Greeley Colorado Real Estate Market Update for 2024

As we begin the new year everyone is wondering what is going on in the Greeley Colorado Real Estate Market. In this video I discuss the latest real estate market data from December 2023 and talk about what that really means for home buyers and home sellers in 2024.

If you are thinking about buying a home in Greeley Colorado this year, there are some factors that will be good to know. First of all, the mortgage interest rates dropped over 1% at the end of 2023 and the federal reserve has said that they plan for rates to drop 3 or more times in 2024. That is really good news for home buyers. Lower interest rates will make a big difference in the affordability of homes in 2024. The lower rates will likely save you hundreds of dollars each month off of your monthly house payment.

But, there is always a downside. If mortgage interest rates come down, more people will enter the market and that increased demand to purchase a home will drive up the cost of a home. It's simple supply and demand, when demand increases with still relatively low supply of homes, the cost to buy a house has to increase. I think that the best time to buy a house in Greeley, Colorado may very well be before things heat up this spring.

What about home sellers? If you are thinking about selling a house in Greeley, this should be mostly good news for you. As interest rates drop, more people are looking to buy homes which should mean that the average days on market will be less, meaning you home will sell quicker and likely for more money as more buyers enter the 2024 real estate market.

Do you have questions about the Greeley Colorado Real Estate Market or about buying a home in Northern Colorado? Reach out to Andy Hawbaker at www.AndyHawbaker.com

*Note: Andy Hawbaker is a licensed Realtor in Northern Colorado with Coldwell Banker Realty's Northern Colorado office. Andy lives in Windsor and is very knowledgeable about the Greeley Colorado Real Estate Market.