Explore Colorado Springs Homes

Homes will sell if priced right; foreclosures have impact ~ Obviously, despite what owners feel their house is worth, what matters most is what buyers are willing to pay.  That can be a lot less in areas where the supply of houses for sale is swollen by foreclosures and short sales, often priced 20% to 30% below the ones being sold by financially healthy owners.

Nationally, such properties account for a third of all sales. Furthermore, according to Zillow.com, 30% of the houses for sale nationally were reduced in price last month.  Says Amy Bohutinsky, a spokeswoman for Zillow.com, “For sellers to understand how they should price, they should deeply understand their market and competition — what’s on the market now, not just what’s sold.”

Sales of previously occupied homes fall 5.1 pct. ~ With sales expected to slide further, home prices nationally are predicted to drop 1.7% this year compared to last year, according to analysts.  The supply of unsold homes on the market has risen 2.5% to the highest level since August.  Home sales are down 26% from the peak in September 2005 but have climbed 19% from the lowest level hit in January 2009.  “It’s still a fragile situation in the housing market,” said Lawrence Yun, chief economist for the National Association of Realtors.