Mortgage Trends: Demand and Price

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Sam Hoaster - Elevations Credit UnionBOULDER – We continue to see high demand in all different sectors of the mortgage market along the Front Range of Colorado, from first-time homebuyers to move-up buyers and investors. This demand doesn’t appear to be slowing down.

In reviewing the January 2016 Boulder Area Realtor Association Monthly Indicators Report, several measures show the results of this high demand with year-over-year comparisons. One telling measure is the median sales price in Boulder County, which increased 24 percent from January 2015 to January 2016. Additionally, 99.6 percent of list price was received for the total market.

These trends are exaggerated for townhomes and condos – with a median sales price increase of almost 32 percent, and 103 percent of list price received in January 2016.

These higher prices are trends we’ll likely see continue into 2016 and beyond. If you’re interesting in purchasing a home, keep this big-picture item in mind. Be aware of the competitive nature of the market and set your expectations accordingly.

Taking proactive steps in your home-buying process will also serve you well. For instance, getting pre-approved for a mortgage is a great first step to accelerating your home-buying process.

For more on this subject, visit the Elevations Blog at elevationscu.com/mortgagetrends.

Sam Hoaster is a Mortgage Loan Originator at Elevations Credit Union in Boulder. If you have questions regarding mortgages, please call 303.443.4672 x1472
or e-mail sam.hoaster@elevationscu.com.

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