The Colorado Exclusive Buyers Agents Association (CEBAA) is made up of real estate agent companies where the broker/owner and all agents in the company only represent buyers. This association closed down in 2023 due to attrition of exclusive buyer agent members.
When there are no exclusive buyer agent members in a particular area, we provide options to you from our SmartHomeSearch network of highly rated buyer agents.
This not-for-profit trade association was founded in 1999. Feel free to check out the site by clicking on the logo. You may get Colorado National Buyers Agents Association members either from this site or the association site at HomeBuyersColorado.org.
Buyer agents within this association protect your interests whether you are looking for retirement, investment, ranch, resort, second home properties or if you are a first time home buyer.
Because they focus primarily on buyers, CEBAA buyers agents have honed their skills in areas of property search and negotiations. Their goal is to get the best price for you, the real estate buyer, and not the home seller. They are 100% dedicated to you, 100% of the time.
Buying a home in Colorado—what to know.
- Economic Prosperity: Colorado kicks off its list of advantages with a booming economy, currently ranking as the second-strongest in the U.S., offering promising prospects.
- Diverse Economic Growth: One highlight of Colorado’s economy is its diversification, spanning multiple growing industries. The state thrives on tourism, driven by its stunning natural scenery and abundant recreational opportunities.
- Breathtaking Natural Beauty: Nature enthusiasts will revel in Colorado’s breathtaking landscapes, boasting some of the nation’s highest peaks, deepest canyons, wild rivers, rugged wilderness, and high deserts. With four national parks, including the fifth most popular, Rocky Mountain National Park, the state is a treasure trove of natural wonders.
- Highly Educated Population: Colorado stands out as the second most educated state in America, with nearly 52% of the population holding an associate degree or higher. The state attracts a high-caliber population, possibly due to its emerging tech sector or the allure of being in the highest state in the U.S. in more ways than one.
Other things to keep in mind when moving to Colorado
- Topography Heights: Colorado claims the highest average elevation in the United States at 6,800 feet above sea level.
- Majestic Peaks: Boasting more than 50 peaks exceeding 14,000 feet, including Mount Elbert, the state is a haven for mountain enthusiasts.
- Distinct State Symbol: Colorado uniquely features a purple mountain, Pikes Peak, as its state symbol, standing out in the Front Range of the Rocky Mountains.
- Craft Beer Hub: With over 400 breweries, Colorado is renowned for its craft beer industry, hosting the largest beer festival in the nation, the Great American Beer Festival.
- Mining Heritage: Colorado’s mountains and valleys hold a rich mining history, extracting gold, silver, and other minerals. The state’s official mineral is the rhodochrosite, a pink mineral found in the Rocky Mountains.
- Thermal Springs Haven: Colorado is celebrated for its 20+ hot springs resorts, drawing visitors with the belief in their therapeutic properties.
Colorado buyers agents provide Key Tips for Homebuyers in Colorado in 2024:
Navigating the home buying process in Colorado demands a grasp of essential steps, spanning from mortgage pre-approval to the final closing. Each stage holds significance, particularly for first-time home buyers.
- Mortgage Pre-Approval: Prospective buyers should initiate the process with mortgage pre-approval, showcasing their borrowing capacity after an initial financial assessment by a lender. A pre-approval letter enhances the attractiveness of offers in Colorado’s competitive market.
- Real Estate Agent Selection: Collaborating with a knowledgeable real estate agent is pivotal. They offer market insights, negotiation expertise, and guidance through the intricacies of Colorado’s real estate procedures.
- Effective Home Searching: Strategic home searching involves prioritizing must-haves, focusing on targeted areas, and adapting to the swift pace of the Colorado market, necessitating quick decisions.
- Competitive Offer Making: When the right home is found, crafting a competitive offer is essential. This involves consideration of property value, market demand, and personal budget, with contingencies for financing and inspections.
- Home Inspection and Appraisal: A comprehensive home inspection identifies potential issues, while an appraisal ensures the property’s value aligns with the offer. This step may lead to further negotiations or a decision to walk away if necessary.
- Closing the Deal: The final step encompasses signing legal documents, making required payments for down payments and closing costs, and finalizing the loan. Upon completion, the buyer gains access to the keys to their new Colorado home.
Implications and Trends
In Colorado, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn’t always tell the whole story. Factoring in the current year’s growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
Average Home Prices: The average median home price in Colorado is $591,400, up by 8.2% YoY. In 2024, the median sale price will keep increasing marginally due to CO’s tight inventory. The sale-to-list price ratio is at 98.1%.
Home Sales: As per January 2023 data, home sales decreased by 0.9% YoY! In January 2024, only 3,798 homes were sold, down from 3,833 in January 2023.
Average Rent Prices: Rental costs vary statewide. An average tenant in Denver pays $1979, while the one living in Colorado Springs pays $1,547.
Median Days on Market: The median days on the market for homes for sale was 55 days, up by 2 days YoY.
Pending Sales: The number of homes for sale grew by 2.9% YoY compared to 2023. Currently, there are 21,217 homes for sale in Colorado.
Months of Supply: The average month of supply is 4 months. CO’s demand can’t be satiated with the low supply. CO’s house scarcity is worse than the national housing market.
Colorado Housing Market Forecast for 2024
The US housing market has been a focal point of economic discussions, with its trends and fluctuations serving as key indicators of the nation’s overall financial health. As we approach 2024, it’s essential to analyze current market conditions and make informed predictions about what lies ahead for homebuyers, sellers, and investors.
In 2024, this demand is likely to persist, driven by a combination of demographic factors, economic growth, and the ongoing trend of remote work. Millennials, the largest demographic group in the US, are reaching the age where homeownership becomes a priority, further fueling demand.
Home Sellers Will Return to the Market in 2024: Sellers who chose the sidelines in 2023 will come back. Especially those who can’t avoid new jobs or want to move to a cheap place. Whitney, the analyst who predicted the 2008 financial crisis accurately, has forecasted that baby boomers looking to downsize will also add up to 30 million housing units. Yowaza!
Mortgage Interest Rates Will Stabilize by the 2nd Half of 2024: Mortgage rates hit 7.79% in October 2023, the highest level in 23 years. However, the rate dropped to 7.35% in November due to the softening labor market and slowing economy. Even the annual inflation rate went from 3.7% to 3.2%. We think the rates will remain above 6%, but they will stabilize in the second half.
The Number of Home Buyers Will Rise: The historically high interest rates averted buyers in 2023. But mortgage demand rose after the interest rates lowered to 7.35% in November. The easing inflation and stabilizing rates will bring back house hunters.
Home Prices Will Continue to Rise: Home prices rose steadily in the top metros across CO YoY, reaching $611K in September 2023. Experts predict home prices will continue to rise until the low supply-high demand dynamic changes.
New Home Construction Sales Will Increase: 12.3% of homes purchased in September were new homes, the highest since 2022. Home builders offered $30,000 worth of concessions to attract buyers in 2023. We think builders and sellers will compete for home shoppers in 2024