“The obvious side effect of COVID was that people would keep properties off the market. In the Pikes Peak region we saw a decrease on active listings of 12.4 percent for single
Are We Up, Down, Or Who Knows?
“Ask a local REALTOR if we have seen a market shift, they would likely respond, ‘Yes’. I would also guess that last year most of us felt the same way during this time period. With summer ending, vacations wrapping up and the school year about to start, it felt like there was a slow-down and less competition for properties. But the truth is, July continued the upward streak on prices, again. Overall, new listings were down and that put more pressure on the market. There continues to be low inventory and high demand and that continues to keep the market in the Pikes Peak Region humming along.
“Nationally, the news seems to show a different trend. The economy slowed down and that forced the FED into a interest rate decrease for the first time since 2008. This did bring down interest rates in housing to 3 year lows and that kept buyers engaged. Lenders are cheering the refi business that hit and I am sure the average consumer is loving the short term rate decrease when it comes to credit card debts and anything else debt-related.
“Coming up, we need to keep watch on all aspects of the economy as murmurs of a 2020 recession grow. Another FED drop is being tossed about showing the FED is not secure in national economy. GDP dropped and the worldwide Central Banking Systems continues to lower rates and/or print money. Ultimately, the central banks will do anything to avoid recessions. So look for anything to be possible if economies continue to slow. So far, unemployment continues to be very low and that is a major plus for the housing industry and keeps the economy on stable ground.”
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....