The Colorado Springs housing market is interesting! |
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This is no longer a different housing market - it is THE market in which we're working.
Interest rates terrific! ... now is time to buy.Click here to read about interest rates. We do our best to keep up with changing economic opinions - and it's clear to us that nobody seems to have a perfectly clear crystal ball.
Both agree we came out of the recession in November of 2009 and both are predicting the possibility of recessionary status in the next 1 1.2 to two years. The 4th quarter of 2009 was the best 4th quarter we've had in our office in over 19 years. We credit that partially to the economic stimulus money encouraging first time home buyers to take action, but secondly we think buyers are just getting tired of waiting for the "perfect" moment to make a move. Interest rates are still at historic lows and the home buyer tax credit has been extended for first time buyers, and there is another new credit for any home buyer. In the resale area homes are still selling, but at a slower rate. To sell in this market the home must be:
We have about a half year supply of homes currently on the market. Each specific neighborhood and each price range has it's own story; some school districts sell faster than others, some styles of homes are more popular than others, and the look and feel of the neighborhood and surrounding homes always has an effect upon a buyer's decision. Having said all that, it's a great time to buy! Interest rates are the best they've been in about 6 years. Home loans are still available, but the qualifications to get a loan are getting even tougher. Smart Sellers are pricing their homes near the lower end of market value. If you're up to the challenge of purchasing a foreclosure or short sale property, there are some opportunities to get a terrific deal. |
We've recently attended a couple of economic forecast briefings - one by a UCCS professor and another by an economist in Denver.