“The obvious side effect of COVID was that people would keep properties off the market. In the Pikes Peak region we saw a decrease on active listings of 12.4 percent for single
Why Is It so HOT When It Is So COLD???
“The Pikes Peak region woke up in November to some cold days and a hot real estate market. The winning streak continues for sellers as the market remains tight. And although we ended up with an increase in days on market, we continue to push values up as well. There appears to be no cooling off this winter in our area. Though many agents are starting to say that they are seeing slowing on showings and multiple offers, we are still in a great real estate market, even though buyers are really having problems with affordability.
“Things to look out for as we move forward will be the increasing debt levels that Americans are carrying. Student loan debt hit 10.9 percent delinquency on almost $1.4 trillion. China and the U.S. continue to make no headway on any trade deals. And the FED continues to leave future interest rate drops on the table. One should ponder that if the economy is good, why is the FED looking at future interest rate drops? Overall GDP appears to be stagnant or even pulling back in the fourth quarter which would make one pause as well.
“I believe it is best to deal with the now. So, for now, if you are trying to sell a home in our region you are going to see a slight uptick in days on market and yet still have offers coming in to review. Buyers will have low inventory to choose from but will be able to take advantage of low interest rates. If some of the rumors are true, and Denver along with surrounding areas are starting to see a slowdown, we will likely feel that in the next 6 months. For now, we are still moving homes at a great pace,” said Colorado Springs-area REALTOR® Patrick Muldoon.
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....