A general label does not always apply to every circumstance. So, we should not be surprised if labeling a financial market as strictly bullish or bearish or a real estate market as a buyer’s or seller’s market does not apply to the entirety of the Colorado Springs Real Estate market.
Nonetheless, the tide has certainly turned from being a recessed market, in which buyers were determining the actual sales prices by making savvy purchases at some great bargain prices, to a Seller’s market.
Nowadays, especially in the price ranges under $400,000, the inventory is very low, thus the Seller’s are determining the pricing on listings by holding steadfast to their asking prices. And to boot, many Sellers are getting what they are asking within very short time frames, especially if they have properly maintained and staged their homes appropriately.
This trend of shortened time frames for contracts, closings and multiple bids is also gaining momentum into the higher price ranges as well. I’ve personally noticed that more buyers are inquiring about the higher price ranges these days.
Yet, I do not want to give the wrong impression about the Colorado Springs Real Estate market as being a Seller’s market exclusively. Many, many contracts still have heavy buyer demands in which the Seller is expected to pay closing costs. As for other Seller situations, some might not be taking the sizeable hits like they did in the last few years, but several are still taking some financial whacks to get their homes sold in this window of opportunity.
But for the most part when appraising the market, and as for the future, the potential of inflation will simply drive the real estate market into high gear. Is it a Seller’s market? Simply put, yes it is as we are still in the recovery process, so each situation is still either Buyer’s or Seller’s.
Feel free to contact our group at Selley Group Real Estate, LLC: 2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101
All agents affiliated with Selley Group Real Estate, LLC are actively licensed in accordance to the laws of Colorado.
Portions of this article are written by Gordon, as framed by the expressed opinions of Cherise, but not proofread.