COLORADO SPRINGS — If you're looking to buy or sell a home in the next few years, the market may be in your favor.
In a presentation to city council this week, Harry Salzman from the Pikes Peak Association of Realtors outlined the studies showing Colorado Springs is a favorable place for housing. A study from the Federal Housing Finance Agency (FHFA) shows nationally home prices went up 4.9 percent, in Colorado Springs the number was nearly double at 7.4.
With a low inventory and high demand in Colorado Springs, there's a bidding war for buyers, "because of that they might need to select a home that maybe doesn't have everything they really want," Salzman said, "the only way people are getting what you want today is if you build a new one."
Salzman says the trend isn't expected to slow down for the next few years. The factors with the housing market coupled with the job growth and quality of life make for some favorable factors for a hot market in real estate.
"people are still going to be moving here, we've got a great thing with corporate growth, companies are moving here they're bringing people from across the country," Salzman said.
Chase Smith, a sales associate for a neighborhood of new homes in the Rockrimmon area says the Realtors he works with, are seeing homes sell quickly.
"If you're ready to buy, you better be ready to buy," Smith said, who added that many people are seeing homes sell faster than others can put offers down. With the neighborhood he works with, he says they're selling about 4-6 homes a month- just in the one neighborhood. In other communities by Century communities, even more homes are selling in Colorado Springs.
Smith credits the high demand to the desirability and growth in the springs.