Colorado Springs with an Excess of Housing Offers

Recently, the city of Colorado Springs has been classified as the city in the State of Colorado with the most property offers available for sale.

Although this supply is not synonymous with sales, this large availability of properties has created a significant gap with demand since, despite having an excess of housing, high mortgage rates and rising house prices are causing the sales index in the city to decline.

A recent report from the head of housing in Colorado Springs has indicated that the growing inventory of houses available for sale is mainly due to the excessively high selling price of many of them, compared to real estate market prices from years ago.

Other reasons for this excess include the current condition of the housing or the area where it is located. Many properties need maintenance or necessary repairs that the owner does not want or is not in a position to undertake.

Therefore, it is common for a buyer to find a property that does not match the selling price because it is very deteriorated or because the location is not the best for living. Normally, these properties belong to people who have valued their home at a much higher price than the real market would give it. Because of this, properties take longer to sell, and thus an increase in house listings is evident in the city.

Although it is not just incorrect or high prices that increase the number of properties, the real estate market in Colorado Springs is also being affected by mortgage rates that are now relatively high and cause uncertainty among people looking to purchase a home.

In response to these statistics, real estate agents in the city have stated that this excess supply does not mean that properties are not being sold in the city, but rather that home sales are moving for those properties that have a real selling price, are in good condition, or are in areas suitable for raising a family. They confirm that the market has an excess of offers but also has good demand.

Despite the fact that mortgage rates saw a significant increase in past years, experts say that today these rates, despite their fluctuation, still prevent many potential buyers from obtaining a home at a good price. For the Colorado Springs market to achieve stability between supply and demand, it will be necessary for official authorities to decree a reduction in rates, allowing new buyers to now opt for a property.

However, this reduction in rates and the increase in home acquisition could generate conflicts in prices since as purchases increase, house listings decrease, and generally, prices skyrocket.

For all these reasons, experts say that now is the most opportune time to buy a home since with the real estate market having so much housing supply, buyers will have better opportunities to negotiate the selling price, closing costs, or to request other concessions from the seller that they might not obtain if the market had a limited housing inventory.

Available Foreclosures:

Colorado Springs: 150 homes available.

By Elías DaSilva | 23 de octubre de 2024.