If you live here and own a home, you’re $70,000 richer than you were 24 months ago. That’s how much home values have risen since January of 2016. Ka-ching! In statistics just released by the Pikes Peak Association of REALTORS (PPAR), the average single family home is selling for $333,000, compared to $263,000 in January 2016. In 5 years, local home prices have soared by $100,000. Record demand, low supply and a strong economy have pushed local home prices up much faster here than the Denver metro area, making Colorado Springs one of the 10 hottest housing markets in the country: 2018 Top 10 Housing Markets. We’re predicting another record year for home sales with Millennials leading the stampede. Young people are getting better jobs and jumping into the housing market. And the other trend to watch is move-up buyers. We’ll see thousands of local homeowners cash in this year to use their growing equity as a down payment on the next home of their dreams. With some spiffing up, your home could potentially sell for $20,000 or $30,000 more. In many cases, it’s worthwhile to make major improvements in order to get top dollar. If you want to avoid a costly mistake, consult with your real estate agent first. We can tell you how much a project is worth, help you decide what to do, and refer you to a trustworthy pro to do the job if it’s beyond your expertise.
Colorado Real Estate Market
6434 Cavalry Pt Colorado Springs CO 80923 coming soon in Dublin Townhomes, listed by real estate agent Toby Lorenc. Toby’s very familiar with the Dublin Townhome HOA community as he is currently working for another seller to close on their home in early March 2018.
The new listing at 6434 Cavalry Point is the largest of the units in the Dublin Townhomes, originally built by Pulte Homes in 2004/2005. This corner unit is a unique floor plan with 1625 square feet of living space, plus a 549 square foot double car attached garage. The large garage area also includes a cubby, perfect for a workshop or built in shelving.
Inside this Colorado Springs townhome, you will find a practical layout with a large front room and dining area on the main floor, which flows nicely into the large kitchen, complete with all appliances. Sometimes in this real estate market, sellers are not including certain appliances, like the refrigerator or washer and dryer. However, in this case, the future buyer will not have to worry about going out and purchasing these items as they are included in the sale of the home. The kitchen area also includes access to the 2-car attached garage, half bathroom, as well as a deep storage and coat closet under the staircase. This closet is the homeowners access to the crawlspace, which is ideal for storage and has access to the forced air furnace.
Head upstairs and you will find an incredible open loft space, ready for a home office, craft room, music area, or anything else the buyer can imagine. Down the road, this space could also be converted to a third bedroom as the needs change for the family or individuals living in the townhouse. The open loft space includes access to both bedrooms and the entire upstairs has brand new carpet. In the master bedroom at one end of the hall, you will find high ceilings with a fan to keep you cool in the summer. The master bedroom also has an attached full bathroom with double vanities and all new carpet in the bedroom, including the large walk-in closet. On the other side of the hallway, the 2nd bedroom has plenty of space and plenty of storage, with a double closet and attached full bathroom, also accessible from the upstairs hallway.
Perhaps the best part is you don’t have to worry about the exterior maintenance of your townhome! The Dublin Townhomes HOA fee covers exterior maintenance, where expenses can add up quickly on big projects like roofs, siding and painting, paving streets and more. In fact, in 2015, there was a major hailstorm which damaged roofing and siding throughout the complex and in many parts of Colorado Springs. These have now been fully replaced and repaired thanks to the coordination of the HOA (homeowners association). The monthly HOA fee of $138 also covers the smaller things that take up time, like mowing the lawn, shoveling the snow off walkways and porches, and basic landscape maintenance to take care of trees, sidewalks, fencing, etc. Along with Dublin Townhomes HOA, there is a secondary HOA for this townhome community. It is part of the Stetson Hills Master HOA, which is currently $39.25 quarterly (or $157 per year). This includes a variety of things, including trash pick up for homeowners including in your HOA fee.
Not only does this pristine townhome have a great location in the complex, it has an extremely convenient location in the city. The townhome sits in the complex as an end unit in the building, and just steps from a large area of open space which is perfect for walking dogs, throwing the Frisbee or a summer picnic. Plus, you are located within walking distance of award winning restaurants, including Over Easy Eatery, Fuzzy’s Taco Shop and Salsa Brava Mexican Grill. The Powers Corridor is just a block from the townhome, which provides easy access to tons of shopping, popular restaurants, entertainment and connection to major transportation hubs.
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With such a busy, seller’s real estate market right now in Southern Colorado, why would any under contract home “fall out of contract” and go back on the market? You’ve seen real estate agents advertise houses as “Back on the Market” or perhaps you thought you missed out on buying a home, then it’s suddenly active again when you’re searching the MLS. Many buyers ask questions like:
Is this something you should be worried about?
Why didn’t it sell the first time?
Is there something wrong with the house?
As you can see from the Notice to Terminate contract, the buyer has lots of reasons why they can terminate a contract. The seller also has flexibility after receiving certain information, but the seller doesn’t have nearly as many chances to “cancel the contract.” So, typically when we see a house go back on the market, it’s generated from the buyer’s side of the transaction, although sometimes not by the buyer’s choice.
There are a lot of reasons why this could happen and they’re hardly ever the same. Although, we tend to see 3 major categories that a canceled contract often falls into, which typically leads to the home going back on the market:
Home Inspection or Appraisal Issues (House problems)
Inspection and appraisal can be stressful events for both buyers and seller. The inspector could find a major problem with the home or even a minor problem which parties can’t agree who will pay to fix. As part of the inspection process, even before the day of inspection, the buyer has the right to investigate and research the home. This could lead to discoveries that may change the buyer’s name including: special taxing districts or fees the buyer wasn’t expecting; inability to get or dissatisfaction with future homeowners insurance; the home is in a flight pattern; the buyer doesn’t like the neighborhood; the history of the home makes the buyer uncomfortable (deaths/suicides, drug problems, rumors from neighbors, etc). Plus, if the home doesn’t appraise for the contracted value and the parties can’t agree on a selling price, the deal may die with the finalized appraisal.
These are just examples, but overall, we typically see a buyer cancel a contract before one of these deadlines. There are also additional deadlines, where the buyers have the chance to look through HOA documents, title paperwork and other information. Although these dates may vary from the inspection deadline, many of them overlap and happen simultaneously. While they can put a home back on the market for various reasons, inspection and appraisal problems are the most common.
Buyer Financing and Loan Approval (Buyer Problems)
Although the buyer may be qualified to purchase the home when they go under contract, things can change. For instance: if they buyer loses a job or another stream of income; if the buyer suddenly makes a large purchase while under contract; if the purchase of the new home was contingent on the buyer selling his current house and the sale falls through or if the buyers suddenly receive or learn of a judgement against them.
Plus, anytime there’s a loan involved, the process can be complicated, especially depending on the type of financing. Even a conventional home loan can get flagged near the last few days in underwriting. That’s why it’s important to do your research on the lender – as a buyer, it will keep you from spending unnecessary money and headaches and as a seller, it will help decrease the likelihood of having to put your house back on the market.
Buyers simply change their minds (Buyer Decisions)
Just when you think you’ve seen everything, another creative reason comes along. From suspicions of a house being haunted, to the overwhelming problem of not being able to match the paint colors (yeah, that’s a real one), there are a million reasons a buyer may back out of a contract.
Other real-life reasons include (these were collected from agents around the country):
- Buyer went to jail
- God told them to not buy
- The house had bad feng shui
- Buyer passed away while under contract
- Ex-wife lived across the street
- Buyer saw a mouse in the house
- Strange statues in the neighbors yard
- Buyers (a couple) decided to get a divorce
- There was a bad omen
- Their lifecoach said it wasn’t in sync with their souls
You can always ask for previous inspection reports or reasons, but the main point here is that just because a house goes back on the market doesn’t mean there’s something wrong with the house itself. Sometimes the listing agent will disclose why they’re back to active status in the MLS, and sometimes they won’t get into too much detail. Unless there is a material defect that was uncovered, they are really not required to give you the details and a smart agent will determine what information to release and still best represent their client.
If you’re interested in a home that’s come back on the market, have your favorite real estate agent check-in with the listing agent to gather additional information that could give you the upper-hand when making your offer!
Our agents are hard at work and haven’t seen much of a slow down, which we typically would this time of year. But we are still seeing homes going under contract quickly, especially in the $450,000 or less price range.
Recently, after 11 days on the market, 1924 Berkshire Ln went under contract. We had competing offers and now have a signed contract over list price. This is the ideal situation for a seller, when buyer’s are literally fighting over the seller’s property.
Remember too, that although many homes are going under contract the same day, they are listed or within a few days, our average days on market in the Colorado Springs area is currently 29 days on market. Even 11 days is still less than the average and makes for a happy seller.
Now, the process begins of going through the contract deadlines and the buyer’s opportunity to do an inspection, appraisal and look through important documents and information which allows them to make sure this is the exact property they want. Everything from confirming they can get homeowners insurance for the home, to the process of inspecting the home for any major defects or safety issues.
Truth be told, the Colorado Real Estate contract is definitely written in favor of the buyer. It gives you the the ability to set up multiple deadlines and opportunities to gather information and due diligence to check just about any resources that may influence your decision to buy a home and get a loan that’s satisfactory. That’s a great thing for you as a buyer! Talk to your favorite real estate agent for more details about your rights and opportunities as a homebuyer.
We’ll keep you update on that status of this property, plus you can always use our website to search and find the perfect home for you.
This fall season may be a great time to sell your home at top dollar. Throughout southern Colorado, there’s a new surge of home buying activity as 2017 sets new records for home sales. The PeakDream agents are as busy now as we were in the summer. A large percentage of the activity is with buyers under the age of 35, who are moving here from all over the country with well-paying jobs.
The Pikes Peak Association of REALTORS reports the average home price is just shy of $320,000 – almost $25,000 higher than last year (see PPAR market trends). The median sale price increased just as much, from $255,625 to $280,538. Local single family home sales totaled 1,431 in October, a 13% increase over 2016, outpacing the number sold in June of 2015, which was also a record year.
There are 1,938 homes available for sale and over 1,700 pending sales. We have a 1.4 month supply, according to the PPAR, meaning that in many neighborhoods, most homes are selling in a few weeks. As we’ve indicated for the past few years, buyers need to be ready to move quickly on an attractive home when it hits the market, and be prepared to pay full list price, or more.
The condo and townhome market is off the charts, a trend we’ve been following all year, mostly due to the lack of starter homes at affordable prices.
And the market momentum is pushing further south into Pueblo and Fremont Counties, where home prices are comparatively lower but have also been rising fast. You can find Canon City homes and Pueblo homes for sale on our website search tool, where we feature listings throughout southern Colorado.
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As we launch into Fall, the peakdream real estate agents are still staying plenty busy and Colorado Springs homes are selling quickly. The snow is falling quickly and the homes are moving even quicker. Although we sometimes see a slightly slower period during the holiday season (November and December typically) we’re still in a very active real estate market and there’s plenty of activity. With an average day on market at 26 days, we’re moving these homes much quicker than the average and making sellers happy. Check out what our agents are doing:
If you’re ready to sell, now’s the time! We help buyers and seller in ALL areas and ALL price ranges!
The local housing market is not letting off any steam, with September home sales surging 9.3% over last year. But the overheated condo market is even hotter. With the strong demand for starter homes, condo sales jumped by 20% year over year in September, and the supply has shrunk by nearly 50%, according to sales reports just released by the Pikes Peak Association of REALTORS. The average price for a townhome or condo is close to $200,000, a 9.6% increase so far in 2017. Single family home prices are up 6.3% year over year.
3485 Flying Horse Rd, Colorado Springs, CO 80922
Our team is hard at work again with another new Colorado Springs property for sale. 3485 Flying Horse Rd is a home in Springs Ranch, well equipped and thoroughly upgraded with hardwood floors, security system, air conditioning, auto sprinkler system, a large fenced backyard, plus a new roof and fresh paint.
Q: What are the basic stats of the home?
A: This is a single family home with 4 bedrooms, 4 bathrooms, a 3 car garage and a total of 2038 square feet. It is the Charleston model, built by Classic Homes in 1997. Click here to see the El Paso County property information..
Q: Where is the home located?
A: Conveniently located just off the Powers corridor on the east side of Colorado Springs, you’ll have access to a wide selection of shopping, restaurants, entertainment, and top notch D49 schools.
Q: Why is this home a good investment?
A: This area of Colorado Springs continues to grow and appreciate quickly, with high demand for more housing. Whether you’re looking for a primary residence, a property to invest in as a rental property, VRBO, or a vacation home you’ll see additional value almost instantly.
Q: How can I set up a showing of 3485 Flying Horse Rd?
A: Contact the listing agent Marion Meyer for more information or to request a showing.
1924 Berkshire Ln Colorado Springs CO 80909 will be on the market in September 2017! Even though the brick rancher was built in 1962, it’s still the original family selling it today!
Many memories were created in this 5 bedroom, 3 bathroom single family home in the Northglen subdivision in the heart of Colorado Springs. There’s plenty of space to create areas for playrooms, bedrooms, outdoor relaxing and recreation, and quality family time. Plus, space for working with an office, a huge laundry and storage room, and easy access to the garage with a rear entry to the backyard.
We were delighted to discover some pieces of history in this home. Probably the best surprise was the beautiful original wood floors under the carpet on the main level! Although parts of the house have been updated, like newer windows throughout most of the home, there are still some wonderful bits of history.
Property taxes are still at a low $700 per year and there are no active HOA’s in this established neighborhood. That means you could get into this house with a downpayment just under $7,000 for a 30-year loan and a monthly mortgage payment around $1300!
Keep watching for more information or request a showing today before it’s listed in the local MLS.
5 Bedroom / 3 Bathroom / 1 car garage
2,538 sq ft + 275 sq ft attached garage
School: District 11
Style: Ranch with full basement
OPEN SATURDAY 1-4 PM!!
This Pottery Barn perfect 2-story has a canopy of shade trees in front, beautiful fenced back yard, and is absolutely move-in ready. Completely updated with luxury features & fresh design touches, including cottage-style paneled ceiling and artful finishes. Vaulted ceilings, open and bright interior, gas fireplace, and a large eat-in kitchen with granite counters, white cabinets, and center island. Our favorite feature is the private master bath, with shower, soaking tub, custom tile accents, and a cascading waterfall faucet.