“The issue with the mountains is they’re really expensive. The issue with Boulder is there’s virtually no supply. The markets that are already seeing the growth opportunities, and specifically the lower price points, are on the north side of Denver,” such as Arvada or Aurora, Bachman said. There, builders can “get to those lower price points, because you’re talking about renters, and some renters may not be able to afford a new home in Centennial or Douglas County.”
Potential in ‘surban’ neighborhoods
“Surban” living, which exists in places like Lone Tree, provides neighborhoods that offer a walkable, downtown lifestyle to a slightly more spaced out and a bit pricier location.
Despite restaurants and stores being closed, she still expects the appeal for these communities to be strong.
“One of the amenities is the ability to walk to a grocery store,” she said of surban neighborhoods, “and we also know the pandemic isn’t going to last forever.”
The future of the pandemic
While, of course, she can’t predict the future, Bachman did point out a few uplifting factors. The purchase process that got put on pause during the initial uncertainty is going to be resumed, she said.
Additionally, low mortgage rates can bring in buyers who want to take advantage of that opportunity. Lastly, there’s the possibility of the second wave of the virus pushing buyers to make a move soon, so that they’re in their ideal living space before getting trapped again.
However, the virus presents as much uncertainty as opportunity; another wave is hard to predict, as is the timeline of vaccine development, or what percentage of people will get jobs back and when.
What we can be hopeful about is the opportunity for builders moving forward with home shoppers’ renewed desire for a new home. States that are reopening now are indicating huge numbers, according to “The Great American Move” report, specifically for new homes.