Buyers looking for a single family home in Colorado Springs (El Paso County) are increasingly finding fewer and fewer properties to choose from and more and more competition for the limited inventory that is available.
Most weeks, for the last several months, more houses go under contract than new listings come on to replace them.
While we aren’t quite at the frenzy that Denver has experienced in recent years demand has been strong.
Better properties that are reasonably priced are gone in 24 hours or less. The days when prospective buyers could wait until the weekend to look are gone.
Buyers and their broker need a definite plan on:
What are the buyers’ preferences?
In what areas is the buyer willing to compromise?
Can the buyer get out to see houses after work instead of waiting until the weekend?
Does the buyer have their pre-approval letter and have they filled out a complete loan application with their lender?
Does the buyer have some cash and are they willing to meet the seller at a reasonable compromise if the appraisal comes in a little low?
This morning there are only 1,702 single family houses for sale in El Paso County.
Inventory levels are about one fourth of what they were back at the peak in 2007.
There are houses that are good values to buy but brisk markets can also bring our houses with issues that buyers should be wary of.
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