Creative Solutions to the Housing Crunch
Over the past year, home prices have risen roughly YOY *18.5% nationally and **18.4% in Boulder County. If you’ve been reading housing news, it’s not a secret as to why. (Low interest rates, historically low housing inventory, and high buyer demand.) As a result, the race to buy a home has made the goal of homeownership out of reach for many.
Boulder’s magnificent Flatirons, even more stunning from afar.
Let’s explore those creative solutions
In my own experience selling homes, I am witness to a shift in priorities as Buyers are becoming more creative as they strive to own a home in our beautiful community. Each person has their own story as to how purchasing a home has proven elusive, but some have made clever choices that have shifted their homeownership (and wealth building)journey to take a turn for the better.
I love clever solutions!
Multi -Generational Living
In the search for affordability, some families are pooling resources and choosing multi-generational living. Certainly, it would have to work for your situation, but I can see many benefits to this arrangement.
Family time.
Moving across county and country
Not necessarily a trend, but the “drive until you qualify” approach has been a successful one for many. Luckily, with the pandemic-shift, working from home has minimized commute times for many and the “drive until you qualify” adage isn’t considered a sentence to “traffic-jail” anymore.
And, if you live in the Boulder area, what I’m about to say isn’t a surprise. Boulder’s surrounding markets tend to offer larger homes at lower prices with features such as walkout basements and expansive floor plans. If you are lucky enough to maintain a work-from-home arrangement with your employer, that added square footage can be quite enticing. (Think home office, home gym, big backyards, more housemates, etc.)
Data: IRES InfoSparks as of January 31, 2022. Information may be subject to change.
Also, if you are a lover of Colorado, this may come as a shock. The word on the street is some people are leaving the state to find affordable housing! I have many a client moving to Arizona, Florida, and the Midwest for this very purpose.
Interesting tidbit. According to Yahoo News, for every 1 person moving to Colorado in 2021, 1 person left.
Side note: if you are contemplating the same, please let me help! I have referred many a great client to many a great Realtor®… nationally!And, it is so much easier to transition to a new area if you have an advocate awaiting your arrival. 😉
The beautiful drive from NCAR’s Mesa Lab in Boulder.
The AirBnB and VRBO trend
There is another clever trend I am seeing. Some Buyers are seeking homes that have short-term rental potential as a way to supplement their income, hence making mortgage and living expenses more affordable than they would be otherwise. (It is very important to know the rules in your city/county/HOA regarding such!)
In contemplating the implications of ‘more house for the money’, the savvy investor can see the benefit of converting extra living space into a rental opportunity.
More house for the money now means more money leftover to play, too.
The Luxury Realm
The luxury realm in Boulder’s outer areas really lend themselves to these creative solutions. For example, SouthWest Longmont’s Somerset Meadows has enormously gorgeous homes with ample living space, and are comparatively more affordable. Most of these provide a perfect fit for multigenerational living and rental spaces… or just outrageously luxurious living with fabulous views. (I’m convinced! What are we waiting for!? 😉
I invite you to explore Luxury real estate in East Boulder County.
Final thoughts as you think outside of the box
Quality of life means something different for everyone. And sometimes we have to make decisions in the short term that allow for a better life in the long term. If you are exploring a housing change in search of a better life, I invite you to call me so we can discuss your options. I may not have all the answers, but regarding real estate I have quite a few. 😉
Buy a home and save, save, save…
Thank You!
* CoreLogic
** IRES InfoSparks Colorado