Through analysis of online searches at the big real estate websites, it is possible to see how many out-of-town buyers and local buyers are circulating in the market and what their budgets are. Nationally, on average, out-of-town buyers have a 30% bigger budget than local buyers. In the Denver metro area, out-of-town buyers on average have 26.3% bigger budget than locals.
For the towns and small cities receiving transplants, the influx of monied buyers has positives and negatives. Home values will rise because of these bigger budgets. Additionally, the higher rates of home sales will increase demand in the building trades and keep remodeling and upkeep prices rising.
Anecdotally, one of our clients just got a bid from our favorite window installer, which is projecting an install 12-14 weeks out. We used this same company a year ago, and they were working 6 weeks out. This is likely both a labor and supply-chain issue, and is demonstrative of what is happening throughout the building trades now.
