How's The Market?
It's the number one question we get asked as Realtors. For the past 3 years or so, Colorado Springs Real Estate has been scorching! However, our market has not been exempt to the higher interest rates cooling things off a bit. From the highs in April of 2022, we have seen about a 10% decline in average sales price. Mind you, we have seen little to no depreciation when you look at year over year averages and are up approximately 60% in the last 5 years.
Should You Wait?
With many buyers sitting on the sidelines hoping that rates go back down (economists anticipate that they will but likely will never down to the levels they were during the 2020-2022 years) it's actually a great time to buy. Once the "new normal" of the higher rates set into the general mentality, frenzy will likely resume.
There is a saying in our industry (that I hate mind you) but it's descriptive...."Buy the house, date the rate." What it means is that get the house you want now...and when interest rates subside, you can always refinance. Buyers have more leverage now than in the last 5 years. You can actually negotiate and probably won't have to pay $50,000 over asking with a guarantee to make up any appraisal shortfalls. So in today's market, you can make a sensible purchase.
Don't be lulled into complacency, there are still homes selling very quickly and some even in multiple offer situations...so if you see the right thing come along, you should act quickly.
I do have a detailed general market report that I provide. If you would like to see that report, please email me for a copy.
My clients get detailed statistical information that they can use to make informed decisions. Anyone that really knows anything about "the market" will not give you an answer other than "It depends." unless they already know the specifics of your situation.
What is fueling the demand?
We are fortunate enough to have an incredible quality of life here in Colorado Springs. We used to be the best kept secret on the front range of Colorado. People would pass us by thinking we were a small military town and that used to be true. However, between younger people fleeing Denver in search of more affordable housing, and the invention of “best of” surveys that major publications love to put out as “click bait” showcasing best places to live in any category you can imagine, we are quickly becoming the worst kept secret on the front range. Pair that with employers being more flexible on telecommuting, and people looking for a better quality of life after living through a pandemic, and you get the picture.
My Pet Project
In my life before real estate, I was a software engineer. Since 2002, I have been on a crusade to figure out how to provide insightful information to my clients with regards to Colorado Springs home prices. This section is a culmination of that research. It has been a long road of trying to figure out: What matters, how to collect that information, how to present it in a simple and easy to understand manner, and make it all work (so please excuse me if I'm zealous)! Before you delve into the details, you may want to read my guide on how to interpret the Colorado Springs home price info I am talking about.
I Know The Market
Understanding Colorado Springs Home Prices is one of the most important things a Realtor should master to provide value to their clients. There is not one "Market"; there are literally THOUSANDS of Markets in Colorado Springs alone (2900+ neighborhoods at last count). Of course there are trends, but when you are trying to figure out whether you should buy or sell in your specific situation, you need to understand your "market". My goal has been to cull through the noise and provide simple and relevant insights. As a result, that information gives my clients clear insights into their transaction! There is a ton of information on my site but the most significant insights are reserved EXCLUSIVELY for my clients. So if you love numbers as much as I do and can't find what you are looking for on this site; As my client, you will get your fix.