“I have to admit, even I am a little shocked at how fast the market decided to change. It is like we had a really hot summer day and a few days later, a blizzard. One weekend we were
Housing on steroids.....
Dated: May 14 2021
“Real estate has been a very interesting thing to follow for the last year. In one of the most trying times in our history, where an entire world economy was closed down, real estate brushed it off, hit they gym, and grew in strength. A year ago, we were trying to determine whether or not we were going to be actively selling at all. REALTORS® statewide were back and forth on new rules, regulations, and safety precautions. Looking back now it seems we pulled off the impossible. We continued to represent buyers and sellers safely and pushed through one of the hardest markets we have ever seen. And this shows in our stats locally. We are up 21% on all properties sold year-over-year. The housing market pushed up 19% on the medium price range and sadly, active properties dropped 56%.
“Is there a break? Will we ever see a slowdown? Will affordable housing be something we see again? It’s hard to say. Institutional investors are offering obscene amounts of money to gobble up homes and beat many individual homeowners out on purchases. One in five reported sales nationwide are going to institutional investors. And this isn’t just an American problem. Canada and other countries are also seeing these large corporations grabbing up inventory and turning those homes into rentals. Builders cannot break ground fast enough, so no reprieve there. Interest rates remain low, so that continues to push prices and buying. For the short term, there is no calm in site. It’s a real estate storm and buying frenzy that does not appear to be burning out soon.
“Economic numbers remain terrible nationally, the stimulus money the FED prints is leading to inflation, and the world continues to battle with COVID-19. Real estate remains a safe haven for money. As long as supply remains low and demand is high, housing market trajectory is heading north,” 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....