What has happened?
Between July 2011 and 2012 the Colorado Springs Real Estate market has lost many listings. Some sellers actually sold their homes, some withdrew their listing because they wouldn’t sell. However, the rental market is booming making it possible or those sellers to break even or possibly cash flow, if they rented their home out. Others were discouraged to list their homes as they believed they would not be able to sell their home anyway.
This resulted in the lowest number of home listings inventory for sale in January, 2012 since January 2008: about 3,150.
At the same time, lots of buyers are out looking for homes, trying to take advantage of the great interest rates and some of the still great deals to be had.
I was excited to see that since the beginning of 2012 the listings slightly outweighed the purchases and inventory raised by about 50-75 homes a month. The market is picking up and I am able to watch this change in the real estate market.
What is happening now:
While Colorado Springs home inventory is slowly but steadily rising, so is the number of buyers as we are entering the moving season, driven partially by the military beginning PCS season. Low inventory, more buyers -meaning more demand- is pushing the prices steadily up.
When I tell you that homes in the price range of $200,000 and below are literally flying off the shelves, you might roll your eyes as this is hard to believe if you consider nationwide headline about the state off real estate.
Sellers: If you have to or want to sell your home and it will be priced $250,000 and below, then so far these have been the best market conditions to do this.
Buyers: Are you looking for a home? In any price range this is STILL a great time for your home purchase. There are still deals to be had and interest rates are still low, that will easily beat what you are paying in rent.
If you consider listing your home I would be happy to provide information to you as how much your home might be worth.
If you are a buyer, please allow me to assist you in your home search.
…either way, I will help you to continue on your lives’ journey.