HOW IS THE MARKET?
As look at the market in November 2024, I see signs of hope. Even before the election, and with rates continuing to be volatile and stubbornly higher than we wish they were, you can see that the months of inventory came down a bit last month across our market. Now that the election is behind us, I am hopeful that there will be downward pressure on rates. Since those rates make such a huge impact on home affordability, even a modest sustained improvement would free lots of folks to move forward as they would like to.
WHAT DOES THIS MEAN FOR BUYERS AND SELLERS?
BUYERS - This is a good time to be buying. For the first time in years, there are a good number of homes for you to choose from. Prices are still high, those prices will lead to more affordable payments if rates come down, and you can lock in today’s prices before the competition heats up too much. By contrast, if you wait for rates to come down more before you buy, you’ll likely be facing more competition which will drive prices higher.
SELLERS - As always, the best time to sell is when you need to sell to move where you want or need to move. There are buyers looking for great homes, even during the holiday months, and I am hopeful that things will look even better for you in the early part of next year.
If you’d like to know how these market conditions affect your individual situation, whether you’re thinking about buying, selling, or both, please give me a call (719- 337-3901). I would love to do a detailed analysis for you and help you craft a plan to get from where you are to where you want to be, in the timing that works for you!
Here is a look at how many months of inventory we currently have in the Colorado Springs area, by price range.
And a look at how those numbers are trending across all price ranges.
Here is a snapshot of mortgage interest rates as of the end of October.
And a look at how those rates compare with recent months and years.
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