COLORADO SPRINGS - Home sweet home isn't as financially sweet as it used to be. A new financial report through Bloomberg says the housing market nationally may have hit a five year low for older home sales. Standard & Poor's housing analysts say the average home price is down 4.5% from this time last year.
National home sale figures would indicate that a house under contract is a rare thing in today's market but local real estate experts believe the opposite.
"Homes that are well staged, well priced and aggressively marketed are selling," says Joe Boylan with ERA Shields real estate. "What is not selling in reasonable times are sellers with unrealistic expectations about what their house is worth."
Just down the street from that house is one sign that the housing market has changed. Four or five years ago people selling their home wouldn't need to slash the price just to get an interested buyer. Boylan says back then homes would still sell in as little as a month. National reports say average homes are now staying on the market for up to 10 months but that's not true throughout our area.
"We certainly have those areas that are 10 or 11 months of supply but we're tending more toward 4 to 8 months," says Boylan.
National experts believe home prices will continue to drop meaning wait so you can get lower priced homes. Local real estate agents say by the spring there will be more buyers in the market making now the time to buy.
One problem for home sellers is more builders offering big time incentives for their homes.
"How are they going to compete with that builder that just gave $30,000 dollars in incentives away?" asks Alex Donnell our "Go To The Pro" financial advising expert. "It's a tough market to be out in."
It's also a tough spot for homeowners who need cash now and are looking at home equity loans.
"They might find that the equity they thought they had in their house is not as much as reality or the market will provide," says Donnell.
Housing Slump: 
