real-estate, southwest colorado, market-trends
If you’re looking forward to a cool off in the hot housing market, some economists say late fall may usher in a cooling breeze. Though competition may ease, don’t expect the higher prices we’ve seen to come down any.
Competition in the housing market looks to be settling into more regular trends. Hot spring markets often slow down during the summer. Demand for new homes remained high through the spring, but new mortgage applications have tapered off a bit as summer is underway.
Home prices remain higher. This could be part of why we are seeing a current slow down in new mortgage applications. Plus, though rates are still hovering at historic lows, there is just not a lot of inventory for buyers to choose from.
For those looking for a new home, competition may be a little lower than what we’ve seen over the past year through summer and into fall. So, if you’re one who’s looking for a new home, it’s good to stay prepared.
Having a reputable realtor with established roots in your desired market is one of the top ways to get the home you want when it pops up on the market. Pagosa Brokers Real Estate is here to help you with your Southwest Colorado real estate dreams.
Go ahead and shop for your mortgage, and come to the table with a pre-approval letter.
As prices have continued to climb on available home inventory, consider looking at homes with prices a little lower than where you think your budget is. Those prices could keep rising.
Be ready to tour a home as soon as it’s listed! With all the competition in home-buying, hours can make a difference in being able to put down an offer, or missing out.
Try and be flexible with the home seller on your closing dates.
Here’s a little more reading on the current state of the housing market for you to consider:
Our Brokerage firm has friendly knowledgeable agents, and Southwest Colorado realty experience spanning decades. In Pagosa Springs, Colorado, count on Pagosa Brokers Real Estate. We’re happy to help guide you through the stages of home buying and selling!
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