It isn’t any wonder that people flock to Colorado Springs for their next home. According to the U.S. News and World Report “Best Places to Live”, Colorado Springs ranked second! And data from the U.S. Census shows that Colorado is currently the seventh fastest growing state in the country. With that in mind, you might be surprised to know that there are also numerous local, state, and national down payment programs available to Colorado home buyers.
Many people don’t believe they can afford to buy a home, so they continue to throw away thousands of dollars in rent year after year. Sadly, these rental payments could be used to build equity on a home instead. One big reason for this is because many people are simply not aware of the first time home
The most recent numbers show another strong quarter for the Colorado Springs housing market.
Compared to Q3 of 2017, the total number of listings and days on the market remained virtually identical. Homes priced between $300k-$500k along with the $1million+ market gained momentum, but the number of units sold under $300k declined by 26% due to the extreme lack of inventory.
One interesting indicator during this quarterly cycle is the median sales price. Although our local market values have increased another 11% over the same period last year, the current median sales price is down 2% compared to Q2 of 2018.
Keep An Eye On Interest Rates
Mortgage interest rates also continue to rise. According to Freddie Mac, the average rate for a 30-year
Looking for a place to live with a little bit of everything?
Perhaps a place that's consistently ranked highly as a desirable place to live?
Look no further than Colorado Springs, Colorado. The city has grown more than 12 percent in recent years, and it doesn't appear to be slowing down any time soon.
Thinking about moving to Colorado Springs? Read on to find out more about why it might be the perfect place for you.
1. Active Real Estate Market
Colorado Springs has a bustling real estate market. Although it's tilted slightly in favor of sellers, the fact that housing prices continue to rise means that buying a home is a solid investment. Now is definitely the time to move, as the market is expected to slow down a bit by 2020.
Occasionally, people will try to sell their homes “For Sale by Owner,” or FSBO. They do this to save money in real estate commission and fees. While you may be tempted to save that 3-6% in commissions, it could cost you thousands more by going it alone. According to the National Association of Realtors, “FSBOs accounted for 8% of home sales in 2016. The typical FSBO home sold for $190,000 compared to $249,000 for agent-assisted home sales.”
Below is a list of potential pitfalls of selling your home “For Sale by Owner” in Colorado Springs that can go terribly wrong. If you’re dedicated to the idea of FSBO, then I wish you the best of luck, but I invite you to consider these points before proceeding.
If you've ever wanted to live in a place with wide open spaces, gorgeous scenery, and very little humidity, you should consider moving to Colorado. If you want to enjoy city life while being mere steps away from some great hiking spots, like Garden of the Gods, definitely consider Colorado Springs.
Of course, before you jump in with both feet, you should do a little research on the Colorado Springs real estate market. It's important for you to determine if this is the right investment for you. To help you find the information you're looking for, we did the research for you. Keep reading to learn about current home prices in Colorado Springs.
Why You Should Consider Investing in the Colorado Springs Real Estate Market
Housing prices are at an all-time high and competition for affordable homes is fierce. Home buyers need an experienced Colorado Springs real estate agent to advocate for them during contract negotiation and throughout the real estate process.
However, many people enlist the help of a family member or friend who work in real estate. Hiring a friend or family member can backfire in many ways. You should hire an agent based on how well they do their job and what former clients say about them. It’s best to hire a real estate agent not as a favor, but because they’re good at their job.
Many times, people moving to Colorado Springs simply don’t want to go through the hassle of interviewing several real estate agents for the job. According to Redfin
Buying your first home is exciting and nervewracking all at once. In fact, most people say that buying a home is more stressful than bankruptcy, divorce, and even death of a loved one.
Getting stressed and overwhelmed during the homebuying process can lead to you making some very bad decisions. And when it's your first home buying experience, you'll also be prone to making mistakes simply because it's your first time navigating the homebuying-arena.
There are certain mistakes many first-time homebuyers make. Let's look at 7 of the most common home buying mistakes people make so that you can avoid them when you're in the market for a home.
1. Overborrowing and/or Overspending Money
When you look for a mortgage or are looking for a certain
Military members face insurmountable challenges in their career, but buying a home doesn’t have to be one of them if you’re an active service member or veteran. In fact, the Department of Veterans Affairs (VA) has created the VA loan benefit to assist military service members and their families with buying homes throughout the country and Colorado Springs military families can take advantage of the VA loan benefit to help finance the purchase of their next home.
So many people miss out on this valuable benefit and savings because they are uninformed about the VA home loan. It’s one of the best military benefits available! Below is information about VA loans and some interesting things you may not have known about this military entitlement.