What is currently the largest and fastest-growing demographic in the United States and around the world? Millennials? Incorrect; it is SINGLES. Singles outnumber married couples in the U.S., yet the norm in advertising focuses on marriage, family, and couples. It is a frequent advertising theme for travel, recreation, real estate, financial services, cars, etc. In 2016, 51% of millennials had never married, according to the Bureau of Labor Statistics; up from 27 percent in 1987.
Sixty percent of millennials are currently single. Single is not just a relationship status, it is a lifestyle, a state of mind, and for many – a choice. In 2016, single women accounted for 17% of all home sales, while men accounted for 7%, as reported by Bloomberg. Single mothers outnumber single fathers and seek home stability coupled with the financial long-term benefits. On average, women earn 27% less than men in wages/salary.
People choose to move here, stay here, move back here, or never leave. There’s something about Denver and Colorado that’s appealing when thinking about settling down and creating a nice life. Denver is younger than most Metro cities across the country and remains below the national average of nearly 38 years old.
Single-family home prices rose in 92% of the cities in the U.S., while 26 metro areas (15%) hit double-digit appreciation with Metro Denver eclipsing 10% annually, especially below $500,000. Home prices in the West and Midwest have grown at a rate averaging 7.2% for existing single-family homes, while in the northeast, appreciation rose at a 4.2% rate (still decent).
If purchasing a home is your goal, get expert advice from a mortgage pro and a great Realtor to develop your plan. A goal without a plan … is just a wish. It is easier for a current homeowner to purchase again because they enjoy solid equity buildup over time translating into a healthy down payment.
Denver‘s Case – Shiller home price index rose to 203.913 to end 2017, meaning prices averaged 103.93% higher than in the year 2000 including the recession years from 2008 to 2011.
According to US News and World Reports, Colorado has the best economy in the country. When including factors such as quality of life, economic opportunity, crime, education and healthcare, Colorado is in the top 20% of the nation ranked at number 10.
Half of the homes entering the market in Denver under $500,000 will sell within one week. However, the other half may take weeks or months to sell. The higher the price, the longer it typically takes to sell. Healthy demand and lower supply help achieve a price on the “high side of reasonable“, but don’t be fooled as houses do not sell at any price listed “for sale”.
Why do some houses sell quicker and for more money? One reason is the Realtor who is qualified to help navigate the market related to possible value, contracts, inspections, marketing and much more. Another reason is proper staging. In a recent NAR survey, 77% of buyer’s agents said staging made it easier for a buyer to visualize the property as their future home, decreasing time on the market (the longer homes on the market, the less it usually sells for). Still not convinced? Ninety percent of buyers initially view properties online before deciding which ones to visit. Professional photography and appealing staging can make a difference in determining which homes get shown. I recently listed a property that was on the market for nearly one year. We asked the Owner to de-clutter the counters, shelves, closets, tables and the walls from many personal photos. We rearranged and eliminated pieces of furniture and added superior photography with video for marketing. Without lowering the price, we had two offers in 10 days and it sold for full price. I hope that is convincing.