First month since August 2020 that over 1,000 active homes were for sale, only a 16-day supply of homes. Because there aren’t many homes to choose from, buyers are offering over asking price, and bidding wars continue. Homes sold for 2.7% above asking price in August. Double-digit price increases continue, with a median sold price of $450,000, up 18.4% from last year. The average price dropped just below the $500k threshold at $499,278, up 14.5%.
Colorado Springs is still in a strong seller’s market. The inventory remains low, but shows improvement for the first time in months. The pandemic, lumber costs, and builder inventory have all put a huge strain on local home inventory.
*without a lot of work
Real estate investments are about one thing. Profit. And to get strong returns on that investment, you need strong management. Keeping your properties rented and maintained can be complicated. You also want your property to be priced right, and to have a lease that will protect you. Hiring a good property management company can be the best thing you can do to increase your rental income. Here are 5 ways to maximize your investment property profits. Continue reading →