FLOURISHING COLORADO SPRINGS MARKET
Deborah Eliot. the expert realtor from Colorado Springs has an earnest discussion with Bill McAffe of Empire Titles, educating the listeners about the real estate market in Colorado Springs.
The atmosphere of the real estate market in Colorado Springs is very excited as the market is on the upward move like never before. If the potential buyer is waiting for the right time to upgrade or relocate or sell then now is the perfect time. Though according to McAffe the homes are in short supply and are facing an acute shortage, facing an almost 13 year low. The markets are seeing the lowest inventory in the past few years, which is as low as 2.6 months. This has created a huge imbalance in what is available and what is needed causing an increase in the real estate prices. Though not a buyer’s market per se there seems to be no likelihood of the pressure easing up.
Deborah advises buyers that homes that are have been listed in the market for a long time are good deals especially from the investors point of view. To the sellers she advises against pricing above the market value even if the market is the seller’s market and very hot right now.
Bill McAffe has divided the market for the purpose of easier analysis. According to him, the market for homes below the 300,000 bracket is totally a seller’s market, in the 400-500 market it is an equal market, with a wide choice available for the buyers. It is the above $750,000 market which is flourishing as this is totally a buyer’s market. Both agree that the buyer today is spoilt for choice and is also a very smart and savvy. They have at their disposal lots of information, websites, internet to compare prices and perform an analysis before buying. They even shop for lenders, find their fees and look at comparatives.
The duo feel that the lack of supply and shortage and the driving demand are the main reasons for the spiraling costs. The average price of a property which was around $248 thousands in January/February has risen to $ 253,000. Looking at the running average the median sales price too has been the highest ever. Though for first time buyers the FHA loans at 16% make home buying an achievable dream. Though some are just waiting for the bubble to burst, according to the two experts, it’s still a long way before the bubble to bursts, with no push being seen on the long term interest rates for the near future.
So, for the best deals call Deborah Eliot on 719- 641-1357, to take you a step closer to your dream home.