When is the best time to buy a house in Colorado Springs? If you’re deciding when to enter the housing market, it’s important to evaluate the market conditions first. That way, you can find the right balance between low prices and high inventory.
In this post, Barb Schlinker and our real estate experts at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss the best time to buy a home in the Colorado Springs area.
Key Takeaways:
- Overall, the best time to buy a house in Colorado Springs is the spring, summer, and early fall months, which is when most buyers choose to enter the market.
- Inventory is at its highest in October, which has 18.3% higher inventory levels. But depending on the competition and demand from other buyers, prices may not be ideal.
- In recent months, the median sale price in Colorado Springs was $475,000, a 6.7% increase from the same point a year ago.
When is the Best Time to Buy a House in Colorado Springs?
Overall, the best time to buy a house in Colorado Springs is the spring, summer, and early fall months, which is when most buyers choose to enter the market.
But when deciding on the right time for you, it’s important to consider factors like your moving timeline, budget, homeownership goals, and the housing market. You may find that other times of the year are more suitable for your needs.
For example, Colorado Springs home prices are actually at their lowest in November, when the price of listings is 5.9% lower than the rest of the year. However, most buyers choose not to enter the market during this time because there is much less inventory to choose from, and moving during winter is more challenging.
Inventory is at its highest in October, which has 18.3% higher inventory levels. But depending on the competition and demand from other buyers, prices may not be ideal. To find the right timing between home prices and inventory, it’s important to work with a realtor to evaluate current market conditions.
Other factors to consider when deciding the best time to buy a home include:
- Interest Rates: Lower rates mean the cost of borrowing is lower while higher rates mean you’ll end up paying more over the life of your loan. Consult with a realtor or mortgage lender to understand current interest rates in Colorado Springs.
- Economic Health: Inflation, unemployment, job growth, and recession all impact the health of the housing market and the best time to buy a house.
- Neighborhood Dynamics: Different neighborhoods in Colorado Springs have their own supply and demand levels, inventory levels, and prices. Your realtor can find locations that match what you’re looking for.
- Your Finances: The best time to buy a home is when you can comfortably afford one. Take stock of your finances and make sure you can afford to purchase a home as well as keep up with regular homeownership expenses.
- Your Personal Situation: The best time to buy a home will also depend on your personal needs. Life events like marriage or a new job might make it necessary to purchase a new home.
What is the Housing Market Like in Colorado Springs
In recent months, the median sale price in Colorado Springs was $475,000, a 6.7% increase from the same point a year ago. The average price per square foot is $217, which is a 4.8% increase from last year.
Most homes sell for 1% below the asking price, while the hottest homes sell for 1% above their asking price. In addition, 32.3% sell above their asking price, and 30% of homes experience a price drop at some point after being listed.
Barb Schlinker is the Best Realtor in Colorado Springs
If you’re looking for the best realtor in Colorado Springs, look no further than Barb Schlinker and our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team. We’ve been in the real estate business for 30+ years, which means we’ve helped thousands of home buyers find their dream homes.
Throughout our career, we’ve developed a reputation for high-quality customer service, attention to detail, and a stress-free experience thanks to our VIP Buyer Program. With this program, you get curated property hotlists, free home-buying resources, and our unique Buyer Satisfaction Guarantee.
To learn more about buying a house in Colorado Springs with our team, reach out to us today at 719-301-1802 or [javascript protected email address]. Don’t wait to find your dream home!
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
