“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
October is Like Spring Time
Dated: December 7 2020
With the holiday season fast approaching and the thoughts of days off, time with family, and pumpkin spice, the one thing we will not be enjoying is gifts of more housing inventory in the Pikes Peak Region. In fact, we dropped our active inventory 54% in a year. We have half the listings than we did last year! HALF!!! It is not uncommon for agents to log into our MLS and find 400-600 active homes for their buyers. This is bad, but to add insult to injury we are up 14% on our medium price for single-family homes and we continue to drop days on market. This is the real estate story of how the Grinch stole all the housing inventory.
Now, let’s take into account the bad news in the nation. We have unemployment numbers going up, lock-downs back in place in many areas to include ours, COVID cases increasing, mortgage forbearances on the rise, but housing is so limited that prices are continuing up even though the entire economy across the nation in an economic free fall. Even as we see families shutting down their businesses, commercial spaces with lease signs in windows and overall, every sector getting crushed, housing does not care. It quite literally has shrugged off every punch thrown at it despite what normally should have slowed it down.
With the FED saying interest rates will remain artificially suppressed for years(forever if you ask me), housing inventory low, and enough buyers moving to our area along with a complete moratorium on evictions and foreclosures, housing appears to be on sure footing until at some point something gives. The economy loves free money and more is coming, trillions more. The current environment appears to be poised for more inflation..er..increases in value until at some time it isn’t. And when that occurs is anyone’s guess. Sellers enjoy your dominance in this market because at some time the buyers will get to play ball again
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....