Denver housing market crash? (loans, house, unemployed)

[spets]

Ive been in the Denver area for 3+ years now and I didn't buy a house when i first moved here, Now im looking around but i hear really bad news about the housing market in Denver. What do you think, is this going to last or are the prices going to drop in a year or so? If you're looking to sell ofcourse you're going to say its a great time to buy but i dont need the fluff...

[MN_Ski]

It all depends on who you ask.

Realtors and homeowners will try to convince you that Denver will always be a sellers market, and that prices will keep going up forever. Buy now before we hit San Francisco prices!!!!

Others will tell you 2008 will repeat itself, nationwide legalization will cause everyone to move away, and you'll be buying up homes near downtown again for under 200K.

For me, I'm going to hold off until this cycle turns (which it will eventually). I'm not really expecting prices to drop by that much, but I am expecting a larger collection of inventory to choose from without having to bid with 10+ buyers. There is so much going on with the markets and economy nationwide that a recession should be right around the corner. Lets see if Denver really is this magical place that is immune to economic downturn...

[brown_dog_us]

Unless we have a big jump in wages prices will have to level off. Drop? I doubt it. There is a lot of pent up demand and a large supply of people who want to move to Colorado.

We could have a huge collapse of the global economy and see prices drop, but that would also cause the average buyer to not have any money to buy.

[Best_Coast]

Originally Posted by MN_Ski

It all depends on who you ask.

Realtors and homeowners will try to convince you that Denver will always be a sellers market, and that prices will keep going up forever. Buy now before we hit San Francisco prices!!!!

Others will tell you 2008 will repeat itself, nationwide legalization will cause everyone to move away, and you'll be buying up homes near downtown again for under 200K.

For me, I'm going to hold off until this cycle turns (which it will eventually). I'm not really expecting prices to drop by that much, but I am expecting a larger collection of inventory to choose from without having to bid with 10+ buyers. There is so much going on with the markets and economy nationwide that a recession should be right around the corner. Lets see if Denver really is this magical place that is immune to economic downturn...

Because the "everyone moved here for pot" narrative is totally accurate...

[Tim Tim Tim]

Look at what is driving the cost of homes up now, and use some logic to determine if you think that will continue or not.

From my perspective, people are moving here because there are a lot of good paying jobs, beautiful weather and tons of outdoor activities (I am sure some people move for the pot, but I don't think that it at all what is driving the economy here)

With those things said, I doubt companies are just going to start moving away from here (right after moving here), I doubt people are going to stop liking nice weather and tons of outdoor activities.

Sure, if there is a national or global decline, were likely to take a hit. But to think that Denver is going to crash and burn on its own - Im betting against that one.

I am sure pricing will level off and the market will become a little less insane with the bidding wars and all, but I highly doubt prices will really drop, or even go flat for quite a few more years.

[davebarnes]

How to buy at a lower price.
1. Save up at least $500K.
2. Wait for the next recession when you and everyone you know is unemployed.
3. Buy.

[Best_Coast]

Originally Posted by Tim Tim Tim

Look at what is driving the cost of homes up now, and use some logic to determine if you think that will continue or not.

From my perspective, people are moving here because there are a lot of good paying jobs, beautiful weather and tons of outdoor activities (I am sure some people move for the pot, but I don't think that it at all what is driving the economy here)

With those things said, I doubt companies are just going to start moving away from here (right after moving here), I doubt people are going to stop liking nice weather and tons of outdoor activities.

Sure, if there is a national or global decline, were likely to take a hit. But to think that Denver is going to crash and burn on its own - Im betting against that one.

I am sure pricing will level off and the market will become a little less insane with the bidding wars and all, but I highly doubt prices will really drop, or even go flat for quite a few more years.

1. I would be making literally double in LA. (and spending $1,800 on a 1 bedroom instead of $1,400 for a studio here)
2. What beautiful weather?
3. I guess there are outdoor activities if that's your thing.

[emm74]

I always love these posts. Hey, homeowners in Denver, when will the market crash so I can swoop in and buy your house for pennies on the dollar while you walk away broke and busted??

[daprara]

Originally Posted by emm74

I always love these posts. Hey, homeowners in Denver, when will the market crash so I can swoop in and buy your house for pennies on the dollar while you walk away broke and busted??

a bit dramatic.
Denver could run out of water

let the good times roll, pay off your loans

[brown_dog_us]

Originally Posted by daprara

Denver could run out of water

Denver has plenty of water for residential users. The Northern half of the frontrange is generally in a solid position too.