Posted on Leave a comment

Moving to Colorado Springs, CO

Welcome to Colorado Springs, Colorado. A quick way to start looking at Colorado Springs property MLS listings in the Pikes Peak and Colorado Springs area is at the Pikes Peak Association of Realtors site. We represent home buyers with 100% loyalty – 100% of the time.

Our agents are buyer’s agents buyer’s agent and members of Colorado Buyers Agents Association (Colorado Buyers Agents Association). Unlike traditional real estate companies who work as seller agents, buyer agents, dual agents, transaction brokers and whatever it takes to secure your business and get both the listing and selling side of the commissions (in-house sale) we ONLY work for home buyers. We have been able to negotiate on the home buyers’ behalf and save them thousands of dollars in home prices and financing, regardless of whether the Colorado Springs property is newly constructed, a resale, or a foreclosed property.

The number of single-family homes for sale continues to decline which has begun to stabilize home prices and decrease the housing glut. Continued record low interest rates as well as extended federal tax incentives for both first-time home buyers and move-up/move-down homebuyers have helped spark area home sales, especially in specific price ranges. It is an excellent time to buy Colorado Springs property.

To meet with a Colorado Springs buyers agent, fill in our find an agent form today. You will be matched with the best agents that are in good standing with the association, and discuss your home search with your potential agent (with no obligation of course!) Make sure to read our section about how to interview a real estate agent before the meeting.

Buying a home in Colorado Springs—what to know.

Climate: Colorado Springs has a semi-arid climate with relatively mild winters and moderate summers. However, the city’s elevation can lead to rapid weather changes and occasional snowstorms, especially in the winter months.

Cost of Living: The cost of living in Colorado Springs is generally lower than in many other major cities in the United States. However, housing prices have been on the rise in recent years, reflecting the city’s growing popularity.

Outdoor Recreation: Colorado Springs is renowned for its outdoor recreational opportunities, including hiking, biking, rock climbing, and skiing. The city is situated near several national parks, forests, and natural landmarks, such as Pikes Peak and Garden of the Gods.

Military Presence: Colorado Springs is home to several military installations, including the United States Air Force Academy, Fort Carson Army Base, Peterson Air Force Base, and Schriever Air Force Base.

Economy: The economy of Colorado Springs is diverse, with sectors such as defense, technology, tourism, and healthcare playing significant roles. The city has a growing tech industry and is known for its thriving small business community.

Education: Colorado Springs offers a variety of educational opportunities, including public, private, and charter schools. The city is also home to several institutions of higher education, including the University of Colorado Colorado Springs (UCCS) and Colorado College.

Healthcare: Colorado Springs has a robust healthcare system, with several hospitals, medical centers, and specialty clinics serving the community. The city is known for its high quality of healthcare and access to medical services.

Transportation: Colorado Springs has a network of highways and roads, making it easy to navigate around the city and access neighboring areas. The city also has a public transportation system, including buses and rideshare services, although owning a car is common among residents.

Things to do when in Colorado Springs:

Discover Pikes Peak: This towering summit, standing at 14,115 feet, offers stunning views of Colorado Springs. Experience it through diverse routes: take the “Pikes Peak or Bust” Jeep tour, ride the family-friendly Broadmoor Manitou and Pikes Peak Cog Railway, drive up, or hike the Barr Trail.

Cheyenne Mountain Zoo: Providing a unique experience for all ages, this zoo boasts one of North America’s largest giraffe herds and impressive habitats for Nile Hippos and African Penguins.

US Olympic & Paralympic Museum: Celebrating mankind’s athletic achievements with modern technology and interactive exhibits, this museum in Olympic City is a downtown must-visit, leaving visitors in awe.

Pete Dye’s Golf Course: Located at Cheyenne Mountain Resort, this course challenges golfers amidst the rugged Rocky Mountains’ peaks and serene Curr Reservoir. It offers a premier golfing experience.

Garden of the Gods: More than stunning scenery, this site offers trails winding around red rock formations. Whether hiking, riding a Segway, or taking a Jeep tour, there’s something for everyone.

Alluvia Spa & Wellness Retreat: Nestled in the shadows of the Colorado Rockies, this sanctuary offers rejuvenating spa services after outdoor adventures.

Manitou Cliff Dwellings: Offering a hands-on history lesson, these dwellings allow exploration of Ancestral Puebloan artifacts and ruins dating back 800 to 1000 years.

Cave of the Winds: Near the cliff dwellings, this attraction offers geological wonders and thrilling activities like the Wind Walker Challenge Course and the Terror-Dactyl plunge.

Colorado Springs Eateries: Culinary delights abound in Colorado Springs, with options like Ivywild School and The Rabbit Hole offering unique experiences. Sushi O Sushi is renowned for the best sushi in Colorado.

Cheyenne Mountain Resort: Serving as the perfect home-base for family adventures, this resort offers pools, hot tubs, and activities steps from your room, blending luxury with natural beauty.

Colorado Springs buyers agents provide Key Tips for Homebuyers in Colorado Springs in 2024:

Before buying a home, avoid common pitfalls by identifying your motivations and goals for homeownership. Your reasons will determine the type of property you seek. For more space, consider acreage; for a shorter commute, prioritize a smaller home near your workplace.

Understanding your “why” and what you hope to achieve through homeownership will help streamline your home search process. Keeping your motivations and goals in mind throughout will guide you toward finding the ideal home for your needs.

Location and neighborhood preference: Consider preferred location and neighborhood, noting must-have criteria like school proximity and amenities. Test commute routes during peak hours. Visiting neighborhoods assesses atmosphere, noise, and amenities; talking to locals provides insights. Consider future plans and growth nearby, accepting potential compromise.

Set housing budget: Setting a realistic housing budget is key. Calculate monthly income after expenses, aiming for a 10 to 20% down payment to avoid mortgage insurance. Keep housing expenses below one-third of gross monthly income, and plan for extras like closing fees and maintenance. Seek pre-approval from a lender for guidance in your house hunt..

Hire the best buyers agent: Hiring a top buyer’s agent is crucial. They access MLS listings, find off-market properties, and build connections with builders. Their market expertise ensures informed decisions, preventing overpayment. They aid with inspections, financing, contracts, timelines, and negotiations for a seamless process.

Find the best Realtors with credentials: To locate top realtors in Colorado, prioritize those with prestigious credentials like ABR®, CRS®, SRES®, CRB®, CPM®, CCIM®, e-PRO®, and GRI®. These designations demonstrate their commitment to professionalism and industry standards, ensuring you collaborate with knowledgeable and skilled professionals in various areas of real estate.

How do real estate agents get paid?

In a typical real estate transaction, there are two key agents involved:

The Listing Agent: This agent represents the seller in the transaction.

The Buyer’s Agent: This agent represents the buyer.

In most cases, the commissions for both agents are paid by the seller. The seller determines the amount they are willing to pay both agents and specifies it in the listing agreement. This payment is often a percentage of the final sales price, although fixed-rate and flat-fee commissions are becoming more common.

The listing agent then advertises the buyer’s agent commission in the Multiple Listing Service (MLS), which serves as an agreement between the seller and buyer agents. This cooperative relationship is known as a “co-op.”

Once the transaction is closed, the commission is divided between the listing agent and the buyer’s agent. It’s important to note that neither agent receives payment until the home sale is successfully finalized.

Colorado Springs Housing Market Trends in 2024

The housing market in Colorado Springs demonstrates a degree of competitiveness. On average, homes in Colorado Springs receive 2 offers and sell in approximately 52.5 days. The median sale price for homes in Colorado Springs was $430,000 last month, marking a 2.4% increase compared to the previous year. Additionally, the median sale price per square foot in Colorado Springs is $212, reflecting a 3.7% increase since last year.

To compare Colorado Springs with other locations in the U.S. housing market. Simply enter a city, neighborhood, state, or zip code into the search bar. Colorado Springs’s median sale price is 4% higher than the national average. While the overall cost of living in the city is 8% higher than the national average.

Discover which home features in Colorado Springs contribute to increasing a home’s value.

Colorado Springs Real Estate Market Statistics

Average Home Prices: In Colorado, the median home price stands at $591,400, marking an 8.2% increase year over year. This trend is expected to continue in 2024, albeit marginally, due to the state’s limited inventory. The sale-to-list price ratio currently sits at 98.1%.

Home Sales: As of January 2023, home sales experienced a slight decline of 0.9% year over year. In January 2024, the number of homes sold further decreased to 3,798, down from 3,833 in January 2023.

Average Rent Prices: Rent prices vary across the state, with Denver tenants paying an average of $1,979 and Colorado Springs tenants paying $1,547.

Median Days on Market: The median days on the market for homes for sale increased to 55 days, up by 2 days year over year.

Pending Sales: The number of homes for sale has increased by 2.9% compared to 2023, with 21,217 homes currently available in Colorado.

Months of Supply: Colorado faces an average of 4 months of supply, indicating a high demand coupled with limited inventory. The state’s housing shortage is more severe than the national housing market.

Colorado Housing Market Predictions 2024

Home Sellers Return to the Market: Sellers who remained on the sidelines in 2023 are expected to return. Particularly those compelled by new job opportunities or seeking affordable living options. Analyst Whitney, known for accurately predicting the 2008 financial crisis, forecasts that baby boomers looking to downsize will contribute up to 30 million housing units.

Stabilization of Mortgage Interest Rates: After reaching a high of 7.79% in October 2023, mortgage rates experienced a slight decline to 7.35% in November. Attributed to a softening labor market and a slowing economy. Despite remaining above 6%, rates are predicted to stabilize in the second half of 2024.

Increase in Home Buyers: Historically high interest rates deterred buyers in 2023, but a decline to 7.35% in November sparked renewed mortgage demand. With easing inflation and stabilizing rates, an increase in house hunters is expected.

Continued Rise in Home Prices: Home prices saw consistent growth year over year in Colorado’s top metros. Reaching $611,000 in September 2023. Experts foresee prices continuing to rise until the imbalance between low supply and high demand shifts.

Growth in New Home Construction Sales: In September, 12.3% of homes purchased were new constructions, marking the highest figure since 2022. To attract buyers in 2023, home builders offered concessions worth $30,000. It is anticipated that builders and sellers will compete for home shoppers’ attention in 2024.

VIDEO LINKS FOR COLORADO

Home buying guide in Colorado:

https://www.youtube.com/watch?v=mvm1RtR2q4U

Colorado Springs, CO Top Buyer Agent Introduction:

https://www.youtube.com/watch?v=yL2PgFgreiU

Colorado Springs, CO Top Buyer’s Agent – Question #1:

https://www.youtube.com/watch?v=0mCE1gnklfs

Colorado Springs, CO Top Buyer’s Agent – Question #5:

https://www.youtube.com/watch?v=aoadduIaTkU

Leave a Reply