June 21st: Shifting Into a New Market

We are still in a sellers market but the power is beginning to shift to the buyer side. Rising interest rates have made it a challenge for buyers but because there is more inventory of homes for sale, buyers have more negotiating power.

A lot more homes will sit on the market for 1-2 months with multiple price reductions before getting an offer. A good strategy for buyers is to ask for closing costs to buy down your rate instead of getting it for less money. Here is an example.

Seller Buy Down Strategy:

$520,000 Home Price with 5% down, $0 Seller Concessions and a $10,000 Price Reduction @6.25% APR=$3041 P&I payment

$520,000 Home Price with 5% down, 2% Seller Concessions and a $10,400 to use to but down the rate @5.599% APR=$2,830 P&I payment

This is over $210 per month savings on payment!

• There are currently 406 active homes on the market in Mesa County. This is a 4% increase compared to last week

• The average sold price YTD is $406,039 and the median sold price YTD is $375,000.

• There have been 108 price reductions in the last 7 days.

• The average DOM for the active homes is 42.

Last Weeks New Listings 

Last Weeks Sold Listings

Also, go check out my new Podcast with Coldwell Banker Distinctive Properties CEO, Todd Conklin!