The city of Colorado Springs has seen population and job growth take off over the last few years, which has also driven up housing prices. If you're house hunting in Colorado Springs, you want to get the best deal. Learn how to time the market to find your dream home.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Colorado Springs, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in Colorado were lowest in May. On average, homes were $107,627 less expensive. While in November — the month with the highest prices — the listing prices were $104,342 more than the annual average.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Colorado Springs.
Best Month For
10.9% lower than average
20.0% more homes to choose from
2.92% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
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 aslow 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 amonthly 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
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Colorado Springs, interest rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan.
For example, in Colorado a typical house is worth $428,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,527. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,444.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
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.