Roshek Rundown Buyer & Seller Report
Here we are in July!
Usually, in July the market slows a bit for a few reasons…
- 1. Most people buy homes in April & May… and close in May or June.
- 2. People are celebrating the Fourth of July and going on vacation.
- 3. Buyers get tired of multiple offers and seeing homes go off the market within days.
This year because of Covid-19, we are seeing the market heating up through July. Prices have been rising and so is the competition to buy a home. The other day I wrote an offer for a home in Woodland Park that had over 6 offers within 2 days. There just is not much inventory (which we have had for the last couple of years). Plus, there is not much new construction, even in Colorado Springs. The builders cannot keep up with the demand which has caused prices to rise. I also believe that the market continues to move because after 30 to 90 days of "Staying at Home" people have either remodeled and decided they like their home or they realize that they need more space. With the future of more people telecommuting or working from their home, the demand for a home office or multiple living rooms for families to be separate is causing a different kind of stress for buyers.
And on top of all that, mortgage rates are super low! You could possibly qualify for a 30-year mortgage under 3%! What does this mean to you? Now is the time to talk with Coleen and/or Jason to find out what your home is worth, to make a plan to Buy and to Sell or maybe just to refinance your home.