Good Time to Buy a Home in Northern Colorado?

Good morning Northern Colorado! Today, we’re diving into a question that’s on many minds: Is now the time to buy a home in Northern Colorado? In a market where fear-based investment approaches are prevalent, I want to provide you with a professional perspective that goes beyond the hype. Recently, Yahoo Finance highlighted the intensity of the housing market with bidding wars erupting, and some listings seeing over 30 offers. Particularly, warm weather locations and cities with robust job markets, such as Phoenix, Charleston, Atlanta and Huntsville AL, are witnessing an uptick in sales.

Let’s talk interest rates. While mortgage rates nationwide have plunged to a low of 6.62% as of the week ending January 4, 2024, here in Northern Colorado, new construction is offering mortgage rates as low as 4.99%. This dip in rates, translates to an average savings of $325 on monthly mortgage payments for potential buyers. Despite the bidding wars, we’ve experienced some of our best negotiations in desirable Historic Old Town fort Collins, with homes going for tens of thousands of dollars below asking price. The end of 2023 saw multiple offers and bidding wars in Northern Colorado, indicating a dynamic market.

Looking ahead to the spring of 2024, it’s shaping up to be a perfect time to list your home for sale. Lowering interest rates and the pent-up demand from those waiting on the sidelines creates a favorable environment for sellers and first-time home buyers alike. It’s an opportunity to capitalize on both factors and make a strategic move in the market and Northern Colorado, the decision to buy should be based on informed choices, not driven by fear. With interest rates, market dynamics, and the upcoming spring season in mind, now is indeed a time worth considering to sell your home. Remember, whether buying or selling, knowledge is key. Call 970.221.AskJ (2755) and reserve your free Comparative Market Analsysis.