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
Affordable Housing On The Way???
Dated: October 15 2022
Views: 279
“Housing affordability coming to a city near you, but when? It seemed like just yesterday when the REALTOR® population at large stated that Colorado would not and could not see declines in housing prices. We were told that we just did not have any inventory and because of that reason alone home prices were safe and rental prices were too. But that season has changed and as we work through the beautiful fall weather here in Colorado, housing is heading for winter, and fast.
“We dropped 26.8 % on sold listings year over year – a number that simply amazes me. Just think how many people that drop affects. From the mortgage world to new home builders, REALTORS® and more. That number is massive. And with active properties up 91.9 %, we are really beginning to feel the pain, a pain brought on by higher interest rates, up 55% from a year prior. But even before that we were in bubble territory, this just exaggerated that bubble. Because of that, the tables have turned from sellers demanding high prices, appraisal gaps and the first born, to sellers beginning to get aggressive on pricing and still hoping to see an offer come in. The good news is, we are still selling homes, but you better be serious about price and condition to bring that buyer in. And then you can expect lower offers, concessions and tossing in a fridge or two.
“The industry is trying to wrap its mind around what happened. So many couldn’t see this day coming and now that it has, panic is beginning to set in. Maybe one of the reasons is that the Fed is going to continue quantitative tightening until they break something. So, these first few months are just the beginning of the downturn. With talk of recession, home prices dropping in many areas across the nation, international and national news of possible large, international bank failures, devaluing currencies, untamed and high inflation, gas prices heading north again, we have very little good news to work with. If I was a betting man, I bet house prices are headed south from here and until affordability along with economic stability is reached, many may be shocked on what is coming and how bad this may get. Not to mention that 2008 isn’t that far away and many have a bad taste left over from how fast that hit and what it cost us all. The headlines today are reminiscent of those days.
“Currently, sellers are going to have to price their homes aggressively to sell them, and even then, we are witnessing buyers sitting on the sidelines knowing there is blood in the water and waiting is probably going to snag them an even better deal. As the large IDX sites continue to show price drops, I cannot say I blame buyers for their patience. As for the industry as a whole, it reminds me of the parable, ‘The Ant and The Grasshopper.’ I hope there are more ants than grasshoppers because these could be trying times,” 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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