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Colorado Springs Housing Market Conditions

By | Colorado Springs Real Estate, Home Improvement | No Comments

As the summer housing market comes to an end in Colorado Springs, it’s time to take a look at the numbers to assess the health of the market. According to the Zillow website, Colorado Springs has a current median home value of $256,300. This represents an increase of 9.3% over the past year. The economists at Zillow estimate that Colorado Springs prices will continue rising in 2017 and 2018 to the tune of 3.8%. This tells us that the market is cooling down a little bit and should be welcome news for buyers who have been competing with multiple offers trying to buy a home.

Currently the average list price in Colorado Springs is sitting at about $310,000 or $142 per square foot. The values in the metro area are the same at $142 per square foot. Current rental prices are $1475.

Prices have soared over the past few years. As recently as 2015, you could buy a home in Colorado Springs for about $200,000. The rise in home prices has resulted in home owners feeling comfortable with their equity position in their homes. In the United States, 10.4% of home owners have negative equity; meaning they owe more on their home than it is worth. In Colorado Springs, only 8.1% of homes have negative equity. This tells us that the housing market in Colorado Springs, is healthier than the national average.

Sellers looking to maximize their home value, often look to increase the value by doing some home improvement projects or remodeling prior to listing their house for sale. There are lots of small things you can do to increase the value. Many sellers focus on curb appeal and paint the front door, seal coat the drive way and plant flowers along the side walk. Sellers looking at larger projects may consider using barn wood or reclaimed lumber from a local Colorado lumber yard to build an accent wall, install beams or even replace an old fire place mantel.  Of course, painting will probably be the biggest bang for your buck.

We’re glad to see that prices in Colorado Springs are starting to settle down. We’ve been contacted by so many potential buyers over the past year who we were unable to help due to soaring prices and lack of demand. Now is a great time to begin your home search. The winter months are always a little slower, so you will face less competition from other buyers.

 

home design and remodeling with reclaimed barnwood

Colorado Springs Home Remodeling Trends

By | Uncategorized | No Comments

Colorado has tons of great resources for buying reclaimed lumber and barn wood. The use of reclaimed material has surged in popularity in recent years. The trend has been highlighted in many of the recent RH and Pottery Barn catalogs which include beautiful photo spreads of homes finished with reclaimed wood. Timbers are used in everything from decorative walls, kitchen cabinets, counters, flooring, fireplace mantels and beams.

Rough Sawn Oak Shelf

 

Live Edge Reclaimed Wood Shelf (finished and installed by The Old Grain Co (https://getreclaimed.com)

It doesn’t take much to increase the value of your home with some minor updates. Adding shelving in the living room or an accent wall in the family room can make a big difference and really can create a memorable first impression for potential buyers. If you like to take on your own home improvement projects we suggest that you contact a local supplier of reclaimed lumber in your area. Most of these shops are staffed by really helpful professionals who can give you advise on your project. If you get in over your head, they will likely be able to connect you with a local contractor who can finish the job.

Another great place to use barn wood is over the fireplace. An old barn beam can make a beautiful mantel for your fireplace. Expect to spend between $300 and $500 for a nice mantel that is free of rot. You can usually buy mantels finished or if you prefer, you can finish it yourself to match your home decor. Front Range Timber, is a good source of material in the Colorado Springs area. They provide flooring, barn wood or furniture.

You real estate agent can help you decide where your money will be best spent if you are preparing to sell your house. Usually, people find they get the biggest return spending money in the kitchen. If you want to use reclaimed lumber in the kitchen, we suggest that you consider custom cabinets from reclaimed lumber. You’ll get a truly original and custom look that can’t be replicated with something you might buy from Home Depot or Menards.

 

Colorado Springs Best REALTORS

By | Colorado Springs Real Estate | No Comments

How do you find the best realtor in Colorado Springs, CO to sell your house? If you are looking for a house to buy, you may likely have the same question. It used to be that if you wanted to hire a real estate agent, you would simply ask a friend, neighbor or family member who they used to buy or sell their home. That time is long past. Now there are numerous websites that will find a recommend a top real estate agent including Homelight, AgentAce, Referz, Agents Ranking,  My Agent Finder, Dave Ramsey and more. Most of these websites work with Colorado Springs real estate agents who have won sales awards and have at least five years of sales experience.

Many of the leading real estate agents are from companies such as Pink Realty, RE/MAX, Skyline Properties, Sotheby’s, Coldwell Banker, 8z Real Estate or Best Realty. You’re likely to receive valuable information about the experience and sales success for the real estate agent or agents they recommend.

Most home sellers begin the process by interviewing a couple of agents who can provide them with an estimated market value for their house. Of course there are numerous automated tools from companies like Redfin’s How Much is My House Worth and the Chase Home Value Estimator. The most accurate valuation will come from a Colorado Spring real estate agent who can accurately account for things like curb appeal, quality of finishes and neighborhood appeal.

Have you used any of these automated real estate services? If so, what has your experience been? If you used a website to receive an automated property value and then met with a real estate agent who you hired to sell your house, how did the automated value compare to the sale price? How did it compare to the property value given to you by the local real estate expert?

 

Colorado Springs Housing Market Favors Sellers

By | Colorado Springs Real Estate | No Comments

Homes sellers in Colorado Springs have been experienced a real sellers’ market that has resulted in market time for homes listed for sale of less than 30 days and an increase in multiple offers which is driving up home prices. A healthy Colorado housing market would be a situation in which the supply of houses is around 6 months. This would be considered a neutral housing market, one that doesn’t favor buyer or sellers, it’s simply health. If the supply is more than 6 months, the market would favor buyers, if the housing supply is less than 6 months, this would be a sellers’ market. Currently the supply of homes in Colorado Springs is only about three months. Let’s just say we have a lot of very happy sellers who have seen drastic home price appreciation over the past year or so.

Benefit for Home Sellers

Sellers have seen the value of their home increase by as much as 10% over the past year alone and this is after two years of back to back price increases. The market is getting unaffordable for 1st time buyers who are excited to purchase their first home. Many first time buyers are having to choose condos or town homes instead of single family homes after meeting with a local agent who educates them on current home prices. It’s always a good idea to check out current prices on realtor.com, prior to meeting with an agent. This will service to set realistic expectations about what you can and can’t afford when you begin your home search.

Home prices are expected to continue to increase driven by lack of new construction over the past few years and historically low interest rates which have allowed buyers to purchase more house than they would be able to afford in a higher interest rate environment.

Many would be buyers are having to consider rental options. It is still possible to rent a nice home in Manitou Springs, Cimarron Hills, Woodland Park, Divide, Peyton, Woodmoor and Fountain for less than $2000 per month, however, as home prices continue to climb, we expect to see this begin to effect rental prices as well. It is often a balancing act to determine if it makes more sense to purchase a home or to continue renting.

Help For Home Buyers

Home buyers in CO Springs looking for assistance with qualifying for a mortgage, will benefit from the guidance they will receive when contacting a local real estate agent who will be able to connect them with a Colorado Springs mortgage lender. A few of the most active buyers agents include:

  • Monica Breckenridge and Pink Team with Pink Realty
  • Jeff Johnson with RE/MAX Real Estate Group
  • Treasure Davis with RE/MAX Properties

We have enjoyed working with Jason Daniels from RE/MAX as well as Ann Heiring. Both of these top agents are experienced and dedicated to their clients.

Although most real estate agents don’t specialize in working with renters, they may also be able to provide a recommendation for someone who can assist you with finding a house for rent. We always recommend that potential renters check craigslist, which is one of the best sources of homes for rent in Colorado Springs.

3 Reasons You Should Buy a Home in CO Springs?

By | Home Buyer | No Comments

As home prices have continued to soar across Colorado, many of the buyers we meet with for an initial consultation are on the fence about if it makes more financial sense to buy a home or if they are better off with a rental. The choice can often be difficult, however, it is still a great time to buy in Colorado Springs. Rent prices have increased the past few years along with home prices and current interest rates are still very low making homeownership relatively affordable. According to a recent report from Trulia, low interest rates make buying an average of 37.7% less expensive than renting. 

1. It is Expensive to Rent a House

The Colorado Gazette recently reported that rent prices in Colorado Springs are at a record high. This means that as home prices have increased, those investors who own the rental properties have been able to increase rents due to the increase in demand. It’s the renter who is essentially buying the house for the investor. Why not put that payment toward a mortgage instead and gain some equity in your home.

2. Interest Rates are Expected to Rise Along With Home Prices

Interest rates have already begun to rise a bit and with the Trump presidency, it is likely that mortgage interest rates will continue to rise the next few years. It is also expected that home prices in Colorado Springs will rise over the next few years, which will make homes less affordable. You’re better off locking in an interest rate and purchase price at today’s rates and prices vs. waiting.

Check current interest rates at wells fargo to see where they’re at today: https://www.wellsfargo.com/mortgage/rates/

3. Are we in Another Housing Bubble

No, the issues that contributed to the bubble in Colorado Springs during 2007 – 2010 and the subsequent housing crash are not present in today’s housing market. Bad lending and loose standards by the banks are what contributed to the market crash. The market during that time was really driven by investors and buyers who were not a good credit risk. This practice along with no money down loans and adjustable rate mortgages created a situation that was bound to fall apart. During the years after the bust, there were very few new homes being built and this created a lack of housing options for buyers in today’s market. This has contributed to the increase in prices over the past few years. 

If you have been thinking about buying a house or are interested in getting out to view the current homes for sale in our community of Colorado Springs, we would be happy to connect you with a great real estate agent who can show you around and answer all of your housing questions. They can also help you to get qualified for a mortgage. This will give you an idea of what price homes to look at. 

If you are still on the fence about if it makes more sense to buy a home vs. renting a home. There is a youtube video that discusses the pro’s and con’s of each.

Colorado Springs Housing Market

By | Home Prices | No Comments

Colorado Springs home prices are currently hovering around $240,000, which represents more than an 8% appreciation in value since this time last year. It isn’t expected that appreciation will continue at this rate. Home prices are expected to increase next year, however only at a more modest 3.5%. There is currently a large selection of homes listed for sale in the Colorado Springs MLS. The current average price of homes listed for sale is $279,000. Prices have soared since 2012 when they bottomed out at $180,000 on average. Prices in other local neighborhoods very dramatically according to Zillow. The highest prices in the more luxury neighborhood of Northwest Colorado Springs are currently $332,000. The cheapest local housing is in Southeast Colorado Springs where they are only $165,000.

Local Home Prices

  • NW Colorado Springs: $332,000
  • Briargate: $311,000
  • Falcon: $244,000
  • NE Colorado Spring: $240,000
  • Powers: $253,000
  • Old Colorado City: $198,000
  • Central Colorado Springs: $191,000
  • East Colorado Springs: $205,000

We also tracked the local pricing per square foot and found that the median list price is currently $134 per sq. ft. Like home prices, rents in the area have also increased dramatically since 2012 when they were hovering around $1100. They have increased over the past few years and are now hitting $1400.

Moving to Colorado Springs

Anyone who is thinking about moving to Colorado Springs will be interested to know that the schools in the area are excellent. Great Schools has given most of the local schools a 10 rating. Some of the best schools in the area include:

  • The Vanguard School
  • Mountain View Elementary
  • Chinook Trail Elementary
  • Chipeta Elementary School
  • Tca College Pathways
  • The Vanguard school
  • Thomas MacLaren State Charter School

The full list of schools in Colorado Springs as well as the ratings assigned by Great Schools can be viewed here: http://www.greatschools.org/colorado/colorado-springs/

Anyone moving to the area will want to research local realty companies prior to hiring a buyer’s agent to help them find a home. The area has many great agents from Coldwell Banker, RE/MAX, Keller Williams and Sotheby’s who can help buyer with their home search.

Selling Your Home in CO

Hiring a real estate agent is an important decision. One of the first jobs of the agent will be do provide you with a CMA or comparative market analysis. This is where the experience of the agent comes into play. Real estate agents offer their services at a variety of commission rates and will likely range from 5% to 7%. There can be a big difference in the quality of the service you receive, so remember, that if you hire a discount realty company, you may not receive service equivalent to that of a higher priced realty broker.