Colorado Springs housing market great for move-up buyers

Colorado Springs housing marketThe current Colorado Springs housing market is great for move-up buyers.

Colorado Springs houses priced at $250,000 or less are selling fast, while those priced at $300,000 or more are easier to find and buy right.

That’s good news if you’re thinking about selling your house and moving into a bigger or nicer home.

Houses selling fast

Even as more homes have come on the market this spring and buyers have more to choose from, Colorado Springs Realtors are reporting fast sales and multiple offers on nice homes in popular areas that are priced right.

My colleague and one of my mentors at Synergy Realty Group, Mike Ockert, told me he’s sold all of his clients’ houses within the first week they have been on the market this spring. They were primarily priced between $200,000 and $250,000.

Mike’s not alone. It’s happening all over the city. That’s the Colorado Springs housing market and those swift sales are having an impact on home sales prices.

Average home price is climbing

The average sales price for a Colorado Springs home climbed from $241,004 in April to $243,230 in May. That’s nearly 1% appreciation in a month.

Year-over-year, the average home price in Colorado Springs is up 1.9%.

Good time to buy a house

Whether you’re a first-time homebuyer or you plan to sell and move up, this is a good time to do it.

Interest rates remain low, meaning you can afford to buy a home at a higher price point now.

It’s impossible to know what will happen to interest rates over the next year, but popular opinion is that they’re more likely to go up than down. That means buyers who can afford a $240,000 home this year, might only be able to qualify for a $220,000 house next year.

There’s also more selection this year than there has been the last two years. There were 11.7% more homes for sale this May than in May of 2013. That’s great news for buyers who want choices.

Even in those lower price points that are selling fast, buyers do have options. Another of my Synergy mentors, Teri Wojcik, has done a brilliant job of finding nice homes for many, many clients this spring.

While you’ll still have to make quick decisions when you find the house you want, the pressure isn’t overwhelming for buyers.

Good market for sellers

If you’re thinking about selling your home, this is a great time to do it.

Low interest rates are enabling buyers to make offers on higher-priced homes than they might be able to buy next year.

Houses are selling quickly and homeowners are getting fair prices for their houses.

Let me help

I would love to help you or a friend buy or sell a home. I am knowledgeable about the Colorado Springs real estate market, honest and easy to work with. I make your priorities my own and I will work tirelessly to get you what you need and want in your real estate transactions.

 

Colorado Springs home inventory

At the current rate Colorado Springs homes in these different price ranges are selling, this is how long it would take to sell all of the houses currently on the market.

 

$50,000-$100,000 2.5 months
$100,000-$150,000 2.7 months
$150,000-$200,000 2.9 months
$200,000-$250,000 4.3 months
$300,000-$350,000 6.4 months
$350,000-$400,000 9 months
$700,000-$800,000 25.2 months
$900,000-$1 million 82 months

 

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