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.