The market is flooded with a lot of first-time buyers, in part because people are feeling better about the economy, so investing in a home seems less risky.
Colorado Springs, CO (PRWEB) May 22, 2017
According to an April 22, 2017, article in The Gazette, housing demand in Colorado Springs is “fast and furious,” with an exceptionally tight supply of homes for sale. Furthermore, numerous area homeowners are hesitant to sell their homes as they are afraid they won’t be able to find another house.
“This record low inventory in Colorado Springs puts more demand on houses listed for $400,000 or less because the buyer pool is greater. More people can qualify for a loan in the $250,000 range than in the $500,000 range,” said Becky Gloriod, founder and broker associate of The Becky Gloriod Partners and Berkshire Hathaway HomeServices. “Anything over $500,000, however, is not affected as much by this current market. Houses in a higher price range are still taking longer to sell, which frustrates the sellers of these homes who are hearing that it’s time to sell with the low inventory.”
North Colorado Springs is selling more of the higher-price-range houses than the south side because people are moving to Colorado Springs from Denver, which has an even more competitive market. For the right house, Denver buyers are willing to commute.
The lower-price-range market is being driven because rent in Colorado Springs is at a record high. Additionally, according to an April 26, 2017, KKTV 11 News article, a market study done by the Apartment Association of Southern Colorado found that the average rent price has been rising about $100 each year since 2015.
“In fact, potential homeowners could have a lower house payment than their current rent,” concluded Gloriod. “The market is flooded with a lot of first-time buyers, in part because people are feeling better about the economy, so investing in a home seems less risky.”
About Becky Gloriod, The Becky Gloriod Partners, Berkshire Hathaway HomeServices
Becky Gloriod has consistently been recognized as one of the Top 5 Agents in the Pikes Peak Region since 1998. She was chosen as the No. 1 Agent in the Pikes Peak Region in 2005, 2006 and 2007, and the No. 1 Agent in the Southwest & Broadmoor area since 1995. Becky, who specializes in luxury properties, is a charter member of The Elite 25, a luxury real estate networking group. For more information, please call (719) 229-9777, or visit http://www.beckygloriod.com. Berkshire Hathaway HomeServices Rocky Mountain, REALTORS is located at 660 Southpointe Ct., Suite 200, Colorado Springs, CO 80906.
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