My phone is ringing off the hook.
… no matter the hour. If someone is selling their home, then they want to get their home listed as quickly as possible, and of course, at the highest price possible, or more descriptively accurate, at the highest price ever dreamed of…
And if someone is buying their next home, then they are typically shell-shocked, not realizing how quickly prices are rising and how quickly they have to make a decision in order to secure their home buying purchase. In fact this past week, I had one listing that had 9 offers and 50 showings within a few days.
According to one of my agent colleagues, named Ben Day, who is brilliant with making sense of the market numbers, “There are more buyers than sellers within 80% of the Colorado Springs Real Estate market.” No wonder Christmas time has come early for Sellers. Yet Buyers are like those late Christmas shoppers who are scrounging the empty shelves to get what’s left.
Perhaps scrounging might seem too desperate because there are still some good homes being listed on the market. The core issue to consider is the escalation in price values of the homes being sold. Asking price is generally not the number one position when placing a contract on a home. Commonly, many homes are receiving competing offers in which the accepted offer may be $40,000 to $50,000 higher than anticipated. And some buyers are willing to pay the difference between appraised value and contracted price value.
Recent market numbers substantiate that there has been an 11% increase in home values during the first quarter of this year. Talk about the fire burning.
Will the market continue this fiery trend throughout 2017? If interest rates remain low and inventory is barely dripping out of the faucet, then I believe the Colorado Springs Real Estate market can expect rising price values with multiple offers being made on many listed properties throughout this year.
Our market is starting to mirror some of the market trends of Denver and northern Colorado. These locations have been blistering with escalating home prices and lower home inventories for the past few years.
How do you deal with the fire? BE PREPARED!
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By: Cherise Selley