Is Colorado Springs a Buyer’s or Seller’s Market in 2022?
Knowing whether the area you live in is a buyer’s or seller’s market can save you time and money when you decide to buy or sell a house. Here, we’ve taken the guesswork out of the real estate market to let you know whether Colorado Springs is a buyer’s or seller’s market in 2022.
The Difference Between a Buyer’s and Seller’s Market
First, it’s important to understand what makes a market a buyer’s market or a seller’s market. There are several factors that make up the market, including:
- Real estate inventory
- Recent sales
- Pricing
- Time on market
- Market trends
Combined, these factors determine the state of the market.
There is a big difference between a buyer’s and a seller’s market.
A buyer’s market favors the buyer. This means that there are more homes for sale than buyers interested in buying. Lower prices and ample availability give homebuyers an advantage over home sellers in negotiations. For example, the homebuyer may be able to insist that needed repairs are made before closing or be able to negotiate a lower price. Since homes don’t sell as quickly, homebuyers can take their time putting in offers.
A seller’s market, in contrast, favors the seller. This means that there are less homes for sale than homebuyers interested in buying – the demand for homes for sale is higher than the supply. This can lead to higher prices and less options for homebuyers. There can also be bidding wars on the few homes that are available, which can substantially increase the price of the home. A seller’s market also means that homebuyers have less power in negotiations. In a seller’s market, it’s important for homebuyers to act fast if they are interested in a property.
Is Colorado Springs a Buyer’s or Seller’s Market?
As of 2022, Colorado Springs is moving from a seller’s market to a buyer’s market. This means that during the transition, there will be more available homes for sale than interested homebuyers. It also means that prices will be lower and homes won’t sell as quickly.
There are several reasons why Colorado Springs is moving from a seller’s market to a buyer’s market. First, the Federal Reserve has increased mortgage rates which makes owning a home less affordable. These rate hikes are expected to continue throughout 2022. Second, inflation has been increasing to its highest level in 40 years. As the prices of everyday items increase, it becomes harder for families to afford a down payment or pay for a higher monthly mortgage.
Buying or Selling a House in Colorado Springs
Whether you are a homebuyer or home seller, it’s important to have an expert realtor by your side. With Your Home Sold Guaranteed Realty – Barb Has The Buyers, we have access to all the newest listings and can sell your house fast and for top dollar. Both homebuyers and home sellers can save time and money by using our expert realtor team. To get started, call us at 719-301-1802 or contact us here. You can also complete the form below for the quickest response.
