We are seeing a 23.1% decrease in the number of sales from this time last year, however there are 8.1% less listings on the market which means the market is still correcting. The average sales price has decreased again by 10.5% compared to December 2007, however the median sales price is down by only 16.2% due to the lack of luxury home sales. The statistics still show a market lull, but our local market is still beating the national average and seems to be somewhat improving. Buyers still have more choice and can be more selective. Sellers need to make sure their homes are priced correctly and are in excellent condition to be competitive. Homes in great condition with competitive prices are still selling relatively quickly. It's still a beauty contest and price war for Sellers. Sellers who really need to sell are dropping their prices in line with the market. If you need to sell now, don't wait until spring or summer as there will be more inventory to compete with as well as possible continued downward pressure on prices. Those who don't need to sell might want to wait a couple of years, unless they want to buy up and get a big discount on a move-up home. It's also a great time to invest in real estate and expand your retirement portfolio. While prices and interest rates are at am all time low.
Now is still a great time to buy with more selection and interest rates still at all time historical lows. If you would like a list of homes available within your criteria visit www.allcoloradospringslistings.com
Even in a slower market, the good homes go fast! Smart sellers are realizing that a proactive selling strategy can go a long way in getting their home sold, even when inventories are high. Here are three tips for today’s sellers:
Price your home right. Markets change, so don’t be influenced by last year’s selling activity and home prices. Buyers will evaluate your home based on what others are selling for today, so make sure you know the market and price your home accordingly.
Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
Whether you’re looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for a computer analysis of our recent market activity. We would be more than happy answer any questions you might have. www.coloradohomesvalue.com
Mortgage Rates Drop
The Federal Reserve pushed interest rates lower in December, and mortgage rates quickly followed. According to Freddie Mac, the national average for a conventional 30-year fixed-rate loan fell from 6.1 percent in November to 5.19 percent in late December, the lowest rate on record dating back to 1971. The Fed's actions reflect the government's ongoing commitment to stabilize the economy.
In other news, existing home sales decreased according to a December report published by the National Association of REALTORS (NAR). Existing home sales activity was revised downward to 4.49 million units, representing a 10.6 percent decrease from the same time a year ago. Existing-home sales include single family homes, townhomes, condos, and co-ops.
Lawrence Yun, NAR chief economist, expected a decline and added, "We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001."
