4th Quarter Housing Market Stats for Colorado Springs

                   4^th Quarter Housing Market News for Colorado Springs

"Strike while the Iron is Hot" should be marketing strategy for home sellers in the 4th quarter of 2011 here in Colorado Springs, El Paso County. As of October, the number of active listings for sale was 3959 and with 758 of those homes selling it equates to a little under 5 1/2 months supply of homes. What does that mean for sellers? That the banks are holding back on the foreclosures being released and the available homes for sale are at the lowest since October 2010 at 5122 homes on the market. This area had been running between a 6-8 month supply of homes so the current 5 1/2 months supply gives an edge to homeowners willing to tolerate the marketing process during the holiday season.

Sellers have an opportunity to attract qualified buyers willing to purchase before the end of the year if they price competively, make sure their home shows well, and market effectively with a local Realtor. Buyers looking to close over the holidays will not be as tempted by the 235 short sales currently on the market and will be more inclined to grab one of the more traditional sale properties available.

Interest rates today on the local ENT Credit Union site show a 30 year fixed rate of 4.125% and a 20 year fixed rate at 3.875%. Buyers have an opportunity in the 4th quarter to escape from the rental trap and with increasing rents that might be the best option for first time buyers. It's also a great time to pursue a move up option grabbing a desirable fixed rate mortgage and purchasing that dream home.

For more information on the local Colorado Springs housing market or to find out what your home is worth contact Lorraine Sayer today and get the facts not the drama