COLORADO SPRINGS“The statistics do not tell the entire story. We may show only a 1.1% drop in the median sales price for all properties, and a slight uptick in active properties, but the real
No Love For Buyers In February
Dated: March 11 2022
Views: 180
“February was a blur of real estate frustration. We wrapped up 2021 and it appeared like the escalation clauses were less frequent and that appraisal gaps were not nearly as large. But February cursed us with a 13.5% decrease in new single-family listings year-over-year pushing up prices along with appraisal gap coverages and escalation clauses. The one-year change in price was 16% and we had a 20.2% drop in active properties across all property types. These stats are echoed across the nation right now. We saw an all-time low of 860,000 properties in February nationwide, down 17% from a year prior.
“I am never an agent to push someone into buying a home, or telling someone to rent, but I am a realist. Ultimately, it is up to the consumer to decide what is best for them after the education process. But despite interest rates going up, a war breaking out between Russia and Ukraine, and food prices and oil prices heading higher, real estate simply does not care. I think it would be safe to tell most buyers in our area, that if they are serious about buying a home they are going to have to consider coming in 10% above list price, depending on price point. A buyer will have to also offer appraisal gap coverage and escalation clauses. Oh, and their largest competition is likely a corporate buyer.
“As spring begins to feel very near, I am not optimistic the buyer in the Pikes Peak region is going to have a better chance this year than last at finding a home. It feels like corporate investors are actually acquiring more property. When we list a home, it is not uncommon to have one or two corporate offers on any home below $550,000. They are always cash, always aggressive, and typically very easy to work with. Sellers are going to be able to sell for absolute top dollar and will then have to figure out what they do once their home sells. Because once you are no longer a seller you are now a buyer or renter and nationwide, this housing problem is yet to see any relief,” said Colorado Springs-area REALTOR® Patrick Muldoon.
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....
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