Crazy Good Real Estate Market

Crazy Good Real Estate Market

It is a good real estate market for sellers right now. And it is a crazy real estate market for buyers right now. Sellers are getting top dollar for their homes, and often times they are seeing bidding wars and multiple offers in the under $300,000 price range. Buyers, on the other hand, have to act fast when they find that perfect home. Most likely, they will have competition for it and the highest offer will get the deal.

Here is how our market was doing, as of the end of March:

TOTAL HOMES FOR SALE        :     1,941 (down 23.5% from same time last year)

AVERAGE HOME SOLD PRICE :     $267,451 (up 4.3% from same time last year)

TOTAL HOME SALES                :     2,891 (up 22.4% from same time last year)

AVERAGE DAYS ON MARKET   :     47 (down 53% from same time last year)

MEDIAN PRICE                        :     $239,500 (up 6% from same time last year)

Although it remains a seller's market in most cases, it does change to a Buyer's market at approximately the $450,000 price range. At that point buyers still have multiple properties to pick from and can probably expect some concessions from the seller. Full price offers are not as common at this point. 

My advice...buy while you still can. Home prices are going up this year. I suspect interest rates will rise, too. Real estate won't be any cheaper a year from now.

 

 

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5 Things To Do this Weekend in Colorado Springs

5 Things To Do this Weekend in Colorado Springs

Clifford The Big Red Dog, A Big Family Musical - Sunday April 3rd, Pikes Peak Center

Admission: Varies. In this musical adventure, Clifford and Emily Elizabeth will take audiences on a journey with their friends to learn about Clifford’s BE BIG!™ Ideas - Share, Play Fair, Have Respect, Work Together, Be Responsible, Be Truthful, Be Kind, Help Others, Believe In Yourself and Be A Good Friend. Tickets may be purchased online at http://www.PikesPeakCenter.com, all TicketsWest locations by dialing 520-SHOW or by visiting the Pikes Peak Center or Broadmoor World Arena Box Offices.

 

The Big, Cool Science Festival, Saturday April 2nd, Barnes Science Center at Colorado College, 10am - 3pm

Admission: Free. Fun for all ages. Engineering projects, tours, interactive displays and demonstrations will be sure to inspire everyone. Preregistration is recommended at, http://goo.go/Jd67SC. Donations accepted at www.coolscience.org/BCSFCC .

 

Colorado Springs Philharmonic: Music of Pink Floyd, Saturday April 2nd, 7:30pm, Pikes Peak Center

Admission: $33-$60. The orchestra rocks out with Pink Floyd's biggest hits such as "Money", "Learning to Fly" and "Comfortably Numb". Conductor Brent Havens brings the orchestra and a rock band together like you never have heard them before. You don't have to be a Pink Floyd fan to enjoy this. More info at www.pikespeakcenter.com

 

Walking Tour of Downtown Breweries, Saturday April 2nd 1pm - 5pm

Admission: $45. Tour 4 downtown breweries and imbibe in special samplers at each one. Triple S Brewery is hosting this event which tours Triple S, Phantom Canyon, Fieldhouse and Ironbird. Listen to the brewers talk about each of their processes and the history of brewing in Colorado Springs. Reserve your spot at www.triplesbrewing.com or 719.344.5477.

 

Colorado Springs Comic and Toy Con, Saturday April 2nd & Sunday April 3rd 12pm-7pm, Double Tree Hotel 1775 E. Cheyenne Blvd.

Admission: Free, donation to Make a Wish suggested. Come peruse the wares of vendors from all over Colorado as well as Nevada, Texas, Nebraska and New Mexico. There will be plenty of memorabilia, comic books, gaming and aficionados to make it a smashing success. More info: www.cospringscomicandtoycon.com

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5 Things to Do this Weekend in Colorado Springs

5 Things to Do this Weekend in Colorado Springs

Easter Brunch - Springs Orleans, March 27, 2016; 10am-2pm

Admission: $36 per person; $10 children 12 and under and $10 bottomless mimosas. For Easter Brunch check out Springs Orleans, the home restaurant at the Mining Exchange Hotel. Specialties will include deviled eggs, carved prime rib and ham, eggs étouffée, fresh fruit, delicious pastries, shrimp cocktail, bacon, sausage, ham, eggs, etc. The buffet, of course, is all-you-can-eat.

Chocolate Bunny Walk & Egg Hunt - Bear Creek Nature Center March 26, 2016; 9-10am, 11am-Noon, 1-2pm

Admission:No charge for adults. Member child: $6; Non-member child: $8. Join in on the chocolate bunny walk and egg hunt at the Bear Creek Nature Center. Meet a live rabbit and learn about everything rabbit via fun interactive slide show. Then join the Bunny Guide as you hike to search for goody-filled eggs along the trail. For children ages 2-10 with an adult. 

Visit the Easter Bunny hopping all over town!

Only second to meeting Santa, the Easter Bunny will be sure to bring a smile to your kiddos face (and a great photo opp too). He'll be hopping all over town, so check out these places where you can see him.

Citadel MallCall 591-5516 for more information. 

Chapel Hills Mall will also be hosting the Easter Bunny at his Village in Center Court. See our website for photo pricing  When: March 5-26, 2016  Visiting Hours: Monday - Saturday 10am-9pm; Sunday 11am-6pm

Outlets at Castle Rock. Hop on by for a delicious free pancake breakfast and a chance to meet the Easter Bunny in the Food Court area.  When:March 25, 2016 Visiting and Breakfast Hours: 9-10am

Hams and Hamstrings, March 27, 2016; 8am, Stetson Hills

Admission:Registration fees vary depending on time of year registering. The Hams and Hamstrings 5k race is located at the Stetson Hills Open Space off Dublin & Peterson. This 5k is for runners and walkers alike. For more information, visit online or call 719-362-3306.

Long Ear's Easter Egg Hunt, March 27, 2016; 10am and 1pm, Western Museum of Mining & Industry

Admission:$10 Non-Members; $5 Members. Spend some spring time fun searching for Easter eggs on the Western Museum of Mining & Industry's beautiful 27-acre complex! Meet the burro "bunny" mascots Nugget and Chism, learn about baby chicks & rabbits, hunt for eggs, decorate cookies and more. RSVP is required. For more information and to register please visit online or call 719-488-0880.

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5 Things to Do this Weekend in Colorado Springs

5 Things to Do this Weekend in Colorado Springs

Endgame - Thursdays thru Saturdays 7:30pm, Sunday 4pm - Cottonwood Center for the Arts

Admission $6-$15. First premiering in 1957, the Star Bar Players take on Samuel Beckett's classic play. Full of contradictions, this play balances the comic and the tragic. For more info: http://cottonwoodcenterforthearts.com/schedule-tickets.

 

Faure's Requiem - Colorado Springs Chorale, Friday March 18th 7:30 pm, First United Methodist Church, 420 N. Nevada Ave

Admission $10, $25/family of 4. Directed by Deborah Jenkins Teske, The Colorado Springs Chorale and Chamber Singers of the Colorado Springs Choral Society perform the best known work of the French Composer Gabriel Faure. For more info: http://www.cschorale.org/#!blank/cbe.

 

Jazz Nites - Colorado Springs Conservatory, Friday March 18 at 7pm, 415 S. Sahwatch St

Colorado Springs Conservatory student jazz combo and Colorado Springs Conservatory Mentor Artists and Guests. Other dates Friday April 18th, 7pm. For more info: www.csconservatory.org.

 

Sustainability & Outdoor Living Expo, March 18, 19 & 20, Colorado Springs Event Center, 3960 Palmer Park

Admission $6 Youth $3, Under 10 Free. Come explore Tiny Houses, Urban Farming and enter the $4500 Nordic Hot Tub Giveaway. More info: www.sustainabilityexpo.net.

 

Atomic Landscapes - March 21 - May 5th, IDEA Space at Colorado College, 825 N. Cascade

Artists examine the history and legacy of the Cold War highlighting pivotal moments and physical sites of nuclear history. For more info: www.theideaspace.com.

 

 

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It's a Seller's Market for Sure!

I keep running into the same problem...not enough houses for sale for all the buyers right now.  Currently I am working with a sweet, young couple looking to buy their first home.  They both work and have 2 little children with a 3rd one on the way. So needless to say they are busy.  Time is limited. And when they do make  time to go view some houses, we are finding they go under contract before we can even set up a showing. It's so frustrating for them and for me.  I want to do the best job for them and make this a happy experience. But this is a tough, competitive market we are in. And to get their hopes up over and over is discouraging to say the least.

Example; we tried to view a new listing yesterday.  We were told "no showings are allowed right now." So we waited until the next day.  When I called to set up the showing I was told "no more showings period.  That house is now under contract." You can imagine our frustration. We never even got a chance to see it. I called the Seller's agent to find out more.

Here is what I learned: That house went on the market 2 days ago. The first day it had 21 showings. And they received 8 offers on it that night. Many of the offers they received were well above asking price.  The seller took the highest one and did not even have to pay any concessions. And, her buyer is so intent on closing this transaction that they have already indicated if the appraisal comes in lower than contract price, they will pay cash for the difference.  

This is what happens in a Seller's market. There aren't enough houses available to meet the current demand. Bidding wars occur. The highest offer gets the deal, and everyone else gets to go back out and try again for a different property.

My best advice in this type of market: Have your lender pre-qualification letter in hand when you hit the road and start looking. Any time you see a new listing come on market, try to be the first one through the door. If you like the house, DO NOT hesitate in writing your offer immediately. Go above asking price, as high as you can stomach. And...hire a good Realtor who knows how to work in such a market!

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