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Video Transcript Below
Current Housing Market For Buyers
With interest rates rising, are there still options for buyers who want to buy a home? You may be thinking, how will rising interest rates affect my purchasing power? How difficult will it be to get my offer accepted? I totally get why you have these questions because the market has been crazy lately.
Hey there, I’m Tristan Colborg, The Denver Real Estate Agent. We have seen a lot of changes in the market recently, so let’s break down the data and see what experts are saying about this recent shift. According to Keeping Current Matters, the numbers show a light at the end of the tunnel for buyers. The number of offers received on homes has steadily decreased from 5.5 in April to 4.2 in June. Also, there haven’t been as many offers over the asking price. In June, 61% of offers were over the asking price, and in July that number dropped to 55%. And to top it off, sales are slowing, causing inventory to rise, which is a good thing for a buyer.
In June, 61% of offers were over the asking price, and in July that number dropped to 55%. And to top it off, sales are slowing, causing inventory to rise, which is a good thing for a buyer.
Although, according to the experts, we are still in a sellers market, and the market still has not returned to the numbers we saw before 2020. While it’s a slow recovery, it is a positive sign for homebuyers.
While it’s a slow recovery, it is a positive sign for homebuyers.
Get in touch with my team if you’re curious about what the market looks like for you and what options you have for buying. I’m Tristan Colborg, The Denver Real Estate Agent with eXp Realty, and remember, you deserve an elevated real estate experience.