May 14, 2014 8:13 PM by Greg Dingrando
COLORADO SPRINGS - The housing market is on fire in some parts of the country and it has some buyers getting into bidding wars to land their dream home.
In some parts of the country the housing market is doing so well there's actually a shortage of homes. In Colorado Springs that's not the case.
"The average inventory compared from 2014 to 2013 is up 10%," said Ed Behr with Platinum Group Realtors.
But that doesn't mean they aren't going fast, particularly homes under $350,000. Just ask Wendy Ring who's seen a home go on and off the market almost right in front of her eyes.
"It was literally two hours later....under contract by two other buyers. it sold within 24 hours," said Ring.
Behr said the reason homes are going so fast right now is largely because of the improving economy, but also because the sellers have learned a few new tricks.
"The norm has become an expectation from buyers to see homes like on HGTV, staged and presented well," said Behr.
And with a home that borderlines irresistible comes bidding wars amongst the buyers, but realtors said that doesn't always mean you have to pay more. It's all about making yourself stand out as the safest option.
"If you're price point competing with another buyer you can give letter that says you're pre-qualified or pre-approved that may give you a leg up on someone who's not," said Behr.
And buyers like Ring are combining those tricks with a little bit of patience to find their dream home.
"It's tough but I have faith. I know its going to happen," said Ring.
Behr said knowing your specific market is key. For instance the Colorado Springs and Pueblo markets are very different.
In the Springs the average home is going for $252,900 and stays on the market for about 94 days, while in Pueblo a house averages $188,000 and sits on the market for 156 days.