Atlas associate broker, Nick Hodapp, contributed his insights into the Winter real estate market in the latest updates from Fit Small Business. Specifically Hodapp addressed how Winter Seasonality & Rising Interest Rates are Causing a Substantial Shift in CO Real Estate:
We are starting to see a substantial shift in the Colorado real estate market heading into Q4. For the first time in a long time, home prices are decreasing, rental rates are compressing, and days on the market are extending. This is partly due to winter seasonality, but another major factor is rising interest rates. For several years, we have been in an environment where money has been so cheap that with interest rates now increasing, buyers are losing some of their buying power, and this is reflected in home prices. Additionally, we believe that right now is a great time for the renters and buyers who may have been on the fence to get into the market.