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Home Affordability at Historical Highs

by Alan Daniels

Colorado Springs and surrounding areas have seen an interesting dynamic form on Home Affordability.  Home Affordability is at historically favorable levels for buying a home while at extremely unfavorable levels for renting a home.  The years in the market downturn show that home affordability was off the charts when there were more distressed properties selling between 2009 and 2016.  The market is still showing that home affordability is at high levels in the current market as detailed in the following chart (the higher the graph the more affordable homes are).

Mortgage Payments are at historical lows when looking back.  Note that 2012 is skewed due to the number of distressed sales at the time.

Colorado Springs Homes For Sale - Buyers Mortgage Payments

Conclusion:

  • If you are in the market to buy a home in the near future be sure to act while the Home Affordability Index is so favorable.

  • If you are renting, you are most likely seeing a rent increase of 5+% annually and paying hundreds of dollars over what a mortgage would be.

  • Contact your Colorado Springs Real Estate Agent to help you expand on this along with your options whether short or long term.

Top 4 Home Renovations with Greatest ROI

by Alan Daniels

Many of our clients ask what home renovations provide the best Return on Investment (ROI).  Here is a helpful list whether you are selling your Colorado Springs home or just looking for the next home project in a long term home.

Colorado Springs Home Renovations

Conclusion:

  • These are just some of the best ROI projects you can do on your home whether you are looking to get the best bang for your buck when selling a home or if you are trying to prioritize what project to do for a long term investment.
  • Kitchen and bath remodels can have a great impact on a home's value but can end up being more costly and take longer to do.  You want to make sure to not over spend compared to finishes other homes in the neighborhood have.
  • Paint is another top ROI project that did not show up on this list so consider interior or exterior paint condition and colors to see if this could be an additional value added.

Home Sales Bounce Back (Infographic)

by Alan Daniels

Colorado Springs Home Sales

  • Sales in December were 14.7% higher than those in November, which is the largest month-over-month increase ever recorded.  November sales were lacking as the new TRID guidelines that were finally implemented created a backlog of delayed closings nationwide which ended up carrying over to December closings.  It will be interesting to track where this goes over the following months.
  • Nationwide inventory levels are still below historic norms at 3.9-months supply while inventory is even lower in Colorado.
  • Nationwide median home prices are up 7.6% from last year, marking the 46th consecutive month with year-over-year price gains while Colorado has realized higher gains lead by Denver's housing market.

Bottom Line for Colorado Springs Homes - Inventory is going to remain very low and home prices are going to continue to maintain year over year gains.  Luxury homes in Colorado Springs and Monument will see an increase in buyers while buyers will still be able to find good value in the luxury market. 

Where Are Interest Rates Going in 2016?

by Alan Daniels

Interest Rate Forecast and Colorado Springs Homes For Sale

Colorado Springs Home Loans - Interest Rates

Prices of homes in Colorado Springs and interest rate forecasts are extremely important to consider this year. Thinking of buying a home in 2016 or know someone who is? Rates are forecasted to go up as are home prices in Colorado Springs which could quickly effect the amount of home you'll be able to buy. Take a look at this projection chart above and see if finding a home in 2016 makes financial since to you or anyone else you know who is on the fence.

Houses in Colorado Springs are going up in value while rents are rising at massive rates so make sure to take action and begin researching your options.

You've Gained More Home Equity Than You Think

by Alan Daniels

Many homeowners are unaware of how much the equity in their home has increased.  In fact, many homeowners are waiting to move for this very reason.  Maybe looking to downsize, upsize, relocate, etc.  97.2% of homeowners in Colorado have positive equity and that percentage is expected to grow in 2016.  Great time to sell before interest rates go up.  Checkout these helpful infographics with the details and feel free to request a complimentary Home Equity Report.

Colorado Springs Home Equity

Sellers Market Snapshot - Timing to Sell

by Alan Daniels

 

     

 

Many people are gearing up for listing and selling their home in 2015.  There are many questions to ask when selling a home in Colorado Springs and surrounding areas.  Here are some of the main questions home sellers ask us when they are considering selling the home.  Odds are many of your questions will be the same.

  • When is a good time to list and what is the market doing in my area? 
  • How much is my home worth? 
  • What is the average days on market in my area? 
  • What is the selling price vs asking price in my area?
  • How many homes are for sale in my area?

I am sure you have other questions but wanted to provide a resource where you can instantly get answers to the above questions without talking to us.  Of course we are available anytime to answer your questions but some just want to research before speaking to anyone.  Just fill out the form to the left for an instant Market Snapshot and feel free to checkout the sample analysis to see what the report will look like.  Enjoy!

15 Things Every Home Buyer Should Know Before Purchasing - Part 3

by Alan Daniels

Welcome back to the final post to our 3 part series on 15 Things Every Home Buyer Should Know Before Purchasing a Home.  The last post covered some very important topics that you should definitely check out.  Here are the final 5 things every home buyer should know.Homes For Sale in Colorado Springs

  • 11.  Megan's Law - Check the sex offender registry and any other resources to make sure you are aware of the surrounding registered sex offenders.
  • 12.  Ready to Make an Offer -  Make sure your Realtor does some in depth research on the property before making an offer.
    • Your Realtor will need to do a CMA (Comparative Market Analysis) showing recent Colorado Springs Home Values and sold homes in the neighborhood you are buying in.  This will help you get into the property for the right price and help avoid appraisal issues.
    •  Listing history should be researched by your Real Estate Agent so you know the seller's situation.  Has the home been on market for a few days or a couple of years?  How many price drops have they had and on what dates?  These will give you an incredible snapshot of the seller's situation.
  • 13.  Home Inspection - You will have the right to have a home inspection done once you are under contract on your home.  Don't take any short cuts here as this is a major investment.  You will want to hire a professional that is ASHI Certified (American Society of Home Inspectors).  A true home inspection takes about 2-3 hours to perform and is worth every penny.  Your Realtor will have a good list of Colorado Springs home inspectors for you if needed.
  • 14.  Home Appraisal - An appraisal will be required if you are financing your home.  This is typically done following the home inspection.  Your Lender will order the appraisal to confirm that the home value is at or above the lender's requirements.  Some appraisals for VA and FHA loans will have other requirements on condition and safety that the appraiser will have to review.  Your Lender and Realtor will be able to advise you on the appraisal process during the home buying process.
  • 15.  Home Warranty Plan - If you are not handy or do not want to worry about certain components in the home, then you will want to consider a home warranty plan.  It can cover things like mechanical systems, plumbing, electrical, appliances, gas fireplaces, spas, pools, septic tanks, well pumps, garage doors, air conditioners and more.  Talk to your Colorado Springs Real Estate Agent about what options you have.

Thanks for following all 15 Things Every Home Buyer Should Know Before Purchasing.  Be sure to check out the previous posts in our Blog archive to see the other 10 things on this list.

Why Your Home Did Not Sell and What to Do About It

by Alan Daniels

15%-25% of all listings do not sell and are rejected by the market.  There are 4 key factors to look at for selling your Home in Colorado Springs and surrounding areas that will sell your home every time. 

  • Colorado Springs Home Values - Home Sales In Colorado SpringsLocation -  This factor makes a huge difference on any buyer choosing a home.  You will not be able to change the location but top Colorado Springs Real Estate Agents will be able to accentuate the positives and minimize the negatives with effective marketing. 
  • Condition - Is the property in move in ready condition or does it need improvement?  Many buyers expect the home to be move in ready unless they get a deal.  There is still plenty of inventory on market to be compared to your home.  Make sure to prepare your home for market and stage it properly.  A good Real Estate Agent will be able to advise you on the best home preparation items to do for the least amount of money and time.
  • Price - This is the number one reason a home does not sell and is rejected by the market.  Remember that you can control price and condition.  The wrong price attracts the wrong buyers and creates a bad reputation for the home on market.  It will also make competing homes look better.  Make sure your Realtor provides an accurate Market Analysis.  It takes a veteran real estate agent to know how to analyze Colorado Springs Home Values and home values for surrounding areas.
  • Marketing - This is the part your Realtor controls.  Are they doing everything they can to sell your home?  For Sale Sign, 24 hour information hotline, max photos and descriptions in MLS, syndication to dozens of websites, virtual tours, target marketing, feedback reports, featured listings, matching up buyers and much more.  Make sure you have the right agent marketing your home so you can get top dollar for location, condition and asking price. 

Contact us if you would like an accurate market analysis, staging/home preparation plan, and marketing plan.

Colorado Springs Market Statistics For June 2008

by Alan Daniels

Are you looking at selling your Colorado Springs home? Take a look at the latest stats for the El Paso County market for the month of June. Below is the graph and details for current supply & demand (market saturation).  The total number of listings on market has gone down and so have total sales. 

Colorado Springs Real Estate Market Stats

Find out how much your home is worth in this market at www.COPropertyValues.com.

Selling Your Colorado Springs home can be difficult but not impossible.  Things are looking up for selling a home in Colorado Springs based on the latest data.  The average supply of homes has dropped from 9.44 months to 8.82 months.  Definitely a positive trend after all of the negative real estate press.  Take a look at the charts below and compare the last 6 months (chart one) to the last 30 days (chart 2). 

Selling A Colorado Springs Home

Where does your home stand in the numbers?  It is important to get a CMA (Comparitive Market Analysis) to find your Colorado Springs Home Value.  Pricing your Colorado Springs home properly will allow you to sell it much quicker than what the average supply is showing.  You can get a complimentary CMA sent to your email at www.COPropertyValues.com.  This is the best place to get started when trying to make a decision to sell a home. 

Buying A Colorado Springs Home

If you are looking to buy a Colorado Springs home or build a new Colorado Springs home, take a look at the saturated markets.  Some homes are moving quicker than others!  What price range are you looking at and what is the months supply?  This will directly effect the amount you pay compared to the seller's asking price.  It is important to have an experienced Colorado Springs Realtor who understands all of the different variables going into purchasing Colorado Springs real estate.

Colorado Springs Real Estate - Selling a Colorado Springs Home

 

 

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