Active inventory remains over the 10,000 mark which is the highest level in over a decade.
Prices were flat for the month of July which is seasonally normal as we shift into the flat to lower months of the fall. The biggest news by far is the huge drop in mortgage rates we’ve seen in the last 30 days.
The July 4th holiday saw the average 30-year fixed mortgage average 7.​2% and today that average is 6.3%. Nearly a full percentage drop in 1 month is big.
Is it big enough to increase sales and decrease the 10,000+ homes we have in inventory?
Right now the average is 52 days on the market before going under contract.
My Buyers have been able to take advantage of the increased inventory locally, while Sellers are paying for interest rate buy-downs, seller concessions, and making sure all inspections are dialed in.
If you're looking to take advantage of the increased inventory as an investment property; reach out to me. This would not be a purchase in the state of CO but in a handful of states where I have partners who can show positive cash flow and huge appreciation potential. They handle everything for you, from renovation if needed, finding tenants, and managing the rental. I just had a past client take advantage of this opportunity and am happy with the results.
Thanks for thinking of me when you have family and friends who are thinking of buying or selling in Colorado, or any state for that matter.
Thanks,
Zana Leiferman
(303) 810-1059
