We’d like to congratulate Bill McAfee and his team at Empire Title for being voted #1 Title Company in the city by Best of the Springs and The Independent.
Last week, Bill McAfee, owner of Empire Title, joined Deborah to discuss the summer sales. This week, Deborah and Bill continue their discussion about the craziness of 2018 summer sales and what we can expect in the near future.
Currently, Empire Title’s record for one day is 94 closings. Last Friday, 75 happened that day. Between all three offices (including Woodland Park and Canon City) there were 92 that day, which is very close to their record day. Deborah is always pleased to find that from the moment you walk in to Empire Title to the moment you close, the staff is friendly and kind. Their motto is “We don’t succeed unless you do,” and is shown in every interaction.
All kinds of things happen when closing on a house, but Empire Title seeks to make sure the whole process goes smoothly, without bumps or problems. There is a reason Empire Title was rated #1 in Colorado Springs.
As to the market, Bill is seeing some change right now. One of those changes is that on a long-term running average (listings and sales) during the crazy insane markets of the summer is that inventory was really low and prices were going up. Currently, the number of sales on running average has gone down. Listings leveled off but are starting to go back up again. As those things start coming back together again, the increase on home prices is going to slow. We’re at 4x normal appreciation (normally at 3x). Interest rates are starting to creep back up, which will naturally affect home prices.
If you’re thinking about selling your home and you go onto various websites to see what your neighbors homes are worth…don’t! Go onto realtor.com or, better yet, call Deborah at (719) 651-1357 to find out what your home price is worth. You have to have the correct information to compare homes.
Another thing that Bill and Deborah are seeing is that some people are growing concerned that their home isn’t going to sell quickly or at the price they would like. It’s important to remember that the current market shouldn’t cause you panic, the pace and price of homes is really just coming back to normalcy.
Listings are coming in, prices are being decreased, and showings are down. Which is common this time of year. We’re past the summer peak because of families wanting to establish before school year starts.
Another contributing factor to the current housing market is that interest rates are rising. Which isn’t “good” for buyers. But don’t freak out because in 1981, interest rates were at 18%! If you can buy, buy. The current rates have spoiled us. We’re still lower than the average at 5.2%. If you can buy anything under an 8% interest rate, you’re good.
Inventory is now up to 2400 units. Just before crash there were 7,000 units. Our stock is higher than it has been, but it’s still lower than needed for our population. We’ve had a 100% jump from February to now. But it’s still lower than normal.
Also consider that rents are still really high because we don’t have enough rentals. Currently, it is about $1800 for a two bedroom rental. You can still easily buy for less than that per month.
The good thing about people who are looking for a home right now, is that they’re usually more serious about buying.
If you’re a real estate investor, now’s not a great time to buy. But if you’re looking for a home to live in, now is a great time to buy!
All in all, Colorado Springs is on its way to good things. On the long haul, the bet is good here. Once the interstate is done, people are going to want to buy down here from Castle Rock and Denver.
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.