COS house prices going up? (Colorado Springs: sales, real estate, 2010)

[Bideshi]

I've been following house asking prices closely in COS for several years and have seen the relentless downward trend. This week, however, I noticed a faint but perceptible upward tick. The question is: are these higher asking prices reflecting actual sales or just wishful thinking based on the brigade's move into town? Are houses selling or still sitting unwanted? Am I so far off base expecting the bottom in 2010/11?

[treedonkey]

Originally Posted by Bideshi

I've been following house asking prices closely in COS for several years and have seen the relentless downward trend. This week, however, I noticed a faint but perceptible upward tick. The question is: are these higher asking prices reflecting actual sales or just wishful thinking based on the brigade's move into town? Are houses selling or still sitting unwanted? Am I so far off base expecting the bottom in 2010/11?

Hard to tell. It will take more than one week of "faint, but perceptible" changes before we can even make an educated guess...

[Bob from down south]

Originally Posted by Bideshi

I've been following house asking prices closely in COS for several years and have seen the relentless downward trend. This week, however, I noticed a faint but perceptible upward tick. The question is: are these higher asking prices reflecting actual sales or just wishful thinking based on the brigade's move into town? Are houses selling or still sitting unwanted? Am I so far off base expecting the bottom in 2010/11?

I offer a few things to consider.

First, there was a surge in demand due to movement of a brigade into Ft Carson, mostly on the south side of town, and mostly in the lower price brackets ($200K and below). Properly-priced houses in the $250K and below range are moving right now, and those prices have stabilized for the time being. The market at $350K and up is still essentially dead.

Second, there is a pronounced seasonality in housing prices, and an uptick is normal from spring to mid summer.

The foreclosure rate is spiking up again, so next spring, without the windfall of some new demand from Ft Carson, and with more foreclosed properties hitting the market, I think it's back to the grind downward.

I've expected the bottom in 2012, but that was before a full-on credit collapse and the positively irresponsible governmental response to it. The result of chronic unemployment and increased tax burden at all levels to pay for our free-spending stupidity may extend the slog along the bottom...I think perhaps even as far as 2015.

[RelaxRevive]

My husband is Military and we are looking to stay in the COS area. We were thinking about buying a house in the area but nothing more than a fixer in the very low 100's. Would it be in our best interest to maybe wait until next fall at least even if that means missing out on the first time home buyers credit? I am so torn at the moment about whether to buy or rent and we really only have a month or so left to make that decision. We have done tons of research and I figure even if the home drops 20k in value that's still better than the 60k we stand to loose over a period of 5 years while renting. My husband used to be a framer and my grandfather is a master plumber so we should be able to put a good amount of sweat equity into a home . If a home is already priced in the low 100's in a decent neighborhood is there really that much room left for it to fall. According to the assessors records the houses are priced at what they cost in the late 80's to purchase....Am I being too nervous or just the right amount of nervous?

[Mike from back east]

Originally Posted by RelaxRevive

My husband is Military and we are looking to stay in the COS area. We were thinking about buying a house in the area but nothing more than a fixer in the very low 100's. Would it be in our best interest to maybe wait until next fall at least even if that means missing out on the first time home buyers credit? I am so torn at the moment about whether to buy or rent and we really only have a month or so left to make that decision. We have done tons of research and I figure even if the home drops 20k in value that's still better than the 60k we stand to loose over a period of 5 years while renting. My husband used to be a framer and my grandfather is a master plumber so we should be able to put a good amount of sweat equity into a home . If a home is already priced in the low 100's in a decent neighborhood is there really that much room left for it to fall. According to the assessors records the houses are priced at what they cost in the late 80's to purchase....Am I being too nervous or just the right amount of nervous?

I'm not a realtor, nor in the biz in any way, but IMO, if you qualify for the first time buyer credit then you should hop on it, especially if you can find a fixer in your price range. It may take the market years to come back, but it always has in the past. Even if it stays level for many years, you'll have a place to live at a very low cost and that will be a good thing.

[lalahartma]

The demand for the lower priced properties has never really faltered. The market has been pretty steady for those under 150K. I bought my house at 135K at the height of the boom (2007) in the downtown/central area. Since that time I have kept an eye on what's available. If I were you, I'd start looking as soon as possible to get an idea of what to expect, and take your time.

Good luck!

Edit: The tax credit is an even better deal that the first time home-owner el paso county bond that I grabbed.

Edit: wow! There are alot of properties @ 100K in the Central/OCC neighborhoods!

[misscassandra]

Originally Posted by lalahartma

The demand for the lower priced properties has never really faltered. The market has been pretty steady for those under 150K. I bought my house at 135K at the height of the boom (2007) in the downtown/central area. Since that time I have kept an eye on what's available. If I were you, I'd start looking as soon as possible to get an idea of what to expect, and take your time.

Good luck!

Edit: The tax credit is an even better deal that the first time home-owner el paso county bond that I grabbed.

Edit: wow! There are alot of properties @ 100K in the Central/OCC neighborhoods!

Thank you, lala. I've been researching houses and I have seen soooo many under 200k. When reading this thread, I was worried that maybe all the houses I was seeing were just bad - in a bad part of town, or falling apart. Some of them seem really nice!

We won't be buying in time for the tax credit, but who knows, it may be extended or revised for another year or two...not sure. Either way, it's good to hear from a resident that the houses I'm still looking in a reasonable price range for COS - it's a MAJOR reason we're looking into COS.

[lalahartma]

^^ Mostly they are smaller houses with small lots. But there are some good deals!

[lalahartma]

For giggles: http://www.nytimes.com/2009/08/19/gr...19gh-what.html
(What you get for 200K)

[misscassandra]

Originally Posted by lalahartma

For giggles: http://www.nytimes.com/2009/08/19/gr...19gh-what.html
(What you get for 200K)

This is what I mean... 4325 Ramblewood, Colorado Springs, CO, 80920 - MLS ID#591928 - Single Family Home real estate - REALTOR.com®


Am I missing something? D-20, right? Zip is 80920, I have a few houses under 180k that seem this good..and others in the 180-220k range that just seem so great. I can't wait to get out there and talk to realtors