Colorado Springs growing population has been linked to the state’s overall economic growth. Employers, facing job shortages, have been offering top salaries to attract workers. It might be the reason you’re considering relocating.
The housing market in Colorado Springs has been impacted by the city’s growth. If you’re in the market, you probably want to time your purchase to get the best deal.
The reality is that’s difficult to predict real estate markets without years of experience, which is why a local real estate agent can help you better plan your house hunt. While you’re still in the preliminary stages of house hunting, here’s what you need to know about the best time to buy in Colorado Springs.
Best Time of Year to Buy in Colorado Springs
If you can afford to wait to buy, during fall the market in Colorado Springs slows down enough to present home buyers with great deals. There is less competition from other buyers, and sellers are motivated because they’ll want to move before the holidays. And the weather is still warm and mild for visiting homes and moving.
The median home value in Colorado Springs is $292,000, a growth of 9.2% over last year. It’s one of the fastest-growing metropolitan areas in Colorado, and prices are expected to rise another 6.5% in 2019. With prices only going up, now is the time to buy.
The Best Places to Buy a Home in Colorado Springs
While the city’s history and charm might have drawn you to Colorado Springs, you will still have to decide in which neighborhood you should concentrate your search.
Old North End is a section of downtown filled with history and large homes from the 1800s. It’s one of the oldest, and most expensive, areas of the city. Homebuyers love the large front porches and custom millwork. Expect to pay $500,000 and up for a home here.
Rockrimmon is a newer neighborhood, dating from the 1970s. The homes have kept a vintage vibe, set on hillsides amidst scrub oak. Lots of families live here due to its excellent schools.
Another wealthier area of the city, The Broadmoor, has older mansions from the ‘20s through the ‘40s mixing with newer construction. Prices in this luxury area can go up to $8 million.
The wild mix of homes in Old Colorado City is surprisingly affordable, with some homes selling for as low as $150,000. That’s because you’ll find everything from large Victorians to small cottages perfect for a down-sizing couple in this neighborhood. The quaint area has locally-owned restaurants and shops and runs old car festivals and more in the summer.
A newer development, Northgate is still being built-up. Homes have mountain views, and access to hiking and biking trails. You can find million dollar homes in Northgate’s developments, but you can also get a deal for just $120,000.
4 Ways to Get a Great Deal On a Home in Colorado Springs
1. Find a Great Colorado Springs Real Estate Agent
Real estate agents can do a lot more to help you find your dream home than drive you around to open houses. After years dealing the local lenders, they’ll have recommendations on where to get pre-approved for a mortgage. You might not be entirely sure of what you want in a home, so they’ll ask questions to help clarify your wants and needs.
Once you make an offer on your dream home, an agent handles all the negotiations. This includes not only the purchase price but also move-in dates, repairs to be done before closing, and closing costs.
Agents who sign agreements to work as a buyer’s agent will advocate for your best interest, as they do not represent both you and the seller. All of Clever’s Partner Agents are buyer’s agents working with us from brokerages such as Century21 or Keller Williams. The advantage to them of working with Clever is easy to access to new clients. Be sure to ask about home buyer’s rebates, but they all accept flat fees or low commissions.
2. Assess Your Needs and Lay Out Your Goals
You may be tired of sharing a bathroom with the kids or need an office to work from home. Whatever your needs, as you work with your real estate agent they will learn what you’re looking for and will help you prioritize your needs.
Based on your budget and absolute must-haves, an agent will suggest neighborhoods in Colorado Springs. First-time home buyers should expect to compromise, so lean on your agent to help you prioritize your list. If you have a monthly mortgage payment amount in mind, they’ll show you where to find what you want for that price.
3. Find a Lender and Secure Financing
If you decide to get pre-approved for a mortgage or wait until later in the process, an agent has a wealth of knowledge about financing options. You should always shop around for a lender, as one may offer a better interest rate than the other, and your agent can help you compare and analyze to pick the best offer. They’re accustomed to explaining terms in the mortgage business and how different rates and fees will impact your monthly payments.
Sometimes you’ll have a hard deadline to move, such as when you’re relocating. Remember that the closing process typically takes around 30 days. Buying and closing on a home is rarely a quick process, so make sure to make your offer when it will work with your timeline.
4. Negotiate for the Best Possible Price
Your agent’s negotiation skills are where they can really shine. Once you’ve decided on a house, your agent prepares and submits an offer. After the home inspection, they’ll sit down and go over them with you. If any of them are serious, they can negotiate the home’s price downwards. If you want some less serious items fixed before moving in, they can request that, too
If you’re ready to begin house hunting in Colorado Springs, fill out the online form to be contacted by a representative at Clever. They can set up a no-obligation consultation with a local Partner Agent.