COLORADO SPRINGS, Colo. (The Gazette) - Colorado Springs’ housing market will remain strong in 2019, but should strike a fairer balance between buyers and sellers, one local real estate expert says.
Exceptionally tight inventories gave sellers the upper hand in 2017 and early 2018 — allowing them to select from multiple offers that often exceeded their asking price, especially if they listed a home for $300,000 and below, said Bruce Betts, broker/owner of Re/Max Advantage in the Springs.
The fierce competition for limited numbers of homes in lower price ranges left many buyers disappointed and frustrated when their bids fell short, he said.
The market, however, is poised for improvement. Prices still are headed up this year, perhaps by 5 percent, Betts said. The supply of homes also should rise in 2019, which will give buyers more choices and reduce — though not eliminate — the number of multiple offers for desirable properties.
“Multiple offers under $300,000, we’re going to continue to see that,” Betts said. “It’s unlikely we’ll see 23 offers. Now, we might see four or five. But we’ll still see it.”
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