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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
  • 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.

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.

Effect of Foreclosures in Colorado

by Alan Daniels

Home values are on the rise in Colorado putting us at the lowest foreclosure levels in approximately 8 years!  Colorado has one of the lowest rates for foreclosure around the nation which has contributed to the states extremely low housing inventory.  Great news for those looking to sell their home as we have all seen those frustrating sales in our neighborhood where the banks gave away properties at a super low price.  Have you seen the latest sold properties in your neighborhood? I bet you'd be presently surprised.  Click here to view home values in your neighborhood.

Colorado Springs Foreclosures

Click Here to see all Colorado Springs Foreclosures For Sale

Why Real Estate will Build Your Family Wealth Over The Next 5 Years

by Alan Daniels

The economy has been improving and Americans personal financial situations have also improved.  Many are now beginning to save and find the best ways to build their net worth.  Real estate is one of the top ways to dramatically increase your family's wealth.  

Take a look at this example based on market forecasts where a young couple purchases a home for $250,000 and makes over $42,000 in potential growth in family wealth over the next five years.  Definitively blows away renting while your landlord increases their wealth on this principle.

Next step is buying real estate as investments where you can multiply this increase in personal wealth.  Want to see what is available in your price range for a personal residence or investment?  Click Here to view all Colorado Springs homes for sale

You've Gained More Home Equity Than You Think

by Alan Daniels

Many homeowners are unaware of how much the equity in their home has increased.  In fact, many homeowners are waiting to move for this very reason.  Maybe looking to downsize, upsize, relocate, etc.  97.2% of homeowners in Colorado have positive equity and that percentage is expected to grow in 2016.  Great time to sell before interest rates go up.  Checkout these helpful infographics with the details and feel free to request a complimentary Home Equity Report.

Colorado Springs Home Equity

Colorado Springs Real Estate Market Stats - September

by Alan Daniels

Checkout these Colorado Springs Market Stats (El Paso County and Teller County).

  • New Listings were up 3.3 percent for single family-patio homes but decreased 9.0 percent for townhouse-condo properties.
  • Pending Sales increased 80.1 percent for single family-patio homes and 66.2 percent for townhouse-condo properties.
  • The Median Sales Price was up 7.6 percent to $242,050 for single family-patio homes and 6.3 percent to $159,500 for townhouse- condo properties.
  • Days on Market decreased 15.7 percent for single family-patio homes and 17.1 percent for townhouse-condo properties.

With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the months of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year's end. Until then, get out and enjoy the season.  Be sure to download the Free Detailed Reports below.

Click below to Download The Free Reports!

Free Colorado Springs Market Stats Report

Free Colorado Springs Market Stats Report By MLS Area

 

 

 

 

 

 

 

 

 

Decline in Colorado Springs Foreclosures

by Alan Daniels

​Colorado Springs Foreclosures are down 11% from last month according to an article in The Gazette and are on a roll to be at the lowest level in 14 years.  This is a great sign for the market and is a product of the much improved Colorado Springs real estate market.  A better job market, increased property values, lack of supply, and increase in housing demand are the main reasons for this great news.  

This is great news for homeowners trying to avoid foreclosure who are listing homes with Colorado Springs Short Sale Agents.  Short sales are still hitting the market but the number has gone down following the trend of foreclosures.

This is bad news for investors trying to find Colorado Springs Foreclosures and Short Sales but if they use the right tools to get a jump on listings they should have a chance.

Resources and Tools:

 

Displaying blog entries 1-10 of 22

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