Despite its picture-postcard beauty, Colorado Springs has reversed its recent sellers' market. As more homes are entering the marketplace, prices are coming down, offering bargains to buyers in many price ranges.

"Incredibly low interest rates are bringing out the first-time and move-up buyers," says Realtor Rick Van Wieren, "but local layoffs at WorldCom and related businesses have also boosted inventory. New "spec" homes are available from many builders. Well-priced homes continue to sell well, but upper price ranges are tending to hang around for a while."

Like other Realtors who see how quickly a popular market can turn, Van Wieren adds, "It's a great time to buy!"

Agrees Realtor Roberta K. Stein, "We are seeing record low interest rates keeping the buyers' out looking with a higher inventory - creating a buyer's market. Buyer's have many more homes to choose from at this time and for the most part, have "time" to think over their purchase.

"Last spring," she explains, "we saw homes flying off the market, with multiple offers. One had to really put their running shoes on if they expected to get the home, plus put in their best offer! Currently, we are seeing more negotiation between the buyer and seller -- due mostly to lower demand and higher inventory.

"In general, homes priced below $200K (and priced right) have not seen as big of a hit with our change in the economy. If priced right, for the most part, these homes have been moving still within 30-60 days. It is the higher-priced homes that will take longer to sell and with less activity."

Realtor Vicki French says, "Due to the continuing low interest rates we are seeing plenty of buying activity in the under $250,000 price range. There is a significant inventory on the market in this price point so the best properties that are priced right are moving very quickly and the rest are taking 60 days or longer to sell.

She adds, "In the over $300,000 price range there are limited buyers due to continuing concern about layoffs in the technology sectors. This part of the market is already a buyers market. There are many sellers that have not accepted this fact and are holding onto the outdated pricing of a year ago and not finding buyers for their properties. The sellers in this higher price range will need to price their properties aggressively if they intend to sell in the next 30-90 days and they will need to have them in good showing condition. There are excellent buying opportunities now and for motivated sellers, homes are still moving in all price ranges, although much slower at the higher prices."

Many Realtors believe that Colorado Springs diverse job market will bring buyers back.

"The Colorado Springs community is a blend of military, technology and service industries," says Realtor Jorgette Krsulic. "This provides a steady and constant turnover of potential buyers and sellers. Our average sales price is about $185,000.

"The Colorado Springs housing market offers both buyers and sellers an excellent opportunity to take advantage of our growth and steady appreciation," says Krsulic.

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Published: August 22, 2002

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