In The Driver’s Seat
Real estate is sometimes compared to being in the driver’s seat of a car. You are either watching as you come up quickly on traffic in front of you, or watching cars braking behind in the rear view mirror. The Boulder February home stats paint a picture that suggests 2014 is starting with folks braking rather than accelerating. Sort like the way you brake going downhill. Still rushing along, but with a touch of caution.
Upbeat Boulder Home Market
The Boulder February home stats are generally good, not to be confused with say a year ago, when the stats were great and getting better moment to moment. So what’s changed? Interest rates are higher. The increase in home mortgage rates reduces the buyer pool and causes others to stay on the fence. Inventory is up. More homes equals more choices. And with additional choices, buyers might take a tad longer to pull the trigger.
Imagine too hot
But this is not a complete pull back. Sales are still robust. Moreover, it is difficult to compare a couple months absorption rate to an entire previous year. Why? This is the time of year when people list homes for sale. So the rate might look longer today than it will in the Fall when when fewer homes are entering the market. I would expect October statistics to be greatly different from today’s Boulder February home stats.
Ever go outside and it so hot incredibly hot you retreat for the comfort of a/c? Just too hot to enjoy being outdoors. Last year, the real estate market was so hot, homes were selling with multiple offers in minutes. The Boulder February home stats paint a picture that suggests the market is not quite that hot. Still, plenty strong, but not crazy hot. This creates opportunity for buyers to find deals with confidence understanding the overall market is still very supportive of home real estate purchases in Boulder.