As we enter into summer and the barometer starts to climb, so has the Colorado Springs housing market, and June 2017 did not disappoint. This month the housing market surpassed PPAR’s record—which was set in 2016—for the most amount of homes sold, bringing the total number of sold listings in Colorado Springs in June to 1,991. That includes all the listings including Single Family/Patio homes, condos, and townhomes. Although this is a significant improvement from February’s low, if the year-over-year trend is to continue, we might have reached the peak of home sales for 2017. Don’t worry though, the Colorado Springs real estate market is still up from last year’s numbers across almost every category and, based on past numbers, if inventory numbers decline and buyer demand remains this rampant, prices could escalate quickly in the coming months.
The Seller’s Market Soldiers On
As the average and median home prices continue to soar, the number of days that homes stay on the market continues to decrease, which continues to point towards a strong seller’s market caused by ever-increasing demand from home buyers in Colorado Springs. As to be expected with the increased demand from home buyers, for sale signs have been springing up across the community.
Colorado Spring’s average sales price is now firmly in excess of $326,000, it’s safe to say that the market has fully rebounded from the depths of “The Great Recession.” In fact, it’s amazing to think how far the real estate market in Colorado Springs has come just from 2013; when homes were on the market for an average 63 days and the supply of homes listed sat at a low of 1,669.
Want to find out how much money you could get for your home? Fill out our home evaluation form and one of our agents will provide you with a quick snapshot of what your home might sell for in this hot market.
Win Your Dream Home
With many homes for sale in Colorado Springs drawing multiple offers and selling within a number of days of being put up for sale the market is becoming more frustrating for buyers. Instead of giving up though, potential home buyers can get ahead of the market. Here’s a few of our tried-and-true techniques to win the house of your dreams.
Being pre-qualified for your mortgage not only signals an intent to the buyer that your offer is a serious one, it also empowers you to know how much debt the banks will allow you to carry. In a bidding war, there’s a chance that being pre-qualified will set you above the competition because your offer will be the easiest to close.
Set a budget and stick to it (within reason)
One of the positive effects of being pre-qualified is that you will know the maximum amount of money that the bank will be willing to lend you, but that doesn’t mean that you should abandon all common sense. Set a limit as to how much you would like to pay per month for your mortgage and don’t deviate too far from it. Of course, if it is a case of coming up $5,000 to seal the one, it might be worth considering the extra cost.
Don’t be disheartened
The one rule almost every home buyer breaks is not to fall in love with a house. Before they’ve even submitted an offer, they are picturing their children running down the halls and the memories that they will make there. Which is why it can be especially disheartening when they lose out on that home in a bidding war. But they shouldn’t despair too much, there will be another “dream home” just around the corner.
Lauren Schneider, Real Estate Agent and Military Relocation Professional (MRP)
Lauren Schneider has lived in Colorado Springs for nearly 20 years and knows that the military is what keeps this town ticking, which is one of the reasons she's chosen to pursue her dream of helping military families with all of their homebuying needs. Learn more about Lauren or start your home search now.