NoCo real estate market remains strong but challenges exist

FORT COLLINS — The real estate market in Weld and Larimer counties remains red hot, but there are forces in play with the potential to disrupt and challenge the industry.

That was one of the main takeaways from the 22nd annual Northern Colorado Real Estate Conference. The event, held Tuesday in Fort Collins, brought together real estate industry leaders from across Northern Colorado and beyond.

The roughly 300 attendees met on the campus of Colorado State University to network, learn about recent industry trends and forecasts, and celebrate David Everitt and Ryan Schaefer. Schaefer, CEO of Chrisland Real Estate Companies, was named Real Estate Entrepreneur of the Year. Everitt, CEO of Everitt Enterprises Inc., was inducted into the Real Estate Hall of Fame.

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“Whether you like it or not, people are going to continue to move to Northern Colorado,” Metrostudy senior director John Covert said.

This continued regional growth is expected to keep home prices high and rental vacancies low.

While this type of market can be beneficial for the real estate industry, Covert warned that it also comes with challenges.

Because home prices have outpaced wage increases, there is a lack of inventory that is affordable to many would-be buyers, he said.

Regulatory hurdles, which can vary widely from jurisdiction to jurisdiction, also pose an ongoing challenge for real estate developers in Northern Colorado, Covert said.

“It’s really hard for developers to get their projects across the finish line,” he said.

Patrick Phillips, former global CEO of the Urban Land Institute, provided a national perspective on forces shaping the real estate industry.

He stressed the importance for industry leaders of embracing demographic changes and quickly adapting to new technologies.

“There are some really interesting challenges on the horizon,” he said

Citing the potential of technologies such as 5G communications networks and the Internet of Things, Phillips said, “I believe we are on the verge of a quantum leap in our industry.”