It Is Like Two Different Markets…
The results this month show a trend we have been seeing both in our own practice and in the statistics. The market is hottest under $1.5 million in Washington Park and the rest of the City, for that matter. At only a 1.41 month supply of inventory in Wash Park, this range is a strong Seller’s Market. This makes sense because this is about the maximum that a two-income professional household can qualify for with a 20% down payment at a 7% interest rate without outside help from family or a larger down payment coming from the sale of another property. There are still enough buyers willing to accept these rates in anticipation of refinancing when rates drop to create a good market. We have also heard many say that with prices continuing to rise, waiting until rates drop will mean a higher price. The slogan that one of our lenders uses is, “Date the rate, marry the house.”
However, in spite of those numbers, the $1.5 million plus range is starting to lean more toward a balanced market where the advantage is more even between Buyers and Sellers. At that price range, there is a 3.71 month supply of inventory creating longer times on the market and a lower percentage of the asking price for Sellers. However, it still has a ways to go to reach the 6 months of supply that signals a Buyer’s Market. So, if you or someone you know are one of those lucky people who can buy in the $2 or $3 million price range, it is a good time to do it. There is more inventory and less competition to get it. If we can help, please don’t hesitate to get in touch.
Your call to The Bridge Team at 303-331-4562 will be warmly received.
