"June, the month that finally ushered in Summer!!! June 20th struck the official date of summer, but the housing market had never left last summer. There was never a fall or winter for
The Terminator Cannot Kill This Housing Market
Dated: September 12 2020
Views: 244
“There has been a direct correlation between the drop-in inventory and the increase in pricing along the Pikes Peak Region. We saw active listings drop over 50 percent among all listings. As demand did not subside, even during COVID-19, prices continued to push up 14.1 percent among all properties in August, year over year. This played into a 18.2 percent drop for the average days on market for single-family homes. For each month that begins with fewer days on market, prices push up, and we see more competition among the buyers who are brave enough to go to war over homes in our area. There seems to be no reprieve on the way for a blistering hot housing market even as we approach fall.
“It is almost laughable to think that if a buyer missed out on a home in May, that they have been priced out of many markets in the last four months. Homes that were ‘affordable’ have become unaffordable in just a matter of months. Many buyers are finding out that, unless you are willing to go significantly above full price, add in appraisal gap coverage and toss in their first born, getting a home in these conditions may be impossible. Even with the first-born, buyers are losing out to other buyers who offer higher, give additional appraisal gap coverage and toss in the first two kids and a dog. Insane isn’t even a word I can use for this market after losing seven offers in a row for a buyer who just four months ago missed out on a home by $1,000 and is now coming in $10-15,000 above asking and still missing out in the same subdivision.
“There’s no doubt that sellers are reaping the benefits of this market. Placing a home on the market and knowing that buyers are going to give their best to get a home, is nice. Knowing that homes that price right will see multiple offers and a seller will have the luxury of picking the best offer for them is a seller’s dream. A special closing date, timeline adjustments, free living and more are now being offered by buyers just to take a stab at getting into a home. As a seller you are going to get what you want, when you want it if you are in the most highly needed price points. However, your plans need to include leaving town or you’re going to get to experience the buyer frustrations mentioned above.
“The U.S. economy is in shambles by any measurements used. COVID-19 wrecked a strong GDP, record low unemployment and strong sales in almost every industry. But for now, housing along the Front Range mocks a failing economy by showing it is more resilient than a cockroach and harder to kill then the Terminator,” 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....
Latest Blog Posts
“Are we headed into the roaring 20s or a great depression that followed? As everything begins to open up, we have a lot of money that has been on the sidelines, and it appears people are ready
“Real estate has been a very interesting thing to follow for the last year. In one of the most trying times in our history, where an entire world economy was closed down, real estate
Supply and demand are the typical eb and flow of the pricing of most products. With high demand and low supply comes a push-up on prices. In the world of real estate, we are experiencing a 63% drop
The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange (IDX) program of METROLIST, INC., DBA RECOLORADO©. Real estate listings held by brokers other than Muldoon Associates, Inc.name are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified. August 2, 2021 11:06 AM UTCd
The real estate listing information and related content displayed on this site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information and related content is deemed reliable but is not guaranteed accurate by the Pikes Peak Realtor Services Corp.
Pueblo Association of REALTORS®, Inc. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be
