COLORADO SPRINGS – It may not be “cool” quite yet, but the scorching housing market we saw in the summer of 2021, looks to be settling down this fall.
Homes are sitting on the market longer than at any point since March, at about 12 days, according to the Pikes Peak Area Realtors Association. PPAR also reports the inventory of homes locally hit a five-year high at 1,184 listings. The median sale price also dropped a bit: from $450,00 in August to $440,000 in September.
“The market has calmed down, there’s just no doubt about it,” said Randy Bell. “In some cases we’re actually seeing our clients get closing costs from the sellers.”
Bell founded Colorado First Time Home Buyer from Start Real Estate. He says other real estate companies may be sensing the shifting trends — last week Zillow announced it was pausing its instant offer and buying program.
That could be good news for buyers who don’t have corporate coffers.
“We sure felt it in Colorado Springs at the pace [Zillow was] buying. It will open the door for more buyers,” Bell said.
Bell also said down payment assistance and other programs through the Colorado Housing and Finance Authority can help first time home buyers find success in this market.
Buyers who are ready to start the home-buying process should have record of the following:
“That’s your foundation to help you start to get your first home,” Bell said.
For many first time home buyers, the $440,000 median home price may be out of reach. The good news is that half of the inventory in Colorado Springs falls below that price point.
Bell said one of the biggest perks of buying a first home is building equity. He said it’s not often the case that your first home becomes your “forever” home.
“You’re always going to remember your first kiss, your first job, your first car. You’re going to remember your first home. 20 years from now, you’re going to take the kids back and show them the first house,” Bell said.
And he said first time home buyers should do their homework —research realtors, lenders, and all the companies involved.
Don’t forget to check out reviews for realtors and agencies. While experience is nice for realtors, Bell said it’s not the only thing buyers should look for.
“Maybe he doesn’t have that drive or that hunger because in this market, you need a real estate agent that’s going to go out there, make calls to the sellers and listing agent to get it” Bell said. “You may want to go with someone who is fresher, newer in the business who wants it and if they do, they’ll get you that house.”