You’ll find our blog to be a wealth of information, covering everything from local market statistics and trends to community events. Please reach out if you have any questions; we would like to talk with you!

 

Jan. 18, 2022

What's Going to Happen to Home Prices this Year?

What's Going to Happen to Home Prices this Year?

Author: Troy Gedack, RE/MAX agent

Home prices in 2022

 

After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released.

As the graph shows, appreciation has remained steady at around 18% over the last five months.

In addition, the latest S&P Case-Shiller Price Index and the FHFA Price Index show a slight deceleration from the same time last year – it's just not at the level that was expected. However, they also both indicate there’s continued strong price growth throughout the country. FHFA reports all nine regions of the country still experienced double-digit appreciation. The Case-Shiller 20-City Index reveals all 20 metros had double-digit appreciation.

Price Appreciation Flattening

 

Why Haven’t We Seen the Deeper Deceleration Many Expected?


Experts had projected the supply of housing inventory would increase in the last half of 2021 and buyer demand would decrease, as it historically does later in the year. Since all pricing is subject to supply and demand, it seemed that appreciation would wane under those conditions.

Buyer demand, however, did not slow as much as expected, and the number of listings available for sale dropped instead of improved. The graph below uses data from realtor.com to show the number of available listings for sale each month, including the decline in listings at the end of the year.

 

Active Listings Declining

 

Here are three reasons why the number of active listings didn’t increase as expected:

  1. There hasn’t been a surge of foreclosures as the forbearance program comes to an end.
  2. New construction slowed considerably because of supply chain challenges.
  3. Many believed more sellers would put their houses on the market once the concerns about the pandemic began to ease. However, those concerns have not yet disappeared.

 

A recent article explains:

“Before the omicron variant of COVID-19 appeared on the scene, the 2021 housing market was rebounding healthily from previous waves of the pandemic and turned downright bullish as the end of the year approached. . . . And then the new omicron strain hit in November, followed by a December dip in new listings. Was this sudden drop due to omicron, or just the typical holiday season lull?”

No one knows for sure, but it does seem possible.

Bottom Line


Home price appreciation might slow (or decelerate) in 2022. However, based on supply and demand, you shouldn’t expect the deceleration to be swift or deep.

Posted in Market Updates
Jan. 8, 2022

Market Update December 2021

Posted in Market Updates
Jan. 1, 2022

Community Resource List

Looking for information about a particular neighborhood? Here are some great resources:

Community:

- http://www.peakradar.com/

- Colorado Springs Chamber of Commerce

- www.coloradospringsrelo.com/cs

 Crime:

- https://spotcrime.com/co/colorado+springs

- El Paso County Sheriff's Website: https://shr.elpasoco.com/

- Sex Offender Registry: https://www.epcsheriffsoffice.com/services/sex-offenders-search

Search calls to CSPD, sex offender info, sexually violent predator, meth lab property info:

 

https://coloradosprings.gov/police-department/page/your-neighborhood?mlid=5001

Other Helpful Websites:

- http://www.homefacts.com/

- El Paso County Assessor Tax and Property Info: land.elpasoco.com/

- School ranking, programs & location: www.coloradoschoolgrades.com

- Mining Subsidence: http://mining.state.co.us/Programs/Abandoned/MineSubsidence

- Mudslide Areas: http://www.americangeosciences.org/sites/default/files/Environment-colorado1.pdf

- EPA - Radon : https://www.epa.gov/radon

It's a great way to become knowledgeable about areas in which you live.

 

Posted in Community News
Dec. 20, 2021

Why Switch to LED Lighting?

Posted in Conservation
Dec. 9, 2021

Market Update November 2021

Posted in Market Updates
Dec. 1, 2021

Affordable Ways to Spruce Up Your Home's Interior

You don’t have to undergo an intensive remodel to make some pretty significant changes in your home. In fact, doing just one or two of these cost-effective upgrades can go a long way in sprucing up your home’s interior. With some creativity, a few dollars and a little bit of time, you can update your home with one of these affordable options!

Add a fresh coat of paint. Applying a fresh coat of paint can completely transform the look of a space. Use a lighter tone to brighten up a room that feels a bit dark, or go bold with an eye-popping hue. You could even paint an accent wall for less of a commitment — and less money!

Collect some antique or thrift store finds. Shop at your local thrift or antique store for some truly unique gems. Display them as is or upcycle them with a simple DIY project.

Install new faucets and light fixtures. Replace outdated or rusty faucets with brand new ones in your bathroom or kitchen. Similarly, adding unique light fixtures makes a big difference. Consider installing a statement piece in the dining room, kitchen or living space to add interest. You might even consider adding dimmers to a few fixtures to create a cozy ambiance.

Upgrade cabinets with knobs, handles and paint. Update your kitchen cabinets or built-ins throughout the home by painting them a different color and swapping out old knobs and handles. Consider painting them white to significantly brighten up the space.

Hang mirrors or new artwork. Add a large mirror to make a room feel larger and reflect light from windows, which will brighten up the space. Or add a piece of art or two that expresses your personality and unique style.

Swap out bedding and bath linens. Purchase new bedding, like a comforter, linens and pillows, and add new bath towels and shower curtains to freshen up your bedrooms and bathrooms. This is an opportunity to incorporate a new color scheme in your home as well.

Bring the outdoors in. Add potted houseplants or display flowers from your yard in a vase. You could also incorporate found objects in nature, like branches, shells, stones and more.

Rearrange furniture. This no-cost option is an easy way to breathe new life into your space. Rearranging the layout of a living room or bedroom can create an entirely new look with existing furniture and decor.

 

We hope these upgrades help add beauty to your home — without subtracting too much from your wallet!

Posted in Home Update Ideas
Nov. 25, 2021

Why Should I Use an Agent to Purchase a Home from a Builder?

The advantages of having me help you purchase a new home are the same as those for purchasing a resale home. I can provide you with valuable insight into the new construction industry, help you find the perfect home or home builder more quickly, negotiate the price and terms based on the quality and amenities of the property.

The builder has a professional real estate representative who watches out for his or her best interests, and you need and deserve the same expert representation watching out for yours. Buying a new home is a little more difficult and time-consuming than buying a resale home. I can guide you through this process. Having spent years working with builders, RE/MAX Properties, Inc. has a rapport with local builders.

It is very important that your interests be professionally represented when you are entering into a contract for a semi-custom or a build-to suit home. These transactions are complex and the contract details must be exactly in order to protect you and to ensure that you get exactly the home you want!

MAKE SURE THE BUILDER KNOWS YOU ARE WORKING WITH A REAL ESTATE PROFESSIONAL

Many builders will require that you give up your right to representation if you visit their model homes without an agent on the first visit. Therefore, please call me if you would like to look at some model homes, so you are given the representation you deserve! The builder will pay the buyer’s agent’s fee just like the seller pays in other real estate transactions.

If you happen to be out driving and see a model home that you want to check out, give them a copy of my business card and fill out their “registration” form with your name and mine. Call me right away and tell me if their homes interest you so we can discuss the benefits of that particular builder and community.

Nov. 11, 2021

Proper Snow Shoveling Tips

Nov. 5, 2021

Market Update October 2021

Posted in Market Updates
Oct. 30, 2021

Ways to Maximize Your Home's Storage

Ways to Maximize Your Home's Storage

Shoe Storage

As you get settled into your new home or reorganize a home you’ve lived in for years, you may find yourself searching for additional storage. There are several ways to maximize storage in your home, whether that means buying creative furniture or renovating to add shelving, cabinets or drawers.

Declutter Each Room

First and foremost, you can often solve a few storage issues simply by decluttering your home. Go through cabinets, drawers and closets to determine what you need — and donate or sell the rest!

Incorporate Shoe Organizers

Avoid shoes piling up on your closet floor by adding a shoe organizer on the back of your door or a shoe rack to neatly display your shoes. Organize by style to make the collection look more cohesive. Or find a creative way to build shelving for your shoes in a small nook around your home!

Install Toe-Kick Storage

If you are struggling with storage in the kitchen, you might consider installing toe-kick drawers under the base of your cabinets. These can hold thin items like cutting boards, baking pans, user manuals and more.

Consider Floor-to-Ceiling Storage

Bookshelves or shelving that does not extend to the ceiling does not use all available wall space. Consider buying a bookshelf or installing more shelving that goes from the floor all the way to the ceiling to maximize the space — and make the room look taller! Or, for a more affordable option, consider getting baskets that can be filled and placed along the top of cabinets and shelving.

Store Items Under the Bed

The space under your bed is prime real estate for additional storage. This is a great place to store extra bedding, sheets and pillows, or even seasonal decor, luggage or other seldom-used items.

Invest in Multifunctional Furniture

Purchase creative pieces of furniture to add storage in unexpected places — including the living room! Search for ottomans, benches, coffee tables and beds with secret storage compartments.

We hope this helps you maximize every square inch of your home!

Posted in Home Organization