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Good news! GDP came in at 0.2% in the first quarter, far slower than the 1% consensus forecast.
Why is that good news? Because the inventory shortage has been relentless on the front range, everywhere from Denver to Ft. Collins. Low supply and high demand has been driving up prices at very high rates, an unsustainable pace in my opinion.
It's impossible to call the top of a economic cycle, but bad news might encourage some owners to sell into this still rising market. Am I cheering economic softness? You bet. Maybe we'll start to see prices level out and as more inventory enters the market.
What about mortgage rates?
The Fed’s long-awaited liftoff on its benchmark interest rate won’t happen until September, according to economists surveyed by Bloomberg, as officials try to spur inflation and hiring after the economy stumbled in the first quarter. Policy makers are due to release a statement later in the day.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Want to get blog updates via email? Click HERE.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
