ResalesColorado Springs Housing Market Shifts From Neutral
Rocky Mountain-loving Colorado Springs Realtors are shifting into high gear as real estate sales start to climb again.
"This is wonderful news for both buyers and sellers," says Realtor Vicky Baker. "With the increase in the stock market plus the job outlook becoming more positive, we"re seeing a steady rise in the buying activity! As you know, the market continues to improve however, also, the interest rates are starting to reflect the robust economy by starting to increase."
Baker advises, "It has been whispered among lenders that once the presidential election is over, regardless who is in office, the interest rates will start to rise more dramatically. What this means is, if you"re planning on buying a home, do it now. Procrastination will just lead you into higher interest rates which means a higher monthly house payment.
"Sellers are enjoying the new resurgence iof real estate activity and have been less likely to accept a "low-ball" offer than they were a few months ago," she adds. "If you"re a buyer who just "fell in love" with a home, don"t play games as it will end up back-firing and losing you the home you really wanted. Yes, most sellers are willing to take less for their home, but it"s generally two percent off the purchase price and nothing more than that. Have your Realtor run a market analysis on the home you"re considering on purchasing and see what the analysis brings. Often times, a listing agent has the home priced to sell without overinflating the price. The overinflation of prices are what you find in "For sale by owners!""
Agrees Realtor Gary Adrian, "The market is improving increasingly, and proves to be a great time to sell your property. Prices do continue to be moving in an upward trend. This is still low by historical standards. Interest rates still remain low, so many buyers will be able to buy more house for their money, and others who were pushed out of the market can now qualify for a home. The year 2003 shaped up to be one of the best years for real estate on record. Sales of existing homes were 5.8 percent higher in 2003 than they were in 2002, according to the National Association of Realtors. The prediction for 2004 is that this will be the third best year ever for housing."
"The market in El Paso county continues to stay in balance," says Realtor Doug Jones, "with a slight edge to sellers. Pricing is strong, with an average sale at 98.5 percent of average listing. Areas strong for sellers are east, northwest, southeast and Powers. Buyers had their way in Black Forest, usually a little slower in the winter months. The number of buyers buying in February was about the same as the previous February."
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