Strange things have been happening in the real estate market during the outbreak of COVID-19. Amid company shutdowns and unemployment, Colorado’s real estate market continues to buy, sell, and adapt.
But right now, the numbers are pretty strong and, in fact, Colorado Springs has quickly become one of the BEST housing markets to sell your home amid the pandemic and was even named one of the hottest housing markets in 2020 by USA Today.
But the question still remains, is NOW a good time to sell your home? The answer is YES.
Home buyer demand is back with a vengeance
Granted, in the spring, when COVID-19 was spurring many states to enforce quarantine and ban open houses, home selling understandably went dormant for a while. But now that lockdown restrictions are loosening up in some states, home buyers are out with a vengeance—and many of them are eager to make up for lost time.
Home inventory remains low
The number of homes for sale to actually meet this pent-up demand is at an all-time low.
The number of homes for sale is at a “generational low,” because people are living in their homes longer than they used to. In fact, NAR data shows that Americans are spending an average of 13 years in their homes before moving. This means that the competition for your home is HIGHER, than ever before.
Home prices are up
With demand for homes up and inventory down, the conditions are perfect for home sellers to get high prices. Many sellers can get top dollar in the current market conditions. CHA-CHING!!
Mortgage interest rates are low, too
Another factor pushing home buyers to shop and purchase homes at such a quick rate are the historically low mortgage rates. Today you can get a good mortgage rate for under 3%. Thus, FOMO setting which is pushing buyers to purchase homes at quicker rates.
Consult an expert if you’re not sure
If you’re not sure if selling your home is the right move, consider talking to a local real estate agent before moving forward. As a Colorado native I have an understanding of the pulse area market conditions and can advise you on your unique situation. Contact me today with any questions you may have or to get started on selling your home!