Colorado Springs Market Update for January 2021

Homes are still selling as soon as they are put on the market, making Colorado Springs #1 in the nation for home sales, STILL! The inventory of houses is low, only around 391 houses on the market TODAY. With over 5,000 people looking to buy a home here in Colorado Springs, there is just not enough to satisfy the demand.

What does this mean?

This means that when homes are put on the market, they often receive multiple offers very quickly. This often-times drives up the price of the home above the listing price. In fact, many offers are coming in thousands of dollars over the asking price to be able to win the favor of the homeowner. So, if you have been thinking about selling your home, now may just play in your favor for a profitable gain.

Right now, Colorado Springs has over 5,236 Real Estate agents! That is A LOT of agents for such low inventory. The reason is many people have been told that becoming a Real Estate agent is a quick way to make a buck, especially in our hot market. But when there just aren’t very many homes available, you will find that having a full-time agent with experience with multiple offers is going to be the best option. You aren’t going to want an agent who is working part-time at their day job. They aren’t investing themselves to know the market they way the need to and when it comes down to those offers, time is of the essence and if their other job responsibilities get in the way, you could lose a potential buy or buyer. Not good.

Another risk with a part-time agent, is they aren’t making money because they aren’t able to sell homes. So they quit after a few months. You need and deserve to have an agent who has the experience and expertise and is serious about the homes in Colorado Springs to be there for you when you buy your home and will still be there when you are ready to sell your home. You will need this expertise when multiple offers are coming in, to help you understand the various clauses and creative ways they are written and what the value of each one could potentially mean to you. You are going to need someone who has the time, the ability to manage multiple offers, and the expertise to break them down and provide the bottom line that you can understand and make a decision with. A part-time agent may not be able to give you the service, attention to detail, and answers you really need to make the best decision.

Options for buying a house in Colorado Springs

With the inventory low, you can take your chances in placing bids for a home or you can purchase a new build. New builds often will take 6-9 months and are expensive. Currently, builders are selling 1,700 square ft. homes for $410,000. Builders are trying to keep up with the demand, and as a result, many are cutting corners and building homes with lower standards and inferior materials. If you are looking to build a home, check out the builder and make sure you have a reputable home inspector working with you to ensure you are getting a quality home.

The bottom line

Homes are still very much a hot-ticket item here in Colorado Springs, and you deserve to have a Real Estate agent who has the expertise of the market and the capacity to give you the service you need when you are looking to place an offer on a home or when dealing with multiple offers on selling your home. At City of CS Real Estate & Lifestyle, we have over 17 years of experience and have worked through all types of markets and can help you sell your home or get the offer accepted on a home. We know the ins-and-outs and the little tricks that make your home selling/buying experience quick and easy and much more, even affordable! Our home buyers receive a rebate and our home sellers can list with a flat listing fee! Contact us at 719-641-1357 to find out how we can make it work for you.

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