Get Ready For a Red Hot Boiling Summer!

If you are thinking about buying or selling a home, get ready for a red hot summer real estate market.

In many markets across the US, appreciation, and prices are increasing at a hot pace. At the present, no cooling off is in sight.

Colorado Springs CO is not any different. Home prices have increased a staggering 13.3% since the same time last year. The median home price in the area is now at $298,877 and climbing. The same house a year ago sold for appropriately $265,00. 

The hot housing market is being caused by several factors. Not only here in the Colorado Springs market, but in markets across the nation.

  • Low-interest rates make housing affordable.
  • Hot job market (unemployment below 3% in Colorado).
  • Demand for affordable housing is outpacing demand.
  • New home building has not increased to meet demand.
  • A high rate of buyers are entering the market (first-time millennial buyers, buyers relocating, and empty nesters looking to downsize).

Colorado Springs is #6 on the Forbes and Trulia list for hottest markets to watch in 2017.

Year over year home sales have increased a consecutive 30 straight months. January was the biggest month for sales in Colorado Springs in over 25 years. This makes for not just a hot market, but for a boiling hot market!!

List of the top ten markets to watch for 2017 (source Forbes Trulia)

  1. Jacksonville FL
  2. Cape Coral FL
  3. Daytona Beach Fl and surrounding area
  4. Grand Rapids MI
  5. Tampa Bay Area FL
  6. Colorado Springs CO
  7. Charleston SC
  8. San Antonio TX
  9. Phoenix AZ
  10. Sarasota-Bradenton Area FL

For buyers and sellers, some basic rules still apply.

Sellers:

  • Don’t overprice! Prices still have to meet market conditions
  • Make sure the property is clean and attractive
  • Curb appeal still matters. If you want the offer on your house to be at asking price, or above asking, make the house shine!
  • Do the repairs, have the house in good, safe, working condition.
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Buyers:

  • Don’t waste your time making low ball offers. The offer will end up in the wastebasket. Most houses are going for full asking price or above.
  • Listen to your Real Estate Agent. They should know the areas and the prices.
  • Be prepared to work at your search. Many houses are getting multiple offers in the first few days. You must act and decide quickly!
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If you are a buyer, be prepared to pay at, or above market value. Very few discounted properties are available. The properties that are, need work. In most cases, the houses that can be discounted are not turnkey and ready to move into. You may want to wait to buy a house when there is a readjustment in the real estate market.

If you are a seller the world is your oyster. You will receive top dollar for your house if it is in good to excellent condition. However, keep in mind, if you are going to buy another house read the paragraph above. the same rule will apply to you on the buy side.

Either way, be prepared! It is going to be a Boiling Hot Summer!