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Jan 10, 2010 12:13 PM by Matt Stafford

Housing market showing signs of improvement locally

We've heard bad news about the real estate market nationally for a long time. Locally, there's a bright spot.

Home sales on the Pikes Peak Multiple Listing Service were up 5 percent last year, and experts expect the same in 2010.

Some are saying home sales are back on the rise in El Paso and Teller counties.

"We are putting people back to work. Slowly, but people are getting jobs again," says Fred Crowley, senior economist.

That, and other factors, have people home shopping.

"Interest rates are so low," Crowley says. "You can get a 30 year fixed, 4.5 or 4.75 percent (loan). That is literally that all time record low since they began tracking this in 1972," explains Crowley.

There is one problem that realtors are seeing, buyers afraid to make the first move.

"They're not as willing to step out and make that offer while knowing their home is under contract now," says Barbara Harris with Harris Group Realty.

However, with sales up, Crowley has an answer for that.

"It (more homes being sold) increases liquidity, turnover, so you don't sit on the home for 100, 120 days trying to sell it," explains Crowley.

"We're still on the bottom, but I think we're slowly starting to come up a bit," Harris forecasts.

With this month marking 31 years of working in real estate in Colorado Springs, Harris is optimistic for 2010.

As for continued success, Crowley says job growth is the most important factor.

 

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