As we begin 2020, there are three key points to know about our Colorado Springs market.
First, there will be an inventory shortage, which means we’ll see more multiple-offer situations. America’s Space Force is coming to town, and with it, its 15,000 personnel and their families. We don’t know where they’re going to live, but our team is ready to help all of them! In any case, be ready for this shortage.
Next, the forecast remains good for interest rates. 2019 ended with fantastic rates, so you might expect that they can only go up from here, but they’re predicted to stay low. This means that even though home prices are rising, buyers will still be able to afford more house and make competitive offers for the houses they’re looking at.
Lastly, whether you’re a buyer or seller, it’s important to be prepared. We know that interest rates are low, so buyer demand will be high, but we have no inventory. What does that mean? As we said above, there will be a lot of multiple-offer situations. If you’re a buyer, it’s important to have an agent on your side to help guide you through these situations. If you’re a seller, it’s important to know where you’ll go after you sell. As with buyers, it’s crucial to have an agent by your side to help with your preparation and guide you through the process.
Contact your real estate professional to ensure you’re in good hands going into 2020. If you don’t have an agent, give us a call and we’d be happy to assist with all your real estate needs. We’d love to speak with you.