Nationwide, the current market trend is down: higher days on market, fewer sales month over month, lower rents, higher rental concessions, higher vacancies. In Colorado, we are seeing these same signs all pointing to one thing: the housing market is cooling off.
In Colorado Springs and the surrounding areas, we are insulated from the worst of these symptoms thanks to the large military presence in the city, but that doesn’t mean we won’t feel any impacts.
If you’re thinking of selling your house, be prepared for it to sit longer on the market, or to make more concessions to the buyer. Interest rates are still very high, and borrowers are feeling the pinch. Presale improvements will be important to maximize your asking price, as will staging and making sure the curb appeal is top shelf. A property that shows well will always do better than one that looks too lived in. With more inventory entering the market, competition will be stiff, and you want your property to stand out, both in photos online and in person.
If you’ve tried to sell and you’re thinking of renting, some of the same rules apply. Price your property appropriately, but be realistic. The COVID-era spike in demand is well past us at this point, and renters are seeking more value for their money. Treat your rental property as an investment, and it will do better on the market. Upgrade your appliances, repaint the walls, and replace the carpet. You want to attract tenants, but more than that, you want to attract a quality tenant who will treat your property well.
If you’re unsure of what to do next, or what is the best choice for your particular situation, give us a call today. We can help talk through your situation and your goals for your property, short- and long-term. We can discuss the pros and cons of letting your property sit vacant on the sales market, or trying to place a tenant and help reduce the financial burden of your monthly mortgage. We want you to find success, even in this downturn market.