As a new year begins, we are all watching the changing market conditions very closely. High interest rates and home prices seem to have caused buyers to shy away, while some sellers think they have missed the market for top dollar of their properties. During the Colorado Association of REALTORS® Economic Summit and REALTOR® Day at the Capitol held in early February 2023, the outlook for the coming year was optimistic and encouraging. While the interest rates are still considered high, the economists believe the rate will settle between 5.5% and 5.75%. Those rates are just slightly higher than 5%, which they say the average homebuyer is willing to pay to purchase a home. Despite the market slump in 2022, the economists say the market is already picking up. Overall, low inventory from low home building and seller concerns of finding a new home, will keep inventory and sales stable in 2023. Interest rates are expected to drop slightly later in 2023, while prices are expected to hold steady, creating a rebound in sales for 2024.

In other news, the GCAR Office has been renovated to accommodate educational opportunities for our members. The new classroom space can hold 30 members. The Board of Directors is excited to offer more classes and events at the Board office. We are looking forward to increasing our commitment to professionalism in Grand County through education. Be sure to check our Education and Events calendar in this edition!

Additionally, the Board has been working to increase member involvement in Grand County. We are currently looking for members who are interested in Grand County, state, and national real estate politics. We hope to create a Government Affairs Committee to better evaluate local, county, and state legislation and regulations related to private property rights, real estate fees and taxes, and so much more. If this sounds like you, contact Sallie admin@gcbor.com to find out more!