2019 Spring Housing Market - in a word? Dynamic!
The market has become much more unpredictable - if real estate ever was predictable. Last Spring we saw a strong seller's market, followed by a strong buyer's market in the 3rd and 4th quarters. Much of that drop in buyer activity was due to the interest rates rising over 1 full percentage point.
With the fall of the interest rates back into the low 4s, came a surge in buyer activity in the 1st quarter of 2019. We are now in the 4th month of 2019 with a very strong presence of active buyers in the market. Will interest rates stay low for the remainder of the year or begin to creep up? Several experts feel they will stay lower this year to keep the housing market stable.
A little known fact about the Colorado Front Range - there is a large percentage of rental leases that expire in July. This is influenced by the 3 large colleges in the area. What that means for the housing market is: Due to the fact that renters usually have to give a minimum of a 30 day notice prior to their lease expiring, many of those renters if they haven't gotten a home under contract by the first of June will resign their leases and leave the market. What does that mean for buyers that don't have to resign a lease? If your getting frustrated right now with being a buyer not getting the home you wanted - wait until the end of June and you will experience a totally different environment.
And if you didn't know about it - N2N.org offers a free home buyer education class that is sponsored by CHFA! It's an all day Saturday class offered at CSU in Fort Collins and the Life Center in Loveland. Classes do fill up - so try to register early! The next class is May 18th, 2019.
Visit neuhausrealestate.com for NoCo Front Range Real Estate offerings and down-home service!