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Found 12 entries about Advice For Home Sellers.

colorado-springs-housing-market-august-2021

Even before the start of the Covid-19 pandemic, we've seen a strong seller’s market in Colorado Springs. Sales for newly constructed homes are up, and existing homes are often selling above their asking price. Bidding wars between potential home buyers are common in the hot real estate market, but the August 2021 numbers are indicating the housing market is showing signs of cooling off.

A report from the Pikes Peak Association of Realtors (PPAR) shows the number of available homes for sale are down 6.1% from the previous year. The number of single-family homes are also down, but August 2021 still saw the second number of sales slightly behind July of 2020. The housing market may be slowing slightly and giving more buyers a chance to finally secure…

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Despite the crippling COVID-19 pandemic, the Colorado Springs real estate market is healthy. Stay-at-home orders have reduced foot traffic, but buyer demand is still strong and the inventory of homes for sale in Colorado Springs remains low.

Although the momentum has slowed, we’re still helping customers buy and sell homes in Colorado Springs! The only thing that has changed is the process. Safety measures may seem restrictive, but they are in place to help protect both buyers and sellers.

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Is Real Estate an Essential Service?

Are real estate transactions (buying and selling) considered “essential” in Colorado amid the COVID-19 stay-at-home order? Yes! All real estate activities that are related to the transaction (including closings,…

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If you experienced sticker shock when you received your real property notice of valuation from the El Paso County Assessor’s office, you’re not alone. Many residents of El Paso County are shocked by one of the sharpest property value increases in recent history. It’s the first time in 14 years, that the county has experienced such a hike which means larger tax bills for residents.

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 These reassessments are mandated by law every two years. To show you the extent of the increase, consider this: In southeast Colorado Springs, values have shot up 37 percent. Higher valuation means higher taxes. The last time the county experienced double-digit increases was in the late 1990s and early 2000s.

 You can appeal your home’s valuation by filing an appeal…

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Home buyers can expect a triple whammy in 2019 with a continuing tightly competitive market (low supply), higher prices, and an interest rate increase. But all is not lost in the 2019 Colorado Springs real estate market. There are several welcome developments for home buyers and mortgage borrowers. New construction will include more affordable entry-level homes and mortgage lenders are easing the qualification requirements for loans. First time home buyers are getting much-deserved attention now in the real estate market, more so than ever before.

Below, is a list of housing and mortgage trends for 2019.

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Need More Homes

The lacking supply of homes for the market will continue to lag in 2019, but it’s not expected to worsen. The number of…

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Choosing a professional real estate agent to list your home is so important in today’s market where buyers pay attention to details such as how long a home has remained on the MLS and how many times the price has dropped. Hiring a poor performing realtor can end up costing you in the long run when you find yourself paying the mortgage for your unsold unoccupied home.

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Your listing agent should act as an advocate for you every step of the process. But oftentimes, some agents post the listing on MLS and then do nothing to promote it.

The sellers that hire these realtors are unaware of the realtor’s lack of professionalism. The seller assumes that the realtor they’ve hired is someone they can trust.

Another trap that sellers fall into when…

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The most recent numbers show another strong quarter for the Colorado Springs housing market.

colorado-springs-real-estate-Q3-2018

Compared to Q3 of 2017, the total number of listings and days on the market remained virtually identical. Homes priced between $300k-$500k along with the $1million+ market gained momentum, but the number of units sold under $300k declined by 26% due to the extreme lack of inventory.

One interesting indicator during this quarterly cycle is the median sales price. Although our local market values have increased another 11% over the same period last year, the current median sales price is down 2% compared to Q2 of 2018.

Keep An Eye On Interest Rates

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Mortgage interest rates also continue to rise. According to Freddie Mac, the average rate for a 30-year…

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Occasionally, people will try to sell their homes “For Sale by Owner,” or FSBO. They do this to save money in real estate commission and fees. While you may be tempted to save that 3-6% in commissions, it could cost you thousands more by going it alone. According to the National Association of Realtors, “FSBOs accounted for 8% of home sales in 2016. The typical FSBO home sold for $190,000 compared to $249,000 for agent-assisted home sales.”

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Below is a list of potential pitfalls of selling your home “For Sale by Owner” in Colorado Springs that can go terribly wrong. If you’re dedicated to the idea of FSBO, then I wish you the best of luck, but I invite you to consider these points before proceeding.

What an agent can do for you…

Time is money…

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Housing prices are at an all-time high and competition for affordable homes is fierce. Home buyers need an experienced Colorado Springs real estate agent to advocate for them during contract negotiation and throughout the real estate process.

However, many people enlist the help of a family member or friend who work in real estate. Hiring a friend or family member can backfire in many ways. You should hire an agent based on how well they do their job and what former clients say about them. It’s best to hire a real estate agent not as a favor, but because they’re good at their job.

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Many times, people moving to Colorado Springs simply don’t want to go through the hassle of interviewing several real estate agents for the job. According to Redfin…

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The strong sellers' market continues in Colorado Springs but home buyers are starting to see more relief compared to the first quarter of 2018. Mortgage rates are a key factor to the slight cool off, having gained 60 basis points (.6%) since the start of 2018 but they have also remained relatively flat for the past 5 weeks.

Colorado Springs Real Estate Market Update

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Overall listings in Q2 were still nearly 6% lower than the total count from a year ago, but compared to the 14% deficit we saw in the first quarter of 2018, the "white hot" market could now be described as a "red hot" market.

Appreciation continues to be good to home sellers. The median sales price for residential property in El Paso County is now $303,000, up nearly $20,000 since Q1…

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Zillow Research is predicting that the next recession to hit the United States will happen in the first quarter of 2020. But unlike the notorious Zestimate (the computer algorithm known for its “pin the tail on the donkey” valuations), the popular real estate website that makes its fortune by selling advertising back to the very same agents who provide the market information to Zillow in the first place has a pretty solid theory about an upcoming correction.

zillow-says-the-next-recession-to-be-2020-colorado-springs-real-estate-should-be-unaffected

The majority of the real estate industry experts who were surveyed by Zillow say that monetary policy will be the cause of the 2020 recession. Many of the 99 panelists who were interviewed agree that the likelihood of tighter access to credit for less than perfect borrowers will contribute to…

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