As we navigate the ever-changing real estate landscape in 2024, many Colorado Springs homeowners are pondering a crucial question: Is it worth selling their house this year? With market dynamics shifting and personal circumstances to consider, making this decision requires careful thought and expert insight. In this blog post, Colorado Springs real estate expert Barb Schlinker discusses the factors to weigh when deciding whether selling your Colorado Springs house in 2024 is worth it or not.
Key Takeaways:
- The Colorado Springs housing market in 2024 is relatively balanced, offering opportunities for both buyers and sellers.
- Current median home prices in Colorado Springs range from $450,000 to $475,000, with modest year-over-year increases.
- Personal circumstances, equity buildup, and future plans should guide your decision to sell or hold onto your property.
- Consulting with a local real estate expert can provide valuable insights tailored to your specific situation.
Market Overview: A Balanced Landscape
The Colorado Springs housing market in 2024 presents a more balanced picture compared to the frenetic pace of recent years. While the market has cooled from its peak, it continues to show signs of stability and moderate growth. This equilibrium offers opportunities for both sellers looking to capitalize on their investment and buyers seeking their dream homes.
Price Trends and Sales Activity
One of the most critical factors in deciding whether to sell your Colorado Springs house is understanding the current market trends. As of 2024, the median home price in Colorado Springs hovers between $450,000 and $475,000. We’ve observed modest year-over-year price increases, with some sources reporting a 2.9% rise.
Colorado Springs real estate expert Barb Schlinker notes, “While we’re not seeing the double-digit price jumps of previous years, the steady appreciation in Colorado Springs home values continues to benefit long-term homeowners. This consistent growth underscores the enduring appeal of our vibrant community.“
In terms of sales activity, homes in Colorado Springs are selling relatively quickly, with an average of 26 days on the market. Notably, about 22.8% of homes sold above their list price in the past month, indicating that well-priced properties in desirable areas are still attracting competitive offers.
Factors to Consider Before Selling
Equity and Appreciation
If you’ve owned your Colorado Springs home for several years, you’ve likely built up significant equity due to past appreciation. This accumulated value could make selling an attractive option, especially if you’re looking to capitalize on your investment or move to a different market.
Interest Rates
Current mortgage rates, hovering around 7%, have impacted affordability for buyers. While this could potentially limit the pool of buyers for your property, it’s important to consider that if you’re planning to buy another home after selling, you may also face these higher rates.
Market Balance
Despite an increase in inventory, Colorado Springs continues to face a housing deficit. This underlying demand could help support home values in the long term, providing some assurance to sellers concerned about market stability.
Personal Circumstances
Ultimately, your decision to sell should be guided by your personal goals, financial situation, and future plans. If you’re considering a move out of the area with no plans to return, selling might be the right choice. However, if there’s a possibility you’ll want to come back to Colorado Springs in the future, holding onto your property could be a wise long-term strategy, especially if you have a favorable interest rate on your current mortgage.
When to Consider Selling Your Colorado Springs House in 2024
Selling your Colorado Springs house in 2024 could be worthwhile if:
- You’ve built up significant equity and want to leverage it for other investments or a new home purchase.
- You don’t plan to return to the area and want to take advantage of the current market conditions.
- You’re comfortable with current market prices and have found a new property that better suits your needs.
- Your personal or financial circumstances have changed, necessitating a move or downsizing.
When to Consider Holding Onto Your Property
On the flip side, holding onto your Colorado Springs property might be the better choice if:
- You have a low interest rate on your current mortgage that would be difficult to match in today’s market.
- You’re considering returning to Colorado Springs in the future and want to maintain a foothold in the market.
- Your property has strong rental potential, offering an opportunity for additional income.
- You believe in the long-term appreciation potential of the Colorado Springs market and want to continue building equity.
Call Barb Schlinker to Sell Your House in Colorado Springs
Making the decision to sell your home is a significant step, and having the right guidance can make all the difference. Barb Schlinker, with her deep understanding of the Colorado Springs real estate market and years of experience, is uniquely positioned to help you navigate this important decision.
As a seasoned real estate expert and Navy veteran, Barb brings a wealth of knowledge and a commitment to excellence to every client interaction. Her team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team consistently breaks performance records, selling homes 60% faster and for up to 8.1% more money than the average.
Whether you’re ready to list your home or just exploring your options, Barb and her team are here to provide personalized advice tailored to your specific situation. With their comprehensive market analysis and innovative marketing strategies, they can help you make an informed decision about selling your Colorado Springs house in 2024.
Don’t leave the fate of your most valuable asset to chance. Call or text Barb Schlinker today at 719-301-1802 for a free consultation and start exploring your options in the Colorado Springs real estate market. With Barb’s expertise, you’ll have the confidence to make the best decision for your future, whether that means selling now or holding onto your property for the years to come.
Frequently Asked Question About Selling Your Colorado Springs House in 2024
On average, homes in Colorado Springs are selling within 26 days of being listed on the market. However, this can vary depending on factors such as pricing, location, and property condition.
