Are you asking “Is it a good time to sell my house in Colorado Springs”? Are you preparing to sell your house anywhere else? To prepare your home for sale, it’s important to understand the housing market.
Where there are not as many homes on the market, the demand naturally rises, and homes tend to typically stay on the market for a shorter amount of time. For example, Colorado Springs, CO, has experienced a significant drop in available homes for sale in 2016, as well as a faster turnaround in homes for sale, making the Colorado Springs, CO market extremely competitive.
Let’s consider some of the local and national real estate news regarding house sales, and prices.
- Home Values Rise Higher in August-up 5% nationwide over a year ago – DS News
- Springs home prices rise 6 percent – Colorado Springs Gazette August 12, 2016
- Springs housing market top-tier-28th best in U.S. – Colorado Springs Gazette August 31, 2016
- Area home prices still surging-median home price $265,000 – Colorado Springs Gazette Sept. 8, 2016
- Home sales prices on the rise-sales in 2016 up 13.7% over 2015 – Colorado Springs Gazette Oct. 7, 2016
- New home sales near a 9-year high-across the US – Colorado Springs Gazette Oct. 27, 2016
Unless you have been hiding under a rock, these headlines are not anything new. Home prices and sales over the last year have been escalating at modest single digit increases.
It’s official. The 2008 housing crash is over! It’s a seller’s market. The question is, should I sell my House in Colorado Springs? Or, if you live in another area, you must ask yourself the same question.
Should You Sell Your House? My Answer is Yes!
Let me clarify. It only makes sense if you have some equity to pay all the costs associated with selling. Also, having some money left over to help with the purchase of your replacement home is wise. If you want to upgrade to a larger home, or downsize to a smaller home, you can now get the best price for your home.
Yes, the next house you purchase may be at a high market value but, interest rates are the great equalizer. With rates hovering around 3-4.5 %, house payments on a 30-year fixed rate loan are very affordable. The monthly payment on a median priced ($265,000 @ 4.25%) home in Colorado Springs would be $1303.64. Very affordable for the average family.
If you are thinking about selling-Don’t wait! The fed continues to indicate higher rates are coming. It’s only a matter time! Real estate is very cyclical. The next few years could take away some of the equity or buying opportunities that may be available.
