Colorado Market Insights
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Homeowners who have considered selling for any reason are going to love the newest real estate data:
Home prices have been moving steadily upwards for some time now and every indication is that they will continue their winning ways, pushing onward and upward for the foreseeable future at least!
The strengthening economy, low home mortgage interest rates and acute lack of supply are proving a trifecta for high buyer demand and increased home sale prices.
The fundamentals of the marketplace have been relatively steady. Freddie Mac’s economist Leonard Kiefer says the market will likely continue along this path and he is even predicting some improvements!
Kiefer wrote in a recent article. “We're expecting that interest rates will remain low, but gradually move higher. Housing construction should gradually pick up, helping to supply more homes to inventory-starved markets. More housing supply and modestly higher rates will lead to a moderation in house price growth.”
An increasing number of us believe now is a good time to buy a house, and that is exactly what 3,204 people did across Colorado’s Front Range this January. They started the New Year in a new home, with January average prices of $404,700. While January 2017 saw 46 Days on Market time frames, January 2018’s market was an average of 43 days from availability to close.
Not surprisingly, affordability ranks high among home buyers' concerns. Rising prices and rumors of future mortgage rate increases have some prospective buyers questioning whether or not they can handle the financial obligations that come along with homeownership. However, new data from the National Association of Home Builders says, in most markets, they can. So there’s plenty for potential home buyers to love in this marketplace too! Measuring affordability, NAHB found that over 58% of homes sold in the third quarter of 2017 were affordable to families earning the median income of $68,000. That's encouraging news for hopeful home shoppers.
Speaking of shopping, most of us do a lot of shopping online, from buying groceries to other activities like sharing family photos. We increasingly rely on our smartphones and the Internet to streamline our day-to-day lives.
Though we like the convenience of online services and applications, should buying a house be among them?
According to a recent survey the majority of us don’t think so. We believe buying a house is still best done on a face-to-face basis. In spite of the convenience of our mobile apps, websites, and social media as additional sources of home buying information, we still put the greater faith in working personally with others. Particularly when it comes to trusting the information we're receiving leading to the decision to sell or buy, we want to look the other person in the eye.
Online resources can help make the process more efficient but they just can't replace the added confidence that comes with the tangibility of dealing personally with a flesh and blood professional who has expertise in the local market.
For the majority of us the mortgage and home buying process still carries enough complications that the comfort of online resources and professional guidance is the winning mix we’ll love for successfully selling and/or buying a home.
January 2017 Stats:
||Median Sales Price
||Average Days on Market
Source: REColorado and IRES MLS. Information deemed reliable but not guaranteed.