We've come a long way since the polarizing market of 2021. A period defined by low interest rates, limited inventory, and multiple offers. These conditions made it incredibly challenging for buyers, and if you were searching for a home during this time, you likely remember these difficulties.
Today we nearly have the inverse market compared to 2021. Interest rates in October of 2023 were 7.79%, a two-decade high. This sidelined numerous buyers, slowed activity, and caused inventory levels to climb. Here’s the good news: there are strong indications that inflation is slowing down, which means our current 6.375% interest rate may drop by September. I predict that once rates fall into the 5% range, the market will ignite. All those sidelined buyers will flood back, and even casual buyers may consider trading their 3% interest rate for a 5%. My advice? Start looking to buy now, and beat the rush that’s about to hit! The Denver Metro Area currently has an excess of inventory. Take advantage of this with plentiful options, less competition, and the ability to refinance later. As the saying goes, 'Marry the house, date the rate.'
If you’re interested in purchasing a new home, please feel free to reach out! I’d be happy to guide you through every step of the process. Your dream is our mission.
