May 24, 2023

 

HARRY’S BI-WEEKLY UPDATE

A Current Look at the Colorado Springs Residential real estate Market

As part of my Special Brand of Customer Service, it is my desire to share current real estate issues that will help to make you a more successful and profitable buyer or seller.

 

 

SPRING BUYING AND SELLING SEASON STILL GOING STRONG

When I mentioned two weeks ago that April had been my busiest April in many years, I had no idea that May would be even busier.  And yet it’s true.  I know that the rest of the country is just starting to see a bit more Residential real estate activity, but here in the Colorado Springs area it appears we are moving steadily ahead.

There are several reasons for this, including a number of folks relocating here either for work or to be near family, new employers relocating to the Springs and bringing along their employees, and simply those who no longer want to put their plans on hold when it comes to selling to trade up or move to a new neighborhood.  

I’ve also run into situations recently where there have been multiple bids on properties my clients have wanted as well as offers over list price.  

A recent study by Bank of America shows that “U.S. homebuyers are still committed to their plans to buy a property despite rising interest rates, high inflation and slowing growth”.  The study also showed that “Gen Z and Millennials are showing extreme resilience even though the market is more competitive” and that “the dream of home ownership is alive and well despite the challenges”.  

More than half of those surveyed by BofA said they were looking to buy a house because they were tired of renting and the rent increases, as well as having the desire to start building equity in a home of their own.

This came as no surprise to me.  Having just celebrated my 51st  year in the local Residential real estate arena, I’ve witnessed most every cycle imaginable and have seen mortgage rates as high as 21%.  And, as I have always maintained—there are always those who need or want to sell, and those who need or want to buy.  And my investment clients are constantly on the lookout for properties that will be good rentals for those who cannot, or chose not, to own.

I’ve found that price and interest rates are not a determent to those who have the wants, needs and budgets to invest in home ownership, either for themselves or to rent to others.

At one time folks from other, more expensive parts of the country were moving here and finding they could get a lot more home for their money, and for some that is still the case.  However, as more and more people locate here, and home prices continue to rise even though more realistically than in the most recent past, this is not always the case.

Colorado Springs is still in the top 10 of U.S. New and World Report’s “Best Place to Live” rankings of 150 metro areas, but we’ve dropped a few spots to number nine in part due to housing affordability and typical costs of goods and services.  We’ve simply become too popular for our own good so to speak. While those of us who already live here know how much our city has so much to offer…like it or not, once others discover that-- they want it too! 

I hope I’m getting across the point that if you have even considered or been waiting for the “right” time to sell and trade up or move to a new location or to buy for the first-time or for investment purposes, there’s no better time than NOW to start the process.  

Let’s sit down together to find what you are looking for.  I can help figure out how to put your individual wants, needs and budget requirements to the best use in finding what you and your family want and deserve. 

It all starts with a call to me at 719.593.1000 or an email to Harry@HarrySalzman.com .  I look forward to talking with you soon.

 

THE BEST TIME TO SELL YOUR HOUSE IS WHEN OTHER’S AREN’T SELLING

Keeping Current Matters, 5.11.23

Keeping in mind that these statistics are national and as I just mentioned home sales here are picking up, there are still fewer homes for sale than are needed and it’s always a good idea to put your present home on the market when it’s favoring sellers.

Some folks are still waiting for rates to go down before listing their homes and while this “wait and see approach” is right for some, it also creates an opening for more eager sellers to jump in now.

If your present home doesn’t meet your current needs and you’re ready to move, NOW is a great opportunity for your home to stand out.  More buyers will be looking at your home and you could be one of the ones who get multiple offers like the ones I’ve recently seen—especially if you price your home right. 

As Lawrence Yun, chief economist for the National Association of Realtors (NAR) recently said: “Inventory levels are still at historic lows…Consequently, multiple offers are returning on a good number of properties.”

A word to the wise…getting your home noticed is far easier when there are fewer homes for sale, so this is something to consider if you’re wanting to get top dollar now.

  

THE WORST PRICE DECLINES ARE BEHIND US…. AN INFOGRAPHIC

Keeping Current Matters, 5.12.23

 

As I’ve mentioned again and again, ALL things Residential real estate are LOCAL…and while prices may have dropped significantly in various parts of the country during the last year, Colorado Springs did not see very much of that.  

And now, as I mentioned earlier, we are beginning to see multiple offers once again even and some of those over list price.

So, if you have put your plans to move on hold waiting to see what would happen with home prices, NOW is the time to act.  Not only are local prices NOT going down, they also appear to continue their upward trend.

To discuss whether this is the right time for your individual situation, please give me a call sooner than later.

 

U.S. HOMEBUILDER SENTIMENT ROSE TO A 10-MONTH HIGH IN APRIL…

Reuters, 5.17.23

With the shortage of available existing homes for sale, both here and nationally, new home construction is once again becoming a choice for buyers.  

According to the National Association of Home Builders Chairman Alicia Huey, “New home construction is taking on an increased role in the marketplace because many homeowners with loans well below current mortgage rates are electing to stay put, and this is keeping the supply of existing homes at a very low level”.  

Huey said that despite the rising optimism, builders are continuing to face challenges, including shortages of various building materials, to meet the growing demand for new homes.

While I personally have seen over the last year some various incentives from local home builders, including price reductions, this trend seems to be changing as more and more folks are choosing new construction.

In fact, several of my investment clients have chosen new construction for reasons such as the knowledge that a new home will likely require less maintenance and will attract more long-term, better qualified tenants than might an existing home for sale.

If new construction is something you are considering, you might be surprised that I can assist you in that as well.  I have long-term working relationships with various local builders and help you in site selection as well and most everything else to do with a new home.  Even more important, I can direct you to several lenders who can offer you terms best suited for your individual situation. 

And did I mention?  This is comes at no additional cost to you.  Just one of the many services I provide my clients.  

 

ERA SHIELDS MONTHLY STAT PACK 

Data through April 2023, ERA Shields

Here is data from my company’s monthly “Stat Pack” that can better help you understand the local buying and selling reality.  I have reproduced the first page and you can click here to get the report in its entirety.