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
Interest Rates and Springtime Housing
Dated: April 17 2022
Views: 193
“I was not expecting a slowdown as we entered March. The writing was on the wall. Low inventory and high demand were going to continue to cause the same hikes we had seen. As the snowy season came to an end and spring was nearing, there was almost nothing that could happen to slow down rising housing prices. Sure, inflation is at 40-year highs. Sure, food prices are surging, gas is up, rents are up, and home prices still marched onward and upward. The trend has not stopped, regardless of wars, recessions, or more inflation coming as we head into the second quarter.
“With large amounts of cash out there and demand for higher R.O.I., investment firms are buying up large amounts of real estate and trying to turn profits. As they do, the middle class is getting squeezed. Since most buyers are competing now against cash buying giants like Black Rock or heading to rent from them as well, investors are in many ways controlling markets and the non-stop pursuit of profits has the average American getting pushed out of owning homes. The very fabric of America is going through changes in this sector.
“Watching home prices push up double digits again, year-over-year, is a real struggle as we approach summer. Median sales prices were up 17.1% on single-family/patio homes and we saw days on market decrease 7.7% on those same properties. This is occurring while we are also seeing consumer debt rise, interest rates increase, and inflation continue. Due to a lack of inventory, it seems that this is sustainable. I just keep feeling that at some point something has to give. Americans are getting hit on every side with cost increases and their savings are depleting. What is the straw that breaks the camel’s back?” asked 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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