The real estate market in Colorado Springs ended the year 2021 with a historic low number of homes for sale. Only 659 homes were listed for sale in El Paso County compared to the 1,536 homes for sale five years earlier in December 2016. The lack of homes has led to fierce bidding wars. At the end of 2021, the median price of homes sold in December increased by 18.4%.
Experts are cautiously optimistic of the area’s housing supply increasing in 2022. Read on to know more about market trends in Colorado Springs.
Be Prepared When Shopping for a Colorado Springs Home
Realtors like Vaughn Littrell caution that it is vital to do due diligence and talk to your agent frequently before looking at a home. You will want to know how much of a home loan you can qualify for quickly or get prequalified so that you are ready to act fast.
Colorado Springs makes for a desirable place to live because of its quality of life, weather conditions, and increasing amenities, such as downtown venues. The city’s population grew by about 15% over the last decade as more people continued to move to the Colorado Springs area in search of a place to set down roots.
Colorado Springs Home Availability
During every month of 2021, home prices in Colorado Springs were continuously on the rise.
As of October 2021, an average home in the Pike Peaks region was selling for around $446,000, when a year earlier, it had been $435,000. The most expensive neighborhood, Broadmoor, has a median listing price of $686,000. Home values in the city have risen by roughly 5.2% over the past year.
If you’re thinking of buying a home in Colorado Springs in 2022, we suggest that you begin searching right away to get ahead of competing buyers.
When Will the Feds Act?
The Federal Reserve has long hinted that they may raise interest rates. If they do, then home mortgage rates are likely to follow. With inflation at about 2% and strong employment rates, the Federal Reserve will likely raise interest rates when they meet in March. The Federal Reserve is likely to increase the rate by 0.25 points. This will be the first raise since December 2018.
Therefore, if you are thinking of buying a home or getting one refinanced, you should contact Vaughn Littrell in Colorado Springs as soon as possible.
This may only be the first of three or four hikes during 2022, so it is especially urgent that buyers and those looking to refinance act quickly. Even if you cannot act fast enough to stop getting hit by the first hike, speed is important because you will want to find the perfect house before additional hikes are put into place.
Many people are surprised at the complexity of a real estate transaction. Discuss the details of your current or future home loan with Vaughn Littrell in Colorado Springs today. If you have questions regarding the real estate market in Colorado, feel free to give us a call at 719-290-0415 or email us at vlittrell@fidelityms.com.
