Grand Junction housing market unpredictable post-pandemic

The Grand Junction housing market is unpredictable in the post-pandemic era.
Published: Oct. 3, 2022 at 5:26 PM MDT
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GRAND JUNCTION, Colo. (KKCO) - The housing market has been unpredictable since the pandemic started. One month, it’s a sellers’ market. Then, it becomes a buyers’ market. But today, neither of those groups is seeing a favorable shift.

Coldwell Banker Distinctive Properties Realtor Skylar Kraai says that interest rates are a big influence. Interest rates have more than doubled in the past year, with 30-year mortgages jumping from 2.88 percent in 2021 to 6.5 percent in 2022.

“The demand for purchasing properties has decreased due to high interest rates,” said Kraai. That goes hand-in-hand with a recent housing report that says sales for houses decreased 22 percent for the month of August. That signals the end of the impressive buyers’ market streak that went on for most of the pandemic.

Kraai says that people wanting to buy a house should ask that their seller pay for their closing costs, finding a roommate, and to avoid unnecessary drains to your finances. He also says to expect unpredictability.

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