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Colorado Springs Area Real Estate Podcast with Tiffany Lachnidt
by Tiffany LachnidtIf you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from The Distinctive Group- your professional Colorado Springs Real Estate Agents.
Copyright: Tiffany Lachnidt
Episodes
A Look at the Latest Colorado Springs Market Numbers
0s · PublishedWe currently have over 1,614 active listings on the market. 902 homes were sold in January 2019, a decrease of 3.4% from the same time last year. Pending sales are currently at 1,460, so I don’t anticipate seeing a decline in sale numbers in February or March.
These numbers mean 2019 is shaping up to be a great year for real estate. We’re seeing more homes being listed, and the market is still strong for sellers. So if you’re looking to buy or sell a home, feel free to reach out to us. We look forward to hearing from you soon.
What to Do if Your Home’s Roof Has Been Damaged By Hail
0s · PublishedA Discussion of Our Mid-Year Market
0s · PublishedIs It Business as Usual for Our 2017 Market?
0s · PublishedWelcome to our first real estate market update of 2017!
2016 was a phenomenal year for us in Colorado Springs. Overall sales were up about 12%, and our sales price for December rose about 7.9% compared to December of 2015. The good news is if you did not get your home sold last year, you are in great shape to sell it this year, and you will probably see an improvement in your home value.
As far as market statistics go, if you’ve been following my blog the last couple of years, you know that the story has been all about our lack of inventory. That number has not changed much lately. We’re down again about 28% for active inventory and have about 1,500 active listings currently on the market. We sold 1,200 last month, and we have 1,700 that are currently pending. If you do the math on that, we don’t have enough active listings to keep up with the sales volume that we’ve been experiencing in the last couple of years. Pending inventory is at 0.8%, and that’s another indication of our lack of overall inventory.
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How long will this trend last? When are we going to see things slow down? The truth is, I don’t think we will until we see interest rates rise. I do believe that this is the year we will see a rate hike, but what happened in the past and should happen again after a rate hike is that some of our first-time home buyers get forced out of the market. This segment of buyers creates a trickle-up effect because the homes that they’re buying are from move-up buyers who are moving into more expensive homes.
If you are interested in selling your home, I wouldn’t wait until spring. We’re seeing the same trend this year that we’ve seen the last few years, with really heavy volume happening in January, February, and March. In fact, just yesterday, we saw a six-offer situation involving a home in the upper $200,000 price point, and we’re seeing the same effect in the higher price points, as well.
If you’re a buyer, you shouldn’t wait to jump into the game either. Interest rates are still hovering around 4%, which is phenomenal. While home values are up, your overall purchase power will be much stronger than next year after the expected rate hike.
If you have any questions about our market or have a topic in mind you’d like to see me discuss in a future video, please don’t hesitate to reach out to me. I look forward to hearing from you!
Why Didn’t Your Home Sell?
0s · PublishedSo you listed your home and it failed to sell. What happened?
It can be frustrating hearing about how hot the market is and watching your own home sit idly on the MLS. The good news is, you’re not alone—close to 50% of homes that are listed fail to sell the first time around. The answer to why it failed to sell comes down to one of three things: price, condition, and marketing.
Many agents will tell their sellers that it’s price and condition, and it often is. But it’s important to also look at the marketing to make sure that your home is being shown in the best possible light. A great example of this is a home we listed two weeks ago. This home had been on the market about six months, through the height of the spring and summer selling seasons, and it failed to sell. The sellers reported that they had a few showings, but no offers.
When we visited the home, we discovered that it needed some staging. It was in excellent condition and showed well, but some of the rooms were not utilized as well as they could have been with staging. We restaged the home, then, and because it had such a unique layout, we used a new marketing tool called Matterport. This takes a full video of the home so that buyers can take a walking tour from behind their computer screen and get a first-person view of what each room looks like.
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Within two weeks, the house was scheduled to close by the end of the month. What this tells me is that because the buyers were closing so quickly, they were probably in the market when the home was marketed originally. We did make a price reduction, but only at 2%. I believe, therefore, that the house was not being shown well enough to draw in the buyer activity it needed.
This constitutes a very happy ending for the sellers, and we would like to do the same thing for you. The fall and winter months are great times to be on the market. Inventory is down, but that means less competition and buyers are still out there.
If you’re interested in buying or selling, please give us a call or send us an email. We look forward to hearing from you!
Mid-Summer Market Update for Colorado Springs
0s · PublishedThe numbers are in for June, so we wanted to give you a midsummer market update for the Colorado Springs area.
Our market continues to get hotter here in CO Springs. We closed 1,651 units in June, which was a record month for us, up a whopping 17.8% from last year. Pending sales are up by 15.8% as well. These record sales numbers have led to a shortage of inventory. We only have around 2,634 homes available for sale now, or just a little more than what we sold last month.
The average home sale price is up to $294,000, a 5.6% increase from last year. If you’re a homeowner, it’s very possible that your home has at least increased in value by this much in the last year. If you’d like, I would be happy to provide you with a free market analysis for your property.
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We need homes for sale in Colorado Springs. Demand is sky-high and will continue to be as long as interest rates stay as low as they are. This might be a great time to get your home listed and sold in a hot market while also being able to capitalize on those low interest rates.
We’re also finding out it’s not okay to slack off as a professional agent in this market. Marketing, staging, photography, and pricing are all keys to getting your home sold for top dollar. Homes that do not have all these areas covered are continuing to sit on the market.
If you have any questions for us or know someone who does, give us a call or send us an email. We would be happy to answer them.
Checking in on the Colorado Springs Market
0s · PublishedLooking to sell your Home? Get a FREE home value report
I wanted to stop by today with a quick update on the Colorado Springs real estate market for September 2016.
We've had a great year so far and fall is shaping up to be the same. I do think we're going to continue to see strong conditions in and around Colorado Springs for the foreseeable future. There are some whispers of a shift coming; I say the fastest way to create a shift is to talk about a shift, but we're not seeing any increase in inventory right now and we're not seeing values dropping.
We've actually had a pretty stable increase in values for the last couple of years, so I think that if we do see any correction, it's going to be fairly minor, and I don't think it's coming in the near future.
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Coming into September, our average sales price is $295,000, which is up 8% from 2015. We currently have 2,655 active listings at the beginning of the month, which is actually down 4% from August, and is down a whopping 21% from 2015. As I said, we do have a shortage of available inventory.
In Colorado Springs we sold 1,465 homes in August, which is down 2% from July, but is up 5% from 2015. Our average days on market is only running 28, which is down 61% from 2015, so we have strong selling conditions. I think fall is one of the best times we have to list because we see homes coming off the market from our less motivated sellers who feel like they may have missed the market. I emphatically disagree with that, because buyers don't believe in that.
If you're looking at buying, this is a great time to jump in because we're not seeing quite the multiple offer situations that we were before. All in all, we're getting back to more of a healthy, stable market than what we had the past couple months.
If you have any questions or you're wondering what your home is worth, give us a call or send us an email. We'd be happy to help you out.
What Does the Colorado Springs Market Look Like?
0s · PublishedReal estate in Colorado Springs is hot right now! Inventory is extremely low. As of May 1st, there are 2,080 homes available on the market.
In April, 1,268 homes were sold and closed in our marketplace. That’s approximately 61% of all homes that were listed. Compared to this time last year, we're at a larger deficit.
Although this trend causes prices to increase, they rise in a slow-stable manner. Last year, the average sales price was $265,000, but this year, it’s up to $275,000. That’s healthy growth. In other markets, we’re seeing double digit increases that could potentially create a bubble or small crash, but I don’t foresee this happening anywhere near here. Inventory should continue to stay low.
What does this mean for you as a consumer? If you’re a buyer, you need to be incredibly strategic about your approach. You will likely face a multiple offer situation, whether it’s only one other person or a dozen. There are a few ways to strengthen your offer. If you want to learn how to get your offer accepted in a bidding war, you can refer to this video blog from last month.
Sellers, don’t get complacent. This is your time to shine. Because inventory is so low, the market favors you over the buyers. You have more power in this type of market. If you approach it correctly, you have the opportunity to maximize profits and earn top dollar on your property. For instance, the profits you earn could be influenced by how the photos or staging are done to what day and time your listing goes live.
Interest rates are still incredibly low, which makes it an opportune time to both buy and sell. Buyers benefit from locking in low rates while sellers benefit from buyers with low rates. I anticipate an upward movement on interest rates this year, so be aware they could increase sooner than you think. When this happens, it will greatly affect buying power.
If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email at your earliest convenience. I’d be happy to serve your local real estate needs and answer any questions you might have!
Don’t Get Left Behind in a Colorado Springs Bidding War
0s · PublishedUnfortunately for home buyers in Colorado Springs, we are having a wild market shape up where homes are selling quickly and with multiple bids on them.
However, there are things you can do to increase your odds of winning a home.
- Work with a reputable local lender. Sellers will always want to know that you can actually afford to buy their home, so bring all the necessary documents and have it signed by an underwriter if you can.
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Eliminate concessions and pay what closing costs that you can. The fewer contingencies, the better off you will be as a buyer.
- Know that appraisals are becoming challenging because home values are rising. Prepare for this, especially if you are using a government loan.
- Remember that the highest dollar amount will not always win a home. Sometimes sellers prefer convenience over monetary gain, so making better terms on your offer can be just as important as offering a fair price for the home.
Remember these tips when you’re competing for a home, and don’t be afraid to compete for a home! We can help you write a compelling offer that will maximize your chance of being picked by the seller.
We look forward to hearing from you. We expect this spring to be a very busy one for us!
Are Home Values Rising in Colorado Springs?
0s · PublishedToday I have a real estate market update for the Colorado Springs area. I’ll be looking back on February of 2016 and analyzing what happened, as well as looking ahead to make some predictions about our local market.
So far in 2016, sales are up by 21% compared to last year at this same time. The number of unsold homes has dropped by 27.5%, which is good progress since last year. Overall, inventory is very low in the area.
Some good news is that pending home sales are up by 21%, and the average sale price increased by 8% since last year. The beauty of this market is that it is slow and steady. This is a good, healthy market!
If you’ve been thinking about selling your home, now is a great time to put it on the market. We need homes to sell! Inventory is low, and you can capitalize on this opportunity with a profitable home sale!
Please don’t hesitate to contact me with any questions you might have. We expect this spring to be a good one, so don’t miss out!
Colorado Springs Area Real Estate Podcast with Tiffany Lachnidt has 17 episodes in total of non- explicit content. Total playtime is 0:00. The language of the podcast is English. This podcast has been added on November 22nd 2022. It might contain more episodes than the ones shown here. It was last updated on March 26th, 2024 07:15.