U-Haul is synonymous with “Kleenex” and “Jello.” When people think of renting a moving truck, they naturally think of “U-Hauls,” even if they choose a different company.
While continuing to dominate its industry, the well-known transportation rental provider for homeowners on the move has seen better days, particularly in the state of Colorado.
Inventory and Price Presents Challenges
Once residing in the top twenty for the “states to move to” listing – specifically 16th – the “Centennial State” has dropped to 42nd. The fall from real estate grace is the result of slim pickings for prospective homebuyers that are driving up prices as inventory shrinking.
Metro Denver, in particular, saw a reduction of nearly 30 percent by 2019’s end compared to the previous year. While sales were up six percent, the inventory of available single-family homes was 28.9% lower at the end of 2019 than it was at the end of 2018, according to the report.
The end of the year saw precipitous drops with September-to-October sales dropping 32.8 percent and November to December sales falling 29.5 percent.
Garfield, El Pason, and Pueblo counties were the hardest hit in the inventory department while Larimer, Weld and Mesa saw smaller declines.
An increase of new construction that will attract not only new homeowners but also those looking to increase their square footage. Colorado remains an attractive state with employment opportunities galore combined with weather that entices snowbirds currently feeling the freeze of a harsh winter.
The real estate industry is never stagnant when it comes to home prices and availability. In any market, the decision to purchase a home presents some risks and even more complexities. Having the help of an attorney with such an important investment is paramount.