If your plans include selling your home this year, there is no time like the present when it comes to listing your property, especially with a market such as Colorado Springs and El Paso County are experiencing. Reviewing the latest market data released by the Colorado Association of Realtors® (CAR), will tell you, we are definitely in a strong seller’s market. With conditions anticipated to continue in a similar fashion, listing your home now could pay off with a sale you can be thrilled with.
December, 2016 stats have been released by CAR, and they provide some key insight into one of the main reasons we are in a seller’s market. It’s all about Supply vs Demand. As of the end of 2016, our region had only 1.3 months worth of supply available on the market. In essence, it will take just 1.3 months to sell all the active listings, if no new listings were added. But what does this really mean and does it matter?
Real estate markets with shorter Days on Market (DOM) averages have more buyers seeking property compared to areas with longer DOM averages. El Paso County has been growing in popularity and attracting a greater number of buyers, which is also reflected in the December sales results. We saw an 11.1% increase in the number of sales completed to the year prior, with average sale prices rising by 6/7%, to $290,000 for single-family homes.
Not only is the region growing in desirability for homebuyers, more people are also eager to buy. There is an increasing time crunch which many buyers are now facing. Mortgage interest rates have begun a steady climb upward. Current 30-year fixed mortgages are hovering just below and above 4.00%, and they are expected to continue to rise. While this is still an historically low rate, many homebuyers see the writing on the wall, and are ready to get financing now before the rates go much higher.
The real estate market in Colorado Springs and around El Paso County is a strong one. We have a
Listing your home now, as we head into the busy spring season, could help you gain a higher price with a quick turnaround. If you are ready to get started, you will want to know the value of your home. A great way to do this is with our free report, What’s My Home Worth? A few pieces of information is all we need to prepare a market-value estimate and comparison of other houses in your neighborhood. Knowing what homes are selling for nearby will help you establish the best list price for your property.
Whether you are buying or selling your home, connecting with a Realtor® who understands the community and local market, provides you with the ideal resource. This can make a big difference in how happy you are with the process, and the results. We at Springs LifeStyles Real Estate are here to help you with all your real estate needs! Call Kathy Stenberg at (719) 963-4867 or you can email her at firstname.lastname@example.org You can also visit us at our website for available listings and additional information.