Aspen
Aurora
Pueblo
Closing Conducted by: | Title Companies, Brokers, Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 2 - 5 months |
Notice of Sale: | Trustee |
Redemption Period: | None |
Income Tax: | 4.63% |
Corporate Tax: | 4.63% |
Sales Tax: | 2.90% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.60% |
Property Taxes by County: | http://www.tax-rates.org/colorado/property-tax#Counties |
Closing Cost: | $2,436 |
Transfer Fee: | 0.01% |
Origination Fee: | $1,817.00 |
Median Home Value: $378,300
1-Year Appreciation Rate: +3.4%
Median Home Value (1-Year Forecast): +1.5%
Median Rent Price: $1,975
Price-To-Rent Ratio: 15.96
Average Days On Market: 50
Percent With Negative Equity: 4.5%
Unemployment Rate: 2.9% (latest estimate by the Bureau Of Labor Statistics)
Population: 5,695,564 (latest estimate by the U.S. Census Bureau)
Median Household Income: $65,458 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 11.84%
Foreclosure Rate: 1 in every 5,994
Rio Blanco (1 in every 1,124)
Washington (1 in every 1,199)
Moffat (1 in every 1,253)
Morgan (1 in every 1,664)
Fremont (1 in every 1,785)
Tax Lien or Deed: Tax Lien State
Interest Rate: 9% (Plus Fed Rate) (rate is established by adding nine percentage points to the federal discount rate as of September 1, 2007, and rounding to the nearest full percent).
Redemption Period: 3 years until foreclosure can be initiated (non-judicial); plus 120 days after foreclosure initiation. = 3 years, 4 months.
Colorado Auction Practice Site - Daily Practice Auction
Adams County, CO - November - December
Arapahoe County, CO - November - December
Archuleta County, CO - November - December
Denver County, CO - November - December
Grand County, CO - November - December
Mesa County, CO - November - December
Morgan County, CO - November - December
Park County, CO - November - December
Weld County, CO - November - December
Long-term exit strategies look the most promising: Median home values in the Colorado real estate market have escalated almost exponentially in as little as eight years. As a result, deals with attractive profit margins are growing harder and harder to come by. Passive income investors, however, are able to navigate around today’s higher prices by renting the property out for an extended period of time. Several years of renting may prove more than enough to offset the extra money it took to secure the deal. Colorado’s current rental rates should generate enough cash flow to justify acquiring higher-priced assets.
Home values will increase at a slightly slower pace: Not unlike the rest of the United States, median home values in Colorado have increased exceptionally fast. Thanks, in large part, to hosting one of the country’s strongest economies, persistent demand, and a lack of available inventory, Colorado has entrenched itself as a seller’s market. Homeowners have been able to increase prices for nearly a decade, but the rate they are able to do so moving forward should temper. Prices are simply too high; there’s not a lot of room for more price growth. Prices should continue to rise, albeit at a slower pace than in years past.
Inventory will remain tight: The Colorado real estate market is in dire need of housing inventory; it’s part of the reason prices have risen so high. The state doesn’t even have half of the available housing it would prefer. New construction projects are in the works, but the state simply needs far more inventory than what is expected to come to the market in the next year. More homes are expected to hit the market, but not enough to satiate current demand.