…it probably is – or it’s going to go fast! We’re seeing a lot more activity in the under $200,000 price range in Colorado Springs. With so many of the homes at this price being bank-owned or short sales, there are deals to be had and the good news is that people are having them!
Some of the deals are too good to be true. Some banks price properties well below their value in order to generate lots of showings and multiple offers. It can be frustrating for buyers, but it works for the banks. Many properties are getting multiple bids and going for well over the list price.
Jeremy has several clients looking in the under $150,000 price range, and even with putting in offers at or as much as 15% over the asking price, they’re getting beat out by higher offers. That’s something we definitely weren’t seeing even a few months ago. The market activity is good news, and of course the hope is that it will eventually spread to the higher price ranges as well.
If you’re looking to sell your home, you’ll want to price it well in order to compete with the bargains in the distressed property market. If you’re curious what your home might be worth, you can request a comparative market analysis and Jeremy will look at your home’s specifications and competing properties that have sold in your area recently and give you an idea of what you could sell for.