How Denver’s Housing Shortage Is Impacting the Home Remodeling Market
There’s no question that Denver’s real estate market is booming and shows no signs of slowing down. Denver’s housing market low inventory has been a problem since 2011.
Denver & Boulder, CO Home Remodeling & Home Renovation Demand is High
The current 2022 Denver real estate market and home remodeling market is also being driven by strong buyer demand and high renovation contractor demand for home upgrades. Potential sellers may be hesitant to put their homes on the market during a pandemic. The number of active listings for residential homes hit a record low—with the number of total single-family homes on the Denver market down considerably from a year earlier.
➢Denver Real Estate Trends Market in 2022.
An increasing number of buyers are looking for homes in established neighborhoods – or within proximity to Denver’s Coors Field, botanical garden, zoo and art museums – but are coming up short. Available homes are often older “fixer-uppers” that have serious potential but lack the modern turnkey features that home buyers want.
As a result, Denver’s low inventory has led to a boom in demand for high-quality home remodeling services throughout the Denver Metro area. Denver’s Housing Shortage Will Likely Continue
If You’re Moving To Denver, CO If you’re moving to Denver, Denver’s housing market was one of the hottest in the U.S. – only second to San Diego—based on the percentage of buyers who engaged in a bidding war.
Best Places To Live in the USA – Consider Denver, CO
Many factors are contributing to Denver’s housing shortage. It is an attractive city and a top relocation destination for many young adults; Denver ranks 16th for most walk-able cities and it achieves second place in the U.S. News and World Report’s Best Places to Live list.
Denver Remodeling Using Record Low Interest Rates Record low-interest rates encourage first-time home buyers to step into the market and drive current homeowners to consider upgrading a bigger home that fits their needs or refinancing their current mortgage and putting some of the earned equity towards renovations, or considering a Denver remodeling projects to build home equity and to make the home more livable and desirable.
Buyers’ interest hasn’t slowed due to the pandemic. As many companies are continuing their remote work policies, many home buyers were increasingly motivated to purchase a home once Denver’s stay-at-home orders lifted. This contributed to an uptick in pricing, and the continued shortage of inventory will likely drive pricing in 2022.
Despite the red-hot housing market, home buyers remain in Denver and are searching for a fixer-upper that can be customized to their liking with a few minor changes or a total renovation. Home Remodeling in Denver Turns Fixer-Uppers Into Dream Homes Denver’s low inventory and climbing prices have caused many buyers to adjust their expectations to avoid being priced out of the market. As a result, a home in their price range may be smaller or older than initially planned. Home remodeling is an option for adding more space or modernizing an outdated home.
It’s not unusual to find a Denver historical home renovations candidate residence at least 50 years old in the Denver market, as many homes were originally built between 1970 and 1979. In houses of this age, it’s not uncommon to have to replace structural components like a roof, HVAC systems, and possibly plumbing.