In Westword: Colorado’s New Approach to Housing Affordability
I have to come clean—I’m a really big real estate nerd. I love learning as much as I can about the stats and the policies that affect my clients so that I’m prepared to do the best job I can for them in buying or selling a home.
So, I wanted to share this article from Brian J. Connelly, a professor at the University of Michigan who studies housing law, because I think it’s fascinating! Here it is: https://www.westword.com/news/colorado-takes-new-approach-to-housing-crisis-commentary-20828899.
There’s no doubt that housing affordability is a concern for us Coloradans, and I think a lot of the ideas behind these policies may help. Here are a few I find interesting:
1. Building more housing around public transportation
I think it’s very important for cities to consider how residents without cars can still participate as fully as possible in the life of the city, and I think Colorado’s intent to increase housing density around light rail hubs could be a great way to positively impact both affordability and accessibility.
2. More flexible housing options
Many of the laws described in the article are aimed at creating less restrictive rules for creating different types of housing, including accessory dwellings on single-family home parcels. Giving people more options can in part help counteract the current high interest rates instead of leaving people stuck.
3. Doing something to promote more flow
I mentioned those high interest rates; one of the current challenges is in the type of inventory that is available to people. Longtime homeowners with low interest rates are reluctant to move, which leaves fewer places for people looking to move out of their starter homes, which leaves fewer affordable options for first-time homebuyers. I think unlocking that dynamic flow will benefit lots of buyers and sellers.
The good news for buyers and sellers is that the market has been active even before seeing the effects on some of these forward-thinking policies. If you’re considering buying or selling this year, now is for sure the time to check in with me so I can be on the lookout for what you need.
Call or text to set up a conversation!