Colorado Springs Local Real Estate Market!
Hello and welcome to City of CS Real Estate and Lifestyle. It’s that time of year where we get caught up on the state of the local real estate market and see what the numbers are indicating. And, as always, there’s not a better person to add their opinion and facts as Deborah Elliott-Shultz’s good friend Bill McAfee the owner of Empire Title.
What are people are saying about the 2019 real estate market? How are things doing? How does it compare from last year? Where do we stand?
Today, Deborah Elliott-Shultz and Bill McAfee are looking at how January of 2018 and January of 2019 compare. This is a very interesting comparison.
The amount of home listings that are available for sale is up about 30% when compared between January of this year to January of last year, and sales are down about 4%. But here’s a teaser…the interest rates have come back down. And over the last several weeks, they’ve come down to around 4.6%. That is very close to the 2017 low interest rates! Which are some of the lowest ever seen. Case in point, if you bought a house in 1980, interest rates were at 18%.
What this boils down to is if you borrowed money in the last eight years, you did better than basically everyone in the last 48 years.
Taking into account the low mortgage rates and fewer sales, Bill’s prediction is that we will see prices flatten, that we won’t see quite the rate of increase as we have in 2017-2018. Also, that houses are not going to be selling in record amount of days, but we will start seeing homes selling at 30-60-90 days after being listed, which is a more normal rate of sales. And instead of the 21% increase we saw over 2017-2018, we’ll hit a more normal rate of increase.
But remember, this is a more normal rate of sales. And it means we shouldn’t see some of the craziness we’ve seen over the last couple of summers like real estate agents getting 3 hours of sleep and writing contracts before seeing houses “just in case.”
Come listen to the interesting discussion Deborah has with Bill that covers everything from the inventory listings in Colorado Springs to how Denver is affecting our market, and some stories about investing in our market as well as how foreclosures during the Great Recession are affecting sales today. Next week, Bill will once again join Deborah Elliott-Shultz to discuss investing in real estate and about peak producers.
If you have questions, or would like to watch any of Bill’s youTube videos about the Colorado Springs real estate market, you’ll want to go to Empire Title’s website and that just stands for Empire Title of Colorado Springs. You can also call the office at (719) 884-5300.
If you have any questions or would like to discuss something you have heard on the show, call Deborah Elliott-Shultz at (719) 641-1357. She enjoys having conversations with listeners of the City of CS Real Estate and Lifestyle show. And check out cityofcs.com if you’re interested in Deborah’s preferred provider list, the people whom she has vetted and works with in her business. You can also find other useful information and previous podcasts at cityofcs.com.
Working with City of CS Real Estate and Lifestyle
Are you interested in finding out about Deborah Elliott-Shultz and City of CS Real Estate and Lifestyle’s flat listing fee of $3500*? Call (719) 641-1357. And, have you heard about our buyer’s rebate? That’s right! We give back 1/3 of our commission to help you with your closing costs or to buy new appliances which will be reflected on the settlement statement, and you’ll get it at closing along with a W-9.
If you have any real estate questions, or to find out how City of CS Real Estate and Lifestyle can help make your real estate experience more affordable, call Deborah Elliott-Shultz at (719) 641-1357.
*If listed for under $600,000 and does not include the buyer’s agent fee.