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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.

Welcome Daniels Team's Newest Team Member

by Alan Daniels

The Daniels Team would like to welcome Brenda to our growing Team!  Brenda has joined our Buyer Specialist Division adding to an All Star line-up for our clients home buying needs.  Contact us to see how a Buyer specific specialist can provide better service than a "jack of all trades" Real Estate Agent

Colorado Springs Real Estate Agents

Top 5 Mistakes Sellers Make When Choosing A Realtor

by Alan Daniels

Colorado Springs Real Estate Agents

  • Choosing an Agent Without Checking Their Online Reviews - Be sure to double check your Realtor's reviews and reputation online. It’s a horrible feeling when you check after you hire someone and find that they have horrible reviews online.  Check with BBB, Google Places, Yelp and more or just Google their name along with the word “reviews.”
  • Hiring a Friend or Family Member - I can’t tell you how many listing appointments I have been to where the client said they had a bad experience with a friend or family member. Definitely not worth jeopardizing a relationship. Don’t hire an agent based on your relationship. Hire them based on their qualifications and interview them just as you would anyone else.
  • Choosing The Only Agent That Agrees With Your Pricing - Be aware that some Agents will tell you the price you want to hear just to get the listing. I advise that you listen to what their marketing plan is along with their listing plan before discussing pricing. Choose the best Realtor, not the Agent with the best sounding list price.
  • Choosing a Part Time Agent - Some Agents work in real estate part time and typically have a different day job or other obligation that takes them away from actively marketing your home or coordinating the contract process. It is imperative that you ask any Realtor you are considering if they are a full time Real Estate Agent as most people just assume.
  • Choosing A Solo Agent - A Solo Agent has a ton of responsibility on their shoulders which can effect their availability and communication. A Team is definitely the way to go as responsibilities are divided up efficiently among team members. You can’t loose having multiple Realtors available for you along with their support staff.

Find out more about our Team By Clicking Here.

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.

4 Reasons to Buy Colorado Springs Real Estate Now!

by Alan Daniels

Colorado Springs Real Estate

Many genuine home buyers are sitting on the sidelines these days deciding on when to get into the Colorado Springs real estate market.  In the end this decision will be based on many different variables depending on each person’s situation.  Here are 4 reasons why you may want to make a move on your choice of Colorado Springs homes right now.   

1) You can not time the bottom of the market.  Timing the bottom of the market is incredibly hard to do and often harder to resist.  Current housing inventory is at historical highs and mortgage rates are staying down, so you should definitely be able to find a great home with an experienced Colorado Springs Realtor.  You will find that many home sellers right now are pricing their homes very competitively!  The old supply and demand curve… more supply and less demand.  This curve is bound to shift sooner are later, so don’t be the one to wait for the seller’s market!  

2) Low mortgage rates.  Most economists agree that home financing will become more expensive in the future.  By now we have all heard our share of stories about financing woes even for well qualified people.  Currently, the 30 year loan is now roughly at 6.0% and most economists see it reaching 6.5% by the end of the year and up to a 7% forecast sometime in 2009.  Even if Colorado Springs real estate prices were to fall in the following months, the current interest rates end up saving money throughout the years of the loan.  

3) Don’t just by for a cheap price, buy in a good area.  Sure you might get excited about that great foreclosure price, but when you are buying a home, you are also buying the neighborhood.  If more than a few foreclosures have come up in one area, there most likely will be more.  They tend to be bunched in particular areas and this might not be the best recipe for stability in a neighborhood.  An old rule of thumb is to buy the worst house on the best block…not the worst house on a bad block.

4) Work with a great Colorado Springs Realtor that has experience and who can supply opportunities from the current market.  This I think just needs to be brought to attention since times are tough for many Realtors.  Make sure your Colorado Springs Realtor is not desperate and just steering you into a home to finally make a deal.  Sit down with your Colorado Springs Real Estate Agent to share your plans and get a good sense of whether they are looking out for you or just looking to get paid.  This market has opened up many opportunities that a great Colorado Springs real estate agent can share.

Displaying blog entries 1-6 of 6

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