While the debate regarding the near and long-term outlook for interest rates continues, there are other forces still at work that impact the housing market. Focusing only on current interest rates is short sighted.
Our local housing market is comprised of vacation home Buyers and Sellers, together with primary home Buyers and Sellers. Remember, even with the high rates, we need to tune in to the fact that people are still getting married, having sex, and starting families, and engaging in successful careers. They still need primary homes and those more fortunate have the ability and desire to acquire a second home, or condo, here in Pagosa.
Even with today’s rates there is, and always will be demand for housing. Like the weather, rates will change. Many housing industry analysts are predicting downward adjustments beginning the second quarter of next year. As in the past, if rates drop 1.5%-2.0% or more from current levels, expect a stampede of refinanced mortgages.
In the meantime, if you are a Buyer, be sure you are working with a Realtor that understands how to navigate the current market. Be sure your Realtor connects you with the best available home mortgage options that fit your situation. If you are a Seller, your Realtor needs to have a firm foundation of experience in challenging markets. It boils down to this- be certain your broker has the creativity, thorough market knowledge, and strong industry network needed to achieve your goals in the current market. If yours doesn’t- get with one that does, the sooner, the better.
Mike Heraty is the License Partner and Managing Advisor for Engel & Volkers Pagosa Springs. His successful real estate practice has spanned over 30 years. Mike has closed over $250,000,000 in transactions in the local market. You can reach him at 970 946-6030 or email him at: Mike@PagosaRealEstate.com. You can also explore more on our website http://PagosaRealEstate.com
