Market Correction in Effect!

For those shopping for a home under $200,000 in Colorado Springs these days, the time for extreme bargains is quickly passing. Investors, it’s time to pick up those last remaining deals and resell in great condition for great profit. Sellers under $200,000 the news for you is good!

In Colorado Springs the number of active listings is down 14% year-to-date compared to last year. As we know by the law of supply and demand, a decrease in inventory leads to an increase in price. Foreclosures are also down – by 25%. Since foreclosures have been one of the biggest drags on price in this market, this decrease is much needed and hopeful news!For homes under $200,000, the market is no longer flooded with 6 months or more of inventory. That market is approaching a historical average level of inventory with around 4-5 months of inventory of these homes currently on the market.

These statistics should lead to sellers starting to negotiating harder and buyers moving more quickly to offer on a house. Let me help you negotiate for the best deal in this changing market!