Certified Appraisals, Inc. Blog

Will 2013 Be a Good Year for the Housing Market?
January 30th, 2013 2:37 PM

The word from economists is that 2013 is poised to be the best year for the housing market in Colorado Springs since before the recession. December, which is normally a slow month, ended better in 2012 than in recent years, which showed an increase in sales trends. Because there is low inventory in the lower value market, the continued demand for those dwellings has caused a shorter marketing period with values showing signs of increasing over sales prices from previous years. Realtors are reporting multiple offers on homes in this price bracket and homes are selling within days of going on the market.

People who had been waiting for the economy to turn around before selling and buying a new home may now be in a position to do so. Many people wanting to buy a new home needed to wait until values came back up. If their existing home was worth less than what they owed, they couldn't buy a new home. Also, as many people who lost jobs over the past few years begin to find new jobs now in a slightly better economy this will assist the market recovery. And with interest rates so low, now is a great time to buy.

Indications are that lower priced homes may see a good year in 2013, but higher-end homes will likely still have a tough year. There is not a demand right now for the upper value market and the inventory is high.

Whether or not 2013 will be a good year for buying and selling a new home remains to be seen. Inventory levels and interest rates will be two market forces that will be driving the overall recovery.

Posted in:General
Posted by John Cordasco on January 30th, 2013 2:37 PMPost a Comment

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