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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

All statistics are courtesy of Empire Title of Colorado Springs.

Jan. 22, 2021

2021 Colorado Springs Real Estate Forecast

Colorado Springs Real Estate

2021 Forecast

 

Colorado Springs is one of the most sought-after places to live in the US. In fact, US News & World Report ranked it at number 4 on its list of 150 Best Places to Live in the US in 2020-21.

Unlike large metro areas like Denver, Colorado Springs may not be a major economic or cultural hub. Yet, it has much to offer, such as a low living cost, a low unemployment rate, and a range of leisure and entertainment possibilities. As construction in the area is thriving, we see many new homes for sale in Colorado Springs popping up alongside excellent schools, parks, and cultural attractions.

With more and more people moving to the area, how will its desirability impact the Colorado Springs housing market? How has COVID-19 affected Colorado Springs real estate? In this article, we’ll discuss our Colorado Springs housing predictions for 2021. 

Best Realtor in Colorado Springs - Mark J Main - Best CS Homes

Source: Freepik

What Makes Colorado Springs So Popular?

Here are a few factors that attract new residents to Colorado Springs.

Booming IT/Cybersecurity Job Market

Do you know, Colorado Springs has more residents working in computers and math than 95% of the areas in the country? Owing to the strong military presence in the city, there’s a higher demand for IT/Cybersecurity jobs. This is one of the reasons that make Colorado Springs an attractive place for people who are young, educated, and ambitious about their careers. 

Better Prospects for Young Residents

Colorado Springs is a great place to live for young singles who have undergrad/grad degrees and are entering into their professional careers. Even though it’s a large area, this demographic is significant here. So, young professionals will find many others like themselves, with really good prospects for relationships, leisure, and more.

Several Local Attractions

Whether you’re an outdoor enthusiast who enjoys hiking and camping, or a city lover who loves fine art and music, you’ll find the best of both worlds in Colorado Springs. The city is located at the eastern foot of the Rocky Mountains. The Pike National Forest has glacier-carved trekking trails.

Greater Business Incentives

The State of Colorado provides specific business incentives that make the state more attractive than others to launch a business. These incentives include tax credit, business grants, debt and equity, and cash incentives. Colorado Springs offers more benefits to businesses, for instance, no state or county sales tax on engineering equipment and no inventory tax.

It is the perfect time to sell your home, with inventory and interest rates at an all-time low.

Source: Freepik

Predictions About Colorado Springs Real Estate 

Here are some of the top predictions about the Colorado Springs housing market in 2021:

1. Foreclosures

The initial forbearances filed in April last year are expected to be up in April 2021. That’s why many experts are speculating about potential foreclosures in the city for this year. However, we won’t be seeing much, if any, foreclosure activity as most landowners are recuperating from and acclimatizing to the recent economic change.

2. Railroad Improvement Project

The forthcoming railroad improvement project, estimated to cost $42 million, is not expected to start until 2025. Some inhabitants and companies will be displaced for this project but will be remunerated.

3. Comanche Solar Project

It’s a field of solar panels located 8 miles south of Pueblo, which also has the Vestas wind turbine tower factory. With Colorado Springs being so close to this type of high-tech expansion, we expect to have more job opportunities for the residents. 

4. Use of Solar Energy

Colorado Springs Utilities has joined hands with a solar corporation, allowing consumers to buy and use solar panels. This can help counterbalance the total utility expenses. We see the possibility of better quality solar panels and the capability to have no utility cost on the horizon.

5. Remote Working/Learning After COVID-19

Remote working/learning during COVID-19 has opened up options for where individuals can live, making the Colorado Springs real estate market suddenly more desirable. This means workspace in homes will be in renewed demand. Therefore, anticipate houses that can offer some discrete workspace to have a premium value.

6. Low Interest Rates

With the FOMC (The Federal Open Market Committee) expected to monitor the market before implementing future hikes in interest rates, customers can feel at ease knowing that mortgage rates won’t upsurge while they are looking for the right house.

Find The Best Homes for Sale in Colorado Springs at Best CS Homes

 

Whether you’re moving to Colorado Springs or are looking for another property in the city, check out our online tools to start shopping in the Colorado Springs real estate market. From featured properties to resources for finding the best realtor in Colorado Springs, we’ll help you every step of the way.

 

Dec. 21, 2020

It’s Real Hot! Know These 4 Facts About the Colorado Springs Real Estate Market

It’s Real Hot! Know These 4 Facts About the Colorado Springs Real Estate Market

 

At Best CS Homes, we take care to support those who are looking for an excellent Colorado Springs real estate strategy. We guide buyers and sellers through the ins and outs of the local area market, with tools designed to provide a great user experience and a professional team that knows their way through the process of real estate transactions in this hot set of neighborhoods.

 

It’s Real Hot! Know These 4 Facts About the Colorado Springs Real Estate Market

 

Here are some things you know as you wade into real estate shopping in Colorado Springs.

 

Buyer Interest is High

 

There's just a lot of interest in Colorado Springs neighborhoods. People are moving in from other parts of the state and other parts of the country. The natural metro area is experiencing a local boom, and that can lead to a race for individual properties: that means buyers have to be at the top of their games. They have to be ready to act, or they may miss out.

 

Interest Rates are Low

 

Part of the intensity of Colorado Springs and other real estate markets is the available low interest rates offered by banks right now. Of course, these low interest rates are based on broader activity by the Federal Reserve to keep base interest rates low, in order to spur economic activity. But whatever the reason, interest rates are at all-time lows, and buyers are acting now to get cheaper mortgages before rates inevitably rise in the future.

 

Inventory is Low

 

With all of these factors in play, you can imagine that housing stock in Colorado Springs is fairly stressed. There are simply fewer single-family homes and other properties in multiple segments than you might expect in an average market. That, coupled with the high demand, means it might be tough to lock in a sale agreement without a lot of competition muscling in. There’s just not a lot of property to go around, and the local market is not really sufficiently “liquid” in some ways. In fact, that often leads to a kind of time crunch, because while buyers are used to having days to think about a particular price point, hot competitive markets often force quick decisions.

 

Success is Possible!

 

Fear not – we have your back. Use our online tools to get started shopping in the Colorado Springs real estate market, and rely on us for expert guidance through all of the pitfalls and potential hassles of conducting a Colorado Springs real estate deal. Check out our featured properties and other tools, and get support from agents who really know their business!

Nov. 19, 2020

Helpful Tips to Sell Your Home This Holiday Season

Helpful Tips to Sell Your Home This Holiday Season

The holiday season, which goes from November to January, is often considered the worst time to put a house up for sale. While thinking about selling your home during the winter may stifle your holiday spirit, there are some advantages to consider. 

For example, holiday buyers are usually more serious, and competition is not as fierce with fewer homes being marketed. The first step in this process is to decide if it is necessary to sell. If so, use the tips and information here to ensure the process is as smooth and problem-free as possible. 

Decorate but Not Too Much

Homes often look their best during the holiday season. However, sellers need to be careful not to do too much with the décor. If you use decorations that are too big or put up too much, it can crowd your home and distract buyers. It is also a good idea to avoid offending any buyers by choosing fall or winter decorations that feature religious themes. 

Hire a Quality and Reliable Real Estate Agent

Find a real estate agent who will work hard for you and will not disappear over the busy holiday season. Be sure to ask friends and family members if they can recommend someone who will go a step further to help you sell your home. By doing this, you can reduce the stress of the situation and enjoy holiday festivities. 

Try to Find Motivated Buyers 

If someone is searching for a house during the holidays, they probably have a good reason to do this. Try to work with your agent to find buyers who may be on a deadline, including those who are relocating to the area for a job, investors who have a tax deadline, college staff or students, or military personnel, if you live close to a military base. 

Price the House to Sell

Regardless of what time of the year it is, a home priced too low for the existing market will make buyers feel better about the situation and more willing to make an offer. Instead of making smaller price reductions over time, try to cut the price before listing the home for sale. This is going to encourage people to take action. 

Invest in Curb Appeal

When fall comes around, and trees begin to lose their leaves, keeping up with the exterior of your home becomes even more essential. Bare trees mean your home is more exposed, so touch up the paint, spruce up the yard, and clean out the gutters. You can also keep your buyers’ safety in mind by making sure walkways and stairs are free of leaves, ice, and snow. 

 

If you want to sell this holiday season, keep the tips and information here in mind. By taking the right steps, you can feel confident that your house will sell faster and that your holiday season will not be ruined. Being informed and knowing what to do is the best way to sell any house or property, even over the busy holiday season. 

Oct. 14, 2020

Three Key Things to Know About the Colorado Springs Real Estate Market

Three Key Things to Know About the Colorado Springs Real Estate Market

 

Looking to buy or sell a house in Colorado Springs now? Take a look at these important aspects of this local real estate market to figure out more of what you'll encounter as you work with Best CS Homes to find your dream home or complete some other real estate strategy. We have helped many real estate investors, first-time home buyers and others to navigate this local market armed with the information they need to get the best deal and the best outcome at settlement. 

 

So what’s special about the Colorado Springs market? This is really a unique place in an attractive part of America, and having the right tools allows you to make a more informed search. Here are three things to know about the Colorado Springs real estate market. 

 

A Mid-Range Market

 

One key thing to understand is that Colorado Springs is what you might call a mid-range market – it's smaller than the Denver market to the north. You have people choosing Colorado Springs neighborhoods so that they can commute up the 25 to the Denver Metro area.

 

The enormous open spaces to the west also impact the Colorado Springs real estate market. They’re an attraction to the local area, and they also impact development in their own specific ways.

 

A Hot Real Estate Market

 

Another thing to know about the Colorado Springs market is that right now, it's experiencing a whirlwind of activity.

 

Home construction is up. Resale values are up. Homes do not remain on the market for a long time. There's a lot of competitive bidding. Some real estate agents who have been around a while say it’s like nothing they’ve ever seen before. 

 

Best CS Homes can help you to cut through the chaos and get the deal done in a quick fast-paced market when you don't have time to mess around.

 

A Hub for Business

 

This third point kind of goes along with number two. As the real estate market becomes hot, it also attracts a good deal of business. You can cite examples like In-N-Out Burger and other companies quickly moving into the area, or the fact that new real estate offices are popping up in Colorado Springs to help handle demand. These harbingers of development illustrate that Colorado Springs has reached critical mass as a market, and will continue to take off as other communities around the country may empty out or wither away economically. 

 

Take a look at the tools we offer at Best CS Homes for your Colorado Springs real estate search. 



Sept. 22, 2020

Closing the Sale: How to Get Your Home Market-Ready

Closing the Sale: How to Get Your Home Market-Ready

In the weeks before the COVID-19 pandemic, annual home sales were up by over 18%. While this global health crisis is taking a toll on the housing market, it is still a great time to sell your existing residence. Mortgage rates are near all-time lows and there are many motivated buyers looking for high-quality housing.

Making your home stand out from other listings will require some preparation and hard work. Putting your home on the market before it is ready is a huge mistake. Below are some things you need to do before putting a for sale sign on your residential property.

Closing the Sale: How to Get Your Home Market-Ready

Inspect Your Home and Fix Small Problems

The first step in getting your home market-ready is inspecting it thoroughly. During this inspection, take note of small repairs and cosmetic issues that need to be fixed. Making sure things like leaky faucets and damaged kitchen cabinet hinges are fixed is imperative. When a potential buyer inspects the home, they will most likely make a beeline for common areas like the living room or the kitchen.

This is why you need to make sure these areas are in pristine shape and devoid of any repair issues. If you want to give the common areas in your home a new blast of appeal, repainting your walls is wise. If you don’t feel comfortable taking on this home improvement project, hiring professionals is a good idea. With their help, you can get these walls repainted quickly.

Do Your Homework Before Creating a Listing

One of the main things a potential buyer will notice about your home listing is the price tag. If you set a price that is too high, it could scare off potential buyers. Pricing your home too low can also make a buyer think that there is something wrong with the residence. Before you start to create a listing for your residence, do some research on homes in your area.

Looking at homes similar to yours that have sold in the past few months can give you an idea of what your price needs to be. Getting this information will be much easier if you work with a knowledgeable real estate agent. With their assistance, you should have no problem setting a competitive price for your home.

Staging Your Home

Allowing potential buyers to tour your home is a great way to reel them in. Properly staging your home is crucial when trying to attract buyers. Before you start the staging process, work on decluttering the counters and closets in the home. The last thing you want is for a potential buyer to open a closet and see a load of junk.

Ideally, you want to remove any personal effects from common areas in your home. By doing this, you will help buyers get a feel for how the home will look if they buy it.

Do You Need Help Selling Your Residence?

If you are ready to put your home on the market, contact Best CS Homes for help.

Aug. 14, 2020

Don’t Let a Pandemic Halt Your Dream of Home Ownership: Reasons to Buy Now

Don’t Let a Pandemic Halt Your Dream of Home Ownership: Reasons to Buy Now

Thinking about a post-pandemic property market now may still seem like you are jumping the gun; however, most experts agree that first–time home buyers who have a stable job should think about house hunting.

 

Even though there have been significant economic shifts, market factors have proven there’s no reason to put your dreams on hold. If you aren’t convinced now is the time to buy, keep reading to find out why it’s a move you should make.

House Prices Will Keep Rising

Housing prices have appreciated 4% in the past 12 months. It is projected that home prices won’t drop soon. Instead, they should keep rising at a slight increase. Several experts agree that home price increases may be slower than anticipated in the past; however, growth shouldn’t hit negative levels. If you are ready to buy a home, it may wind up costing more if you wait.

Mortgage Rates Are Low

Based on the Primary Mortgage Market Survey, mortgage rates have hit record lows. In fact, they are around 3.3% on a 30-year fixed mortgage. While income growth may be impacted by the economic changes going on now, mortgage rates will remain affordable and low.

Keep in mind that your mortgage rate has a direct impact on your monthly house payment. This is why waiting to buy until next year is a gamble – rates may grow, causing your monthly housing costs to increase.

In Either Case, You Are Making a Mortgage Payment

Some renters are uncomfortable with taking on a mortgage, which can cause them to put off purchasing their first home. However, unless you are living rent-free, you will be putting your money toward someone’s mortgage – either your landlords or your own.

When you own a home, the monthly payment for your mortgage will work like a “forced savings” account. Every time you make a mortgage payment, your money will begin to build your home equity with the possibility of cashing it out in several years. In contrast, the monthly rent you pay will contribute to your landlord's home equity and will probably help their worth increase.

Now may be the time to put your money to work for your financial future, rather than someone else's.

You Can Begin Your Next/New Chapter

The true cost of homeownership can be explained like this – your home’s market value and the existing interest rate. As mentioned above, home prices are still going up.

What would happen if these factors were not on the table? Do you want to wait? This will let you know about the reason you want to buy and if it is worth waiting. While financial factors are important, you can’t put a price on having a secure place to raise your family. Now is the time to buy.

Are You Ready to Make a Move?

Are you ready to buy a home? If so, consider making a move now. It will pay off, and you will have finally be a homeowner.

July 16, 2020

3 Mistakes You Need to Avoid as a First-Time Home Buyer

3 Mistakes You Need to Avoid as a First-Time Home Buyer

 

Landing a great job, buying a home, and starting a family is something most adults dream of. Making these dreams a reality will require a lot of hard work. Buying a home is something over 5 million Americans do each year. A number of factors should be considered before buying a new home. 

Rushing through this process can lead to a case of buyer’s remorse. Whether you are in the market for a pre-existing or a newly constructed home, working with a knowledgeable real estate agent is imperative. These professionals can help you find the right home to fit your needs. Below are some common mistakes you need to avoid as a first-time homebuyer. 

1. Failing to Get Pre-Approved For a Home Loan

The main thing you need to know before going out to look at homes for sale in your area is what you can afford. If you don’t have a budget in place before starting the house-hunting process, you run the risk of over-extending yourself financially. Getting pre-approved for a home loan is a great way to avoid this common problem. 

With the help of a reputable lender, you can figure out how much house you can actually afford. Before choosing a particular mortgage lender to work with, be sure to do your homework. Choosing a lender with a great track record and plenty of positive online reviews is crucial when trying to get a mortgage with a low-interest rate. 

2. Forgetting to Check Your Credit Report

Getting approved for a home loan is more challenging than most people realize. Most mortgage lenders have very strict standards when it comes to credit scores and debt to income ratios. If you go into apply for a mortgage loan without checking your credit report first, you run the risk of paying a much higher interest rate. 

This is why you need to thoroughly look over your credit report beforehand. By doing this, you can figure out how to increase your credit score before applying for a home loan. If there are inaccuracies on your credit report, getting them removed is crucial when trying to avoid paying high-interest rates. The time you invest in improving your credit score will pay off when you are able to get a competitive mortgage interest rate. 

3. Trying to Find a Home Without Professional Help

Narrowing down the selection of homes for sale in your area is complicated. Attempting to find and purchase a home without the help of a real estate agent is a recipe for disaster. Allowing a real estate agent to help out is essential when trying to get a great deal on your dream home. 

Are You in the Market For a New Home?

 

If you are ready to become a homeowner, contact Best CS Homes. Using our online system will allow you to view all of the homes for sale in the Colorado Springs area.

June 24, 2020

An Important Decision: 3 Things to Consider Before Buying a New Construction Home

An Important Decision: 3 Things to Consider Before Buying a New Construction Home

An Important Decision: 3 Things to Consider Before Buying a New Construction Home

On average, 1.2 million new homes are built in the United States annually. Generally, people who invest in new construction homes will have very specific needs they want to be filled. In some cases, these needs cannot be met with a pre-existing home, which is why having a home built from scratch is crucial.

As more and more subdivisions and communities sprout up all over Monument, Colorado Springs, and the surrounding areas, more buyers are looking for a good deal on new construction homes. If you are in the market for a new construction home, be sure to consider the following factors before making a purchase.

1. Get To Know About the Home Builder

There are a number of companies in the Colorado Springs area that specialize in building new homes. Each of these companies has a different approach to these builds. Rather than settling on the first builder you find, take your time to find out as much as you can about each company. Generally, a new home builder will have an extensive portfolio they will want to show you.

These portfolios will provide you with a glimpse into what a builder is capable of. Most people in search of a new construction home have very specific ideas about how it should look. Finding a new home builder that can bring the vision of your dream home and make it a reality is not easy.

2. Take a Look the Model Home

When setting up a new residential subdivision or community, the first thing a developer will do is build a model home. This home is designed to show-off a builder’s work and give potential buyers an idea of what perks are available. You need to realize that most model homes are equipped with all of the upgrades available from a builder. The more perks and upgrades you put into your new construction home’s floor plans, the more money you will have to pay for this home.

If you are operating on a very tight budget, you need to be logical when it comes to choosing the floor plan for your new construction home. With the right builder, you should have no problem getting a great deal on a well-appointed new home.

3. The Right Real Estate Agent is a Must

Navigating your way through the world of new construction homes is not as easy as it may sound. Avoiding problems during this home buying process is possible, but only with the help and guidance of an experienced real estate agent. Ideally, you want to choose a real estate agency that is familiar with new construction homes.

Choosing an agency with this type of previous experience will help you find the home of your dreams. Your real estate agent can help you negotiate a better price on your home and look over the closing paperwork to ensure everything is in order.

It’s Time to Make a Move!

If you are tired of renting and want a home of your own, it’s time to reach out to the team at Best CS Homes.

May 20, 2020

Best Kitchen Additions for Markets: Colorado Springs Real Estate

Best Kitchen Additions for Markets: Colorado Springs Real Estate

Best Kitchen Additions for Markets: Colorado Springs Real Estate

Let's talk about the best real estate strategies. Some aspects of winning real estate strategy involve knowing your neighborhood and having the diagnostic tools to compare properties. That's where we come in. At BestCSHomes, our unique website dashboard system helps you to search neighborhoods at a glance, and that gives your real estate search a big boost!

That's not all, though. Other aspects of good real estate strategy involve looking at properties strategically and figuring out which components provide the most value. That's your side of the game – where your creativity and innovation can shine.

For example, let's talk about kitchens and real estate value.

What elements of the kitchen add the most value?

Here's some of what we have found in talking to successful real estate investors about what they do in hot markets and fine-tuning their buying and selling approaches.

Modern Appliances

Of course, modern appliances go a long way.

Sometimes the appliances stay with the previous occupant and get moved out before settlement. But many times, they convey with the home, and that can bring additional value. When you have a high-quality dishwasher and a modern refrigerator and other appliances installed, the kitchen has more value as a whole, not just visually, but also in the asset that the buyer is buying. Add smart home technology to the mix, and you're improving the value of your property to prospective buyers. A lot of this gear can be showcased by a good agent, so it's important to make these investments, acquisitions, and concessions part of a dedicated strategy.

Gas Range and Hood

Some of the highest value kitchens have high-end gas ranges with a high-quality restaurant-grade range hood to catch the heat and vapor as they arise.

These installations can provide value as well as excellent staging for a property, together with high-end fixtures and accessories such as hanging kitchen racks that can dress up a kitchen for optimal curb appeal.

Kitchen Cabinets

If you're looking at providing optimal value for a property's kitchen, do not neglect the cabinets. Real estate experts have found that a new set of cabinets can provide an excellent return on investment because buyers and agents tend to integrate the cabinetry values into the home sale price.

Look for all of these signs of quality in a kitchen, and think about them if you are staging a property for resale. We'll help you find great properties within the Colorado Springs area!

May 13, 2020

April 2020 Colorado Springs Housing Statistics

April 2020 Colorado Springs Housing Statistics

2020 YTD vs. 2019 YTD - Empire Title's Summary Page for APRIL 2020 MLS Stats.

  • Average Price UP  9.3%
  • Median Price  UP 10.2%
  • Residential Units Sold  UP  .05%
  • Inventory Levels DOWN  18.7%
  • Number of Listings  DOWN  15.8%
  • Average Days on Market: REDUCED to 20 days
  • Interest rates DOWN  3.23%

*This information is deemed reliable, but not guaranteed. It is intended to show market trends and should not be used to evaluate individual properties. Sources for this information include but are not limited to: El Paso County Clerk and Recorder, El Paso County Public Trustee, Empire Title of Colorado Springs LLC, the Pikes Peak Multiple Listing System

Posted in Housing Statistics