Read the latest newsletter from Berkshire Hathaway HomeServices Rocky Mountain Realtors in Colorado Springs. BHHSRMR keeps you updated on market stats, Downtown news and events, plus helpful homebuyer and home seller tips. In this edition, you’ll find an invite to our Downtown Holiday Party, plus understanding your home warranty.
If you’re on the way to purchasing a home and debating your financial situation, let’s look at some of the costs you should expect once you get under contract. This may help you determine if it’s the right time for you to buy or find other sources to help pay for the upfront costs associated with purchasing a house.
Earnest Money Deposit: Your First Out-of-Pocket Cost
Once you start the process of submitting an offer on a home, there are out-of-pocket expenses that you’ll have to be ready for immediately. The earnest money deposit is typically about 1% of the purchase price in the Colorado real estate market, so on a $400,000 home you should expect needing $4,000 in a bank account with immediate access to the money (check, wire, cashier’s check, etc). Although the contract allows for this deposit to be made after the offer is accepted, it’s typical that the seller will want your funds in an account within a few days of a signed contract (usually held at a title company or real estate office in an escrow account). The good news is, this money is truly a deposit and as long as you meet your deadlines and eventually close, you can apply these funds towards your downpayment or other closing costs. In other words, you’ll potentially get the money back but you’ll need the funds available to deposit at the time of your accepted contract.
Home Inspection: It’s More than Just a One Day Event
Your due diligence and inspection period allows for you to do inspections of any kind on the property as long as you’re not negatively altering or damaging the property. This means not only can you do a typical home inspection (in which you hired a home inspector to do an inspection of systems, mechanicals, exterior and interior condition, etc), you can hire contractors for specific issues and inspections. For instance, you may want to have the sewer line scoped, engineering reports of the structural integrity, or substance testing for things like mold or presence of drug residue. Depending on the home inspection company, they can often do testing for things like radon gas levels but there is usually an additional charge. Currently, rates for a home inspection vary depending on the size, age, and other factors of the house, but expect about $400-$500 and then additional items like radon gas and sewer line scoping will run another $150+ each. So, this “inspection amount” can change dramatically based on your concerns and curiosities as a buyer, but it’s not hard to reach nearly $1,000 just for basic inspections. And keep in mind, these contractors and inspectors are paid when the service is rendered so it is a direct out-of-pocket cost while you’re under contract. Also, there are other things that won’t necessarily cost you money but you should definitely consider researching as part of your home inspection period.
Property Survey or Improvement Location Certificate (ILC)
It’s possible that either the lender or title company may require a land survey or ILC. Typically, these are due at time of service and estimated starting cost would be $800+ for this type of service. Usually if the home is in a neighborhood with lot and block, this won’t be a required item. However, during your contract period, you can certainly choose to do this yourself so you are aware of the property boundaries, especially if you’re considering building a new structure, putting up fencing, or expanding the current home.
Downpayment on Your Loan
When you first start the process of searching for a home, you’ll talk with a lender about getting a loan to help pay for the purchase (unless you’re buying with cash). The lender will help find the best type of loan for your situation and qualifications (VA, FHA, Conventional, Jumbo, USDA, etc) and unless you have VA benefits from the military, your loan will probably have a minimum of 3.5% down (FHA) but probably more like 5% down (or more). Based on the type of loan, intended use of property, and other factors this can be 20-25% down. So, with a purchase price of $400,000 you could be looking at $100,000 as a down payment for the loan, and you’ll still have closing costs in addition to that amount. More money down can also reduce your monthly payments, decrease your interest rate, and waive the need for mortgage insurance. Make sure you talk with an experienced real estate agent and your mortgage lender to make sure you understand the entire package and what your monthly payment will be with principle, interest, taxes and insurance (PITI).
Depending on your offer, a portion or all of your closing costs can be paid for by the seller. However, it’s not as typical in a seller’s market as it directly affects their bottom line. So, assuming your paying your own closing costs this will be a collection of fees at closing in addition to your purchase price and loan downpayment, minus any credits you’re receiving. Closing costs include a variety of processing and document fees, lender escrowing funds for things like homeowners insurance and property taxes, appraisal fees, title company fees, recording and document fees, and any administrative fees charged from the real estate company.
Moving Into Your Home
Keep in mind, these expenses aren’t accounting for the setup of your new home, including things like buying furniture, doing landscaping, basement finishes, interior paint and flooring, or simply maintenance issues that might have come up during your inspection. If you can, start putting money away in a separate bank account as an maintenance fund to pay for large expenses like replacing a roof, driveway, exterior painting, tree removal, flooring updates, etc. Ask your agent first when doing these type of updates to help discover if there are ways to save money and for a list of recommended companies.
The process of selling your home doesn’t have to put your health at risk! We can easily do a majority of necessary activities virtually to get your home sold and you moving to the next phase in life.
Virtual Listing Appointment
We’re set up across multiple systems to help talk you through the process of selling. Whether it’s a quick phone call or a virtually meeting on Zoom, we are here to answer all your questions about selling your Colorado home.
Virtual Open Houses and Showings
As a full service real estate company, we have secured and contracted technology partners that allow us to show your home to potential buyers without putting them or you at risk. From virtual video walk throughs to step-by-step self guided virtual tours with ability to see 360 degrees in any room, we will help coordinate safe and efficient alternatives to traditional old school marketing techniques like open houses.
Virtual Walk-Through and Prep with Social Distancing
You’ll still get our professional advice and recommendations about things to do before listing your home. A virtual walk through will help us indentify and define what needs to be done to make your home the most marketable.
Virtual Meetings, Electronic Negotiations, Contracts and Signatures
Whether you’re across town or across the world, our real estate specific technology for sending, signing, and presenting contracts is easy-to-use software that requires no downloads or additional software. It can be used on any device including laptops, desktops, tablets and smart phones. You’ll have our full dedication to helping you understand all contracts and offers, plus the same diligence in getting you the best price for your home.
Our partners at title companies and mortgage lenders allow us to keep final paperwork organized and efficient with electronic signatures, and virtual closing exceptions which can allow for authorization of video notary depending on circumstances. We’re also able to email the final paperwork which often only requires a notary on a few pages, then we make it easy with a printable return label to overnight your completed paperwork.
1003 E Boulder St, Colorado Springs, CO 80903 A charming historic home near downtown Colorado Springs has been in the same family for 83 years, three generations in the family. When they purchased it in 1937, it was being used as a boarding house and over the years they crafted it to meet their family’s needs. As Colorado Springs grew rapidly in the mid 1900’s, there was need for additional housing with the influx of soldiers at the local army base. This unique home on Boulder St is just a mile from the heart of downtown and was a perfect location for a rental property. So, the owners closed of the upstairs from the inside of the home and created an exterior entrance to the 3 bedrooms, full kitchen and bathroom on the upper level to use it as a rental. Throughout the years, they’ve kept the original character and charm by maintaining and preserving this unique property, which still has most of the original hardware, wood trim, solid wood pocket doors, and hardwood flooring. | MLS # 6031664, 3258 sq ft. Listed at $650,000 http://1003-e-boulder-street.htour4u.com/
Former Safeway Grocery Store on Historic Site in Florence, CO
111 Church Ave, Florence, CO 81226 Located in Fremont County, this building has some significant history in the City of Florence (known as the Antique Capital of Colorado), but more significant is the site it’s located. Before this building was constructed in 1960, the area was a railroad freight yard and interchange for trains for the Florence & Cripple Creek Railroad. After changing hands in ownership, the current building was built as a Safeway grocery store which closed in the 1980’s. The property now houses a large antique store (Willie’s Antiques and Collectables) which also has an attached residence in the back of the store. The residential suite allows the owners to work and live in the same location, and includes a nicely appointed condo with all the amenities like granite countertops and wood floors, in-unit washer and dryer, and a covered porch outside. It’s a prime location for retail, at the end of Main Street right along a popular highway that connects the larger Canon City to Florence. | MLS # 5547826, 8007 sq ft. Listed at $799,500 http://111-church-avenue.htour4u.com/
Main Street Retail Store with Residential Loft Living Above
122 E Main Street, Florence, CO 81226 This work-live concept is a great opportunity to have a prime location for your store or business, plus zero commute to work and the opportunity to live on Main Street in downtown. Located within steps of excellent local restaurants, antique stores, coffee shops and even a bowling alley. The loft above includes 2 bedrooms and 2 bathrooms and about 1200 sq ft of living space, similar to the retail space below. Plus, there’s some great history in this building from 1895, which can be found by contacting the local historic society at the Florence Pioneer Museum and Research Center. You can even have your friend open their business next door and be neighbors, as 124 E Main St is also on the market. | MLS # 1542045, 2580 sq ft. Listed at $430,000 http://122-e-main-street.htour4u.com/
Defunct Golf Course in Canon City
1232 County Road 143, Canon City, CO 81212 Ask a local Fremont County resident and most will remember the Shadow Hills Golf Course. Once a community meeting place and destination for an afternoon in the sunshine playing golf and drinks at the clubhouse, this former golf course is now for sale. Despite the empty pool and overgrown course, there are still signs of the memories and reminders of the opportunity in such an investment. The game room and bar still host pool and ping pong tables, with many of the commercial furnishings still on-site. Plus, the mountain views off the balcony and through the large picture windows in the 10,000 square foot club house keeps investors dreaming about what to do with the 197-acre property. Perhaps a future home community or keeping the grounds commercial as an event center? The location is ideal for easy access to recreation and popular destinations like the City of Florence (known as the Antique Capital of Colorado), and some of the top tourist attractions like Royal Gorge Bridge and Park. There are some many options for how to use this property in the future, but locals will never forget the great memories here. | MLS # 63952 Listed at $2,800,000 https://www.peakdream.com/homes-for-sale-details/1232-CR-143-CANON-CITY-CO-81212/63952/468/
Despite the curveball of COVID-19, the real estate market continues to thrive. We’re still experiencing a sellers market, often with multiple offers exceeding list price within a few weeks of listing a home. Prices are up and the number of homes sold is still ahead of where we were at this time last year. However, we’re still dealing with the low inventory challenge: simply not having enough homes on the market for the number of buyers that are ready to buy.
Some things have changed regarding getting qualified to buy a home, but typically if you’re back working again with a regular income, there are programs available. Plus, with the incredibly low interest rates, it’s a great time to take advantage of buying a primary residence or investment property. Now’s the time to make a move to take advantage of quickly increasing prices. Consider this: Five years ago in June 2015, the average sale price was just over $279,000. As of this June, we’ve exceeded $400,000.
Just blocks from Patty Jewett Golf Course and minutes from Downtown
1310 E Columbia captures the character and charm of Golf Club Acres neighborhood, blended with convenience to prime Colorado Springs hotspots.
Complete with 4 bedrooms, 2 bathrooms and 1752 square feet of living space this 1953 home sits on a flat usable lot just blocks from Patty Jewett Golf Course. Plus, the 2+ car heated garage is perfect for all your toys and even room for a large workshop, motorcycles or storage.
Relax in the fully fenced backyard, ideal for enjoying Colorado nights around a firepit or lounging in the sunshine during the warm days. This house will be the best option when it comes to summer barbecues, with easy access to the kitchen right off the large deck.
Inside, thoughtful updates have been made to the areas you live in most: a newly renovated kitchen with stainless steel appliances, granite countertops, and hardwood flooring. Enjoy the air conditioning throughout the home, and an upgraded main level bathroom. Cruise around on the original hardwood flooring as you make your way through to the basement. Brand new carpet throughout the lower level and a perfect space for guests which includes a bedroom, bathroom, living area and kitchenette.
Upgrades and amenities both inside and out will make this your spot, but perhaps the best part is the spot on the map. Located just blocks from Patty Jewett Golf Course and easy access to plenty of recreation in parks like Palmer Park and trails for biking and fitness. You can easily jump into Downtown Colorado Springs for a night out of entertainment, or hit up your favorite restaurants just around the corner like historic BJ’s Velvet Freeze and Leon Gessi Pizza.
See all the photos and more at https://www.peakdream.com/homes-for-sale-details/1310-E-COLUMBIA-STREET-COLORADO-SPRINGS-CO-80909/2533474/68/
Listed by Toby Lorenc Berkshire Hathaway HomeServices Rocky Mountain Realtors. Pikes Peak MLS # 2533474
18140 Walker Court, Colorado Springs CO 80908 is the ideal ranch in Colorado for multiple purposes, including primary residence, hobby farm, or income property with VRBO or AirBnB capabilities.
A life-changing property was just listed by Berkshire Hathaway Homeservices Rocky Mountain Realtors. The possibilities are endless on this 5.4 acre ranch, complete with a single family home, horse barn, spring fed pond, additional outbuildings and incredible Rocky Mountain views. It’s the quintessential Colorado property that meets the needs for your next phase of life.
Residential Property Checks the Boxes for Living and Entertaining
You’ll feel like you’re on vacation everyday on this gorgeous Colorado property. The 4,501 square foot home provides all the necessities and more with 5 bedrooms, 5 bathrooms, plus bonus areas for all your hobbies and entertaining needs.
But it doesn’t stop there – the property gives you room to grow and space for any particular interest or hobby. Not only do you get a wonderful, open spread of land with mountain views, the horse barn includes 3 stalls and was recently built to provide comfort and luxury to your treasured horses. From 220V electrical to individually plumbed stalls, hot water and insulation for a comfortable climate. Above the barn, a large finished space is the ideal solution for a business or workshop. The bright open loft creates a creative space for artists, or simply a bonus room as a mancave.
Impress your guests with custom oak hardwood floors, cherry cabinets and a custom gourmet kitchen. Whether you’re hosting a wedding party or simply a relaxing retreat in the moderate Colorado climate you’ll find the space inviting and versatile. Relax on the patio and enjoy mountain views, plus walk into value with the water rights transferred with the property.
Hobby Farm or Entrepreneur Gold Mine
Pursue your dreams in the extra spaces, catered to home-based business or artist haven. Everything you need just steps away from the main home to help you focus and complete your goals. The heated and well-appointed studio lets you explore your passions in a private and secluded space. Whether you’re looking for a woodworking shop or an ideal bright and open space to paint the incredible views, you’re right at home…literally.
Pay Your Mortgage and Create Income with Your Unique Property
Whether you choose to live on property, or make it a pure income-generating gathering place for families, events and vacations this ranch gives you flexibility and opportunity. The additional cabin in the woods will serve many purposes, plus the acreage is open for your creative spin.
Multiple patios and versatile landscape provide guests the serene setting to unwind and relax. We won’t tell you what to do with it, but it’s pretty easy to figure out the unlimited options with this intriguing setting. Entertain loved ones or make a true goldmine with the widespread interest in VRBO and AirBnB travelers.
Book A Tour
You can’t experience this gem until you see it in person, so book an appointment today for a private personal tour and start imagining the possibilities. Just click on the Schedule a Showing button and we’ll do the rest.
When our clients say Sell My House Fast Colorado Springs Realtors at Berkshire Hathaway jump to the opportunity and challenge. Our team of experienced real estate agents engage intentional, direct and effective marketing tactics immediately. The specifics might bore you, but the results are what you’ll talk about for years when your home is sold as quickly as some of these.
320 Childe Dr, Colorado Springs, CO 80906
This was perhaps one of the most impressive homes we’ve had the privileged to market and sell. Granted, the absolutely breathtaking views and updated fixtures and amenities helped sell this custom Broadmoor home. But typically, a home in this price range (this home was listed for $799,000) stays on the market for an average of 9 months. With an average price point just above $350,000 for single family homes, this beautiful home in southwest Colorado Springs would typically be expected to have slower showing activity and longer days on market. However, this home was under contract in less than 24 hours with multiple showings and competitive offers that exceeded list price. Real estate agent Wayne Jennings represented the sellers and was able to provide the marketing exposure and tap into the niche buyer group that had been searching for this type of house. Consequently, when it hit the market in April 2019, it was a quick turnaround and huge celebration for the sellers.
230 E Main St, Florence, CO 81226
Just outside of Colorado Springs to the southwest is the quaint town of Florence, CO. It’s been a tourist destination for years, as the town has rightfully claimed the label, “Antique Capital of Colorado” due to the solid option of antique stores along Main Street. With a lower altitude and warmer climate that Colorado Springs, plus a homey small town community, Colorado natives and out-of-state residents are flocking here to vacation, invest, and live. So, a newly renovated single family home on Main Street within walking distance of Florence restaurants, shopping and entertainment has a strong appeal. In fact, many are waiting to jump on an opportunity like this, especially while home prices are still reasonable. That’s exactly what happened at 230 E Main St the day it went on the market. After years of renovations and hard work, the seller made what was an eyesore along Main into a luxurious residence that anyone would love to call home. Buyers quickly set up private showings and the home was under contract within 24 hours.
4988 Old Fountain Blvd, Colorado Springs, CO 80916
Homes all over Colorado Springs are represented by our agents and selling in 24 hours or less! We sell in every area, every price range. With 76% of the sales in the Colorado Springs area in the $200,000-$400,000 price range, there’s a lot of competition among buyers. It’s definitely a seller’s market in this bracket of sales (meaning the seller has the advantage and more power in negotiations, etc) and we saw that on 4988 Old Fountain Blvd. This ranch-style home has a lot of great curb appeal, plus extras like a spacious sunroom and patio, and RV parking on the side of the home. When a homeowner says Sell My House Fast, Colorado Springs real estate market still has it’s challenges in accomplishing this goal. The real estate agent has to be thoughtful of pricing the home correctly, marketing and promoting the right features, and putting it on buyer’s radar before there’s even a sign in the yard. Realtor Marion Meyer nailed it on this one, making sure that her colleagues, potential buyers and other key industry contacts knew this listing was coming soon. Thanks to her thoughtful and intentional homeselling tactics, it’s another case of 24 hours of showings ending in a solid contract for the seller.
Just say the words, “Sell My House Fast Colorado Springs!” When you’re ready to move, so are we. Certainly, we can’t guarantee that your home will sell as quickly as these examples, but we do promise to give you and your home our attention and expertise so that we can sell it as quickly as possible.
Come see this amazing, new home in Colorado (Fremont County)! Located in the quaint town of Florence, CO, this ranch style home at 120 Rose Drive will be open this weekend, Saturday April 20th, from 10:00AM – 3:00PM. Be one of the first to see the beautiful finishes and fixtures throughout the home. Amenities include hardwood flooring, vaulted ceilings, granite countertops, stainless steel appliances, and much more. All located within walking distance of downtown Florence, CO the Antique Capital Of Colorado!
The PeakDream Group at Berkshire Hathaway HomeServices Rocky Mountain Realtors has been working hard and with summer right around the corner, sellers are pulling the trigger and getting their homes on the market. Check out these 3 new listings, coming soon to the market in the Colorado Springs area.
611 Hilltop Drive, Colorado Springs, CO 80905 $233,000
Cute, ranch style home in Ivywild area (specifically in the Foothills neighborhood) would be a perfect rental property or ideal as a primary residence. The location is stellar, just up from Ivywild School, a hotspot for music and events which includes a brewery, distillery, and bar. This home includes 2 bedrooms, 1 bathroom, a large 2-car attached garage plus a carport, storage shed, RV parking & deck with a relaxing hot tub. Easy care wood laminate flooring in the main living area and carpeted bedrooms. Walking distance to Bear Creek Park for nature hikes, dog walking, or bike riding. Just minutes from Downtown Colorado Springs. For more details contact Southern Colorado Realtor Marion Meyer
320 Childe Drive, Colorado Springs, CO 80906 $799,000
Your castle above the city in Broadmoor Hills Park. This home boasts of amazing views all up and down the Front Range, including breathtaking landmarks like Garden of the Gods. Enjoy the Colorado days and nights on the custom deck, complete with outdoor kitchen and built-in grill. When dinner is over, relax in your warm hot tub and marvel at the starry night. Plus, you’ll be right at home with the stunning interior with high vaulted ceilings, wood floors, and luxurious working, living, and playing spaces. Perfect for a quiet night at home in your personal theater, or reading your favorite book in one of the many rooms spread out over 5,182 square feet. Complete with 4 bedrooms, 4 bathrooms, and plenty of character. For more information, contact a favorite local Realtor, Wayne Jennings
4134 Anitra Cir, Colorado Springs, CO 80918 $300,000
Step out your door and you’re within walking distance from some of Colorado Springs’ Hot Spots, like University of Colorado at Colorado Springs or the outdoor experience of Palmer Park Open Space. Convenient location near parks, schools, golf courses and more in this 2,200+ square foot home in the Garden Ranch neighborhood. Versatile floor plan perfect for primary residence or an investment property in Colorado, with 3 bedrooms, 3 bathrooms and a 2 car garage. For more information, your experienced real estate agent is ready to help