Homebuilding Projects Meet The Rising Demand For Housing In Denver

Homebuilding Projects Meet The Rising Demand For Housing In Denver

In Denver, the demand for housing remains very high, as the number of people choosing to move to the area is still outstripping the number of those leaving. A steady local economy means it is a vital time for sellers. However, inventory is lower, as construction has slowed recently, and many more homeowners have taken advantage of more time at home to undertake remodeling and home improvement projects instead of listing their properties. 

Home Improvements

Low refinance rates and extra disposable income have encouraged many homeowners to spend more on their current properties. In addition to making their homes more comfortable and suited to their changing needs, improvements will add value in the long term when it comes to selling. As well as small makeover jobs, homeowners have been taking on more ambitious construction projects, and DIY and landscaping materials sales have been soaring. Compact and maneuverable equipment such as mini excavators are helpful for remodeling projects and can be fitted with tracks that suit any terrain. A simple tread will reduce the impact on lawns when landscaping a garden, while a deeper zigzag pattern will help to maintain traction on muddy ground cleared for a building extension. 

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Increase In Affordable Housing 

With housing stock in high demand, the average home price in Denver has recently hit a new record of $600,000. To help purchasers with a lower income, the Department of Housing Stability contributes to the construction of affordable housing for purchasers who earn between 30% and 80% of the median income. More than 1600 affordable housing units, ranging from small studios for individuals to four-bedroom apartments for larger families, are currently under construction at over 20 sites around Denver. 

New Home Home Construction Demands

Custom-Built Homes

More home buyers are looking at building their own property to overcome low stock levels and high house prices. This can be a way to create a dream home and save money, but it is also a huge commitment. Commissioning a custom-built new home is less stressful, but it is still cost-effective to buy a new home with personalized design and finishing touches.

While the market remains vital for sellers, many owners have taken advantage of more time at home to improve their property. Buyers struggling with record house price increases can take advantage of an increase in affordable housing, while some may even take on their building project.

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