Hey Colorado Springs! Our city is finishing 2017 strong, and the Pikes Peak region still tops the list for areas where folks are planning to move. In a recent article published by MarketWatch, the ATTOM Data Solutions published its home sale prediction for the final quarter of 2017. Using its Pre-Mover Housing Index, the national property database is confident that Colorado Springs will continue to see a surge of new residents in the final weeks of the year. Other cities seeing new homeowner growth include Manchester-Nashua in New Hampshire, Chicago, Washington, D.C., and Nashville.
According to the senior vice president at ATTOM Data Solutions, “Home buyers are most likely to move — and homeowners are more likely to move up — in markets with plenty of available jobs along with a reasonable supply of homes for sale.” And Colorado Springs continues to be one of those markets.
So what does this mean for current Colorado Springs residents (specifically those who already live in the city but are looking to upsize or downsize)?
First, inventory is still challenging (but not impossible), even with the distraction of the holidays.
This is an excellent time of year to purchase, and we are seeing many gems come on the market. Since it’s the off-season to buy, often times we see less competition when making an offer. If you are contemplating a move, we recommend working with an experienced agent who can help you find and secure a home. This holds true through February; things begin to pick up in March when folks are looking to make their move to be settled by summer
Second, it means continued growth in equity for current homeowners.
If you want to sell, now is a good time (as it is a seller’s market). But it is also a good time to hang on to your property, as the Colorado Springs market doesn’t seem like it will be cooling down anytime soon. Many residents are even using their home as an income property or as a short-term vacation rental as the city continues to attract an increasing number of tourists.
If you are trying to buy though, don’t be discouraged. We are confident that with our team’s creativity and savvy experience, we can help you find your new home—even in this intimidating market.
Give one of our agents a call today and let’s talk about it!