What’s Happening in Colorado Springs CO Real Estate?
Breezing through the spring, the market for Colorado Springs CO real estate continues at a steady pace towards optimum health. All in all, buyers of Colorado Springs homes have a better selection than they did last year. There are 3700 Colorado Springs homes for sale. But home sales are down 6.4 percent from last year.
As home prices increase in Colorado Springs, more sellers are able to move to larger homes, newer homes, and better neighborhoods. So sales are improving for real estate in the medium price range of ($400,000-$600,000) In addition, many buyers are out to build their dream homes in Colorado Springs.
At the same time, sales of existing homes priced under $300,000 far outpace sales in other price ranges. According to Bryan Grossman in the Colorado Springs Business Journal on May 14, 2014, retirees are jumping into the Buyers and Sellers markets. “There is a growing number of local homeowners looking for retirement properties.” As the commercial sector comes back to life, higher paying jobs may buoy up the sales of homes in the $500,000 – $1 range. We’ll see.
How could sales be down from 2013? There are fewer homes for sale in the lower prices ranges. Active inventory is also down to 3.76 months when optimum levels are 5.5 months of inventory. At that rate, those 3700 homes could be sold in less than four months – if they were in the right price range for today’s buyers.
The Pikes Peak Association of Realtors publishes sales information. During April 2014, sales in the El Paso County and Colorado Springs CO real estate market for single-family homes and patio homes reflected the increasing home prices in the area. The Median Sales Price was $214,950; the Average Sale Price was $242,055. List Prices were a tad higher. These prices are up from 2013. Good news for Sellers! We could use more homes in these prices ranges. Do you know anyone who would like to sell?
Steps to Take Advantage of Low Interest Rates and Buy Now
Here’s a brief timeline of the home buying process. First-time buyers and repeat buyers contact a lender to get pre-approved for a specific price range. Then approach a Colorado Springs CO real estate agent to get help finding the best neighborhood to suit your goals. Touring the areas of interest gives a sense of the homes the Realtor will recommend for viewing. When the favorite home becomes available, the buyer makes an offer. If the buyer and seller agree on the offer, then there will be inspections. Negotiate through the inspections to get the right price.
Then the lender will finalize the loan and the Realtor will estimate closing costs. Then it is time to close on the new property.
Assistance Buying/Selling Colorado Springs CO Real Estate
For more information about Colorado Springs homes for sale, call Ann Heiring, top RE/MAX agent, at 719-440-1010. In appreciation for those who serve our nation, Ann offers rebates for active and retired military.
Colorado Springs CO real estate for sale