Previous rate hikes this year have already impacted Colorado’s housing market, with the 30-year fixed rate mortgage surpassing 6% for the first time since 2008. Home sellers and real estate agents have told Denver7 the impact to buying power has caused the state’s white hot market of recent years to cool.
“We had multiple offers,” Paige said. “We had multiple showings. Literally, my phone was beeping every like five minutes, because it was just showing after showing.” “You can definitely tell it has definitely subsided,” Paige said. “I think that everyone was just kind of spoiled [before]. You know, house going to market in a day and being sold the very next day.”
“We’re just not getting enough showings,” Dysart said of recent months. “There is some feeling of,"What is going to happen next?" But I think overall, we’re in a great location. We live in Denver. We still have low inventory. I mean, that is the key to this. There are still buyers out there. There are still people that haven’t made decisions on a new home. So, I think it will still go — maybe not as fast, and I think that might be good.