Market Update, March 14, 2024

David and Emmie enjoying the snow!David and Emmie enjoyed a walk through the snow today. We hope you’re safe, warm, and dry at home!

There’s been a lot of talk lately that homeowners aren’t selling because they’re “locked in” to low mortgage rates and don’t want to trade those low rates for higher ones.

We wondered how many homeowners in Colorado don’t have mortgages – a fortunate place to be.

Nationwide, about 2 in 5 homeowners don’t have mortgages. 

According to census data, more than half of owner-occupied homes in West Virginia (51%) have no mortgage. In Colorado, that number is much lower: About 29.8% of owner-occupied homes here have no mortgage. Maryland is the only other state with a less than 30% rate.

One reason for this could be that we’re in a very mobile state. If people stay in a home for a long time, they’re more likely to pay off their mortgage. 

As time goes on and more and more buyers purchase homes at higher interest rates – it’s been two years since we saw those 3% interest rates – fewer people will feel they can’t move. Some people will pay off their mortgages, too, and feel they have the freedom to move.

Other homeowners will have so much equity in their homes that they’ll be able to sell and then buy again without taking on very much new debt, so even if rates stay high, they won’t feel as burdened by them. In fact, we’re already seeing this with some people who are downsizing or even with some move-up buyers. 

As we move into the spring and summer, we expect inventory to continue to rise and buyer activity to increase. We expect much more activity in the market this year compared to last year. Although numbers are down compared to last week (see Activity below), that’s most likely because almost nothing is happening in the market today with all our snow.

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For assistance before you buy or sell a home, contact David and Tom at The Principal Team. Call us now at 720-782-2468 or schedule a time for us to call you.

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During the last week:
New Listings – 1383
Back On Market – 250
Price Increase – 104
Price Decrease – 856
Pending – 1464
Withdrawn – 108
Closed – 923
Expired – 243

Previous Week:
New Listings – 1533
Back On Market – 284
Price Increase – 150
Price Decrease – 1059
Pending – 1403
Withdrawn – 114
Closed – 1244
Expired – 303

Based on data from REColorado®

“We recently worked with David to find a home in the greater Denver area. David exhibited a level of professionalism, dedication, and expertise that made the entire home hunting process smooth and enjoyable. As newcomers to the area, David’s insight into the local housing market was invaluable. He provided candid suggestions on various aspects of homes, offering insights that only an experienced realtor could provide. His guidance helped us navigate through unfamiliar territory with confidence.

David’s availability and responsiveness was valuable in such a competitive market. He was always ready to schedule viewings at our convenience, and he structured the tours logically, maximizing our time and ensuring we didn’t miss out on any opportunities. Throughout the negotiation process, David kept us informed and advocated for our best interests. David’s attention to detail when it came to paperwork and documentation was also appreciated. He is organized and makes it a part of his standard practice to detail each relevant component of the documents associated with our offers. His transparency and clarity was appreciated.”
– Mary C, Lakewood

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