July saw another active month in the Colorado Springs real estate market. The COVID-19 pandemic and zombie apocalypse isn't having any real affect on the housing market in Colorado Springs. In fact, it was a bit of a perfect storm! Buyers were able to take advantage of record low interest rates and sellers were able to take advantage of record low inventory.

• In July, the total number of closed sales was 1825, up 4.1% from 1753 in June.
• The median sales price in July increased to $365,000. Up 4.3% from $350,000 in June.
• Average days on the market in July remained unchanged at 17 days.
• The average list price in July was $416,280, up 0.14% from 415,680 in June.
• The total number of new listings in July was 1958, up 6.2% from 1844 new…

Many people call Colorado Springs home for multiple reasons whether it be the beautiful landscape, job opportunities, military transfers, or thriving business sector. It isn’t any wonder that U.S. News and World Report ranked Colorado Springs second in its “Best Places to Live” list. According to data from the U.S. Census Bureau, Colorado is the seventh fastest growing state in the country. If you’re interested in moving to Colorado, you’ll be pleasantly surprised to know that there are numerous local, state, and national down payment and mortgage assistance programs available to Colorado home buyers.

Many people feel they cannot afford to buy a home in Colorado Springs because they think they’ll need thousands for a 20% down payment or need an…

Sometimes qualifying for a traditional loan can be cumbersome with restrictions on credit and income. USDA loans are ideal for first-time Colorado homebuyers or anyone who has saved less than 20% for a down payment. USDA loans come with fixed interest rates and no money down.

Those with less than perfect credit scores will be relieved to know that the USDA has flexible credit guidelines. No assets are needed to qualify so you won’t have to worry about putting property up as collateral.

The USDA offers loans to people making low to moderate incomes, living in areas with smaller populations. These loans are backed by the U.S. government, so lenders are more open to lower credit scores and lower incomes. The lender knows that their money is safe…

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.

 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…

One of the main reasons why people are turned down for a mortgage is a low credit score. That’s why it’s so important to start working on improving your credit score now if you plan to buy a home in the future. Your credit score serves as a numerical summary of your credit history. It tells lenders how you’ve paid your debts in the past whether that be credit cards, car loans, or college tuition. The score tells lenders how much of a risk you are as a borrower. It can also be used to gauge how much money they are willing to loan you.

How is your credit score calculated?

The three credit bureaus (Equifax, Experian, and TransUnion) calculate your score. They may include rental payments and even your employment history, but all three do not…

Many home buyers are unaware of ways to save money on home loans such as the assumable mortgage loan. This article explains what an assumable mortgage is and how it is used with VA loans to save veterans thousands in the Colorado real estate market. Active military service members and veterans looking for Fort Carson housing should take advantage of this often overlooked interest rate workaround. If you’ve ever wondered “Are VA loans assumable?”, this article will give you a detailed explanation of an assumable mortgage.

Assumable Mortgages

Not every loan can be an assumable mortgage loan. Only FHA and VA loans are assumable. It’s not a sure thing either because most assumable loans must be approved by the lender unless the mortgage was closed…

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.

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…

It isn’t any wonder that people flock to Colorado Springs for their next home. According to the U.S. News and World Report “Best Places to Live”, Colorado Springs ranked second! And data from the U.S. Census shows that Colorado is currently the seventh fastest growing state in the country. With that in mind, you might be surprised to know that there are also numerous local, state, and national down payment programs available to Colorado home buyers.

Many people don’t believe they can afford to buy a home, so they continue to throw away thousands of dollars in rent year after year. Sadly, these rental payments could be used to build equity on a home instead. One big reason for this is because many people are simply not aware of the first time home…

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

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

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

Buying your first home is exciting and nervewracking all at once. In fact, most people say that buying a home is more stressful than bankruptcy, divorce, and even death of a loved one.

Getting stressed and overwhelmed during the homebuying process can lead to you making some very bad decisions. And when it's your first home buying experience, you'll also be prone to making mistakes simply because it's your first time navigating the homebuying-arena.

There are certain mistakes many first-time homebuyers make. Let's look at 7 of the most common home buying mistakes people make so that you can avoid them when you're in the market for a home.

1. Overborrowing and/or Overspending Money

When you look for a mortgage or are looking for a certain…