Third Quarter Real Estate in Grand Junction
The real estate market in Grand Junction is buzzing with activity, and The Janice Burtis Team is here to provide a comprehensive third-quarter market update. For both buyers and sellers, this quarter offers unique advantages and challenges, especially concerning mortgage rates.
So, let’s take a look:
For Buyers: Navigating Mortgage Rates
1. The Challenge of Higher Rates
Buyers are still facing a market where mortgage rates are sky high. This has caused some uncertainty over the past few months in Grand Junction, but experts predict a light at the end of the tunnel. Many finance entities foresee a slow mortgage rate drop starting in the third quarter of 2023 and steadily declining through the end of next year. (US News.)
2. Timing is Key
Traditionally, autumn sees a decline in the number of buyers actively searching for homes. However, the fall season combined with higher mortgage rates offer current buyers an edge in the market—less competition. Acting strategically and seeking expert advice can help buyers secure a home without the competition driving listing prices through the roof. Because once the rates start to drop, expect buyers to flood the market.
For Sellers: A Golden Opportunity
1. Benefit from Low Inventory and High Demand
The Grand Junction real estate market is experiencing a trend of low inventory and high demand. As a seller, this is excellent news for you. A limited supply of homes coupled with high demand puts you in a strong position to sell your property quickly and potentially at a higher price.
2. Don't Fear Rates When Buying Another Home
You’ve sold your home—as well as your 3% mortgage rate. What now?
This is a common concern for people hesitant to list their home. If you sell now, how can you afford the payments on a new property? Fear not—there are various programs and financial strategies that can ease the process of buying your next dream home. These programs are designed to help you navigate the market and secure your new home with confidence. So, reach out to The Janice Burtis Team to explore your options today!
Some Final Thoughts
The third quarter of the year presents an opportune moment for both buyers and sellers in Grand Junction.
While buyers grapple with the challenge of higher rates, securing a mortgage now when competition is lower and refinancing later may be the best move. For sellers, the current market dynamics of low inventory and high demand provide an excellent opportunity to sell for top dollar.
Whether you’re a buyer, seller or investor, The Janice Burtis Team is here to guide you through every step of the journey. Reach out today to get started!
