Colorado Springs Real Estate Market 1/31/2024 Low Inventory. New Laws.

The market is changing and it’s too soon to tell, but barring something drastic, I am expecting to see prices strengthen, at least in the short term. Rates are down and inventory is almost as low as I have seen it. We typically start to see more houses hit the market, but the pullback in rates is significant enough that people are jumping off the fence.
The laws being proposed in Colorado that I talk about are:
Senate Bill 33 - Tax increase for short-term rentals
House Bill 1098 and - “Eviction” changes, which apply to more than just evictions
House Bill 1007 - Occupancy limit prohibitions
You can find a link to the 3 bills here: legiscan.com/CO
Thank you so much for watching! I hope you got something out of it.
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Kevin Wade is an experienced licensed Colorado Springs real estate broker, a residential, new home construction and relocation specialist with The Cutting Edge, Realtors. The largest independent brokerage in Colorado Springs. Serving home buyers and sellers in Colorado Springs, Monument, Peyton, Palmer Lake, Falcon, Fountain and Woodland Park. This is usually the largest financial transaction you will ever make. Experience matters, call me now with any questions.
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[@jillcarlson180]

By the way, thank you for a great and informative video. I had no idea interest rates had gone down at all. How come we hear about them going up all over the news but we don't hear about them going down? Oh, I know, the government, as well as others, do not want people owning their own homes.

[@homesofcoloradosprings2114]

There is a strengthening contingent in our country who would very much like to abolish home ownership.

[@jillcarlson180]

I am curious to know the real reason behind the short-term rental tax increase or reclassification from private property to commercial. I know in New York they recently passed a law stating the owner must be on the premises. The core or root of this they decided was due to the hotel industry. So yes, big Corporation deciding what happens. As for how many people can live in a residence that are not related, I think that is a good thing. My daughter and three of her friends are going to get a house this summer in Fort Collins. There is no reason why those four unrelated people should not be able to share a home. I agree, I would rather have several unrelated people who are responsible and pay the rent as well as take care of the property live in a home instead of related people who don't. And the crap about trying to make it harder to evict people is just that, it is crap. Squatters rights in Colorado are out of control.I think this would just make it worse. Why don't we make it harder on the slum lords though?

[@homesofcoloradosprings2114]

I hope this gets a few people to see what is happening in our state legislature. The laws seem ambiguous enough that their true intent may not be seen until the courts get involved. As for slum lords, there have been some moves to give tenants some additional rights when landlords are rotten. If anyone reads this comment and has a bad landlord, I'd love to talk to you and make a video about it.