What to expect in real estate next quarter - Pikes Peak area

The Pikes Peak region, with its stunning mountain views and vibrant communities, continues to be a hot spot for real estate. But what can buyers and sellers expect in the coming months? Here's a look at some key trends:

1. Steady, Not Soaring, Prices: While we've seen incredible appreciation in recent years, the pace is slowing. Expect more moderate price growth, offering a breather for buyers coupled with lowering interest rates. According to Bankrate the current national mortgage rate is sitting around 6.2% which is much better than the 8% rates of the very recent past. This stability is good news for long-term market health.

2. Inventory Inches Up: We're not in a buyer's market yet, but more homes are hitting the market. This gives buyers more choices and a bit more negotiating power compared to the frenzied buyer-competition of the past. As an example, year over year the Colorado Springs market active listing inventory has jumped roughly 25%.

3. Interest Rates Remain a Factor: While rates have fluctuated, they're still higher than the historic lows we once enjoyed. This impacts affordability, especially for first-time buyers. Keep an eye on rate trends and consider getting pre-approved to understand your buying power.

4. Military Market Remains Strong: With a significant military presence in the area, relocation and PCS moves are constant. This helps to somewhat insulate our local market from getting crushed by any one factor. Military buyers and sellers should seek out a REALTOR? with some experience dealing with military clients and/or those that have the Military Relocation Professional (MRP) certification to navigate the unique needs of this market segment.

5. Outdoor Lifestyle Drives Demand: The Pikes Peak region's natural beauty and recreational opportunities are a major draw. Properties with easy access to hiking, biking, and outdoor activities are highly desirable.

What This Means for You:

*Buyers:** Be prepared for competition, but don't lose hope! Get pre-approved, work with a skilled agent, and be ready to act decisively when you find the right property.

*Sellers:** No need to panic! Price realistically and stage your home to highlight its best features, understanding that the competition has been taken up a notch.

Looking Ahead:

The Pikes Peak real estate market remains dynamic. Stay informed, work with a trusted professional, and be prepared to adapt to changing conditions. Whether you're buying or selling, understanding the local trends is key to success.

Jerome Hanson, Broker/Owner, Hanson Realty (realtybyhanson.com)

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