denver's typically active spring and summer months.

Mortgage Rates Increases
The current rise in mortgage rates are a combination of optimism among Wall Street to Trump's policy proposals coupled with the Federal Reserve raising short term interest rates for only the second time in a decade. This could mean a shift in affordability among first time buyers, especially millennials. However, rates are still low compared to historical averages and are still under the 2015 rate of 4.5 percent. 

Denver remains a top location for real estate investment. If you are looking to buy a home in 2017 or sell your current one, CONTACT US TODAY!


For more on 2017 real estate predictions, go to these articles in The Denver Post and Forbes Magazine


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