What is a Colorado Springs Real Estate Deal?The average sales price for a Colorado Springs home is $233,070. (Based on MLS data for April 2009) We get a lot of inquiries from folks who think that the current economy will get them a “great deal”, or a super-cheap house. And although that is true in some parts of the country, Colorado Springs has a relatively stable economy, so the “deals” are not necessarily found in home prices. See, Colorado Springs is home to 6 military bases, so there is a higher level of economic “balance” than in other areas of the country. I’m not saying that we are not feeling the crunch - just that Colorado Springs will NEVER see the high HIGH’s, nor the low LOW’s that other markets experience (like Florida, Nevada, California …). Colorado Springs Real Estate DealsIf you are looking for a real estate “deal” they ARE out there. They are just not wrapped in the package of a super-low price. A Colorado Springs real estate deal means that you are getting MORE for your money. Maybe that plain-Jane 4 bed 3 bath home you wanted to buy in 2006, now comes with fresh paint, hardwood floors, a finished basement and a hot tub. Same price - More amenities. Colorado Springs Cheap HomesThere are only 63 homes in all of Colorado Springs that are for sale under $100,000. (MLS info as of 5/21/2009) Most of these homes are only 1-2 bedrooms and well under 1,000 sf. and many of them also require some degree of fix-up before they are livable. There are only 92 homes in all of Colorado Springs that are for sale between $100,000 and $125,000. (MLS info as of 5/21/2009). Compared to the well over 4,000 homes for sale in the Colorado Springs real estate market, this really is not much of a selection. Search All Colorado Springs Homes for Sale by Price Range Colorado Springs Average Sales Price By Area
Check Out our monthly Colorado Springs Real Estate Market Reports So, if you are looking for a “deal” you should be willing to spend about $200,000 … but you will get a great house! “Based on information from the Pikes Peak REALTOR Services Corp. (”RSC”), for April 1-30, 2009 and May 21, 2009. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.”
Thanks for reading our Colorado Springs Real Estate Blog! Posted on May 24th, 2009 by Mariana Wagner
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What is a Colorado Springs HUD Home?
A Colorado Springs HUD home is a single family residence (or duplex, tri-plex or 4-plex) that has been acquired by HUD (US Department of Housing and Development) as a result of a Colorado Springs foreclosure on a FHA-insured mortgage. Once the home has gone through the entire foreclosure process, the property gets listed on the local Pikes Peak MLS as well as on the Colorado HUD Homes For Sale website. HUD homes can be in various states of repair - ranging from great condition to homes that need quite a bit of help. If you are interested in a home that needs repairs, there are FHA Loans* that you may qualify for that enable HUD home buyers the ability to purchase the home and include funds to help cover the cost of the needed repairs. *The 203(k) and the Streamline 203(k) loans allows the home buyer to include extra funds into their new FHA loan to cover rehabilitation, repairs, improvements and upgrades. Read More: About HUD and FHA 203(k) Rehab Loans For more information on these types of loans, contact HUD directly for a list of a local FHA-Approved Lenders who offer the 203(k) loans: 1-800-CALL-FHA HUD prefers to sell the homes to people looking to live in the home - as opposed to selling them to investors, so the homes will only be available to owner-occupants for the initial period of time. Your Colorado Springs real estate agent can help you locate HUD homes for sale in different areas of Colorado Springs, Monument, Fountain and Manitou Springs and submit an offer on your behalf.
Thanks for reading our Colorado Springs Real Estate Blog! Posted on April 13th, 2009 by Mariana Wagner
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Buying a Colorado Springs Home: 8 Things You Absolutely SHOULD NOT DO Now That Your Mortgage Application Is In-Process
With mortgage rates hovering near all-time lows, lots of Americans (and Colorado Springs home owners) are taking advantage of refinance and home buying opportunities. The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business. As a result, the process of underwriting and approving new mortgage applications for Colorado Springs homes is taking some conforming lenders as long as 2 months to complete. This is double the time needed as recently as six months ago. Because there may be 60 days between the application date and the closing date, it’s important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. As mortgage applicants, there are many events that are out of our control — job security and health matters, for example. But there are also events that are within our control. Knowing that mortgage approvals can be fragile, here are 8 things you should absolutely not do while your home loan is in process. It may be the difference between being approved by the bank, and being turned down.
Now, avoiding these items may not be practical for everyone. For example, if your car lease is expiring and you need a larger vehicle, it doesn’t mean you can’t buy the car — just check with your loan officer first to be sure the new payments won’t “break” your approval. The same goes for accepting cash gifts from parents. There’s a right way and a wrong way to accept gifts and doing it the wrong way may prevent you from using the gift as a source of down payment for your new Colorado Springs home. Mortgage lending is full of “gotchas” and with underwriting times stretching to 60 days, it’s a lot more likely that a mortgage applicant will trip into one. Following these 8 rules, though, is a good start. [Information provided to the Colorado Springs Real Estate Connection courtesey of the mortgage and real estate professionals at Bring the Blog.]
Thanks for reading our Colorado Springs Real Estate Blog! Posted on April 9th, 2009 by Mariana Wagner
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Understanding the Current Financial Market [VIDEOS]Thank you to Ryan Hukill - Edmond OK Real Estate Agent, the Colorado Springs Real Estate Connection has found 2 great videos to share with you: 1. The Crisis of Credit Visualized, Part I - This video explains the inner workings of mortgages, sub-prime loans, Alan Greenspan and all the other things that help make up the current real estate/financial “situation”:
2. The Crisis of Credit Visualized, Part II - This video goes into what happened over the past few years that has lead to lower home prices and higher foreclosures.
These videos were created by Jonathan Jarvis.
Thanks for reading our Colorado Springs Real Estate Blog! Posted on March 4th, 2009 by Mariana Wagner
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What is the Difference Between a Manufactured and Modular Home in Colorado Springs?Colorado Springs Real Estate Frequently Asked QuestionsWhat is the Difference Between a Manufactured and Modular Home in Colorado Springs? There are 2 main types on non-stick-built Colorado Springs homes: Manufactured Homes and Modular Homes. It is very important to know the difference between these two types of homes. One type is hard to get financing for and generally loses value over time, whereas the other is easier to get financing for and has a MUCH longer life. Manufactured HomesA manufactured home is the new generation of what we once called “mobile homes” and is harder to find traditional financing for. These homes are generally more affordable, but are more likely to lose value over time - compared to modular homes. Manufactured homes are built in a factory and conform to the Federal Building Code (HUD) - not to the local building codes of the area that they will eventually be placed. Manufactured homes are built in separate sections on a “non-removable steel chassis” and transported (via wheels on the chassis) to the destination where they are assembled - but not necessarily on a permanent foundation. These homes do NOT need to be approved by the local building inspector. Manufactured homes are designed to be MOBILE - The chassis allows for the home to be moved (if needed) from place to place. A manufactured home can be identified by a HUD label which is usually found on the exterior of the home. These homes are also referred to as single/double wide homes. Read Also: Colorado Springs Neighborhood Report ~ Chateau at Antelope Ridge Modular HomesModular homes are a closer relative to a stick-built home (a home built entirely on location) and generally appreciate in value over time. It is easier to find financing for modular homes, as they are considered “permanent” structures - compared to manufactured homes that are more mobile. Modular homes are also built (in sections) in a factory, but are built to conform to the local building codes of the area that they will eventually be placed. They are transported to their final destinations on flatbed trucks and do NOT have a steel chassis. Once all the sections of the modular home arrive at the final location, modular homes are joined together by local contractors and placed on a permanent foundation. A modular home MUST pass a local building inspection. A modular home can be identified by a UBC (Uniform Building Code) or IRC (International Residential Code) label which can be found under the kitchen sink. These homes are also referred to as pre-fab homes. More Resources:
For more Information on Homes in Colorado Springs, please call the Wagner iTeam: 719.434.7525
Thanks for reading our Colorado Springs Real Estate Blog! Posted on December 29th, 2008 by Mariana Wagner
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