Baby It’s Warm Outside
The Montrose real estate market is still quite active as warm weather in November inspired Buyers to place offers on homes left-over from the summer. The volume of home sales activity in Montrose has been anything but cold. The number of homes sold in November was 22% higher then the previous 5-year average and 30% higher than November of last year. This is quite abnormal to what the industry is used to here in Montrose Colorado.
Montrose home inventory is painfully low as many homes have now left the market for the season. This has given an advantage to those looking to sell their home during the winter months, enabling properties to stand out among the enlarged buyer pool.
Time to Throw Confetti?
It’s true; national home equity values are now above record peak levels that were prior to the Great Recession (Housing Prices Exceed Housing Boom Levels). The caveat is that this figure is based solely on the Chase-Schiller Index and is not quite adjusted for inflation. According to Zillow economists (which factored in inflation), national home prices are still 2.7% below peak values, which is still pretty darn good considering we just climbed out of the most disastrous recession (that was created through the housing and mortgage industry) since the Great Depression (Home Prices Recover Ground).
Interest Rates Awaken
Actually, the new Star Wars Movie coming out on the 18th of December has nothing to do with interest rates, but a rise is coming and is already here. Rates on a 30-year fixed mortgage have jumped from 3.57% to 4.13%; this is a little over 1/2% jump since August. If already struggling affordability gets worse, due to a decrease in affordability on a monthly mortgage payment, don’t be surprised if these bloated home prices level-out over the next year.
Thinking about Buying or Selling? Call or Text: 970-417-9375
Copyright 2016 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2016. All Rights Reserved.