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Construction Bubble for New Homes in Colorado Springs?

by Alan T Daniels

Some people have been asking if there is a construction bubble for new homes in Colorado Springs.  If you are in the market to buy a new home in Colorado Springs and surrounding areas or know someone who is you may be asking yourself this question.  Is the pace of housing recovery unsustainable?  

Not according to Chief Economist of Realtor.com, Jonathan Smoke who explains: 

“The havoc during the last cycle was the result of building too many homes and of speculation fueled by loose credit. That’s the exact opposite of what we have today.”

We are still way below historic averages when looking at the number of housing starts over the last 30 years.  Especially when comparing the numbers of housing starts during the current recovery (2012 to now) to the massive numbers built during the run up to the housing bubble (2002-2006).

A housing start is defined as the number of permits issued for new construction units and we are comparing permits issued for single family housing starts for the most applicable comparison.

Now that we have seen the National comparison what is going on in El Paso County?  

  • Permits Issued in 2005 for El Paso County:  6,250
  • Permits Issued in 2015 for El Paso County:  2,939‚Äč
  • Permits Issued in July 2005 for El Paso County: 517
  • Permits Issued in July 2016 for El Paso County: 299

Source: Census Bureau 

Bottom Line

New homes (permits issued) in El Paso County are going up at about half the rate they were running up to the housing bubble.  Builders can’t keep up with current demand making it an extremely good market to buy new or resale housing in.  

If you are looking for new homes in Colorado Springs, Monument, Fountain and surrounding areas it is important to consult with a Realtor who specializes in new home construction to look at a number of variables which will protect your investment.

Click Here to Search New Homes For Sale in Colorado Springs and Surrounding Areas

Should I Buy Now or Wait Until Next Year?

by Alan Daniels

  • Key Notes:
    • Home prices and interest rates are on the rise.  If you are thinking of buying a home in Colorado Springs next year you may want to think again.  The amount of home you'll be able to afford will be less.
    • Rents are on the rise.  If you are currently renting you have probably seen the year over year increase in rental prices which creates another expense for waiting.  Have you seen the cost of renting vs owning lately?  If not it would be will worth getting a complimentary Loan Analysis to see what a house payment would look like in today's market.

Boomerang Buyers! What?

by Alan Daniels

TransUnion recently released the results of a new study titled “The Bubble, the Burst and Now - What Happened to the Consumer?”  The study shows that a substantial number of consumers (1.5 million) were effected by the housing crisis and are now reentering the housing market.  The next 3 years will continue to see an increase of home buyers as their situations improve and rent prices continue to rise.  Many of these home buyers are also wanting to reenter the market before home prices and interest rates effect the amount of home they can afford.

Home Buyers Colorado Springs

If you were one of the 5 million families effected by the housing crisis, now may be the time to jump ship from the increasing rent prices and own your own home again.

Pine Creek Homes For Sale in Colorado Springs

by Alan Daniels

Pine Creek Homes For Sale

Wolf Ranch Homes For Sale | Realtors

Checkout our new neighborhood page which showcases homes in Pine Creek!  I definitely recommend checking out this page if you live in and around the Pine Creek area or plan on moving to the Pine Creek area in Colorado Springs.  We will continue to update it with new information and up to date market reports, so make sure to bookmark it for continued visits.  This site provides helpful Pine Creek information on the following topics:

  • Pine Creek Neighborhood Information and Pictures.
  • Pine Creek Homes For Sale including resale homes, new homes, builders, foreclosures, short sales, latest price drops, newest listings and much more.
  • Pine Creek Townhomes, Condos, and Patio Homes for Sale.
  • The Daniels Team's Featured Listings In and Around Pine Creek.
  • Updated Pine Creek School Reports with Ratings, Test Scoring, Stats and More in Academy School District 20.
  • Pine Creek Home Values and Recent Home Sales In and Around the Neighborhood.
  • Pine Creek Parks and Recreation.
  • Pine Creek Demographics.
  • Pine Creek Climate.
  • Pine Creek Realtors - A Daniels Team Designated Market.
  • More to come so check it out!

Home Sales Bounce Back (Infographic)

by Alan Daniels

Colorado Springs Home Sales

  • Sales in December were 14.7% higher than those in November, which is the largest month-over-month increase ever recorded.  November sales were lacking as the new TRID guidelines that were finally implemented created a backlog of delayed closings nationwide which ended up carrying over to December closings.  It will be interesting to track where this goes over the following months.
  • Nationwide inventory levels are still below historic norms at 3.9-months supply while inventory is even lower in Colorado.
  • Nationwide median home prices are up 7.6% from last year, marking the 46th consecutive month with year-over-year price gains while Colorado has realized higher gains lead by Denver's housing market.

Bottom Line for Colorado Springs Homes - Inventory is going to remain very low and home prices are going to continue to maintain year over year gains.  Luxury homes in Colorado Springs and Monument will see an increase in buyers while buyers will still be able to find good value in the luxury market. 

Where Are Interest Rates Going in 2016?

by Alan Daniels

Interest Rate Forecast and Colorado Springs Homes For Sale

Colorado Springs Home Loans - Interest Rates

Prices of homes in Colorado Springs and interest rate forecasts are extremely important to consider this year. Thinking of buying a home in 2016 or know someone who is? Rates are forecasted to go up as are home prices in Colorado Springs which could quickly effect the amount of home you'll be able to buy. Take a look at this projection chart above and see if finding a home in 2016 makes financial since to you or anyone else you know who is on the fence.

Houses in Colorado Springs are going up in value while rents are rising at massive rates so make sure to take action and begin researching your options.

The Difference Your Interest Rate Makes

by Alan Daniels

Your interest rate when buying a home in Colorado Springs makes a huge difference.  Especially if you plan on staying in the home for a while.  Here is an extremely helpful Infographic so you can better understand the effects.

Contact us today to put a plan together.

Strong National Desire to Buy a Home in 2016

by Alan Daniels

The National Association of Realtors (NAR) surveyed a sample of U.S. households to help track topical real estate trends, including current renters and homeowners' views and aspirations regarding homeownership.  Whether they believe it's a good time to buy or sell a home along with expectations of the mortgage market and much more.  Here are the results.  Let me know what you think in the comment section below.

Here is a link to the complete survey results.

New Home Building up in 2016!

by Alan Daniels

Listing inventory is extremely low and will continue to be in 2016 which is why Colorado Springs home builders will push to build the most new homes annually since 2006.  How will this effect your plans?

Home Sellers - This will create additional inventory but with the extreme lack of inventory it should not rain on your parade in 2016.  It will be interesting to track the effects of home builder inventory over the next 5 years though.  If you have a home in a new home community you will need a good Colorado Springs Realtor to come up with effective marketing techniques to compete with new homes.

Home Buyers - Additional inventory is great news for you!  The more the better they say and the same holds true when trying to find your dream home.  Make sure you are working with a Realtor who has access to every resale property and new home option.  When looking at new homes your Real Estate Agent should be able to show you the pluses and minuses whether buying a new home or resale.

Contact us today to put a plan together for you.

24% of Recent Homebuyers Are Single

by Alan Daniels

Singles are not waiting to buy their dream home in Colorado Springs.  Checkout the national averages for recent home buyers nationally.

Click Here to start your home search now.

Displaying blog entries 1-10 of 51

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