The market across the NoCO and especially Fort Collins has roared back to life in the last few weeks.
Buyers need to be patient now. With a little luck, the right home comes on the market during a downswing in rates.
After 6 months of intense increases in mortgage interest rates we’ve finally see a price correction in the month over month data for Larimer and Weld County. Typically we don’t pay a lot of attention to this data because it’s not seasonally adjusted. But because of how fast interest rates have gone up we’re watching it closely right now. Inventory has increased significantly over where it was last year. However, by historical standards the number of homes for sale is still very low. While the interest rate increases have been terrible for housing affordability. They have reduced the amount of bidding wars so our buyers have much more time to make decisions and they are typically able to keep their inspection and appraisal contingencies which means we can get more money for repairs and ask for price drops if we get a low appraisal.
The fact that prices are hanging on and even appreciating despite demand for homes being completely obliterated by the rising interest rates is almost unbelievable. It goes to show you how nefarious the housing shortage is.
Median Price: $405,000 UP 4.4% when compared to September 2017
Average home sold for: 97.8% of list price UP 0.6% from September 2017
Homes for Sale in September: 356 DOWN from 414 in September 2017
On the market for on average: 53 days
Average time to offer acceptance: 8 days