Hello, homeowners and potential buyers! Let's take a leisurely stroll through recent developments in the navigating the Colorado Front Range real estate market. No-nonsense, just the facts – grab your favorite cup of coffee, and let's dive in.
Inventory Levels: A Subtle Shift
As we closed the chapter on December, a subtle change graced our inventory levels. In the Colorado Front Range real estate market, the supply eased from around 2.5 months to a more concise 1.8 months. What does this mean for you? Well, it's leaning a bit towards a seller's market – less inventory and more demand.
Colorado Front Range Real Estate Pending Transactions: A Gentle Rise
Now, let's talk numbers – pending transactions saw a steady 11% increase compared to the previous year. It appears folks are gradually making their moves into the Colorado Front Range real estate market. It's a positive start for the year, but let's keep our expectations in check.
Colorado Front Range Real Estate Interest Rates: A Silver Lining
Amidst our real estate cloud, there's a silver lining in the form of interest rates. They're lower than they were a year ago, comfortably settling in the mid-6% range. Remember those days with rates over 8%? Yeah, we're glad those are behind us. While a further drop would be nice, we're not holding our breath. Time is of the essence – waiting too long might mean finding yourself in the midst of a heated spring market.
Don't Procrastinate: The Hot Market Reality
Imagine this: you're waiting for interest rates to dip a bit more before making your move. Suddenly, spring arrives, and the market is buzzing. Prices are climbing, everyone's eager to buy, and you find yourself in a bidding war. Even if rates drop a bit, it might not significantly affect your monthly house payment due to the rising real estate prices. It's a bit of a catch-22, and we advise against falling into it. Timing is key – act while conditions are favorable but not scorching.
Conclusion: A Cautiously Optimistic Outlook
In summary, the Colorado Front Range real estate market is set for an intriguing year. With lower interest rates, increased demand, and a subtle shift in inventory, it's shaping up to be a decent time for both buyers and sellers. So, whether you're scouting for a new home or contemplating putting your property on the market, don't let this wave slip away unnoticed. Navigate the currents, stay informed, and let's see what 2024 holds for Colorado Front Range real estate. 🏡✨
The Author
Paige Kehoe is a seasoned real estate investor and licensed agent with a cash flowing portfolio of in-state and out of state investments, both short and long term rentals. She focuses on helping others take their real estate journey from side hustle to financial independence with slow and steady real estate investing.
+1 (720) 722 5351
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