If you're a homebuyer in Colorado, you might feel like your options are limited. That's because we're currently experiencing something of a "house-drought" in the state. This is excellent for people who want to sell their homes; as soon as they put their homes on the market prospective buyers come knocking. However, it presents real challenges for people who want to find the home of their dreams at an affordable price.
As it stands at the moment, Colorado is positioned with the fourth-lowest ranking for residential bankruptcies in the United States. Only .69 percent of the state's residential properties are currently vacant. This is well below the national average of 1.58 percent vacant. Only Vermont, North Dakota and New Hampshire have lower vacancies than our state right now.
Two years ago at this time, Colorado's vacancy rate was higher, but not by very much. It was at .9 percent at the close of the third quarter in 2015. There is good news, however, for Denver residents, who want to buy a home. Real estate market analysts believe that the situation is changing, and there may be more homes available soon in the Denver market.
There are currently 11,311 vacant properties available to homebuyers in Denver. If you want one of these properties to be yours, you may need to get strategic to purchase one of them in a deal that's fair and honors your legal rights. Remember that this is a seller's market and many homebuyers could be in danger of unfair business practices. Having a real estate attorney by your side at every stage of your home buying process may be essential to ensure that you're treated properly during your transaction.
Source: The Denver Post, "Colorado residential vacancy rate fourth lowest in the nation, report says," Joe Rubino, Oct. 30, 2017