Falling leaves but NOT falling prices.

Dated: November 12 2021

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“It was amazing weather here in the Pikes Peak Region all of October. Very few times in Colorado do you actually get a Fall, and this year we were amazed with colors changing on the trees, warm daytime temps, and what most called the BEST October in recent memory.  It is one of my favorite months also because we get to enjoy Halloween! With COVID rules relaxing and parties coming back online, people were out in full force enjoying the socializing. And not only were there some scary costumes and movies, but housing remained terrifying for buyers! 

 

Here are the amazing facts about our economy nationwide: It is in freefall. Ignore the jobs added report until you subtract that from the first-time unemployment claims to find out that we actually lost jobs. GDP is retracting. Inflation is now knocking on everyone’s door. Gas, food, goods, and services are all up. Interest rates are also up from their lows.  If you try to find good news, there isn’t a lot to go around. But through it all, we have housing.  I don’t know if this is good news or not. If you are a seller, it is. If you are buying, it is not. Home prices went up 16.8% year-over-year across all properties. Single family homes went up 18 percent to $450,000 as a median price.

 

October also brought some of the biggest news to hit real estate in many years. The real estate goliath, Zillow, announced they would stop buying homes for the remainder of 2021, but shortly after announced they would shut down their entire iBuyer business model. They stated it was due to the algorithms not being accurate and paying far too much for homes far too often that left them losing 550 million dollars and now offloading 7,000 homes nationwide. As I look across the national landscape and start hearing about economical slowing, I wonder if Zillow is getting out while the getting is good??? Let’s keep in touch and see how we progress into next year, shall we?” said Colorado Springs-area REALTOR® Patrick Muldoon.

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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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