Real Estate State of the Nation
If you want to move to Montrose like many do these days, there are some key things to consider.
Inventory remains tight, espcially under the $399k range. It feels like a seller's market to us. This can make it super hard for folks buying for the first time.
There is NO rental supply at the moment. Tight. Tight.
Annnnd, at the same time, we see conflicting info in the news. There was an interersting article last week on Fox News.
Noteable observations and our comments:
1. Redfin mentioned that the average monthly house payment in the US is $2,775 up 11% from this time last year. We feel ya.
2. The FED seems to be wonky in its monteary policy. Are rate cuts coming or not?
3. Freddie Mac said Thursday that we crossed over the 7% mortgage rate range for the first time this year. Gold crossed its own all-time-high just recently. Wait...don't gold prices go opposite rates? Nevermind.
4. Most homeowners are twice as likely to sell their home if their current rates are more than 5% as compared to the rest. That 2.875% loan you got in the COVID era sure does seem nice, nice. People like hanging onto those numbers.
5. This forces overall inventory to be thin, thin, which is why pricing is still increasing and nice homes, priced right go quickly. Feels like a contradiction at times.
Wow! Is that confusing or what?
Our thoughts are that if you have to buy or sell a new place, have your game face on. Get prequalified, if getting a loan. Be ready to act. Know your market (we can help). Price your place right (we can help here too). Overall, homes are selling.
All said...
Give us a shout, if you are looking to buy or sell your place. We are happy to just sit and converse over your situation and offer any insight to help you out. No agenda. No expectations. No requirements.
Just a chat.
Black Canyon Homes
PIC: "Thomas B. Townsend House" by Jeffrey Beall is licensed under CC BY-SA 2.0.
Categories
Recent Posts
How to Price Your Home Right for the Western Colorado Market
10 Common Mistakes First-time Homebuyers make and how to avoid them
The Best Neighborhoods in Western Colorado for Families, Retirees, and Adventurers
7 Simple Steps to Prepare Your Home for a Quick and Profitable Sale
What to Expect During a Home Inspection: A Guide for Buyers and Sellers
The Best Places to Buy Land in Colorado
Great Time to Buy
Montrose Update (81401)
New Rules of Real Estate - 2024
Buyer Agreement BEFORE You See a Home Or NOT???