As we approach 2020, I wanted to take a look back over the past decade to see how the market has changed.
Ten years ago, 8z Real Estate was founded as a brand new real estate company, with broad goals to change and improve the real estate experience, for both consumers and agents.
When 8z Real Estate started, the real estate market was still deep in a subprime loan crisis and an economic recession, with abundant foreclosures and distressed properties. Why launch a new real estate company when the market was in such a time of peril? Simple. We know that you can’t control the market but you can always help customers navigate it with clarity, control, and confidence. So, when things were less than rosy, our agents rolled up their sleeves and made the best of the market conditions for our clients. During this time, we helped thousands of clients and thrived as the real estate market slowly recovered.
As with all markets, change was inevitable and since 2010, we have seen almost a decade of real estate market growth. Foreclosures are close to all-time lows. Our local Colorado real estate market went from an abundant inventory of homes for sale to current historic low inventory. We have benefited from double digit appreciation, as well as stable and low mortgage interest rates. In 2010, it didn’t seem like things in the real estate world could get much worse, and as we approach 2020 it’s difficult to imagine that the market could get much better.
Additionally, in the past 10 years we’ve seen a lot of technological progress in real estate. Technology has always been a major business platform for 8z Real Estate. We strive to be on the cutting edge and embrace new technology. In the past decade, we have helped our clients navigate the analysis of a “Zestimate” to the recent influx of iBuyers. In fact, we have developed a very consumer-centric way to help sellers acquire and review multiple iBuyer offers. I have a feeling we will be talking about iBuyers for at least the next 10 years.
Real estate has evolved a lot over the past decade and it’s bound to keep evolving. As this occurs you can rest assured that at 8z Real Estate we will be on the front lines of change and adapt to offer you the best real estate experience available.
As we finish out the year and the decade in 2019, I’d like to wish you the very merriest of holidays and a happy new year!
A Refreshing Look at the Question “What is my House Worth?”
Let’s take a look at some of the stats for our area to get a better idea of what is going on in the local housing market!
In El Paso County for November 2019, the average sales price* was:
- $325,000 for Single Family Homes (up by 8.3% from 1 year ago)
- $228,500 for Condos/Townhomes (up by 9.8% from 1 year ago)
I have access to detailed stats across Colorado and can help you find out the worth of your property any time. I can also help you determine what your home is worth even if it’s in a different area. As always, I am here for you. If it’s time for you to buy or sell, let’s talk.
*Median sales price based on a six-month moving average