The Great 8 Real Estate Articles From September, 2017

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There is a lot of real estate content and chatter online. This makes it difficult to determine what is valuable and what is noise. Well good news, we read a ton of real estate content to stay on top of the industry. At the end of the Month, we compile the best articles we could find. This month we present eight informative pieces. These articles lo...
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Sump What? What You Need to Know About Sump Pumps

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We’ve had record amounts of rainfall this past summer. Colorado is known for its sunshine, 2nd behind in Florida with nearly 300 days of sunshine a year. However, this past summer was a bit different. In July, 6.23 inches of rainfall compared to our normal 2.83 inches fell ( usclimatedata.com ). By the middle of August, we already had 2.02 inches o...
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Academy School District 20 Boundary Changes

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If you want to stir up some controversy, start a discussion about schools; if you really want to get people excited, start a discussion on school district boundaries. Academy School District D20 is proposing some boundary changes for the upcoming school years. One of the first things people ask is about changes to external boundaries (those bo...
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Searching for the Right Schools!

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What are the Best Schools in Colorado Springs?

As real estate professionals, we are often asked to help find the "best school" and while we cannot steer you in the direction of a certain district, school or neighborhood for a variety of reasons, the truth is the "right school" is different for every family and student. I have a friend with 6 students in different schools/districts; they did the research to find what's best for each of their students! I'm here to help you find more information so you can make an informed decision.

Once you have selected the right school or district for your student or family, try out our Springs Homes awesome new search-by-school-district capability.

 

Colorado Springs School District Map

 

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The Charm of the Patty Jewett Neighborhood

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The beginning of summer of 2001, I moved to Colorado Springs. I actually drove, all by myself, a 22’ diesel U-haul truck into Colorado Springs. That’s a different and much longer story.  I had visited Colorado Springs once or twice before, and this young, recent college grad was thrilled that this town was going to be my own. I quickly fell in...
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2017 Real Estate Market Heads Strong into the Fall

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This year Colorado Springs real estate market made the list of top 10 cities in the nation for hottest real estate markets, according to Realtor.com, and it's no wonder.  Home prices continue to rise. Home sales are abundant. And there is significantly less inventory (homes for sale) than in years past. Here is a breakdown of what is happening in our little boom town this year.

Single Family Home Sales =  UP 5.6% over last year

Average Price for a Home =  UP 11.2% over last year (currently at $313,652)

Total Homes for Sale =  DOWN 15% from last year

Condo/Townhome Sales = UP 15% over last year

Average Price for a Condo/Townhome = UP 10.5% over last year (currently at $193,564)

Total Condos/Townhomes for Sale = DOWN 25.9% from last year

Supply is low. Demand is high. More buyers are buying and relocating here. And there are less homes for them to choose from. Competition is steep, driving home prices way up. Bidding wars are the norm, especially in the under $500,000 price range. 

I recently had two listings which received multiple offers within 24 hours of going on market. And both ended up selling for above asking price!  We call this a seller's market where homes sell fast and at top dollar.  Buyers, on the other hand, are at a disadvantage. They have less homes to choose from and prices are higher than ever.  The only fortunate thing is interest rates remain low, enabling buyers to qualify for higher amounts.

The big question? Will this trend continue?  And for how long? My belief is we will see this robust market for awhile, and definitely well into next year.  But eventually there will be a correction. History has proven markets like this always correct at some point. If you are looking to buy or sell and want to find out more about the market, give me a call.  

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Tips on Buying a House

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In Residential Real Estate a Seller's market is defined as having less than six months of available inventory, and this means that sellers have the advantage. I don't know what you call a market where inventories are measured in weeks not months. If you are trying to buy a house, you already understand the frustration this type of market creates. T...
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Essential Tips to Buying a Home with Bad Credit

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Qualifying for a mortgage can be one of the more frustrating aspects of the steps to buying a house , even if you have great credit. On the other hand, if your credit is bad or damaged, getting a loan will be even more difficult, but not impossible. Bad Credit, Bankruptcy, Short Sale and Foreclosure don’t mean you’ll never be able to buy a house; t...
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How Do You Determine Market Value?

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As a Realtor people often ask me how market value is determined. Sellers want to know their market value so they can decide on a fair asking price. Buyers want to know the market value of their home so they can see that the price of the home is justified. Here is the advice that I usually I give them. Factors that Influence Mark...
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The Importance of a Buyer's Walk Through!

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As a Realtor, I have learned many lessons through the ins and outs of closing so many home sales over the years. This story is a recent one, which will stay with me for a long time and I thought that it was important to share in hopes that potential home buyers or home sellers might avoid this pitfall by taking some good real estate advice.  I...
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Home Buyer's Needs Assessment

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It seems in this "transitional community" we live in, with military, job growth, etc. we frequently do needs assessment over the phone or on-line... only planning showings once the buyers arrive and we hit the ground running.  What is a needs assessment for a home buyer? and where do we start? Recently I had a buyer who lives here in town alre...
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How Does a Realtor Get Paid, Anyway?

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Ever wonder HOW and HOW MUCH a Realtor gets paid? Before I bought my first house, I was aware of HOW Realtors got paid. I had the chance to work in the industry earlier in my working career. However, it wasn’t until I started researching how to become a Realtor, and considered becoming a Realtor myself, that I learned more about HOW MUCH a real est...
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Buying a Home with a Pikes Peak View

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People come to the Colorado Springs area from all over the country... the world for that matter. They move here primarily because of our military and technology companies, but also just for the sheer beauty and reasonable cost of living. The Pikes Peak region is a popular place. One of the first things people ask for (especially from the midwest or...
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Colorado Springs: A Seller's Market For Sure

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It's definitely a seller's market right now. Properties often receive multiple offers. Bidding wars are the norm, where the highest and best offer gets the house. Days on market have dwindled down so much that many homes sell the first day they are on market.  I am working with a family right now who is super excited that we got their current ...
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Real Estate Inventory in Colorado Springs: What is causing the shortage?

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Wondering why Colorado Springs is seeing a severe shortage of inventory this year?  Here are a couple of reasons:   First, the median price of a home in Denver is currently $377,500, and the median price of a home in Colorado Springs is $246,800.  As a result, folks from South Denver are having so much trouble finding a home to purch...
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Mortgage Prequalification Guide

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Don't Bring Me Down Mortgage prequalification is the essential first step buyers should take before even starting to look at houses. Here is a scenario we see all time: A Realtor meets with home buyer to discuss buying a house. The buyers are very excited and they've been looking at properties online and have a bunch they really want to see. The re...
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15642 Coquina Drive Monument CO 80132

15642 Coquina Drive Monument CO 80132
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I'm so excited about this new listing!  Built in 2001, this beautiful stucco home has 4 bedrooms, an office, great room, formal dining room, upper-level loft, finished basement and professionally landscaped yard!  The main level features wood floors, spacious kitchen with island, pantry and counter bar, master bedroom with his/her closets...
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710 Cresta Road Colorado Springs CO 80906

710 Cresta Road Colorado Springs CO 80906
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I am beyond excited about this new listing! Built in 1952, this ranch floorplan sits on an oversized lot with mature trees, flowering shrubs, an expansive brick patio, fountain and even a greenhouse! This tastefully updated home features remodeled bathrooms and kitchen with granite counters, stainless appliances, and a warming drawer. It has wide p...
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Top 4 Things you Need to Know about Appraisals

Top 4 Things you Need to Know about Appraisals
The appraisal of a home is a vital part of any real estate transaction, and the role of an appraiser is possibly one of the most critical parts of the entire transaction. See below as to how you, as a Seller, can be way ahead of the learning curve with just a few helpful hints from me when are you ready to put your home on the market for sale! 1. A...
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Out of Pocket Expenses for Buyers

Out of Pocket Expenses for Buyers
When purchasing a home, you know the sales price you have negotiated, but when you make it to the closing table your might be surprised at some of the other expenses involved in the process. Here is a detail explanation of all of the out of pocket expenses you might encounter when you buy a house. Earnest Money Expense The first out of pocket ...
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