Colorado Springs Market Oct 2018

I’ve run into several people already who wish they bought a home a few months ago, so I figured a good topic for today is to talk current market conditions in Colorado Springs and El Paso county.  Most of you know we’ve seen a rise in mortgage interest rates in the last month…last I checked average was around 5.2%, up from  4.5% just a few weeks ago!  With that we’ve seen more homes come on the market, up about 5% from this time last year. Median home prices are down about 6% from their peak in June, and homes are staying on the market for a longer time.  What’s all this mean?  Sellers, be prepared to wait a little longer for an offer, and don’t be tempted to “test the market” at a high price.  Buyers, you’re going to have more homes to choose from, but you’ll probably see a reduction in your buying power by 8% or more due to higher mortgage rates (assuming you aren’t paying cash).  Don’t be surprised if the spring brings us higher rates and only a slight increase in home prices.  All indications show that our super inflation days of 10-12%/year are over.

 

One Reply to “Colorado Springs Market Oct 2018”

  1. Don’t get obsessed over the increasing interest rates if you are ready to buy. Current rates are still great compared to historical averages!

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