HARRY'S BI-WEEKLY UPDATE 9.26.23
September 26, 2023
HARRY’S BI-WEEKLY UPDATE
A Current Look at the Colorado Springs Residential real estate Market
As part of my Special Brand of Customer Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.
YES, INTEREST RATES ARE STILL HIGH…
…and are likely to stay that way for a while. However, buyer traffic is stronger than normal and it’s also likely to stay that way.
Let’s face it. The historically low interest rates of a few years ago are gone and I seriously doubt we will see them again for a very long time, if ever. So now it’s time to move on and address what’s happening today.
The Fed did not raise rates last week, but they did indicate that could happen this last quarter of 2023. In any case, mortgage rates are still high in comparison to the recent past but are average or even low compared to when I started in Residential real estate back in 1972.
Mortgage rates, which rose last month to a two-decade high above 7%, are one of the main ways that the Fed’s efforts to curb inflation and cool the economy have affected consumers.
But the rates don’t tell the whole story. The BIG story is that home appreciation is on the rise, and it will continue to do so. After declining nationally on a year-over-year basis for five consecutive months—the longest run of declines in 11 years—U.S. home prices rose again in July.
There are still not enough available homes for sale and that shortage is dictating not only prices, but also interest rates. When lenders have a lot of new clients, they can afford to lower their rates. And when there are more homes for sale, prices can be more negotiable. But for the present, that’s not happening, and we end up with higher rates and higher home appreciation.
It’s simple Econ 101. Supply and Demand. And having started my career as an Investment Banker, that’s right up my alley.
That doesn’t make it easier for clients who are looking to buy but where there’s a will…they have me.
My long-time experience in the local market makes me an asset to you when you are looking to buy or sell, even in this unusual market.
If you’ve even been thinking about a move, please give me a call at 719.593.1000 or email me at Harry@HarrySalzman.com and let’s get together and see how together we take your wants, needs and budget requirements to make your Residential real estate dreams come true.
And…to all my Jewish clients and friends…I’d like to wish you a very happy, healthy, and peaceful New Year
JUST TO ILLUSTRATE THAT PLENTY OF BUYERS ARE STILL ACTIVE TODAY…HERE’S AN INFOGRAPHIC
KeepingCurrentMatters, 9.15.23
Bottom Line:
If you have been holding off selling your home because you believe there are no buyers out there, it’s time to think again.
Data shows that buyers are still active even with the higher interest rates. As I’ve consistently said--there are always those who need or want to sell and those who need or want to buy. This has been true in all my 51 plus years in Residential real estate and is true with my active clients right now.
So don’t delay your plan to sell for fear of no buyers. The opposite is true and buyer traffic is still strong today.
ERA SHIELDS MONTHLY STAT PACK
Data through August 2023, ERA Shields
Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality. I have reproduced the first page and you can click here to get the report in its entirety.
HARRY’S JOKE OF THE DAY:
This came across the tv screen when I was watching the Denver news in Summit County. Not a joke…but something I thought was pretty funny indeed and possibly something to ponder:
