According to the October Market Trends Housing Report from the Colorado Association of Realtors, the number of homes available last month dropped about 13% while sales fell nearly 15%.

Combined with a scarcity of homes for sale in the most affordable price ranges, the market segments with the most activity are in the $600s and up, which is driving median price incrementally higher from October of last year.

In October, the median price for a single-family home was $570,250, nearly a 3% increase over October 2022.

Waiting in hopes both prices and interest rates will fall may frustrate potential homebuyers.

Savvy buyers are taking advantage of the fall price reductions and the seller’s willingness to offer concessions. Those waiting on the sidelines may be disappointed when the rates go down and competition goes up.

If interest rates decline in the next year, buyer demand could create another seller’s market.

For buyers waiting for the interest rates to drop, it is important to remember that when the rates drop, if they do, we will see another frenzy and very high demand for the low number of homes that are on the market.

Instead, buyers should take advantage of the slower holiday selling season to buy now because sellers are more open to negotiating on price and providing concessions.

The motivated sellers that are not wanting to have their home on the market during the cold and blustery winter months are usually more open to considering an offer. It just takes the right seller and a well-qualified buyer. Pro tip for buyers — now might be the best window of opportunity.

Contact one of the experienced pros at Metrowest today and let’s go over your options!