2020 was definitely an unforgettable year that impacted the lives of many people. Due to the effects Covid-19 not only was our health affected but also our jobs and the real estate market market too. Real estate naturally fluctuates from year to year, but 2020 has changed the housing market in a significant way causing struggles well into 2021 and beyond.
Although we live in Colorado my husband Brian has a real estate centered business in Texas. He himself has witnessed an imbalance of people needing to buy versus people wanting to sell, which what is most commonly referred to as a seller’s market. A seller’s market dramatically causes real estate prices to increase leaving those looking for a new home only to struggle. Another example of this scenario unfortunately is my sister in Arizona. Due to the extreme demand in real estate her rental home was recently listed for sale on the market, and it instantly sold. Hearing these stories from around the country made me want to look around at my local real estate market to see if we were experiencing the same effects.
Fascinated by the inflating real estate prices, I decided to look up the real estate data in my own county of Larimer County, Colorado. Much to my surprise I saw a that our county had experienced a 14% increase in real estate prices since 2020. This piqued my interest so I decided to do a little bit more research the data about larger cities in my state. As I searched I noticed that real estate values in larger cities actually lost value while that in the smaller more rural cities gained value. I believe this is due to Covid and the job market. Many Americans nationwide found themselves unemployed and searching for jobs. Some areas were better able to provide employment than others, which made them attractive to job seekers, as opposed to other areas that had a harder time. This caused a migration of workers to these new job centers which created a spike in demand for houses, unfortunately increasing the price of real estate in that area. To quote Coloradoan, shopping for real estate in my county is like the Hunger Games of real estate. While sellers are gaining from this situation the buyers are clearly suffering, and many are turning to rentals.
You may have heard of various rental websites over the years, but there is a new kid on the block in Zumper.com. Zumper has rental data for markets all across the country and should be your first source when researching rentals where you live. Whether you’re single, a couple, or a family struggling in today’s real estate market, Zumper can help. Naturally a sensible solution is finding a quality rental home or apartment until you can decide if purchasing a property is best for you. Some people find that renting is best for their long-term solution, while others can use it for a short-term fix. The bottom line is that “home is where the heart is”, and if you are finding yourself in need of a new home Zumper is ready to help you.