Colorado Springs: A Seller's Market For Sure

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It's definitely a seller's market right now. Properties often receive multiple offers. Bidding wars are the norm, where the highest and best offer gets the house. Days on market have dwindled down so much that many homes sell the first day they are on market. 

I am working with a family right now who is super excited that we got their current home under contract so fast, and it went for above asking price. Yay!

But now the flip side of that is we are pressed to find another home for them to buy.  There isn't much inventory out there right now, and the good stuff is selling super fast. 

For example, this week we looked at a home which had just hit the market earlier that morning. We arrived mid afternoon to see it. While there, we ran into two other buyers who were seeing it. We were going to write an offer on it, but I learned from the seller's agent that he already had two offers on the table, both of which were thousands above asking price.  And he was expecting more by end of the day. 

My buyers were disappointed. They learned that in order to even be considered they would have to bid thousands over asking price and even with that, there were no guarantees their offer would be accepted.  It's tough out there. An appraiser recently told me that in Denver they are getting offers sight unseen, meaning buyers are not even going in the houses before writing an offer. Yes, the Colorado real estate market is that crazy right now.

Here are the latest Colorado Springs housing statistics, as of end of March:

INVENTORY OF SINGLE FAMILY HOMES FOR SALE...down 25% from last year

INVENTORY OF TOWNHOMES/CONDOS FOR SALE...down 2% from last year

AVERAGE SALES PRICE OF A SINGLE FAMILY HOME...up 11.5% from last year

AVERAGE SALES PRICE OF A TOWNHOME/CONDO...up 12.1% from last year

To summarize, homes are in demand and there is less inventory for sale right now.  Supply is down which is driving prices up.  It's a great time to be a seller.  It's a tough time to be a buyer.  At times like this, you really need a good Realtor in your corner! Give me a call, I would be happy to answer any questions you have.

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Real Estate Inventory in Colorado Springs: What is causing the shortage?

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Wondering why Colorado Springs is seeing a severe shortage of inventory this year?  Here are a couple of reasons: 

First, the median price of a home in Denver is currently $377,500, and the median price of a home in Colorado Springs is $246,800.  As a result, folks from South Denver are having so much trouble finding a home to purchase there locally, that they are willing to commute the 45 minutes or so to Colorado Springs to save over $100,000 when purchasing a new home.  
 
As a result, though, this migration is creating a large deficit in inventory for my own clients and customers who are here in Colorado Springs.The struggle really is real now, but for those of us practicing residential real estate, it is such a very, very good one! 
 
Another reason is a combination of economic ones....the potential for increased interest rates, something that has not been done since the financial crisis that lasted from late 2007 through early summer, 2009, increasing apartment rents, a two-bedroom apartment in Colorado Springs rents for, on average, close to $1,200/month, and inflation are all contributing to buyers getting off the fence and into a home purchase. 
 
This influx of would-be renters who are now want to be buyers is also contributing to keeping inventory at record lows. 
 
While it is always a wise decision, in any market, to interview your real estate professional before hiring them to work for you, it is especially important in a market as unique as this one. 
 
Find the right real estate professional who has the experience and longevity to successfully help you wade through all of the land mines that accompany a market that has not seen these kinds of shortages since mid-2001, and you are gold! 
 
 
It would be my pleasure to answer any questions you may have regarding the market itself, and/or to help you to formulate exactly what questions you should be asking your potential agent for hire!
 
Happy Hunting! 
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15642 Coquina Drive Monument CO 80132

15642 Coquina Drive Monument CO 80132

I'm so excited about this new listing!  Built in 2001, this beautiful stucco home has 4 bedrooms, an office, great room, formal dining room, upper-level loft, finished basement and professionally landscaped yard!  The main level features wood floors, spacious kitchen with island, pantry and counter bar, master bedroom with his/her closets and attached 5 piece master bathroom!  The upper level loft is perfect for kids, with 2 good sized bedrooms, a full bath and loft area!  The basement includes a huge rec room with gas fireplace, dry bar, 2 more bedrooms, private bath and plenty of storage.  Great Jackson Creek location...walk to nearby parks and shopping! View on the MLS at: https://www.springshomes.com/mls/3550097-15642-Coquina-DR-Monument-CO-80132, or the single property website at: www.CoquinaDrive.com

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710 Cresta Road Colorado Springs CO 80906

710 Cresta Road Colorado Springs CO 80906

I am beyond excited about this new listing! Built in 1952, this ranch floorplan sits on an oversized lot with mature trees, flowering shrubs, an expansive brick patio, fountain and even a greenhouse! This tastefully updated home features remodeled bathrooms and kitchen with granite counters, stainless appliances, and a warming drawer. It has wide plank wood floors throughout, a finished basement, new roof, new furnace and a/c, new Marvin windows, new sump pump, new lights and new storm doors. Located in the popular Cheyenne Mountain school district, this property is walking distance to nearby schools and park! And the sellers are the nicest of nice!

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Top 4 Things you Need to Know about Appraisals

Top 4 Things you Need to Know about Appraisals

The appraisal of a home is a vital part of any real estate transaction, and the role of an appraiser is possibly one of the most critical parts of the entire transaction. See below as to how you, as a Seller, can be way ahead of the learning curve with just a few helpful hints from me when are you ready to put your home on the market for sale!

1. Appraisers are always hyper sensitive to contributing to potentially over inflating any real estate market. And, with multiple offers being the norm in most price ranges here in Colorado Springs, they are even more so.  Encourage your real estate broker to have comparable sold data ready to present to an appraiser. This data should support whatever sales price the buyer and seller finally agree to...ESPECIALLY vital if that sales price is OVER what the original list price was.

2. Most real estate brokers are ridiculously busy right now, but that ABSOLUTELY DOES NOT excuse your real estate broker from not showing up to your home, with comparable sold data and a list of every improvement made to the home in hand to meet the appraiser for his or her site inspection. Your real estate broker knows your home better than the appraiser does, so make sure your real estate broker shows up and represents!

3. Your real estate broker should be as descriptive as possible about your real estate listing and include, if at all possible, ALL 36 photos that the Pikes Peak MLS allows. It helps an appraiser immensely to include photos of the front of your home, the rear of your home, the street view of your home, and all major rooms in your home as well as the features of the home itself. Again, your real estate broker knows your home better than the appraiser does. 

4. What your real estate broker should tell you, from the very beginning, about the role of an appraiser in a real estate transaction? The role of the appraiser is actually NOT to confirm the sales price, but to provide the Buyer's lender an independent, objective, and completely impartial opinion of the value of your home. This value of your home is considered the collateral to which the Buyer's loan would be based.

Happy Selling! 

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