Colorado Foothills Properties Monthly Digest
THIS Months
TOP STORIES
It has been an interesting last month in Real Estate. The number of listings continues to rise
throughout the region. We are up to 2500 active single family listings in El Paso county. We have
seen that same increase in all areas from Colorado Springs south. We are still a little bit slower
in Florence and Canon City.
What does this mean for you as a possible home buyer or seller? Buyers have more choices and
can ask for more when they put an offer on a home. Asking for concessions and closing costs
can help with the amount of money out of pocket with the purchase. You can ask the seller to
pay for more repairs than you could before.
How does this help sellers? For a seller, it isn’t like it was a few years ago, where you could just
put a sign in the yard and it would sell in a few days. Average days on market in the Arkansas
river valley is well over 100. With Springs around 50-60. How a home is priced is important, along
with condition. Updated homes will sell a lot more quickly and at a higher price. If your home
needs updating, get together with your realtor and go over what are the items that really do
need updating and the ROI on these updates. Kitchens and bathrooms are still the most valued
attractions to a home.
I was in a 1 million dollar home last week and it still had the gold fixtures. It was an immediate
turn off for my buyers and most buyers. It doesn’t cost that much to update the fixtures. If you
are wanting top dollar for your home, then make top dollar updates.
Price Ranges Selling
The interest part of what is selling are the price ranges in the Springs market. Homes under
$400k are selling and homes over $900k are selling. The mid range has been tough.
In the southern areas, it is not so much price range, good condition with updates it will sell.
but condition. If the property is in
The outlier to this is Pueblo West. There are a higher than normal amount of short sales
occurring here. We think that this is due to people buying from 2020-2022 and paying more
than the house was really worth and now can’t sell for what they owe. If you are wanting to
buy a short sales, be willing to wait 60-90 days to get through the process.
Have a great June and enjoy the beautiful southern Colorado weather.
