DENVER/ JUNE 27, 2019 (STL.News)
The Denver real estate market is one of the hottest in the country, and gentrification is in full swing. This means the opportunity to purchase property now in a developing part of the city abounds.
“The Denver airport sits 10 miles outside the city, and in the next 10-15 years the city plans on developing the area between the center of Denver and the airport. This is the next big opportunity to buy low now and make huge profits in the next 10-15 years,” said Overton, who has more than 18 years of experience in the Denver real estate market.
It is also the ideal time for Denver homeowners to consider their equity and building wealth. “One of the things I like to show people is putting their equity to work, moving their funds to make them work in different areas instead of just one,” noted Overton.
The real issue with the Denver market, because of its rapid growth over the past five years, is affordability. “The mayor has done a great job to build affordable housing, but there are pros and cons to that,” added Overton. “They are so close to the higher value places and you can see a huge difference but it makes it affordable to people whose incomes haven’t gone up as fast as housing prices.”
Home values have gone up approximately 10% per year, and with affordable housing one can only gain 3.5% per year. “Don’t put yourself in a position where you stay in that situation because over time you are losing more and more money,” concluded Overton, who also conducts home-buying seminars on how people can turn their investment into a seven-figure retirement. “You should have a 2.5- to 3-year window to move out later on and find something that will help you build more wealth.”
About Barry Overton, New Era Group – Your Castle Real Estate
Barry Overton works both buyers, sellers and investors in Arvada, Aurora, Broomfield, Castle Rock, Denver, Highlands Ranch, Lakewood, Parker, Thornton, and Westminster. He is one of Colorado’s only real estate agents that provides concierge service. For more information, call 303-668-5433, or visit https://mynewera.com/barry-overton/.