U.S. News and World Report magazine discusses the large retiree community in Colorado Springs. The Colorado housing market is highly localized as market trends vary from region to region. Increasing mortgage rates will surely have a major impact on home sales in 2023. Owning a house near the Gardens of the Gods Park can prove to be a goldmine in building up your Airbnb rental business. Home staging means preparing your home for sale with or without the help of a professional home stager. Colorado Springs has been on a 10-year price increase with no end in sight. View a map of everyzip code. The controversial Airbnb ordinance was passed in November 2018 by the Colorado Springs City Council. Housing rebound? After a tough 2022, Colorado Springs real estate The median sale price was down by 1.8% in February 2023 Y-O-Y, but the number of homes sold dropped 42.1%. As a result, supply increases, and prices drop. You can convert your property into an Airbnb vacation rental and rent it out to vacationers and tourists on a short-term rental basis. Apart from the Colorado Springs housing market, you can also invest in Denver. As it becomes easier for buyers to get a loan, the demand consistently increases. In a slow market, inventory is usually high, and home prices keep decreasing due to lower demand. You can sell your house to cash buyers, IBuyer, or anyone else. Benefits of Home Staging:There are numerous benefits a seller can get from professional home staging. Unless you have plans to downsize, rent, or relocate to a more affordable area, youll only be selling and entering the bubble. Our real estate agents at Great Colorado Homes enjoy discussing the local market with anyone interested in learning about it. However, the student market in Colorado Springs is both larger and more diversified than the military student population. This could be due to the increase in inventory of active listings, making buyers more selective and taking their time to find the right house. According to the September Redfin data, the seasonally adjusted total figure for 2022 decreased from 6.49 million in January to 5.1 million in September. In El Paso County, that would mean our home prices would drop to between $392,700-$448,000. Lets talk a bit about the Colorado Springs area before we discuss what lies ahead for investors and homebuyers. Thus, demand increases and prices rise as well. July's average home price is $501,138 dollars which is down from the previous month by .04% in June, so it's not too bad. Fort Carson, an Army base, is located within the city limits. You must be thinking about selling your home. Prices are just now starting to level out. It is important to freshen up the curb appeal before potential buyers arrive. Understanding current government policies can help you predict the demand and supply and identify potentially false Colorado real estate market news. The pent-up demand for housing is expected to be supplied between 2025 and 2030, according to the National Association of Home Builders. The location creates desirability. The Denver-Aurora, Colorado statistical area is home to about three and a half million people. People move here for work and the lower cost of living compared to more expensive Front Range cities. The Colorado Housing Market 2021 Will Be a Seller's Market If you were searching for a buyer's market in the US housing market 2021, you may not find it in Colorado. The local real estate market in Colorado Springs has been rapidly shifting from a seller's market to a buyer's market. In Vail, the inventory of homes on the market rose since the first of the year, but still shows 25% lower than a year ago, and at just 40% of long-term averages. The construction of thousands of Colorado homes is planned for this year. Consult with one of the investment counselors who can help build you a custom portfolio of Colorado Springs turnkey properties. https://www.neighborhoodscout.com/co/colorado-springs/real-estate/ As mortgage rates are at record highs in 20 years by 7.08%. The Boulder housing market has also been bolstered by the presence of multiple government agencies like the National Center for Atmospheric Research and the National Institute of Standards and Technology. March 17, 2023 by Marco Santarelli The Colorado housing market has been in a state of flux over the past few years due to the surge in demand for homes. However, sellers can benefit from selling a house if the following factors favor them. A slow Colorado real estate market may force buyers to refinance their new homes. Companies that buy houses for cash fiercely compete for properties during a hot seller market. Colorado Housing Market: Price, Trends, Predictions 2023 By the end of next year, mortgage rates could hit nearly 4%, based on Freddie Mac's forecasts, while realtor.com's Ratiu . The Colorado Springs housing market, located in El Paso County, Colorado, has experienced significant changes in the past year. To get the top dollar value for your money, its beneficial to focus on the local housing market in Colorado. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments a nationwide provider of turnkey cash-flow investment property. For Airbnb's attractability and business building, there are two huge military bases with Air Force, Naval Academy. Sell FSBO! Interest rates are the most significant factor for the real estate market in early . How To Invest in Real Estate During a Recession? Inventory is low and prices are increasing at a steady pace. You can either choose to invest in your future or market your home to potential buyers. There has been a gradual decline in homebuyer interest. Colorado Springs Real Estate Market Predictions for 2023. As a result, no foreclosure crisis is on the horizon. Lenders on a mortgage charge interest rates. As the Fed attempts to control inflation by increasing mortgage rates. But In the long run, the sellers market will continue. A housing bubble bursts when demand decreases and supply increases. This is causing prices to slowly decline. For setting up an Airbnb business, there are lots of outdoor attractions, 3 hospitals, the Broadmoor hotel (historic hotel on a lake), 2 cute downtown streets with restaurants (downtown and colorado city), 90mins from Denver, and 2 hours from skiing in Breckenridge. Know exactly whens the best month to buy a house. It's always good to plan conservatively. Best Time to Buy a House: Know exactly when it is best to buy a house! The months supply metric is calculated by dividing the number of homes for sale by the number of homes sold in a month. The median sale price was down by 1.8% in February 2023 Y-O-Y, but the number of homes sold dropped 42.1%. Home sales could plunge in 2023. These cities could see the biggest How is the Colorado Springs Real Estate Market? Redfins data tells us how a typical home sells for less than the asking price. We've all been having will-it-won't-it conversations about a potential housing market crash for at least the better part of a year, but most experts say that a crash isn't likely this spring. The Colorado housing market is amid a major shift. Now, with the first quarter of 2023 in the books, is. Despite the increase in inventory, homes are still selling for 98.7% of their list price, but it is taking longer for them to sell with the days on the market until sales increasing by 315.4% to 54 days. Shortage of housing for a growing population, a strong economy & increasing jobs have been fueling the demand in the Denver housing market for the past many years. 16% of respondents said now is a good time to buy a house. The colleges foster high-tech startups. https://www.coloradorealtors.com/market-trends/regional-and-statewide-statistics/ Sellers have been experiencing record sales prices for the last few years. Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years At the same time, sellers may need to be more flexible with their pricing strategies and be prepared to wait longer for their homes to sell. Colorado Real Estate Market: Will It Crash in 2023? According to RENTCafe, 36% of the households in Colorado Springs, CO are renter-occupied. California Housing Market Forecast For Homebuyers For 2022 Colorado Springs CO real estate listings updated every 15min. Before the 2008 housing market crash, the housing supply or inventory peaked at a 13-month supply. However, it's expected to recover slightly by February 2024 with a predicted decrease of 0.3%. On the flip side, more and more people are starting to cash out on their equity by borrowing against their property. However, few experts believe that housing inventory will rise as interest rates rise and homes become more unaffordable. If you're dying to buy a primary residence today, make sure you can withstand a 10-20% correction over a five year time frame. Colorado Springs homes for sale range from $67.6K - $21.5M with the avg price of a 2-bed single family home of $526K. If the mortgage rates continue to rise and houses stay on the market for longer, the real estate market value will continue to fall. Brett: The worst crash in our recent history we massed 16% loss over 4 years. Home prices have been steadily rising for the last two years. Another solution thats more readily available in Colorado than elsewhere is telecommuting. Sell FSBO, Sell your home now! On the other hand, it has been a seller's market, with more buyers than houses, resulting in prices being driven up. How to List a House on MLS: Learn about various ways of getting on the MLS. Recent sellers typically received 100% of the listing price, and 38% reported lowering the asking price at least once. Good cash flow from Colorado Springs investment properties means the investment is, needless to say, profitable. Now that the housing market Colorado is threatened by a similar instance of rising mortgage rates and the possibility of a recession, buyers and homeowners are asking a familiar question: When will the housing market crash in Colorado? Is Colorado Springs a Good Place For Real Estate Investment? The Average Sales Price in Colorado was $663,991, down 4.4% year-over-year. Days on Market Until Sale = 65, up 103.1% year-over-year. A real estate agent or broker was used by 86% of buyers to purchase their homes. This has led to an increase in home prices across most regions of the state, making it difficult for buyers to find their dream homes. Today's median price of a home listed for sale is only 3% lower than last year. The top 10 most overvalued housing markets in Colorado are as follows: Heber-Overgaard, AZ 66.7%, Cave Creek, AZ 26.9%, Saddlebrooke, AZ 23.1%, Coolidge, AZ 18.3%, Marana, AZ 13.6%, Fortuna Foothills, AZ 12.3%, New River, AZ 11.2%, Fountain Hills, AZ 11.1%, Litchfield Park, AZ 9.9%, & Peoria, AZ 9.9%. Housing Market Crash 2023: Where Will Prices Drop? And Why? - Forbes Until housing inventory remains low. https://realestate.usnews.com/places/colorado/colorado-springs A Housing Market Crash Could Hit These 20 Cities the Hardest - Newsweek So, if you watched my video last month in June about the average sales price in Colorado Springs, it was just over half a million dollars, $502,961 was the average home price in Colorado Springs for June. Rising home prices are one sign of a hot seller's market. Right now, Coloradans have to earn $27.50 an hour to afford renting a two-bedroom apartment at fair market rent and not spend more than 30 percent of their total income a red line to being what. Look up here. We value your privacy We use cookies to enhance your browsing experience . Additionally, it's worth noting that the COVID-19 pandemic has had an impact on the El Paso County housing market, as it has with many other markets across the country. A typical homebuyer financed 94% of the home price. 2022 Housing Prediction #5: Mortgage rates will be over 6%. Here are a few Colorado housing market predictions for 2023 based on the experts forecast. Colorado Springs real estate has continued to appreciate faster than most of the markets in the US. A closing costs calculator for buyers gives you an estimate of your closing costs while buying a house after deducting local closing costs. Looking at the MSA level forecast for Colorado, we can see that Denver, Boulder, and Fort Collins are expected to experience a decline in housing prices in 2023-2024, with Denver projected to decrease by 1.6% by February 2024. Do Experts Think The California Housing Market Will Crash In 2022? The median price of single-family homes has decreased by 3.4% year-over-year, and the average sales price has dropped by 4.4% over the same period. This is juxtaposed with the 45% pricing increase the U.S. housing market saw between December 2019 and June.