We specialize in Colorado Springs Academy School District 20. This provides us with a great deal of experience in what is selling and what is not selling in one of the areas most sought after housing markets.
First-time home buyers were out in large numbers earlier in the year to take advantage of the first time home buyer tax credit. They had to be under contract by April 30th. Home owners who lived in their properties for at least 4 years of the last 6, also qualified for a tax credit. So they, too, were out in large numbers until April.
This activity skewed the traditional marketing patterns in Academy School District 20 and elsewhere in the area. So May and June looked somewhat depressed compared to previous years, but January through April were better than past years, so we think the pluses and minuses were really a wash.
Many military buyers change their permanent stations (PCS) in the summer months, so like other years, the market is getting particularly busy with military personnel taking on new assignments at the Air Force Academy, Peterson Air Force Base, Fort Carson, and Shriever AFB. This is always a plum time for Academy School District 20 sellers as buyers who move around a lot covet the ability to get their kids 2-3 years of superb education while they are assigned here.
The inventory of homes is getting smaller as properties are going under contract at a faster pace than they were in May and June. As listings go down, prices are beginning to hold closer to the original list prices. Tough markets, however, include properties over $350,000, so we’re seeing more price reductions at these price points.
Buyers with school-aged children are in transition right now, too, if they’re moving for jobs or sold their homes earlier in the year and are now able to buy with greater liquidity and confidence.
On the income-property side of the business, it may be the best time to sell. If the Bush tax credits are not re-instated, capital gains taxes after the end of the year may make gains on properties held longer than 10 years totally taxable, and therefore, owners will see their net earnings dramatically reduced.
Academy School District 20 homes always maintain their value better than some other areas, so inner-District moves should let sellers buy up without a loss of equity.
For more information on the local real estate market, as well as Academy School District 20, visit our website at: www.ourdistrict20homes.com