Marshall Fire impacts lives and escalates Colorado’s housing crisis

We add our sympathy to the outpouring of concern for what the victims of the Marshall Fire are facing. The loss of a home and everything in it is beyond unsettling. The shock has to be extraordinary. We’re sorry for what the folks in Boulder County are going through and stand ready to help in whatever way we can.

What’s the impact on the real estate market?

With 1,000 homes destroyed and hundreds of families displaced, the influx of people looking for housing will place an additional strain on a real estate market already stretched thin by too few houses for sale. Boulder County and the surrounding region will likely feel the impact for years to come.

The people displaced by the fire will need time to process their grief and navigate the complexities of insurance claims. Seeing a way forward will take time. Despite the already high demand for rentals in the metro area, we anticipate an uptick as folks begin to figure out what’s next.

Expect buyers to flood the market

Home prices went up significantly in 2021, and they’re expected to increase another 15 percent in 2022. With the influx of Marshall Fire buyers and rising home prices, we do not recommend waiting to buy. The sooner you can make a purchase, the better. Finding a home and negotiating best terms won’t get any easier in the months ahead. 

If you’re thinking about selling, we can advise you on what needs to get done prior to going on the market. Even in a seller’s market like this one, getting your home in tip-top condition prior to listing is a smart move.

Review your home insurance policy

A tragedy like the Marshall Fire is a wake-up call. Discuss increasing your home insurance coverage with your agent. Most policies don’t begin to cover the replacement value of your home. Acquiring more coverage will get you closer in light of rising prices and the escalating cost of building materials.

If you’re contemplating putting your home on the market, buying a new home, or investing in a rental property, talking through your options with a real estate professional you trust is a good place to start. If you’ve lost your home and are considering a move to the greater Denver area, give us a call. We’re here to help.