The real estate market was hot this summer. It was so hot because there was a very low inventory market which made it extremely difficult for people to buy.
How hot was it and how hot was it compared to previous year. Did people pay over and above the values of homes? Today, Deborah Elliott-Shultz discusses the hot real estate market with Bill McAfee, the owner of Empire Title.
Everybody who knows Deborah is a realtor keeps commenting that people are buying over and above what homes are worth. Which doesn’t really happen because of appraisals, unless it was a cash deal. But prices were high. It’s true.
People in real estate have never saw anything like it previously. There was a demand we’ve never seen before, especially in north end of the county. The demand was so high, it was unreal. And the stories about how hot the market was seem just as unreal, such as a town house getting 23 offers in 4 days, listings only accepting offers on a single day, agents creating spreadsheets so sellers can compare all the offers.
Everything under $400,000 was going fast. Buyers in entry level range was really tough. People were starting to give up because they’d lose out on at least 5-6 properties
This past summer the Colorado Springs market reached its highest average sales price of $361,000. Which is higher than ever. And we actually hit 5 straight months of record high sales.
As an example, El Paso County typically has 15-20 homes sold out of 100. The summer of 2018, there were 70 out of 100 sold! If rounded, one month we reached 9 out of 10 houses sold.
Why was it so crazy? When the recession of 2008, we weren’t overbuilt. Until this last year, all of the national builders had left. We only just had two come back to build in our market. Add to that low interest rates, high demand with increadibly low inventory, cash deals, escalation clauses, sellers naming their prices, and multiple offers and you get a crazy hot market like we saw this summer.
Colorado springs and the whole front range is still poised to be one of the front runners in the country for appreciation and population growth.
How did Denver and Castle Rock play into this market? Where are the cash deals coming from? Which market is still a buyer’s market in the area? Come listen to Deborah and Bill discuss these factors along with sharing some amazing stories about the real estate market this past summer.
If you’re looking for a title company, or want to learn why title insurance is important, Bill McAfee and Empire Title are the people Deborah trusts most. You can find out more at www.etcos.com, or you can call (719) 884-5300. Also, did you know that Bill has a YouTube channel? You can find his informative and entertaining videos on YouTube, just search for Empire Title.
Are you interested in finding out about Deborah Elliott-Shultz and MiaBella Properties’ flat listing fee of $3500*? Go to cityofcs.com and follow the real estate links to learn about all we do to sell your home. 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 MiaBella Properties can help make your real estate experience more affordable, call Deborah Elliott-Shultz at (719) 641-1357.
*If listed for under $650,000 and does not include the buyer’s agent fee.