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(USGovernment-News.Com, October 04, 2012 ) San Francisco, CA- New reports are showing an improvement in the housing market in Colorado and nationwide.
Within the state, the Pikes Peak Association of Realtors shares statistics revealing that home sales have gone up nearly 8% from last year. Homes are selling at a low interest, high prices, and quickly.
Ted Bachara, a Broker Associate for RE/MAX Properties, states, “If you're in the market right now to be a seller or a buyer it's an absolutely perfect time to be there.”
He comments on the interest rates, “They're at 3.25 to 3.5%. You can do a 3% on a 15 year loan. These are fixed rate loans, the lowest in probably between 50 and 60 years.”
"A lot of buyers are buying homes for less than they were paying for rent," he claimed, explaining that the lower the interest rate, the more affordable the home is in the end.
"A lot of sellers are starting to get their homes sold were in the past they couldn't sell them because there were too many homes on the market, too much competition, lots of bank owned and short sale properties, and that's gone away," Bachara said.
Bachara also points that there is a drop in the inventory of houses available for the sale, which is causing prices to rise.
He explains that the inventory in Colorado Springs is around 13% lower than last year which is creating a higher demand for good homes."With that drop in inventory it's causing the prices to bump."
Responding to the trickiness of the situation, Bachara has this to advise readers who are interested in buying a home: "Make your offer good. Don't beat the sellers up because if it's priced well somebody else is probably going to be coming in there," he said. "As a seller you want to price your home extremely competitively. You're in a price war as a seller and you're in a beauty contest."
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