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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.

Oct. 14, 2020

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

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

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

 

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

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

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

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
April 22, 2020

Home Inspection Deal Breakers You Need to Know About

Home Inspection Deal Breakers You Need to Know About

Did you realize that 84% of home buyers request a professional inspection as part of the buying contract? Most mortgage companies will also require these inspections to be performed before funding the loan a person has qualified for. As a home buyer, it is your job to make sure the residence you are looking at is in good shape.

Once the home inspector is done with their job, you will be presented with lots of information. Going through this information with a fine-tooth comb is crucial when trying to make an informed purchase. Here are some home inspection deal breakers you need to look for when looking over the inspection report.

 

Outdated Plumbing and Electrical Components

When performing an inspection, the main things a professional will focus on is the major systems a home has. The electrical and plumbing systems need to be in pristine shape to avoid issues that can cost a lot of money to fix in the future. If the home inspector finds evidence of plumbing leaks, then you need to second guess your decision to purchase a home. These leaks will generally lead to mold and lots of water damage.

If the home in question has old electrical wiring or an outdated circuit breaker, repairing these issues can be costly. Even if the home seller wants to lower the price on their residence, it may not be worth it. Getting some guidance from a real estate agent is crucial when trying to avoid overpaying for a home.

 

Older Roofs Can Be Problematic

Ask any construction professional, and they will tell you that a functional roof is the lifeblood of a home. A home inspector will spend a lot of time on the roof of a residence assessing its condition. If their report shows that the roof is old and worn, you may not want to invest in the home.

A new roof can be quite expensive. If the home’s roof needs to be replaced, you need to see if the seller will lower the price to compensate for the cost of these repairs. Allowing a real estate agent to handle these negotiations can help you get the outcome you desire. A real estate agent will know the ins and outs of the housing market and will use this knowledge to get you a great deal.

 

Walk Away From a Home With Foundation Problems

A home with a damaged foundation will turn into a money pit. If foundation damage is discovered during the home inspection, it is best to take your offer off of the table and continue your search. Fixing these problems can be very expensive, which is why it is best to find another home without these issues.

 

Looking For Your Dream Home?

Are you searching for the best homes in Colorado? If so, contact us to find out about the listings we have. Our team works hard to help you find your dream home without overpaying.

March 16, 2020

Colorado Real Estate Trends 2020

Colorado is booming, from it’s economy enriched with new businesses and opportunities to its real estate market, the state seems to be enjoying healthy growth. Colorado’s population has steadily increased since 2000, with its job growth more than keeping up with the influx of new residents.

 

Job Growth Spurs The Real Estate Market

Jobs continue to be added thanks to new industries and technology startups finding home in the state that is lessening its restrictions on niche markets. Colorado's unemployment continues to drop following national trends, and more and more people are purchasing first time homes and properties.

 

The military remains a big employer with several branches having bases as well as academies in the mile high state. Tourism continues to be a draw to the region as Colorado offers world class outdoor activities in its uniquely stunning setting.

 

Increase In Millennial And First Time Home Buying

With all of these employment opportunities in Colorado, it is no surprise that the housing market is poised to benefit as well. As the housing market has experienced modest inventory gains, millennial and other first time home buyers are provided more opportunities for purchasing a home than ever before.

 

Natural Progression For Baby Boomers

Baby boomers and Gen Xers are no longer the dominant forces in buying real estate, ceding that title to the millennials. This group of Americans have a need for homes that are affordable, and tend to choose pricing over location. For this reason, states like Colorado are experiencing an influx of new residents who are choosing to leave expensive coastal states behind for more states that offer a better cost of living.

 

For Colorado, this trend is not new. In recent years the Denver metro area has witnessed a steady population growth of newcomers who are following the booming job market to a more attractive lifestyle.

As the baby boomer generation prepares for lightening their financial burdens, many of this generation will be choosing to downsize from their large homes to smaller, more manageable houses, leaving behind a host of available homes on the market. According to Market Watch, this trend is expected to add roughly 920,000 homes onto the market each year between 2020 and 2027.

 

These newly listed homes are in line with what millennials, people between the ages of 23 and 38, are looking to purchase. According to the National Association of Realtors and Sellers Generational Trends Report, these millennials made up 37% of the home buyers in 2019. Understanding these new homebuyer profiles is important to understanding their priorities in purchasing their new homes.

 

Professional Real Estate Advice

In Colorado Springs, realtors such as Best CS Homes are providing experienced service to those who are ready to downsize and sell their homes as well as to the buyers in search of their perfect first home. These trends will continue to produce an exciting real estate market for residents of Colorado and people who want to make the state their new home.

Feb. 13, 2020

Pricing and Positioning in Colorado Springs Real Estate

Pricing and Positioning in Colorado Springs Real Estate

No matter what real estate market you're in, it can be tough to get all of your questions answered. That's definitely true in the Colorado Springs area, where hot neighborhoods are driving markets to be pretty volatile, and you have a lot of properties to choose from.

At Best CS Homes at HomeSmart Realty Group Elite, we help you to cut through the questions and get to the answers, which is easier said than done when you're looking at a particular real estate deal. Here are some common questions that buyers or sellers have based on market complexity.

What's A Good Price?

This is a hard question to answer, even for a professional real estate agent. Price depends on some very important things. First, it depends on location. You pay for property according to where it's located – how close to a metro area, how close to public transit, what schools are in the neighborhood, etc.

In addition, you pay according to the square footage and amenities of the property, and the condition of the property. You also pay according to the demand for similar properties in the local area.

Sound complex? It is. That's why real estate agents conduct comparative market analysis to show clients what their home may be worth.

What Closing Costs Apply?

Here again, the answer to this question is not as simple as a few words.

Closing costs do apply to any real estate transaction. You have title work and legal processes to go through that generate their own costs. You have the cost of a property inspection and other related costs. Then, if you use a real estate agent, you also have the real estate agent’s commission, which ranges into the thousands of dollars and has quite a large impact on the real estate deal.

All of these closing costs are difficult to cover and define without specific research into a particular property deal. That makes this kind of real estate research difficult.

Where Should I Buy?

Neighborhoods are changing all the time. Without good insight into what's happening in a particular neighborhood right now, it can be tough to make a decision about where to invest.

At Best CS Homes at HomeSmart Realty Group Elite, we help with providing direct insight into Colorado Springs neighborhoods as well as providing other kinds of information. We help property owners to figure out the process of how to sell with or without an agent, and how to buy a house in various scenarios.

Our real estate online service helps buyers and sellers to do the research that support the best informed decisions. Check out our custom market reports for sellers and other tools available on the website, and contact our professionals for more information.