After the global financial crisis of 2007-2008, there was a lot of fear in the real estate community.
While El Paso County didn’t make national headlines like the real estate markets in Las Vegas or New York, we still had a housing “boom” and “bust.”
The so-called Great Recession affected everyone.
Some markets lost as much as 30%-40% of their value. Here in Colorado Springs, it was probably closer to a 10%-20% price swing, but that’s still a lot of money!
Not surprisingly, homeowners have been very careful in the last couple years. They don’t want to lose the equity they’ve built up for years and years.
Obviously, they want to make sure they are making an informed decision if they need to sell their home.
If you’re thinking about selling your home, I have some good news. It’s probably worth more than you think.
Here are 3 reasons why:
Interest Rates Are At A Record Low, Which Make It Easier For Buyers To Qualify For Mortgage Loans
With interest rates close to 4%, there has never been a better time to buy a home in the history of the United States of America! Great financing terms have attracted a lot of buyers to the market, which pushes prices up. It’s basic economics. When there is strong demand, the price will rise. So if you’re thinking about selling your home, you can get top dollar right now.
More Jobs Means A Stronger Real Estate Market Here In Colorado
The economy is very strong here in El Paso County. We are diversified. There are lots of job in manufacturing, national defense, and professional positions. And that’s a good thing for the housing market. Local real estate usually follows the general health of the economy—where there are jobs, there will be good housing prices (because of new people moving in to the area). Sellers can get top dollar for their home when there is a strong demand of buyers. El Paso County has been growing the past ten years, and this means local real estate is worth more.
Financing Programs Give Buyers More Confidence When Making Offers
In addition to awesome interest rates, buyers benefit right now from several amazing government mortgage programs. Many buyers can buy a home for less than five percent down! This means they have more liquidity, which translates to higher prices for sellers. When buyers have more cash to invest, sellers can justify a higher asking price. This creates the possibility for a bidding war—which is definitely a good thing for sellers!
Overall, it’s a great time to sell your home.
Most sellers in El Paso County get about 98% of their asking price, and it takes about 67 days to sell a home (on average).
To find out how long it would it take to sell your home, check out my custom listing calculator. Just enter some basic info about your home, and I will calculate approximately how long it would take to sell with the current market conditions.
You can access the listing calculator by clicking here.
As always, if you have any questions about the real estate market here in El Paso County, feel free to email me at firstname.lastname@example.org, or text me at (719) 393-3633.