Laramie County has been a resilient real estate market compared to most markets because of the employers that reside in the community.
We are well insulated in the Laramie County real estate community because of the volume of government employers. They are not all funded at the same level, which is a helpful form of diversification for our community. We have government employers from the federal level down to the city level. This builds in the resilience because there are funding stimulants beyond that of our community. While we do not expect a housing crash in the coming years, we want our clients to know what to watch for in the market. A high volume of construction or new housing and a sudden decrease in market demand for home purchases is one thing to watch. Sometimes, it isn’t an entire crash, but a partial, where the homes being built are getting sold at a lower rate than anticipated because demand is low. If this begins to happen, it may mean the wages in the community are decreasing, resulting in declining demand for that housing purchase value range. Listen to the video by Stephanie Prescott to hear more.
Therefore, monitor what employers are coming to the community and their average pay for employees, and look at existing job posts to see what salaries they are offering. Also, assess the government budgets and spending. If there is a decline in sales tax capturing, you can anticipate that budgets may shrink at the County and Municipality levels, which can cause hiring freezes, sustained salaries, etc. These economic indicators can help you anticipate significant market shifts that can result in a crash. Additionally, lenders have been conservative in their lending, protecting us against the prospect of an impact like in 2008. Listen to the video by Steve to learn more.