The Colorado Springs real estate market has seen steadily improving progress this year and is now listed as one of the country’s top Hot Markets in a recent ERA survey. According to the Pikes Peak Association of Realtors MLS service, the median sale price of single family homes has climbed from January’s $172,250 to July’s $212,000. This represents about a 6.5% increase over this time last year. Plus the number of sales increased from 798 last year to 973 this July, a huge boost!
If you’ve been looking at homes online, you’re still seeing pricing all over the place, representing “distressed” sales as well as “regular” sales. A mortgage lender requires that a professional appraiser conduct an objective assessment of the value of a home so that the lender is not writing a loan that exceeds the value. Appraisals are a combination of objective information as well as market influences. An appraiser usually factors in their computations whether the market is increasing or decreasing in pricing as well as whether the property is a “distressed” or “regular” sale. The Colorado Springs real estate market has seen big increases in distressed listings, often priced $5,000 to $10,000 below the “regular” value of the property.
As you may expect, many older Colorado Springs real estate neighborhoods have an eclectic mix of larger and smaller homes, with property values that correspond. Now many communities include distressed listings as well. An appraiser needs to take care choosing their comparable homes and adjusting for many factors including square footage, age, neighborhood, condition and features as well as whether the home is a distressed sale or not.
Whenever you’re ready, sign up to search on our website for whatever type of home you want. Also, we can do a more customized search for you through our MLS service to focus in on those things that are most important to you. For instance, if you only want homes that will be approved by a VA mortgage loan lender, we can make that a parameter for you. You’d automatically get emailed whenever there’s a hot new property on the market or a price reduction for the Colorado Springs real estate you identify.
We would love the opportunity to show you how our experience, integrity and sincerity can help you find the house that’s just right for you!