If you are thinking about buying or selling a home, get ready for a hot real estate market.
In many real estate markets across the US, appreciation and prices are increasing at a hot pace. At the present, no cooling off is in sight.
Colorado Springs, CO is no different. Home prices have increased a staggering 13.3% since the same time last year. The median home price in the area is now at $298,877. The same house a year ago sold for approximately $265,000.
The hot real estate market is being caused by several factors. Not only here in the Colorado Springs market but in markets across the nation.
- Low-interest rates make housing affordable
- Hot Job market (unemployment below 3% in Colorado)
- Demand for affordable housing is outpacing available inventory.
- New home building has not increased to meet demand.
- A high rate of buyers are entering the market (First-time millennial buyers, buyers relocating, and empty nesters looking to downsize).
For buyers and sellers, some basic rules still apply.
Sellers:
- Don’t overprice! Prices still have to meet market conditions.
- Make sure the property is clean and attractive.
- Curb appeal still matters. If you want a seller to offer asking price, or above asking price, make the house shine!
- Do the repairs, have the house in a good, safe, and working condition.
Buyers:
- Don’t waste your time making low ball offers. The offer will end up in the waste Most houses are going for full price or above.
- Listen to your real estate agent. They know the areas and the prices.
- Be prepared to work hard in your search. Most houses are getting multiple offers on the first day. You must act, and decide quickly!
Sellers, you hold the keys to the kingdom. Get top price while it is Hot!”
Buyers, prices are at market or above. If you are looking for a great price on a property, this may not be your time to buy. Most discounted properties need work and lots of it. You may want to wait for the next market downturn.
Either way, be prepared! It is going to be a hot, hot, summer!!
