GRAND JUNCTION, Colo. (KREX)—Last year was crazy for the real estate market. The Effects of COVID-19 had prices high and changing interest rates at some point reached up to eight percent.

Western Slope Now’s Mark Bott spoke with a local real estate expert to see how the market might look this year.

Mark Wingerter is the president of the Grand Junction Area Realtor’s association. He has been in the real estate market for years and admits that the market is in a weird place right now.

Regarding the fact that the number of homes for sale is lower than estimates predicted, Wingerter explains, “There’s 540 houses on the market right now and in normal I think to get us to balance would be almost 2000.” But Wingerter says it won’t stay that way.

At the beginning of this year, Wingerter predicts buyers who work with their lenders may be able to get additional concessions and buy down the interest rate.

Demand could go back up later this year, according to Wingerter. “They’re expecting rates to be back into the fours and fives around the middle of the year, we’ll see, but if that does happen and people start coming back into the market and start realizing the writing is on the wall then the market will quickly become overrun.”

Many potential homeowners have waited through the last few years hoping prices would come down. Wingerter thinks waiting might be a bad plan.

If you’re waiting for the house to move down in price it’s probably not going to happen the problem that we’re seeing is that a lot of people are convinced that will happen, so they sit and they wait and they wait and then their rent is you know 600 dollars more than it was four years ago.” In the end, though mark says the right time to buy never changes, that it’s always either 20 years ago, or today.

Mark Wingerter,