Monday, June 15, 2015
4 Reasons Our Market Is on Fire Right Now
Selling your Colorado Springs home? Get a home value report
Buying a Colorado Springs Home? Click here for full MLS access
Many people have asked why homes are selling so fast in the Colorado Springs area. Today, I will explain why our market is so hot and what current conditions mean for you!
If you or someone you know is looking for a home in our current market, you've probably experienced the frustrating process of finding a home and writing an offer, only to find out that multiple offers have been made on the property. Why is this happening? I think we're seeing competitive conditions for 4 reasons:
If you or someone you know is looking for a home in our current market, you've probably experienced the frustrating process of finding a home and writing an offer, only to find out that multiple offers have been made on the property. Why is this happening? I think we're seeing competitive conditions for 4 reasons:
- Interest rates are around 3%: Rates are likely going to go up by the end of the year by as much as a full percentage point. Every time rates rise by a point, you lose 10% of your purchasing power, so low rates are a huge motivator.
- Water cooler confidence level: A few years ago, there was a lot of talk about short sales and foreclosures. The atmosphere has completely changed. Now, people are talking about how much they're saving by buying instead of renting.
- High rent prices: Many people in Colorado Springs are spending $1,500 a month for a three-bedroom apartment. That may not be a lot for an apartment in San Diego, but here it's pretty pricey! There just aren't many units available in Colorado Springs.
- Low inventory of homes: It's nearly summer and we still can't get more than 3,000 homes on the market. Around 5-7 years ago, we had almost 7,000 homes on the market! There are many bidding wars out there for the best properties, which is great news for sellers, and bad news for buyers.
The Impact of Photography
Selling your Colorado Springs home? Get a home value report
There are a lot of qualified buyers in the Colorado Springs marketplace who are anxious and willing to pay top dollar for homes! The problem is they have no homes to choose from!
Right now, inventory is as low as it has been in the last 15 years! However, there are some homes that aren't selling. How could this be, you ask? Well, one of the reasons is the failure to get professional photos taken of the property. It's crucial to have a professional photographer come to your home and take high-quality pictures. When your home goes on the market, you need to ensure everyone sees it in its best possible light from the get-go! Here's why:
If you have any questions about selling your home in this great market, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!
Buying a Colorado Springs Home? Click here for full MLS access
There are a lot of qualified buyers in the Colorado Springs marketplace who are anxious and willing to pay top dollar for homes! The problem is they have no homes to choose from!
Right now, inventory is as low as it has been in the last 15 years! However, there are some homes that aren't selling. How could this be, you ask? Well, one of the reasons is the failure to get professional photos taken of the property. It's crucial to have a professional photographer come to your home and take high-quality pictures. When your home goes on the market, you need to ensure everyone sees it in its best possible light from the get-go! Here's why:
- The first showing occurs online
- Homes get more showings and sell for more when they look good online
- Buyers have a third viewing online
If you have any questions about selling your home in this great market, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!
Subscribe to:
Posts
(
Atom
)