Something STRANGE is Happening in the Colorado Springs Real Estate Market

[@LivingtheSprings]

Need help with real estate in Colorado Springs? Visit coloradohomebuyerassist.com

[@billricheter5678]

Too many apartments have been built. I expect some will do condo conversions. Avoid buying multi family units in cos. Prices will drop due to inventory as well as many having hoa issues

[@Digioxi]

Great info, and thanks for presenting the facts. By the way, the video has a great flow and is well-edited. I appreciate your efforts and would love to see more videos like this.

[@LivingtheSprings]

Thank you! Appreciate you!

[@Digioxi]

@@LivingtheSprings Really love this video, Well edited!!. Can you please share contact details of your editor.

[@stevenap4594]

Not sure about the springs but Denver’s inventory is back to levels we haven’t seen since 2013.

[@LivingtheSprings]

July landed at 3,272 homes for sale. That's the highest since this time of year in 2015 when we had 3,378.

[@josht3428]

Impressed by the facts and truth you speak. Buyers/sellers are lucky to have you representing them. Thanks for your integrity!

[@LivingtheSprings]

I appreciate that! Thank you

[@JoshuaCyberNerd]

I’ve been looking at homes in the Springs the last week and there are SO MANY new homes on the market right now. Newly built and built in the last few years. It seems to me this is falsely inflating the numbers and could contribute to a bubble and crash. My wife and I are moving back to CO after moving away for a few years.

[@LivingtheSprings]

I pull my stats from the Pikes Peak Association of Realtors. That's the hub for all the listings you see on Zillow and Realtor. It's technically still considered a seller's market due to the low inventory of only 3.2 months. 5-6 is more neutral. Average days on market is 32. I'll do another update but you can see for yourself :) ppar.com/MarketTrends.aspx Thank you for sharing your experience! It's great to see others exploring the market. I hope your move back to CO is smooth and exciting!

[@alvinmeyers4162]

I bought it in 2017. Stetson Hills neighborhood. Powers and Dublin area. Refinanced in 2021. My total monthly payment is 1600 a month, all in prop taxes and insurance. 4 bed 4 bath 2900 Sq ft... I AINT GOING NOWHERE lol... oh yeah. I originally only put 3 percent down in 2017 and got rid of my PMI in 2020 due to the housing market boost. My org payment all in back in 2017 was 2200 a month. I wouldn't be able to afford my house now if I was a current buyer

[@LivingtheSprings]

Right?? So many people like us wouldn’t leave even if we wanted to 😁 Thank you for sharing your experience!

[@p.drichard]

Do not despise the days of small beginnings. Praying the economy will have a positive turnaround with interest rates and home price to be within reason.

[@detailworksautocare4865]

Our entire life we’ve been told that owning a home is the end state of adulthood. “Marry the price, date the rate.” Stop waiting for home prices to drop if they haven’t dropped before. Go and buy that home, or two! There are so many different methods to get there once you understand the game of real estate. I’m not saying it’s going to be easy, but it’s not impossible to get ahead of that mentality.

[@LivingtheSprings]

This is one of the best comments I've seen in awhile :)

[@MiniWhale81]

That is such bad advice. Yeah, take out that half a million dollar loan at a 7% rate just prior to what is going to be an epic burst of the biggest bubble of all times. And all while we are seeing a healthy amount of layoffs across all sectors.

[@Dollsteak69]

I'm not paying "High 600's" for a home that's worth mid 300's. That's ignorant. Let's talk about The Springs. If your not working for the MIC your going to be making a sub par wage. Want a decent restaurant? I know municipalities with a population less than 1/2 the Springs with twice the number of 4 and 5 star places to eat that that dump know as the Springs. Way over rated.

[@ClassicLockheart]

There are so many rentals in the Springs. "Why sell when you can turn it into a rental?" Seems to be the take. Plus every decent area has an HOA.

[@janetbayless7117]

Thank you for a wealth of information!

[@LivingtheSprings]

You’re welcome! Thank you for watching!

[@stargazer5073]

Great info ❤

[@LivingtheSprings]

Glad it was helpful!

[@ConsolidatedPBY]

Folk need to understand the micro climates of the Springs. In the NE near Briargate and Powers, windy and cold like Cheyenne Wyo. Downtown and south nearly like Pueblo but a few degrees cooler.

[@funkyflights]

@@ConsolidatedPBY … So it gets cold ? Really cold ?

[@billricheter5678]

Things not moving but prices aren’t either. People appear to be in denial

[@LivingtheSprings]

Sellers are definitely in denial...over 600 price drops in a week! Then they blame the agents unfortunately.

[@GameGuruOkamotoGGO]

it needs to crash i moved into my house it was $35,000 house in 2012 and now without upgrades its $350,000 they have sold the house 6 times while ive been in it.

[@marzv888]

Promo rates are cooking the books and keeping prices up. People really believe they're getting a deal with small down payments, promo rates, and high PMI. Hopefully people do their research before being told that price per sq foot doesn't matter. They trying to sell tiny homes on Greenways for 400+ dollars per sq ft. Hope people do their financial HW and understand what promotional rates are and do. Builders have vested interest with the lenders they make you go with. 7% 500K home is not 3200 dollars a month! 100k Down with property tax and home insurance it's 3100 dollars. Is 20% down the norm?

[@LivingtheSprings]

We had a VA loan 4 bedroom at 480k with the buy down promo to around 5% making the monthly payment $3300. No down payment. You do have to be careful who you use. There are marketing tactics that make things seem better than they are but here’s a thought. You might pay more for a new build, but you potentially save 200k on interest over 30 years buying the rate down. All comes down to the goal. Monthly payment or house price.

[@marzv888]

@@LivingtheSprings so my opinión is that the buy down to 5% is 15k or so baked into the 480k. “If”rates continue to go down the home value increase is already baked in. If they were to use the 15k to take it off purchase price and go with the market rate. The payment is the same. I Did it with a home that was 479k reduced it 15k and did market rate and payment is the same. Pros: less property tax, not paying property taxes on builder upgrade features, when appraisal comes in higher you get your 15k back in equity and closer to Loan to value of 20% to get out of PMI. I’m just posting replying personal experience :) everything is personal preference.

[@Mike_The_Hog_A_Nator]

Good Ole' Biden/Harris! Sending Trillions to other Countries as our inflation skyrocket's..

[@LivingtheSprings]

Yikes!

[@MiniWhale81]

Why haven't you mentioned all the new built homes that are sitting empty? People, stop buying houses. That's the only way the prices are going to come down. When people realize their house that was built in 1913 is not worth a half a mil.

[@LivingtheSprings]

Where are you finding that info? Most of the new builds are not even inventoried until they're in frame phase. They've been intentional about that since the crash of 2007. Source please :)

[@MiniWhale81]

@@LivingtheSprings I live in the springs, I am the source.

[@marcthoffmann1]

I don't understand what is "strange"? Are you saying it's strange b/c COS metrics are healthly (compared to other similar MSAs?)? If that is it, why do you think that's strange?

[@LivingtheSprings]

Hey thanks for the comment! Great question. A lot of people are waiting for a crash thinking home prices will fall drastically, but the opposite is happening. Home prices are still rising due to the lock-in effect and limited availability of homes on the market. Buyers are waiting for home prices to go down, but in the past 10 years, they have only gone up. I hope home prices go down for the benefit of buyers, but only time will tell. I hope that clarifies things :)

[@marcthoffmann1]

@@LivingtheSprings thank you, very helpful. that is strange.

[@OldsmobileCutlassSupremeConver]

Do you know Dragon Man?😅

[@robertavila6578]

Now that the election is over could you make the same video?

[@LivingtheSprings]

Yes! Thank you for the suggestion. Working on it!

[@robertavila6578]

@@LivingtheSprings thank you, one thing I should have mentioned in the first comment was how will this affect military personnel trying to sell their homes with high interest rates? Or even rent, will they get what they paid for their home in the coming year or two as they eventually have to PCS?