We love data, and you should too.
The headlines are starting to buzz with talks of another recession. Haven't we learned from the last one? While the "great recession" still seems fresh for most people, it's difficult to ignore the media and wonder if we truly are on another path similar to 2008.
Since our Real Estate focus is Colorado, specifically north of Denver, it's important for you to pay attention to what's happening in your hyper-local market. Real Estate runs in cycles, period. As agents, it's vital for us to watch market indicators and trends so that we can advise customers using as much information as possible; bending to the hype and succumbing to emotions are huge disservices to anyone within our circle.
Let's keep this short and to the point. What should we expect next? Follow the data and see the future (sort of).
These graphs show historical home appreciation in three regions of Colorado - Fort Collins, Greeley, and Denver. As you can see, starting in 1987 there are noticeable patterns developing roughly ten years apart. Ask your Realtor to pull this information for your local market and chances are you will see similarities.
As of today, we are 10 years into our current cycle.
At a national level, tech giant Zillow thinks the next recession will be in 2020, citing real estate experts and economic advisers.
Bottom line: Real Estate will be going "on sale" soon if history is an indicator. Thinking about selling your home soon? Do it now. Thinking about buying a home soon? We love the saying, "the best time to have purchased is always 5 years ago", but if you have the patience and financial strength to wait, there's a strong chance that you will be rewarded.
The End 🤓