Destination Plans – Changing
The progression of home buying over the past year has seen prospective buyers adjusting their preferred destination plans again, and again, and again. Search homes for sale in Flying Horse, Colorado Springs, CO here: http://www.rehava.com
One example is Colorado’s housing market. It has seen the effects of an insanely competitive market combined with low inventory push buyers into secondary cities – and sometimes, beyond.
For a time, Colorado Springs became the de facto destination for buyers priced out of living in Denver. The surge of buyers combined with housing inventory remains at historically low levels. Buyers priced out of Colorado Springs moved into smaller cities like Pueblo, an artsy city with a population of about 113,000.
Moving Away From Colorado Springs
People are moving outside of Colorado Springs — and in some cases out of Colorado completely. They want to get away from the increased traffic. Also, busy restaurants and sometimes even the weather. But mostly due to the rocketing costs of housing, including rent,” said Scott Sanchez, a Colorado Springs Keller Williams real estate agent.
How are Pueblo Real Estate Agents Handling the Unprecedented Housing Market Activity?
The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.
A newer neighborhood, Pueblo West, is drawing the most attention from out-of-state buyers. Many movers are looking to get out of Colorado Springs or bigger cities. Alyssa Loflin, a Pueblo real estate agent, said buyers are so eager to get into Pueblo West, they are submitting offers “way over” asking price on homes. In some cases, forgoing inspections to close quicker.
“Houses around $300,000 are like the golden ticket,” she said. “They’re selling in about a week’s time. Basically, $500,000 and below are selling immediately. And I’m dealing with more out-of-state people right now than in-state. I’ve been talking to people from Alaska and Tennessee who want to buy in Pueblo.”
Loflin said houses in the $300,000-range are getting around 15 offers — way up from a normal Pueblo. Colorado housing market.“We might get three or four offers on a house in another time,” she said.