The Fed met in September and held bank’s key interest rate, pushing speculation of a probable December rate hike higher. Since the mortgage market often moves in anticipation of a Fed rate hike, a correction after a meeting without a rate hike is not uncommon. So right now we are in the sweet spot of low interest rates in response to the September meeting, but before anticipation of the expected December rate hike.
What does that mean for you- the real estate Buyer or Seller? We may see more interest in the market as we march towards what could be the end of record low mortgage rates.
It’s good to be looking in Summit and Park County now, as our summer high season is waning and sales activity have peaked. You can take a breath, look around, see the high country in its full golden splendor (with a dash of snow) and still be in a new home before ski season...and at today’s great rates. For Sellers, keep in mind that Buyers may be motivated by the lower payment today’s rates offer, and coming off strong summer activity, you are in a great position to put a deal together.
Summit and Park County real estate listing and sales statistics followed a multi year pattern of a July ramp up with a gentle summer curve with an August peak. October is historically the second slowest month of the back half of our year, though this year we expect smart shoppers will be bargain hunting before that possible/probable rate hike in December.
This summer we saw especially short listing periods for all property types throughout the region, with sales to list prices between 96% and 98%. This tells us that properties are generally fairly priced and selling quickly. For those who were looking for your dream home in the pressure of the summer season, fall could offer a welcome respite from high-pressure decision making. The Breckenridge condo market continues to appreciate, showing more than a 7.5 % after last year’s 13 percentage points. Try to find another investment that offers those types of potential returns AND has a hot tub, a nearby ski hill, a performing arts center and so much more.
Having a knowledgeable broker like any of our Breckenridge Associates Real Estate’s Broker/Owners on your team in such a specialized market is always a good idea. Please call today for a peak (peek, get it?) of what your dream mountain life could be. Reach us at, 970-453-2200.