Denver Is Getting Our Fair Share
I have been sharing this past week the story of my son’s best friend. My oldest is 23 years old. His best friend told him.. and us.. that we needed to get into bitcoin a year ago. He made this strong proclamation when very little was known about this risky “play money”. My son and I decided it was not going to be a thing. Ha! Jokes on us. And really who knows where it goes from here, but what I do know is now, that friend of his who put $10,000 into bitcoin one year ago, has $200,000 today.
I share this story not to have you “shoulda coulda woulda” yourself.. but .. realize that while affordability might be an appropriate conversation at some point; but right now there is opportunity in a few unsuspecting places.
Smart Asset just released their Where Millennials Are Moving – 2021 Edition. So who’s getting them? Of course we are? Because we know how great Colorado is!
Colorado saw the 2nd biggest gain of millennials with a net inflow of more than 29,500; had the biggest percentage increase in the number of millennials, at 2.21%; and is the state where millennials make up the biggest portion of the population, at 23.26%. WOW.. way to go Colorado. For those of us in real estate .. i.e. you and me.. this is BIG NEWS! These are our buyers and our move uppers. This is the reason above all others as to why our market will continue to be strong, no matter how high the interest rates get or appreciation continues.
Remember the $200,000 my son’s 23 year old friend has? What if… what if … he talked to you and you were able to explain what is happening in the Denver market and how some of his bitcoin winnings could be securitized into the stability and longevity of real estate. Providing long term equity gain and perpetual monthly income. Just sayin.
Denver claimed 1st Place! As the biggest net migration of millennial residents, as 10,974 millennials moved to our city from a different state. Additionally, they make up 32.92% of the city’s population, which is the 5th highest percentage overall.
Colorado Springs had a net positive migration of 5.05 millennials, which was an increase of 4.49% making up 23.54% of the city’s population… of 112,579 out of 478,215 humans. This screams opportunity!
‘When Is The House Market to Crash’….Search is up 2,450%
Really? There are still people who think we are headed for a bubble with less than 2,000 homes for sale? In March 2008 we had over 26,000 homes for sale in the DMAR 11 county area, in March 2021 we had 1,921. Interest rates are still historically low, millennials will be coming in droves for the next two decades, and forbearance numbers are dropping dramatically, with the biggest move down by FHA loans.
Coloradoans have $254,000 in average equity with only 2.5% of households having less than 10% equity. I pinned an article I wrote on FB earlier this week on why foreclosures can not hit the market! We have to be educators in a market like this. It is not an inventory issue… it’s a demand issue and rising interest rates and herd immunity will calm the demand but not squash it. This market will remain strong for years to come. Don’t let your buyers get discouraged or give up. Waiting will only cost them more.