Lengthy market times, few showings and low ball offers seem to be a part of our new reality in the Colorado Springs Real Estate Market, at least for some homes. The early spring market seems to be breaking into three
categories.
First and fast is the sub $200,000 market. These homes, if well priced, well staged and aggressively marketed, seem to be getting plenty of showings and even appear to be going under contract quickly.
The second stage of the market if the $250,000 to $400,000. This segment is slow, seeing few showings and even fewer offers. This price range is seeing a lot of bargain hunters. The $250,000 buyer trying to marry up to the $350,000 house. You really can’t blame them, every night on TV and in the papers we hear about the lousy housing market. Why wouldn’t they go shopping for bargains? Right now our job in this price range is to manage our sellers frustrations and our buyers expectations.
The third stage in our current market is basically $400,000 and up, kind of strange as $600,000 and up used to be considered the custom market. I think this market is more concerned with price as opposed to custom vs. semi custom. This segment of the market is moving at a glacial pace! Few lookers and even fewer offers. I am going to do a market overview after May 1st. my hunch is the statistics will prove this opinion to be true.
I think we will see more activity into May, June and July. Hopefully this activity spike will be in the higher price points. I am constantly hearing the following statement: “They love your listing BUT they have a house to sell in XYZ”. I think we might be looking at pent up demand by mid summer. As far as liquidity is concerned, all of the lenders I talk to seem to have money, at least for solid, credit worthy buyers.
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