Housing Inventory and Local Real Estate News
While housing inventory is currently hovering at about an 8-month supply nationwide, some cities are seeing levels rapidly diminish. Our Colorado neighbor, Denver, is experiencing inventory levels below six months (a six-month supply denoting normal market conditions, less than noting a seller’s market and more than six months indicating a buyer’s market), Phoenix is at 4.5 months and San Francisco is at a meager 3.2 months supply. It’s a better time than ever to give your realtor a call and check up on the market conditions in your local area and position yourself so you have bargaining power before supplies run low.
Mortgages are holding in the 5% range for a 30-year fixed rate product, which lends to lessening supply levels. We haven’t seen rates so amenable since pre-housing crisis times in 2006. We’re happy to help you find the right mortgage professional for your needs, whether it be a refinance or purchase. One of the benefits of having a small community is that – hey, we know everyone! We work with professionals who are the best at what they do – if they weren’t the best, we wouldn’t keep them around. And by the way, this goes for assistance with your homeowners insurance and other needs you might have for daily living. Just ask us – we’ll be happy to tell you who WE use or get you a trusted referral from someone in our network.
As spring keeps creeping up on us, be sure to check out our local events calendar for Ouray, Ridgway, Telluride and Montrose. We keep it updated so you’ve got something to do anytime you decide to step out your front door!
The Staff at San Juan Realty, Inc.
Tags: housing market, mortgage
