Optimism for a More Balanced Colorado Springs Residential Real Estate Market

Over the last couple of years we have been hearing the warnings of a pending recession, or at best a slowing local economy and housing market. In 2018 we saw a strong seller’s market, however, local real estate experts are optimistic that there will be more balance ahead. Trulia, a real estate search engine, reports that out of 100 cities, they put Colorado Springs as #1 on their list of Top Housing Markets to watch in 2019. Trulia has unique insight thanks to their extensive data. Inbound searches reveal that Colorado Springs has a robust following. Trulia goes on to say that “strong employment growth and a large share of young residents helped put Colorado Springs, Colo. at the top of the list of markets to watch”.
Colorado Springs’ population continues to grow thanks to our good quality of life and broad job opportunities. Though still at record low levels, we are seeing a gradual rise year-over-year in our local real estate inventory. We are seeing quick absorption of the rising inventory levels, meaning homes are selling very fast! New construction is booming as well and seems to be readily absorbed with our growing population.
The Springs’ median sales price is just above $300,000. Ready buyers are keeping a close eye on new listings and interest rates and are poised to jump when they find the home they love. Our buyers understand that Colorado Springs’ home prices will continue to rise. History has shown that homeowners generally see a 4-5% per year appreciation. While home values rise they still remain lower compared to our neighbor to the north, Denver. Great homes which are priced right sell quickly here, typically within a day or so and often with 4-6 offers.

Key Strategy – Get the equity you need to buy a home before selling

Are you finding homes you’d love to check out and maybe buy, but you need to sell your home first? You can arrange for a Home Equity Line of Credit to use as funds for a down payment to make a home purchase when the time is right.  Bridge loans are also available. Lisa Ramsey with Mortgage Central, our preferred lender, can explain how they work and how they differ.
Whether you’re looking to buy or sell in Colorado Springs, we are here for you. Contact our team today!