GRAND JUNCTION, Colo. (KREX) — Local realtors say the latest real estate numbers show median housing prices are up 15 percent over last year. Regardless of how many “For Rent” and “For Sale” signs are up, Sawyer Blumhardt with Bray Real Estate explains how every price point follows supply and demand.
“It’s been all based on supply and demand,” Bray Real Estate Broker Sawyer Blumhardt explains, “As we’re seeing low inventories and the same demand or even increase demand the prices are reflecting an increasing.”
Mike Moran of Heiden Homes Realty says while prices went up, interest rates remain low which means because real estate is a good investment people keep finding ways to buy property. If you have an affordable choice to either rent or buy, Moran advises you to buy.
“Do understand, it’s not a guarantee the price will go up but it’s a pretty good bet that you’ll like your mortgage, your monthly fee won’t go up like rent can,”Realtor Michael Moran elaborates.
As for home sales, certain locations are seeing multiple offers on single properties, the same high demand that happened in June and July of this year. Some rental properties now have new owners and new management.
Current leases are still valid for renters, but it’s open season when it comes time to renew.
“At that point, they can ask the renter to leave or ask for a higher rent and that’s probably going to be a continue trend in 2022,” Moran points out.
Moran mentions the City of Grand Junction is now looking at allowing more second homes on properties as part of the idea to make housing more affordable.
“You don’t have to drive around the valley very far to see houses going up, apartment buildings going up,” Moran indicates, “The old City Market at First & Rood, there’s a proposal to put in 261 units.”
The median price for the local houses on sale averaged at $330 thousand, November’s median average increased by $30 thousand.