If you experienced sticker shock when you received your real property notice of valuation from the El Paso County Assessor’s office, you’re not alone. Many residents of El Paso County are shocked by one of the sharpest property value increases in recent history. It’s the first time in 14 years, that the county has experienced such a hike which means larger tax bills for residents.
These reassessments are mandated by law every two years. To show you the extent of the increase, consider this: In southeast Colorado Springs, values have shot up 37 percent. Higher valuation means higher taxes. The last time the county experienced double-digit increases was in the late 1990s and early 2000s.
You can appeal your home’s valuation by filing an appeal
Many home buyers are unaware of ways to save money on home loans such as the assumable mortgage loan. This article explains what an assumable mortgage is and how it is used with VA loans to save veterans thousands in the Colorado real estate market. Active military service members and veterans looking for Fort Carson housing should take advantage of this often overlooked interest rate workaround. If you’ve ever wondered “Are VA loans assumable?”, this article will give you a detailed explanation of an assumable mortgage.
Not every loan can be an assumable mortgage loan. Only FHA and VA loans are assumable. It’s not a sure thing either because most assumable loans must be approved by the lender unless the mortgage was closed
Home buyers can expect a triple whammy in 2019 with a continuing tightly competitive market (low supply), higher prices, and an interest rate increase. But all is not lost in the 2019 Colorado Springs real estate market. There are several welcome developments for home buyers and mortgage borrowers. New construction will include more affordable entry-level homes and mortgage lenders are easing the qualification requirements for loans. First time home buyers are getting much-deserved attention now in the real estate market, more so than ever before.
Below, is a list of housing and mortgage trends for 2019.
Need More Homes
The lacking supply of homes for the market will continue to lag in 2019, but it’s not expected to worsen. The number of
Whether or not those homes were the right homes for buyers, however, is an entirely different matter. Finding the right kind of home that suits our needs and wants is possible when we know exactly what we're looking for and where.
High competition and limited housing choices sometimes skew a buyer's mindset when selecting a home. Other times a lack of patience can also cause a buyer to make the wrong housing choice. Regardless of the reason why some buyers make these decisions, some end up selling after discovering the house just wasn't right for them.
We all want to find our dream homes within our price range. We see our homes as symbolic to time with family, a sense of security, and as a reflection
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
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