Coronavirus is not deterring real estate investors from investing in the Pueblo real estate market, and the reasons are not difficult to understand. The pandemic has caused the national economy to slow, but these conditions are not similar to the great recession. People are buying, selling, and closing real estate deals in Pueblo at a robust pace during this period. Real estate mortgage interest rates are at a lifetime low and a new genre of homebuyers emerged searching to upgrade their property as they look to accommodate the new work from home norms. Pueblo, Colorado offers an unmatched blend of low cost of living, favorable weather conditions, outdoor recreational facilities, and modern amenities. Investment in the Pueblo real estate market this year is a must-grab opportunity.
Noticeable Growth of Diverse Industries
According to experts, Pueblo, Colorado, is forecasted to witness an upward economic trend due to the ever-growing and robust workforce residing in and relocating to Pueblo. This diverse and healthier work force are attracting numerous diverse industries to the area. With a historically low job growth rate below 1% Pueblo is now forecasted to experience an average annual job growth rate of 3.5% over the next 10 years. Pueblo, Colorado, has witnessed the most considerable growth in the professional services and in some high-tech industries. Significant job opportunities are also gaining pace in tourism as reflected by significant increases in hotel accommodations as the end of the pandemic is in sight.
Leading the Economic Recovery in Colorado
The unemployment rate in Pueblo is falling faster than other cities in Colorado identifying Pueblo as a leader in the economic recovery of Colorado. The stabilizing economic growth of Pueblo and emerging diverse industry makeup facilitate smooth sailing through market fluctuations.
The Unbelievable Bargain in Pueblo Real Estate
Investing in real estate for owner occupancy or for income property investment in Pueblo is affordable. Here you can buy a charming historical home for as little as $100,000 or a fixer upper for $60,000. With interest rates at a record low level, mortgage payments in Pueblo are incredibly affordable. The secret of Pueblo being one the least expensive places to live in the country is beginning to spread quickly.
Higher Investment Returns for Multi-Family Investors
It is no secret that Denver’s multi-family housing market is unaffordable, and Colorado Springs is quickly becoming equally unaffordable. Development costs in Denver are incredibly high due to a scarcity of suitable in-fill parcels, high labor cost and increasing regulations. These factors result in investors achieving lower and lower returns in an increasingly difficult investment market.
The Pueblo real estate investment market definitely has greater potential for generating higher returns for investors. As the commercial lending markets begin to ease lending restrictions for both local and national investors it has become much easier to invest in well-positioned properties in Pueblo. These attractive investment properties increase the potential of adding to an investor’s passive income substantially as the rents continue to grow and properties continue to appreciate at record levels.
An Increased Demand for Office Space
Denver and most markets have experienced a significant increase in office vacancy in 2020 and expect lease rates to decline. Economic experts believe that businesses and residential properties in Pueblo are poised to experience continued levels of high appreciation and rent growth. As jobs continue to be created in advanced sectors related to computer system designing, software manufacturing, and other advanced manufacturing, demand for commercial office space may be on the rise. This contrarian market condition in the Pueblo commercial real estate market is presenting great opportunities for investors.
Pueblo is a Desirable Relocation Destination
Pueblo proximity to Denver, lack of overpopulation, and proximity to great mountain destinations offering a variety of adventures make Pueblo a desirable relocation destination. Pueblo’s cultural mix is genuinely unique, and the history of Pueblo is appealing. With a vibrant downtown area, the Riverwalk, Lake Pueblo and several museums and cultural venues Pueblo is a desirable relocation destination.
As Denver, Colorado Springs and other northern Front Range Communities have become less and less affordable Pueblo has become a desirable retirement destination for many Colorado residents seeking a more affordable option while remaining close to northern metro areas.
Great Weather and Less Traffic
Pueblo has one of the mildest climates along the Colorado Front Range. With less than half the annual snowfall of Denver and other northern locations and almost 300 days of sunshine a year Pueblo is a desirable place to live. Pueblo has a significantly lower population density and as a result is less congested than other Front Range.
Rare Investment Opportunities
The Pueblo real estate market is experiencing record appreciation and a high level of transaction velocity as Brokers are observing COVID-19 norms while getting deals done. Online views for properties have skyrocketed amid corona, and people are buying, selling and investing in Pueblo, Colorado.
Originally intended to be the second large city in Colorado and a contender to become the state capital in the late 1800’s Pueblo has a very large inventory of older historic homes. Stagnant growth in the past have left much of this inventory dated and ready for renovation. Only during the past few years has this emerging market began to see wide scale property renovations. There still remains an abundant inventory of homes available to the value-add and renovation investors in the Pueblo real estate market. This trend is already underway, now is the time to act.
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