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!
Are you thinking “fixer-upper” when you’re looking at real estate in Colorado Springs? Buying one of the many wonderful bargain-priced homes has been enjoyed by lots of folks these last couple of years. Its been a wild time! However, we’re seeing fewer bargain-basement priced homes these days and those coming on the market are going under contract immediately, many having multiple offers. And often these are “short sale” deals that can take months to close!
Some bargain real estate in Colorado Springs may include more work than you’d like. When you’re looking online, you may see what appears to be a great price but few photos, so you may need to go scouting with one of our agents. We’ll help you develop the ability to look beyond the stuff, the clutter, the mess to find a “hidden gem”. It can be challenging to concentrate on the home’s features and basic fundamentals, but it could be well worth doing to catch a bargain.
Ka-ching! Bring a strong flashlight or two and some sturdy gloves. Also useful are your imagination and your practical discernment! When touring bargain real estate in Colorado Springs, muddle through the first time to get an overall feel, then step back and bounce ideas around with your experienced Realtor. Perhaps that sunroom addition is no longer an asset but is really a liability and should be torn down. Maybe the layout will feel more open once the clutter is gone and a small wall is removed. Some simple, practical changes such as new windows, an on-demand water heater, new flooring, kitchen cabinets, or some landscaping work could make a big difference.
The Realtors at Skyline Properties have the experience to help you sort through your options and decide what fix-up projects suit you. Many people find distressed houses too overwhelming and will opt for a less intimidating home at a somewhat higher price. We find some real estate in Colorado Springs in fairly good shape but with outdated features are good choices since folks can move in and live in the home right away and do the updates over the course of time.
When looking to buy a home that needs some work, look at problems as opportunities to increase the equity and to make the home uniquely yours. And contact us to help you sift through the many choices, negotiate an excellent deal, and find your “home sweet home”!