It Is Too Early to Tell…
There are some factors here that make me cautiously optimistic that the 2024 Washington Park market will be a bit better than it was last year. For one, we finally have a little more inventory.
There is an added affordability factor where many of our clients may need to leave the area to afford a replacement home so if they love Wash Park and they can make their current one work, they stay. I am sure you have read the articles that housing affordability is a huge problem throughout the country and Denver is no exception. So, I don’t see inventory increasing to the point where it lowers prices. Our best hope for more affordability is interest rates. Fingers crossed.
Interest rates are currently at about 6.25% to 6.5%. The predictions I have read say that if rates drop below 6%, the market will get crazy again. If you have been thinking of selling and you see the drop, call me. If you have been thinking of buying, do it now before the craziness sets in, and then refinance when the rate drops. These days, many of our Sellers find their new house and buy it with savings or we arrange for them to borrow the equity out of their current house to purchase the new one. The timing could be good for finding something to purchase now without the fear of a bidding war and then selling when the rates drop later in the year. The problem is that it is too early to tell when these things will happen. Timing the market is tricky. We study the market daily and promise to help you try. Let us know how we can help!
Your call to The Bridge Team at 303-331-4562 will be warmly received.
