Homes in short supply across all of Colorado in December (apartments, home builders)

[orngkat]

I would love to sell my CO house right now but I can't find a house where I want to move to.

[CosmicWizard]

Originally Posted by Rakin

Appraisals are a problem.

In what way .... getting an appraiser to come out, or having the property appraised to match the sales price?

[CosmicWizard]

Originally Posted by orngkat

I would love to sell my CO house right now but I can't find a house where I want to move to.

Probably best to hold on to your current property until you have the property you'll be moving to under contract. I didn't do that, and now I'm wishing I would have been more patient. Ah, the wisdom of hindsight ( more accurately, the self-torture of hindsight! )

Unless of course you are moving to an area where prices are significantly lower than where you live now. That would make it at least a bit less stressful.

Good luck whatever you decide to do.

[Dreaming of Hawaii]

Originally Posted by suzco

How does it compare to your home in Buena Vista? Are the 2 markets seeing similar changes?

OMG, Buena Vista is insane! Four years ago we bought a vacant lot in our subdivision for $26,000; today they are selling for $60,000 - $65,000. And selling quickly. I think all the 20 lots that were developer-owned have sold for asking price in the last six months. New 1,500 square foot houses on a 7,000 square foot lot in the adjacent subdivision are selling for over $400,000.

No, we don't want to sell our vacant lot. We bought it as an investment, but also to protect our views. If the market takes a downturn, we may regret not selling. Especially if we can make a $40,000 profit!

It used to be that people were buying second homes in BV and using them as vacation rentals. I think there are a lot more people moving in as first home and working remotely. Not as many retirees as in the past.

[StealthRabbit]

Originally Posted by orngkat

I would love to sell my CO house right now but I can't find a house where I want to move to.

3 retired friends from NoCO sold in the last 2 yrs and moved to small towns in Western NE and KS. Each state has burdensome taxes, but not terrible once you have no income !

Their prairie homes were really inexpensive, well under $100k with large shops and very large lots / small acreage.

I would suspect some eastern CO towns would still be inexpensive too. Such as my parent's hometown of Haxtun.

With high valuations will follow high property taxes. My 80 YO neighbor was just discussing that their property taxes are nearing 50% of their annual income. Thus... why I had to leave CO in 1970's, but the high taxes have followed in all western states that don't have Prop 13, displacing many thousands of elderly home owners.. (The very people who created the desirable communities can no longer afford to live there.)

[GraniteStater]

Originally Posted by StealthRabbit

3 retired friends from NoCO sold in the last 2 yrs and moved to small towns in Western NE and KS. Each state has burdensome taxes, but not terrible once you have no income !

Their prairie homes were really inexpensive, well under $100k with large shops and very large lots / small acreage.

I would suspect some eastern CO towns would still be inexpensive too. Such as my parent's hometown of Haxtun.

With high valuations will follow high property taxes. My 80 YO neighbor was just discussing that their property taxes are nearing 50% of their annual income. Thus... why I had to leave CO in 1970's, but the high taxes have followed in all western states that don't have Prop 13, displacing many thousands of elderly home owners.. (The very people who created the desirable communities can no longer afford to live there.)

Retirees are not going to move to western NE or KS in any large numbers, however... Retirees that need specialized medical care will be out of luck in many cases, unless they live close to a regional center town. You are correct neither state is retiree friendly and the climate is worse than Colorado.

[Melanzana92]

Not surprised by the numbers coming out of Summit. In Leadville though, I continue to be shocked by what people are asking for what they put up, especially compared to what I paid for mine just 2 years ago.

BV is surprising as well and Salida is just appalling.

I continue to think it's mostly driven by those who can now work from home indefinitely. I don't blame them one bit; I'd try to do it too.

[Dogmama50]

Originally Posted by CosmicWizard

In what way .... getting an appraiser to come out, or having the property appraised to match the sales price?

Appraisers in my area are overworked and in short supply as are inspectors. Lots of cash deals happening on multi-million dollar homes.

[StealthRabbit]

Originally Posted by Dogmama50

Appraisers in my area are overworked and in short supply as are inspectors. Lots of cash deals happening on multi-million dollar homes.

Yes, cash deals preferred. No appraiser required.

Know what you want to buy. Bring the cash, directly negotiate with the seller... Done deal in just a couple days. (As soon as you can get a clear title / deed). Less competition of buyers and no-one yanking your chain for inspections and other time consuming stuff.

[COcheesehead]

Cash deals should still include an inspection.