Colorado Springs housing market 2021
The housing market in Colorado Springs is on a rocket to the moon right next to Tesla. With demand up and supply down, home prices continue to soar.
Why is Colorado so expensive?
This can be answered simply by supply vs. demand, leaving many looking for answers (Google, Facebook groups, Reddit, etc.). Demand has only increased in our local market as Colorado is a beautiful place that many outsiders seek to visit and relocate to. Furthermore, Colorado Springs has a large focus on a U.S. military presence (Schriever AFB, Peterson AFB, Ft Carson, NORAD/Cheyenne Mountain AFS, and the USAF Academy) as well as a large Aerospace, electronics, and tourism presence. These core industries drive further growth and expansion, bringing more and more businesses to the area to include the large Amazon distribution facility near the Colorado Springs Airport (COS).
Although the pandemic (COVID-19) has had a large impact worldwide, this has had zero impact on buyers looking to acquire properties here in Colorado; however, new listings are not meeting our historical values, causing a shortage in our market. This shortage has forced buyers to continue to be in bidding wars, giving sellers multiple over-asking offers to choose from while many buyers continue the hunt to find their next home. The Colorado real estate market has sellers scared, causing homeowners to hold onto their property while times are unprecedented. Due to this, Colorado Springs home prices are predicted to continue their upward climb well into 2021.
Why move to Colorado?
Colorado has some of the most sought-after places to live, and oftentimes, Colorado Springs is found to be within the top 5 best places to live in the United States. Outside of Colorado Springs, you have multiple Colorado locations, all within a close distance to each other, sitting at the top of the lists.
Although Colorado Springs is a sought-after location, many large businesses have been relocating to the area, which has opened up more work opportunities for locals and is permitting relocation opportunities for families looking at moving to Colorado Springs. Outside of this, there has been a large shift in organizations moving to a remote workforce permitting their employees the opportunity to expand outside of the area. Many individuals and families have found Colorado Springs' suburbs to be a great destination for working while experiencing Colorado's beauty.
Why buy in Colorado Springs today? - Colorado Housing Market Predictions 2021
With historically low mortgage interest rates (less than 3%), you may never have an opportunity to get the savings you will see today. Separately, the rental market here is just as insane, if not more insane, than our current buyers market. When your rent prices far surpass your mortgage payments, many will suggest putting your money into a property you can build equity with. If you live in a rental and are debating purchasing a home, I recommend speaking with a mortgage broker today. Although the market is aligned in the sellers' favor, with the rates they are today and the demand for outsiders looking to relocate to Colorado, the homes here will not be taking a downward trend anytime soon. To get market insider information within specific areas of Colorado Springs and surrounding areas, check out Marker Insider!
What should I do if I’m looking to sell?
The answer is easy! We are in a seller's market. We need your home! There are currently 262 active homes for sale (not including those under contract) in ALL price ranges for Colorado Springs! Given this, the market is insanely competitive right now, where it's widespread to see multiple above-asking offers. At our current pace, the current active listings would be exhausted in roughly two weeks if no new houses get added to the market. We are severely in need of more sellers as builders struggle to keep up with demand. If you or someone you know are looking to sell their home, please don't hesitate to reach out to me HERE. I will provide you with realistic, comparable properties to your home and a marketing strategy to make sure we get the most from your listing.
What if I’m moving to the area and need to buy in this market?
Hope is not lost in finding your next home! It's true... a large majority of homes coming on the market in Colorado Springs go under contract the same day they go live; however, if working with me, I will be able to set you up to receive notifications immediately upon new homes going live as well as forwarding insights through peers on upcoming listings. Many individuals use Realtor.com and Zillow.com, which are good for browsing; however, they are behind on what is actually available in our market. These companies don't show houses under contract for the sole purpose of getting potential buyers to contact them. Although this is good for generating new clients/leads, this gives users a false sense of what is currently available. Working with me, I will be sure to be transparent with you in every step of the buying process and fight for you to secure your dream home, investment property, or even a vacation getaway. To get an idea of what is currently available in our market with live MLS feeds, please see the search feature integrated into this site at coshomesearch.com/map.
Author: Charity Breed
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