If you live here and own a home, you’re $70,000 richer than you were 24 months ago. That’s how much home values have risen since January of 2016. Ka-ching! In statistics just released by the Pikes Peak Association of REALTORS (PPAR), the average single family home is selling for $333,000, compared to $263,000 in January 2016. In 5 years, local home prices have soared by $100,000. Record demand, low supply and a strong economy have pushed local home prices up much faster here than the Denver metro area, making Colorado Springs one of the 10 hottest housing markets in the country: 2018 Top 10 Housing Markets. We’re predicting another record year for home sales with Millennials leading the stampede. Young people are getting better jobs and jumping into the housing market. And the other trend to watch is move-up buyers. We’ll see thousands of local homeowners cash in this year to use their growing equity as a down payment on the next home of their dreams. With some spiffing up, your home could potentially sell for $20,000 or $30,000 more. In many cases, it’s worthwhile to make major improvements in order to get top dollar. If you want to avoid a costly mistake, consult with your real estate agent first. We can tell you how much a project is worth, help you decide what to do, and refer you to a trustworthy pro to do the job if it’s beyond your expertise.
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