How about this news flash for 2017 Real Estate? Major cities across the US are experiencing double-digit gains in average home prices.
This phenomenon is being caused by the lower inventory of available houses for sale and more buyers than houses. Here in the state of Colorado, sellers are seeing multiple offers on the house they are selling. Also, offers are coming in over list price because of the competitive market for available homes.
As of this writing; Colorado Springs, Colorado is the 13 hottest market in the United States. The nearby city of Denver is in the top 10! Over the last three months, Colorado Springs has been averaging between 1,000 – 1,100 homes for sale. With sold transactions running around 1,000 plus or minus, the supply of available homes for sale is limited.
This gives the seller of a home the upper hand in the buying process. Sellers are now listing houses at top dollar and allowing less negotiating on the price and concessions (closing costs). According to local long time Real Estate Agents and Title companies, this may be one of the hottest markets of all recorded history in real estate!
If you are a buyer what to do? Well, here are some ideas to help you get the jump on the competition.
- Get your realtor to send you any new listing that meets your criteria immediately!
- Look at the houses you are interested in the day they hit the market. Chances are… it won’t last more than 24 hours.
- Don’t play games by making unrealistic offers or low ball offers. They don’t fly anymore. It’s a Seller’s market!
- Get your offer in ASAP. Sometimes if the seller likes it, you may go under contract before others get their offers in.
- If you really like the house, offer more than asking price. Your offer will usually go to the top of the list.
- Last but not least. Do not be petty or over-demanding in the negotiating process. Sellers are getting multiple offers and will go with another buyer if you are unreasonable.
Hopefully, this will help you in the process of buying your home.
However, if you are a seller and are having trouble selling your home, you may need to talk to a local Colorado Springs Real Estate Investor.
Here is another News Flash! We at Bonnie Buys Houses Fast, have been buying and selling homes for over 13 years. We know the local Colorado Springs landscape when it comes to real estate.