The population in Durango continues to grow at over one percent above the national average, and real estate is feeling the pressure. Infrastructure problems have hit the north east, according to The Journal, and work is continuing apace to develop the region. Those looking to get involved in real estate, either as an investor or home buyer, should conduct close research; between non-profit developments and new green investments, there’s a lot of opportunity to be had.
The mortgage landscape
For property buyers, the market is ripe. As The Herald has noted, mortgage rates remain low despite relative rate hikes. This means that first time buyers will find reasonable rates in the Durango area, while senior citizens can use equity release mechanisms with relatively low levels of risk. As such, there has rarely been a finer time to get involved in the Durango property market. To add to this, the early year saw a considerable dearth of housing stock, driving prices up; housing markets tend to undulate, and would-be buyers can expect a reduction in overall prices as the mid part of 2019 approaches.
The best areas
As the city spreads, infrastructure has strained, as evidenced in the Florida Road communities. However, this also presents an opportunity for investors and home buyers, both in terms of property and area development. These areas are typically up and coming, and are also serviced by the best new opportunities the city has to offer. For instance, the Herald report that the Housing as Health initiative will help those in need of secure housing to find opportunities they need across the city.
Smallest investments, smaller homes
The micro home revolution is well and truly here to stay in the USA, and the Denver home show had wonderful representation from Durango in this regard. Investors looking for very trendy but low impact investments could do worse than looking to Escalante Village, where green-first micro homes are up for grabs, the majority via sale. These will likely create a new trend of housing in the community, as affordable and accessible housing.
Durango is set for a property boom as its population ever expands. Savvy investors or simple first-time buyers will find a lot to like in the city as a result. What’s more, the new stock coming into the city promises to be future proofed, making your home or investment a sound one.