What Does the Colorado Springs Market Look Like?

Colorado Springs Area Real Estate Podcast with Tiffany Lachnidt

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Real estate in Colorado Springs is hot right now! Inventory is extremely low. As of May 1st, there are 2,080 homes available on the market.
In April, 1,268 homes were sold and closed in our marketplace. That’s approximately 61% of all homes that were listed. Compared to this time last year, we're at a larger deficit.
Although this trend causes prices to increase, they rise in a slow-stable manner. Last year, the average sales price was $265,000, but this year, it’s up to $275,000. That’s healthy growth. In other markets, we’re seeing double digit increases that could potentially create a bubble or small crash, but I don’t foresee this happening anywhere near here. Inventory should continue to stay low.
What does this mean for you as a consumer? If you’re a buyer, you need to be incredibly strategic about your approach. You will likely face a multiple offer situation, whether it’s only one other person or a dozen. There are a few ways to strengthen your offer. If you want to learn how to get your offer accepted in a bidding war, you can refer to this video blog from last month.

Sellers, don’t get complacent. This is your time to shine. Because inventory is so low, the market favors you over the buyers. You have more power in this type of market. If you approach it correctly, you have the opportunity to maximize profits and earn top dollar on your property. For instance, the profits you earn could be influenced by how the photos or staging are done to what day and time your listing goes live.
Interest rates are still incredibly low, which makes it an opportune time to both buy and sell. Buyers benefit from locking in low rates while sellers benefit from buyers with low rates. I anticipate an upward movement on interest rates this year, so be aware they could increase sooner than you think. When this happens, it will greatly affect buying power.
If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email at your earliest convenience. I’d be happy to serve your local real estate needs and answer any questions you might have!