“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
Winter is here, but not for housing
Dated: November 9 2019
“As the weather cools, the housing market does not as the Pikes Peak Region is not allowing the ‘off season’ to disrupt a strong housing market. In fact, we saw the average days on market decrease by 9.7 percent for single-family homes and 5.3 percent for townhome/condos. That is probably due to the fact that active listings for all mentioned properties were down 26.2 percent over last year at this time, leaving buyers less to choose from and paying more if they did find the right home. Sellers thinking they should wait until spring to put their property on the market may want to reconsider as the lack of competition may boost their selling price.
“At the national level, starting in September the FED took some emergency precautions and pumped more than $50 billion into the REPO market in one night. This has turned into its own form of quantitative easing as they inject $100 billion a day into the REPO market to keep liquidity moving. Reason for concern? Most people don’t know it’s happening and it is business as usual. But Chase and Bank of America both voiced concerns. Remember, quantitative easing was used in the 2008 housing crises. This is a ‘good ’ economy and they are having serious issues with liquidity. It is clearly something to watch as the economy slows down. Also, the FED did lower rates again, showing it sees issues in the U.S. economy. The word recession continues to grab headlines as weaker than expected numbers hit from U.S. manufacturing, automotive sales, retail sales and freight. But hey, if the stock market is good, all is good?
“Worldwide, it is becoming messy. Germany admits it is likely in a recession now. Hong Kong has entered a recession. BREXIT is stirring up its own problems in Europe and the trade war with China rages on despite promises of solutions and agreements. The current administration will do all it has to in order to keep the economy looking as good as it can coming into the 2020 elections. Look for more interest rate drop talk among a divided FED and devaluation of the dollar. All options will be available to push this economy into next year. The creativity at the Federal Level will be something to marvel,” said Colorado Springs-area REALTOR, 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....