Low interest rates catalyzed a 20 percent jump in Colorado Springs home sales during October 2011. Buyers of Colorado Springs real estate may be more influenced by low interest rates but some could be seeking out one of the Best Big cities in the United States. Publications from Money to Outsider to Forbes and Men’s Fitness have highlighted the attributes of the beautiful Front Range city. Many are confident that the Colorado Springs real estate market will be leading the nation’s recovery.
Other interesting Colorado Springs housing facts that back that up: October foreclosures fell to a 42-month low and auction sales were down 28 percent year over year. Foreclosure information from a November 16, 2011 article from Associated Press published in the Colorado Springs Business Journal claim that new foreclosure filings also fell, from 3,000 to 2,350 year over year.
In the long run, Colorado Springs property values have held up pretty well compared with other metropolitan regions. This is why an article by AP on October 25, 2011 on csbj.com claims that the new federal Home Affordable Refinance Program will not help many distressed Colorado Springs homeowners. Not many Colorado homes are 125 percent underwater, criteria for acceptance into the program. However, the Denver Post says that 21 percent of Colorado mortgages are now worth less than the amount still owed on them.
A glimpse at the nation’s real estate picture according to a third-quarter housing survey at househunt.com shows activity up. Again, low mortgage rates are tribute for sales but also consumer confidence is a factor. Buyers are hoping to pounce before prices start going up. Sales prices are not budging up except in a few areas and for more expensive homes.
Twice as many areas saw falling prices than rising prices. In addition, many areas, including Colorado Springs, are reporting lower inventories. That stat could be short lived if banks release more shadow inventory of REO properties. Another factor in play is the appraisers and sellers are more willing to price homes for today’s market instead of by old calculations or hopes. A good number of today’s buyers are investors causing multiple offers. Houses are selling about 10 percent faster than last season.
Back to The Springs…home prices are zero to 5 percent lower than in 2010 with the $150,000 to $190,000 price range selling the quickest with the most offers. The $450,000 to $499,000 bracket is most difficult to sell. Buyers are getting 95-100 percent of their asking prices but a good quarter of the sales are foreclosures and short sales.
Neighborhoods with most sales lately include Pine Creek, Flying Horse, Briargate, Cathedral Pines, High Forest Ranch, Monument, and any neighborhood in the Academy School District 20.
For information about buying a home in Colorado Springs, contact award-winning REMAX real estate agent Ann Heiring at (719) 440-1010 or Toll Free at (800) 246-8978. In appreciation for those who serve our nation, Ann offers special rebates for active and retired military.
Pine Creek Real Estate for Sale