Buy House Colorado

Many Colorado Springs house hunters have lost confidence in the housing market due to some news released in the media. Here are some of the misconceptions out there which after this, hopefully will be dismissed.

Misconception number 1: Home loans are impossible to get right now

Traditional loans are available from as low as 5% and less. Another option is an FHA loan and they only require a 3.5% deposit. If you have not owned a home for 3 years, you even qualify for a first time home buyer loan. El Paso County has a 14 million dollar bond for you that you can get with a 3.9% fixed rate and down payment aid that you won’t have to repay. Colorado Housing and Finance Authority (CHAFA) also has funds that carry a small interest rate and down payment. There are other ways to receive assistance to purchase a house both on the local and national level.

The misunderstanding comes from the fact that the way in which persons qualify for loans has changed. For example, currently, you have to be able to prove appropriate income and a good credit score to get a mortgage loan. All that means is that the days with little or no documentation for loan approval are over. This is a good thing as this is one factor that led to the amount of foreclosures now being experienced. In addition, if you have a real estate broker that’s a good negotiator, you may be able to include your closing costs in the final agreement further reducing your home-buying expenses.

Misconception number 2: Rates aren’t increasing now so there’s no rush

Let’s look at an example. The typical 30 year fixed mortgage rate for the year 2003-2007 was 5.75%. Therefore, if you had a $200,000 mortgage, the monthly payments would work out to $1,167. Today, the same 30 year mortgage is between 4% to 4.25%. That same $200,000 mortgage at 4.25% would work out to $983. Imagine if you sold the $222,000 house and purchased a $300,000 house. The payments would move from the 5.75% rate to the recent 4.25% rate so that equates to a difference of $144 per month in payments for $80,000 more of house.

Misconception number 3: You’re better off waiting until there’s an improvement in the market

History always repeats itself. It’s not the first time that prices have fell. Markets are cyclical and knowing this we know that once again, prices will go up. If you do not currently own a Colorado Springs house, or are considering an upgrade to what you currently have, then this is the perfect opportunity for you to buy. If you are even only thinking about investing, it makes sense to buy when prices are low as well as interest rates and there is a lot of inventory.

Prices are beginning to stabilize and the economy is in the process of improvement. As a result, prices may increase soon in order to keep inflation steady so it is the best time to buy. Not to mention that banks want to get rid of their foreclosures and are reducing prices.

Colorado Springs is the perfect destination to live, especially if you have a family or are looking for affordable and beautiful homes in areas that are rich with history and have scenic surroundings. Colorado Springs houses is also the ideal place to live if you love the outdoors and are an active person wanting a lot of variety as it relates to recreation. Colorado Springs boasts about 300 sun shinning days per year! Not only are the homes affordable, but their values have stabilized and in some neighborhoods, they are beginning to increase.

Colorado Springs has the perfect neighborhood for you no matter your age, lifestyle or income. Whether you prefer to live in the suburbs or you want the excitement of the city, or something in between, there is a lot to choose from. Black Forrest, Manitou Springs and Old Colorado City are just a few places where you could settle down.

Manitou Springs is situated west of the downtown area. It’s the right combination of city chic and historical Victorian. Tourists usually pass through on the way to the Pikes Peak Cog Railroad. However, if they decide to truly experience Manitou Springs, they’d be awed by the spectacle of the Miramont Castle and the Cave of the Winds. Couples considering purchasing a home here will be drawn by the turn of the century charm and quality construction. Houses in this area sell at an average price of $320,000. South of Manitou Springs is the community of Crystal Park which is nestled among the pine trees in the mountains. If you’re looking for a romantic retreat from the hustle and bustle of the city, then the breathtaking appeal of Crystal Park will have you signing on the dotted line.

Another great area is Old Colorado City. It’s full of history as it is the oldest neighborhood in Colorado Springs. Don’t be fooled by the name however, as, if you are seeking modern amenities, then this is the place to look. It’s a great area for apartment or condo hunting. It also has town houses and single family homes. However, most of the homes near the city center have small lot sizes. The average home here goes for $190,000.

Briargate, located to the northeast of Colorado Springs, has an average selling price of $198,000. It’s a neighborhood that has experienced a lot of growth over the years. It also has some of the best schools in Colorado Springs. A neighborhood, just southeast at the corner of Woodmen Road and Academy Boulevard, called Brookwood, gives the impression of being hidden away from the busy city. It’s central to Briargate and lot sizes range from ¼ acre to a little over and acre. It’s tranquil and secluded with large, mature trees enhancing the feeling of being far away.

Located in Northern El Paso County is Black Forrest. It has a combination of newer and older Colorado Springs houses so it has something for everybody. If you want big lots, then you will be impressed by the 5 acres that some of these homes sit on. Ranch style homes as well as 2 story homes dominate this area. While some are custom built, others have a more “country” feel.

Colorado Springs is one of the best places to live in the country for a variety of reasons. So, it’s no wonder you have decided to be one of the many people who move there each year. If you have decided against purchasing one of the beautiful Colorado Springs homes for fear of the real estate market then you are not alone. Even though Colorado Springs has done much better than some other areas of the country, it still leaves a lot to be worried about. Especially if you may not end up living there long enough to reap the rewards of future appreciation in home values. In that case, renting is an option that offers the freedom of not being tied down to a mortgage.

Colorado Springs has homes to suit a range of tastes. There are apartments, single family homes, condominiums, town houses and even farms. In any case, you should know what to expect from a legal stand point when going through a rental agreement.

A Colorado home rental agreement is pretty much standard. However, as the tenant, you have to ensure that there are particular areas adequately covered in the rental agreement. Issues such as term of lease, rental amount as well as the mode and schedule of payment, responsibilities as it relates to the payments of utility, repair responsibilities and maintenance costs, pets, contractual responsibilities of tenant and landlord and the subtenant policy.

Keen attention should be made to the section of the agreement detailing the security deposit. Colorado state law does not specify a lower or upper limit so keep this in mind in order not to get scammed. Additionally, the deposit can be used by the landlord specifically for cleaning and repairs resulting from damages made by the inhabitants, separate and apart from regular wear and tear. The law stipulates that the landlord has to return a portion or the whole deposit within a thirty day period following the end of the lease agreement. If you have any questions relating to any areas of the contract, do not hesitate to seek advice from a local real estate lawyer.

One area of the Colorado rental law that is very specific is the matter regarding peaceful property enjoyment. It states that the landlord is prohibited from entering the property without given permission from the tenant while the lease is still in effect. The two exceptions are if the landlord has emergency repairs to be made or if the landlord is put in the position where he/she has to demand rent.

Another key area to note is the eviction law. Eviction is only possible for three reasons including termination of the lease agreement, nonpayment of rent and breach of contract on the part of the tenant. The landlord is obligated to get a court order for eviction without which, he is not able to coerce the tenant to leave. The landlord is also legally required to give the tenant written notice advising them about the filing of the eviction case. The notice enables both parties the opportunity to resolve any issues or for the tenant to make preparations for leaving.

Understanding Colorado Springs homes rental law is crucial if you want to avoid scams and make the most out of your tenancy. It’s in your best interest to do some research before and after signing a lease.

Military families tend to move around a lot. If your next military assignment is taking you to a Colorado Springs military base, then consider yourself lucky as stunning panoramic views and a fantastic alpine desert climate is what you have to look forward to.

The City has a long military tradition. There are a few Departments of Defense posts, all within easy reach of each other. There is Fort Carson, The North American Defense Command, Cheyenne Mountain Air Force Station, Peterson Air Force Base, an air base called Schriever, and the national United States Air Force Military Academy. All these installments are located where you’ll find the Rocky Mountains meet the Great Plains.

Usually, military families don’t have time to search weeks and months for the ideal house. Colorado Springs realtors all boast to offer military relocation services and experience. Truth be told, very few of them really understand what military relocation is all about. Here are some things that a realtor should be familiar with which will make choosing the right one a lot simpler.

What the Realtor Must Know

The ideal realtor who offers military relocation services should know the Colorado Springs area like the back of their hand, as well as the different local military installations and they must be able to identify and appreciate what you need. As previously mentioned, chances are, there won’t be lots of time to make decisions and choose a house. Swift and informed decisions will have to be made. Because the realtor is ultimately trying to help you make the best choices for your family, they should be able to quickly evaluate your needs and the type of home, neighborhood and conveniences your family is looking for. If you have children, then the realtor should be capable of showing you the best school districts and safe neighborhoods that are located in close proximity to where you will be stationed.

Not only should they know the basic things, but also important are other factors that as a homebuyer, you must be made aware of. There is a list of reasons that Colorado Springs is a great place to reside. Just ask Money Magazine, Forbes Magazine or the other mediums that have voted it “one of the best places to live or purchase real estate”. The City experiences over 300 days of sunshine a year, beautiful spots such as Pikes Peak or Garden of the Gods can be enjoyed year round, great neighborhoods and world-class shopping and dining are at your finger tips.

A great realtor should be able to include a quick tour of the Pikes Peak area to help you familiarize yourself with it as well as “sell” you on the idea of living there. After all, the average person is not usually enthused about frequently packing up and moving. You should look for an expert in fulfilling your needs which all starts from the first stage of short listing to the actual tours and the bidding process as well as contract signing. The ideal Colorado Springs realtor should be proficient in the unique issues that military families have.

Colorado Springs is a highly ranked place to live and has been so for a number of years. For example, it was voted in Money Magazine as the number 1 Best Big City in “Best Places to Live” in 2006. It was also voted as number 1 in Outside’s list of “America’s Best Cities” in 2009, number 19 in “Best Cities Overall’ by parenting.com in 2010 and number 3 as one of the “Best Cities for Relocating Families” by relocatamerica.com. Another category that Colorado Springs has been made mentioned in many times, is one of the best areas to purchase a home in the recovering housing market.

Positive rankings such as these make Colorado Springs an ideal place to live for many people. Due to factors such as tax rates, average home cost, home appreciation and other positive factors that affect the quality of life and cost of living in the City, the high rankings are valid.

However, even with such rave reviews, some people are beginning to cast doubt on the market’s long term viability due to the fact that the data is not holding up to expectations. For example, AOL Real Estate (March 31, 2011) has stated that Colorado Springs houses now reached 150,894 that have depreciated by 4.7% over the previous year. The most up to date reports have found that over 4,300 homes are up for sale in the City and the trend from May 2010 to now is only climbing upwards.

Colorado Spring’s 2011 real estate market has been seriously affected by the deficiency as it relates to a Federal New Homebuyers Tax Credit. Since the federal tax credit was extended until April 2010, it resulted in an influx of activity during the typical inactive months of January to March. The imminent result is an identified “double dip” in the 2011 real estate market. This of course will lead to a year by year comparison that is not truly tell-tale.

Even with this crisis happening, Colorado Springs, when compared to other parts of the country, is doing well. Forbes magazine recently named it number 6 out of 10 for “America’s Best Housing Markets for Investors”. So, if you are thinking about selling or investing, you can still have an air of optimistic expectation due to the positive indicator for long-term home prices.

This list put together by Forbes is based on market study by a real estate research firm. It was calculated on the community’s home prices during the economic crisis and it factored in issues such as employment growth and population. It was forecasted that the area’s prices would stay flat over the upcoming years but that home values would eventually rise due to a recent enlargement in population.

While real estate owners should feel pride about this ranking, the fact remains that it may or may not give life to home buying again. While nothing is assured, it must help somehow by having positive exposure in a nationally acclaimed magazine. Also, the Colorado Springs real estate market is influenced by other factors such as good schools, breathtaking surroundings and quality of life. These factors alone are great enough to make people want to live in the Springs.

Colorado Springs has been fortunate in that it has not witnessed the big swings that other markets have had. Colorado Springs has been lucky enough to have a slow, stable and strong growth in its housing market. In fact, Colorado Springs has had an average growth rate of 7% since 1992 and has not had the massive declines that other parts of the country have experienced.

However, there is a down side to the housing market in Colorado Springs. Property owners have been looking for brokerage options in selling their homes. The frequency of homes in the Colorado Springs area being bought and sold is exponentially more significant compared to the national average. This is due to the fact that there are many military related jobs as well as a mobile workforce associated with companies such as HP and Boeing. Since homeowners aren’t usually a fixture to the years of appreciation that properties accumulate, the high brokerage commissions are severely felt. Sellers therefore believe that their only alternative is to skip agent fees altogether by putting their property up as For Sale by Owner. However, there are other alternatives available, one of which is to utilize a flat fee listing on the Multi Listing Service (MLS).

Often times, listings are sold by buyers’ agents who sometimes work with a listing agent. Whether the listing agent sells directly to the buyer or works with the buyers’ agent, the commission rate is typically the same. Even when the buyer did not have an agent, the seller may not see any savings.

A MLS listing allows the seller to see some profit as the agreement with the listing agent is to list the property for a small, flat fee. The seller is responsible for showing the property and handles negotiations with the agent as the middleman. If the buyer’s agent is responsible for the sale, only the buyer’s agent is paid but the listing agent is not paid at closing. If a seller finds some aspects of selling a house difficult, a MLS broker can agree to take on additional functions for more money at closing but this is usually less than 1%.

Other than savings on commission payments, a huge benefit to using MLS for selling property in Colorado Springs is the effective exposure. Buyers and their agents can find data with MLS feeds and internet sites. A for sale sign is never sufficient in pulling in interested house hunters, especially, given the fact that many of them are not residents of Colorado Springs.

The MLS for Colorado Springs outreaches to neighboring areas such as Woodland Park, Falcon and others. Sellers are finding that the flat fee MLS listings offer is effective in selling anything from an urban to suburban property and a single family home to a condominium. No matter the type of property, the fact that a seller can save money by avoiding those steep commissions as well as gaining exposure to buyers, makes this alternative the best to hiring a broker. It is expected that more and more sellers will use this medium in the future.

One of the most populated counties in Colorado is Colorado Springs. It’s located on Fountain Creek south of Denver’s Colorado State Capitol. It is home to a diverse mix of educational, cultural and historic attractions. For example, you will be educated at the Cheyenne Mountain Zoo, entertained at the Museum of the American Cowboy and wowed at the Peterson Air and Space Museum.

Persons seeking homes for sale in Colorado Springs will be intrigued to learn that tourists from around the world visit Colorado Springs to see the amazing rock formations as well as to experience the popular tourist spots such as Seven Falls, Garden of the Gods Park and the Cave of the Winds. Becoming a homeowner in Colorado Springs will drive you to the realization that the town draws people from all over because they love what it offers. It makes a fantastic place to live and not just a vacation spot.

Homes in Colorado Springs tend to be on the expensive side as compared to those located on the outskirts. However, you should factor in the fact that it is a popular tourist destination and so it makes for a good investment as your home will surely appreciate in value. Not to mention, you are able to rent your home as a vacation property in order to generate a size able income during peak tourist season. Here are some other reasons to become a homeowner in Colorado Springs.

Housing Assistance – Though housing can be expensive, you can take advantage of the fact that the city provides technical assistance and helps to provide affordable housing programs. Examples of funding include grants, low-interest loans for projects and direct rental assistance. Technical aid is inclusive of but not limited to assisting other organizations in the form of structuring projects, management assistance and program reviews.

Housing Rehabilitation – Citizens who are qualified for Colorado Springs real estate and home rehabilitation can receive loans with low to no interest. The US Department of Housing and Urban Development in association with the Community Development Block funds the local Housing Development Division.

Business-friendly – New and existing businesses are encouraged to transfer to, stay and expand in Colorado Springs due to the efforts of the Economic Development Division.

Transportation – There are many route and fare options available from the Mountain Metropolitan Transit. Public transportation and fixed route service is not hard to adjust to here. There is also a daily commuter bus – the Ute Pass Express- that runs along Highway 24 to and from Colorado Springs, Manitou Springs, Green Mountain Falls and Woodland Park. However, other transportation options include commuting aid through carpool matching, school pools and van pools.

Jobs – . As such, it attracts many highly educated and sought after professionals. This is a reason why there exist many outdoor activities and other attractions that add to quality of life so that the working community can find a work-life balance.

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