As predicted, interest rates have increased since the election. Keeping an eye on rates can help determine when and if to buy.
Recently, rates have gone from 3.65% to 4.25%. Denver’s inventory is still low, so demand is expected to remain high. Those most affected by increases will be first-time home buyers.
There are just over 8,000 homes listed in Denver at the moment with an average price of $392, 599. This potentially outprices first-time home owners, pushing them into the market later when interest rates and home prices may increase. Watch and be ready.
– Paula DeCrescentis, RE/MAX of Cherry Creek