Each time the Federal Reserve ratchets up interest rates, prospective homebuyers often must account for hundreds of dollars added to their would-be monthly mortgage payments.
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FORT COLLINS The pandemic and its related recession aside, home prices in Northern Colorado increased over the past year. And no surprise, they’ll likely increase again in 2021.
Brandon Wells, president and CEO of the Group Real Estate with its headquarters in Fort Collins predicted during the firm’s annual real estate forecast Tuesday night that the average home sales price in the region in 2021 will be $461,667. Last year, he predicted an average sales price of $424,761 for 2020, which was exceeded at $439,117.
Every community in the region tracked by the Group saw increases in average home sales prices from 1.7% in Johnstown to 11.5% in Longmont. Average home price increases in nearly every community were driven by increased sales of luxury homes, especially those over $1 million in price, he said. Some of that resulted from people fleeing more urban areas in search of more space in which to operate home offices or have space for children to learn from home during the pa