The Changing Market

Interest rates are up, showings are down, inventory is up… but what does it all mean?

Buyers: It means the cost to borrow money is going up. This will change your budget for homes, cars, credit cards, and student loans. We are still anticipating home prices to rise and interest rates to rise this year. Look at the infographic from the Colorado Association of Realtors below. Home prices are up 19.6% from last April, so this also means it will cost you even more to wait to buy your dream home… almost 20% year over year!

Sellers: Showings were down over Memorial Weekend day weekend by ~30%. This is typical for a holiday weekend! A quarter of homes on the market recently reduced their prices by over 5%. Pricing is so important in this market and can make a difference in your average days on market. Inventory is up across the board, so your house may stay on the market longer, but still only 9 days on average on the MLS.

Check out these simple graphics below for more details on Denver in May and April in Colorado.

Colorado Association of Realtors Snapshot for the state of Colorado