Well, I can say this hasn’t turned out as I had imagined in January. With the first quarter being about the strongest I have ever seen in my 29 years of selling in this area, this COVID curveball is messing with everyone’s plans. What a burp, and what does it mean?
Below are my opinions based on past market performance, going through three real estate booms here, and one heck of bust plus several hiccups:
- For the upper end and northern Springs, Black Forest/Monument/Peyton/Falcon – We will start right where we left off – as if we were in a time warp for 40 days.
- We have too much pent up demand and not enough inventory.
- We have too many buyers commuting from Denver. Can’t have a real estate problem when you have so many buyers
- There will be relief in the lower market prices because those buyers will no longer be able to purchase due to job loss or uncertainty. In a perverse change of events, this will open up some supply and meet the demand in the lower-priced properties.
- This will drive up the “food or home chain” and keep the upper end also moving.
People always ask, “When is the best time to sell.” The best time to sell is when you are ready to go. You can’t “time the market” just like you can’t time any market. Please also remember, real estate is very localized. What our market is doing isn’t indicative of the markets on either coasts or anywhere else. However, sometimes the coasts’ markets can be a predictor of ours to come. The good news here is real estate in the Colorado Springs area is still in a very good place. For all things “real estate,” please email me at jill@jillmcferon.com/719-648-3821 (I love to hear from you!) JillMcFeronRealEstate on Facebook or jillmcferon.com