Jul 21 2023 31 mins
In this episode we affirm for the listener that we are right on track with expected 2023 real estate market conditions. Our only miss was anticipating interest rates to hit the mid to high 5% range, as we currently sit closer to 7% on a 30 year fixed.
There are two reasons for higher interest rates, which we address in this episode along with current market and economic conditions indicative of a rate decline in the coming months. If rates do drop, we likely see a surge in buyer activity.
We discuss the seasonal changes currently observable in the market. Headlines will speak of catastrophe as values are declining. But values decline every year from July through year end. All market conditions point to a strong, stable market now driven by lifestyle changes of marriages and births, death and divorce, job changes and lifestyle desire, versus cheap capital of 2020 through early 2022.
The 2023 Colorado real estate market is set up to end strong, priming for a stable, appreciating 2024 market that likely sees more homes hit the market and more buyer activity than 2023.