What does the real estate market have in store for homebuyers, sellers and owners in the Mountain Region this year? Many national real estate forecasts for 2021 have been published, but the Mountain Region, like every part of the country, follows its own trends. We asked Michael DelVecchio, Draper and Kramer Mortgage’s Regional Vice President for the Mountain Region, four important questions about what’s ahead for real estate in the region. Here’s what he had to say.
Q: What trends should homebuyers and sellers expect for the real estate market?
A: The Colorado Region continues to see home values increase with market predictions of 10.2% appreciation over the next year. This means that inventory will remain low with sellers obtaining top dollar for their homes. Buyers should expect to have competitive bidding wars in order to get their offers accepted.
Q: What predictions and advice on mortgages do you have for homebuyers and homeowners?
A: Buyers need to be fully preapproved and have the ability to close quickly. They will also need to be creative in their offers to sellers, such as with appraisal gap protection, rent back to the sellers and waiving inspection items in order to have their offers accepted.
Q: What opportunities should first-time homebuyers look for?
A: First-time buyers that want to pay lower down payments may need to be patient in getting their offers accepted. One way to prepare for this is to work with a professional Realtor who is really good at their job and can get offers accepted.
Q: What lasting changes do you think COVID-19 has had on homebuying, selling and financing, and what has remained the same?
A: COVID-19 has affected open houses and the number of people at a showing at any given time. Once the infection numbers are greatly reduced, I don’t see this pandemic affecting the future of buying or selling a home.
Are you planning to buy or refinance a home in the Mountain Region in 2021? Contact us to get started with a free mortgage review from one of our local home financing experts.