05 May This Crazy Housing Market
Welcome to the City of CS show with Deborah Elliott-Shultz of MiaBella Properties where we’re making your real estate experience more affordable with a $3500 flat listing fee.
A couple of years ago, Deborah assisted a client in the purchase of a home off Powers and South Carefree. The home had a bi-level floor plan, which is quite common in Colorado Springs. Recently, she helped a client purchase a home with the same exact floor plan is now selling for $50,000 more.
Why is that? Today, Deborah is joined by Bill McAfee of Empire Title to discuss the current situation of the housing market in Colorado Springs.
In March, there were 1,371 homes available for sale. Just before the crash in 2007-2008, there were 7,000 homes available to sale. Basically, there just aren’t enough homes to satisfy demand. Which means that home sales in the region keep shattering records.
The demand for homes isn’t just from Colorado Springs residents. We’re also pulling homebuyers from Denver and Castle Rock. Why? It is nearly impossible to find homes in the $225,000 range in Denver and Castle Rock. Even with our rentals showing 6 straight months of increases, we’re still below Denver and Castle Rock’s numbers.
Add to this the recent national ranking by U.S. News that we are the second most desirable place to live in the nation, sales are expected to climb.
In March, we were seeing 1 month of inventory worth of inventory where the normal inventory sits at 4-6 months. This has caused an increase in bidding wars, post-closing occupancy agreements, and other crazy things. It has gotten so wild, many agents are mentioning in the listing notes no escalation offers and no love letters.
The market is so hot right now that it is crucial to have a seasoned agent. If you really want to help support a new agent, then make sure that agent is being mentored. The contracts that are coming in for each house make it necessary to have not only well-written offers, but also there are so many offers that a seasoned professional will need to be able to explain the pros and cons of each to the sellers.
Homes are selling at a pace never before seen. Come listen as Deborah and Bill discuss what is happening in this crazy market and why it’s a good thing. And be sure to tune in next week as they continue their discussion.
If you have any questions about today’s topic or about Title Insurance, the team at Empire Title would be happy to answer your questions. You can reach them at (719) 884-5300, or visit their website at etcos.com.
Would you like a free market analysis to find out if now is the time for you to sell? Do you have questions about MiaBella Properties’ $3500 flat listing fee makes your experience more affordable? Are there other real estate questions you would like answered? Call Deborah Elliott Shultz at (719) 641-1357 or visit the website at CityofCS.com and follow the real estate