Summary: Looking for real estate in Colorado but not sure where to male the best investment? In this article, we take a look at 3 great cities and introduce you to a host of other options that will have you excited to get started buying real estate in Colorado today.
Whether this is your first time purchasing real estate or your looking to add some property to your portfolio, any real estate purchase is a serious investment and there are a lot of options when it comes to buying a home in Colorado. Maybe you’ve decided its time to invest in a vacation property that you can also rent out on air B&B. With some markets cooling off and others on the rise, you’ll want to take a closer look and identify some of the best places to invest in Real Estate in Colorado.
Colorado has experienced a population boom over the last several years, making one of the top ten fastest-growing states according to the latest US census figures. With the rise in population, Colorado’s demand for residential real estate options has increased as well. While some of the state’s larger markets have seen average home prices begin to level off, others like Colorado Springs are surging forward. If you’ve been searching for your first home purchase and are concerned about finding something in your price range, don’t worry, there are ample opportunities for great investments at many price points. According to real estate data provider: Zillow, the current average home price in Colorado is $378,300 reflecting a 3.4% rise over the past year. Values are expected to continue rising another 1.5% over the next 12 months. In this article, we will take a look at facts and figures behind some of the best places to invest in real estate in Colorado.
At the top of anyone’s list, you should see Colorado Springs. Nestled at the base of Pike’s Peak and home to the US Airforce Academy, Colorado Springs is a true slice of the American dream. With price points to meet the needs of a wide range of consumers and nature at your doorstep, who could ask for more? Zillow reports the median value for homes in Colorado Springs at $294,600, reflecting a whopping 6.7% rise year on year that’s expected to rise another 3.3% through the end of 2020. Think 294,000 is on the high side, rest easy there are a ton of properties available in Colorado Springs for less than 200k. Low unemployment rates and recent job growth also paint Colorado Springs as a great bet. The average household income is just a little higher than the national number at $58,100, and most of the citizens in this larger college town work in healthcare, education, and the retail industry. For buyers looking for great deals nearby, Falcon, Powers, and Briargate are just next door.
Related: Home Buyers Guide
Just north of Denver along I-85, you’ll find the charming town of Greeley, the county seat of Weld County Colorado. Even though the town of Greeley didn’t allow alcohol until 1969 there’s plenty of great microbrews to enjoy and the town boasts a 21-mile river trail along the Poudre River. Greeley’s Home values have seen 6% growth over the past 12 months and Zillow predicts it will rise another 2.7% over the next year. The average home price in Greeley is just over $290,000, which is a steal when compared to neighboring Boulder. Recently placed in the top 50 communities for well being by the Gallup research group, there’s a lot of reasons to like this town. Greeley has a rich history with the arts as one of the first towns to have a department of culture. They also have several Museums and lots of outdoor opportunities. Greeley Colorado is located conveniently between Denver and Fort Collins, and its only 30 minutes from Loveland. Of course, there are options in neighboring LaSalle and Evans specifically that also afford great real estate investment opportunities. Location and a buyers market make this town a great bet when it comes to investing in real estate in Colorado.
On the opposite end, about 2 hours south of Denver, you will find the iconic town of Pueblo Colorado. One of the largest cities in the state, Pueblo has a burgeoning art scene and a cool downtown area with a river walk. Most of the residents in Pueblo work in Education, Healthcare and Retail. There are lots of homes available at very reasonable prices, and with a median household income just north of 40K, plenty of people to buy them. So, what’s so great about Pueblo? Pueblo Colorado has seen a meteoric rise in real estate value over the past year and its no wonder, with the rest of the state starting to see prices skyrocket beyond reach for many, consumers are hungry for affordable real estate options, and Pueblo may be the answer. Median home value sits at 173,000 according to the latest figures, and Zillow reports we can expect to see values jump another 6% or more over the next year. According to Sperling’s Best Places to Live, Pueblo has seen an almost 1% increase in jobs over the past year and expects to outpace the national average, all while maintaining a lower tax rate. Near-by Fountain and Colorado City also offer lots of investment opportunities.
Don’t stop here!
Colorado Springs, Greeley, and Pueblo are only 3 cities in the amazing state of Colorado. We took a close look at these three because of how well they are currently performing, but there are notable investment opportunities in every town. The key to finding the right one for you? Patience and preparedness. Go in prepared, know what to expect and have paper in hand to back you up. The old saying, good things come to those who wait is true in some instances but not when it comes to pre-approval. Speak with a mortgage professional from the Sammamish family and get pre-approved for your purchase. Then, sit down and define what it is your looking for in your next home. There are plenty of great properties, get the one you want.
Do you have any questions about your Colorado home purchase?
Let the mortgage professionals at Sammamish Mortgage guide you. Family owned and operated for more than 20 years, we know what you value. Let us help you understand the ins and outs of home financing and more. Sammamish Mortgage offers a variety of loan programs including FHA and VA mortgages. Regardless of your situation, we can guide you through the process. If you have questions about securing a mortgage in Colorado, or would like a rate quote, please contact our friendly staff. We look forward to serving you.