Property will naturally appreciate in value over time; this growth was exponential during the pandemic. Homeowners sought to change location, and/or upgrade to something with more space in order to work from home. With the interest rates at an all-time low, many saw this as an opportunity to get into the market either as a repeat buyer or first time homebuyer. Similarly, rental rates have been increasing which has impacted many with unattainable housing options.
As housing prices increased even prior to COVID, housing prices were unattainable for some. On August 19th, 2022 the Colorado Secretary of State’s Office announced funds to be set aside for affordable housing. Working in coalition with local governments and nonprofits, the development of workforce housing has been implemented.
Through down-payment assistance, special zoning, deed restrictions, and educational programs, the goal is to create homeownership opportunities. HomesFund in Durango is a great resource for homebuying knowledge and assistance, especially for first-timers. Even if you are not in need of their program, their Home Buyers Education Class is invaluable.
New developments projects such as Mountain Trace Townhomes and Animas City Park Overlook provide deed restricted options set aside specifically for affordable options. Applicants must apply and be qualified for these specific units.
With federal mortgage rates rising again, new projects underway, and an everchanging market please don’t hesitate to reach out with any questions.
Read more about Colorado’s new affordable housing here: https://coloradorealtors.com/2022/08/31/coloradoans-to-vote-on-affordable-housing-november-22/