Looking forward to buy a million dollar home in Denver? Why not get up to speed with the latest facts about the Denver real estate market. As the administrative changes are expected to affect the market, there are three major policies that will have a significant impact on Denver’s real estate market. The policies include tax cuts, immigration policy changes and tax cuts and will begin to take form in the upcoming year whilst having a direct impact on construction costs and mortgage prices.
While the home prices are expected to be steady in the following months, they are expected to sell out faster than before. Denver is the fastest real estate market at the moment with both wealthy and millennials looking to buy their homes in the place.
Here are a few ways to understand how the market will change over the following months and why it is a good time to buy your million dollar dream home today.
- The current market stability: Being one of fastest real estate markets today the city will see a shortage in supply of new homes. This makes it the perfect time for the home buyers to start hunting for the desired properties, they can even rent them out to cover the mortgages as the rental prospects are pretty rewarding in the area. The prices are expected to rise by about 5% over the following months and the sales are projected at around 3%.
- Slow construction around the city: With a resurgence in the immigration policy things can take some time to settle down which in turn will affect the availability of the construction crews in the region. New immigration policies will alter the availability of labour and affect the speed of construction. Therefore, before the prices will take a leap due to low supply, you should book your dream home now.
- Steady mortgages: The mortgage rates are expected to remain stable. An assurance by the administrative policies to spend more on infrastructure followed tax cuts are expected to yield higher economic growth in the near future.
- Access to home finance: Since 2006 the mortgage giants Fannie and Freddie will come forward to back up the higher mortgages. This will help increase the loan size to approximately $636,000 whilst also making it easier for the buyers to qualify.
In a nutshell the political policies will play a major role in the direction of the housing market and shape the future of the market in 2017. Visit http://www.primedb.co/ to get high quality services for customized homes, renovations, home automation and design. Make your million dollar home dream a reality today!