Colorado Real Estate and Community News

The Process of Buying a Home in Colorado Springs: Tips and Tricks from Local Experts

Colorado Springs, often referred to as "The Springs", offers a blend of breathtaking landscapes, vibrant culture, and a thriving real estate market. Whether you’re a first-time homebuyer or considering a move from another city, understanding the intricacies of buying a home here can make your experience seamless and enjoyable. As local experts with years of experience under our belts, we've gathered our top insights to guide you through this exciting journey.

**1. Pre-Approval is Your Best First Step:**  

Before diving into home tours, get pre-approved for a mortgage. This not only provides clarity on what you can afford but also demonstrates to sellers that you are a serious, qualified buyer. Especially in competitive markets like Colorado Springs, having a pre-approval can set you apart. Let us know if you would like our preferred lender to contact you!

**2. Understand Local Market Trends:**  

Colorado Springs has unique market dynamics. Some neighborhoods might be buyer-friendly, while others lean in favor of sellers due to high demand. Regularly reviewing local real estate data or partnering with a knowledgeable agent can give you the upper hand in negotiations.

**3. Factor in HOA Fees:**  

Many communities in Colorado Springs have Homeowners' Associations (HOAs). While they can offer valuable amenities and services, there are associated fees and regulations to consider. Ensure you're comfortable with both before making an offer.

**4. Utilize Local Home Inspectors:**  

The climate and terrain of Colorado can have specific impacts on homes. Using a local inspector ensures that they're familiar with common regional issues, whether it's related to snow, altitude, or soil types. We work with some of the top inspection companies here in Colorado Springs. And did you know when you work with us, we cover your inspection cost?

**5. Don't Overlook the Importance of Location:**  

Proximity to work, schools, recreation, or future urban development can impact both your quality of life and future resale value. Colorado Springs is diverse — from the historic charm of Old North End to the modern conveniences of Briargate. Spend time in different neighborhoods to gauge what feels right for you.

**6. Negotiate With the Future in Mind:**  

While it's natural to want the best deal, remember that extreme lowball offers can sour a relationship with a seller. Given the competitive nature of Colorado Springs' real estate market, a more balanced negotiation approach often proves successful.

**7. Be Ready for Quick Decision Making:**  

Homes in Colorado Springs, especially those in high-demand areas, can sell rapidly. While you should never rush a decision of this magnitude, being prepared to act quickly when you find your dream home is crucial.

**8. Factor in Closing Costs:**  

Beyond the down payment, you'll need to budget for closing costs. These can range from 2% to 5% of the home's purchase price and include fees for loan processing, title searches, and more.

**9. Build a Relationship with Your Real Estate Agent:**  

Your agent is your advocate. By building a strong relationship with them, you ensure that they fully grasp your preferences, needs, and concerns, leading to a smoother buying process. We are here every step of the way!

**10. Enjoy the Journey:**  

Lastly, remember that buying a home is not just a transaction; it's a journey. Embrace the excitement of new beginnings, the joy of discovery, and trust that you're making a wise investment in a beautiful community.

**In Conclusion:**  

Buying a home in Colorado Springs can be a dream come true. With the right knowledge and a team of local experts by your side, you're well-equipped to make informed, confident decisions. We're here to guide, advise, and celebrate with you every step of the way.

Are you a first-time homebuyer feeling overwhelmed by the real estate market? Don't worry; we've got you covered! Buying your first home is an exciting milestone, but it can also be a daunting process. In this blog post, we'll provide you with valuable tips to navigate the real estate market with confidence and make informed decisions.

• Set a Realistic Budget: Before you start browsing homes, assess your finances and determine how much you can comfortably afford. Consider your monthly income, expenses, and any outstanding debts. Aim for a mortgage payment that won't strain your budget, and factor in other homeownership costs like property taxes, insurance, and maintenance.

• Get Pre-Approved for a Mortgage: Getting pre-approved for a mortgage is essential in a competitive market. It shows sellers that you're a serious buyer and gives you a clear idea of your budget. Shop around for the best mortgage rates and terms to secure the most favorable financing option.

• Understand Different Property Types: Familiarize yourself with the various types of properties available, such as single-family homes, condos, townhouses, and multi-unit properties. Each has its pros and cons, so choose the one that best fits your lifestyle and investment goals.

• Importance of a Real Estate Agent: Working with a professional real estate agent can be a game-changer for first-time buyers. An experienced agent can guide you through the process, negotiate on your behalf, and help you find properties that meet your criteria. Look for an agent with a strong track record and excellent customer reviews.

• Location, Location, Location: The location of your potential new home matters as much as the property itself. Consider factors like proximity to work, schools, amenities, and public transportation. Research the neighborhood's safety and growth potential to ensure it aligns with your long-term plans.

There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:

“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”

If you’re in that position, remember that it’s important to consider not just what’s happening today but also what benefits you may gain in the long run.

There’s a lot of information out there about how homeownership helps build a homeowner’s net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. It’s especially important if you’re a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from Bloomberg notes:

“Millennials have higher average 401(k) balances than Generation X did when they were the same age, but they’re not any better off financially. . . . A lot of that has to do with being less likely to own a home.”

To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same Bloomberg article helps show the gap in wealth between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.

So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That’s because, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?

Bottom Line

Before putting your homeownership plans on hold, let’s connect to go over your options. That way, you’ll have expert advice on how to make the best decision right now and the best investment in your future.

Should I Sell My House This Year?

There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.

Opportunity #1: You Have More Options for Your Move

One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.

If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.

Opportunity #2: The Number of Homes on the Market Is Still Low

Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.

While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.

Opportunity #3: Your Equity Has Grown by Record Amounts

The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains: 

“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .” 

If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.

Bottom Line

If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.

New Homes May Have the Incentives You’re Looking for Today

According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new homes in this country. If you’ve had trouble finding a home to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why.

The Supply of Newly Built Homes Is Rising

When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing homes is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one.

The inventory of newly built homes, however, is also rising. And with more options available than there have been in years, a new home may be just the answer you’re looking for. The graph below shows just how much the supply of newly built homes has grown this year.

And here’s the thing – builders are also keeping a close eye on current market trends. With mortgage rates rising this year and, as a result, buyer demand softening, builders are slowing their pace of new construction. That’s because they learned their lesson in the housing crash of 2008 and want to avoid over-building and having too much inventory in their pipeline.

Basically, while there are more newly built homes on the market today than there have been in years, many builders want to sell their current inventory before adding much more – and that’s where you can really benefit. Today, builders may be more willing to work with buyers. According to a recent survey, 83% of builders have reduced their prices over the last three months.

What That Means for You

The current supply of newly built homes for sale coupled with the fact that data shows the majority of builders are doing price reductions are both great news for you. It means you may have more options and possibly some much-needed relief if you consider newly built homes in your search.

Bottom Line

If you’re ready to buy, it may be time to look for a newly built home. To learn what’s available in our area and what incentives these builders are offering, let’s connect today.

Buyers: You May Face Less Competition as Bidding Wars Ease

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a seller’s market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today.

Falcon is a peaceful, picturesque town just northeast of Colorado Springs, located along Highway 24. This lovely location, which spans multiple communities, provides a wide range of real estate possibilities at various price points. This guide includes information on the neighborhood and a list of current Falcon houses for sale.

What Makes it Unique?

Falcon, built in the 1800s as a railroad crossing for the famed Denver and New Orleans Railroad, has a rich history. Following a series of setbacks, including a notoriously severe flood in 1935, the region remained undeveloped for decades, primarily serving as a peaceful retreat for ranchers. On the other hand, Falcon almost quadrupled in population as the broader Colorado Springs region grew in the 1990s, resulting in a tremendous expansion of inaccessible real estate that continues to this day.

Most of the neighborhood developments on Meridian Road and surrounding Meridian and E Woodmen roads are located in Falcon, an unincorporated region. Elkhorn Estates, Falcon Heights, Meridian Ranch, The Meadows, Woodmen Hills, and Paint Brush Hills, previously known as Falcon Hills, are just a few Falcon communities to choose from.

Falcon is an excellent place to live if you're looking for a tranquil, suburban lifestyle but don't want to give up the numerous benefits of being near a big metropolis. Falcon is only 25 minutes south of Colorado Springs and gives easy access to the U.S. Air Force Academy Planetarium, Rock Ledge Ranch Historic Site, and Glen Eyrie Castle as a gateway to some of Colorado's most popular tourist destinations, Rocky Mountain Motorcycle Museum, and Garden of the Gods. As a result of its enviable location, guests may enjoy various outdoor activities such as hiking, bicycling, fishing, and more.

Living in Falcon

The Antler Creek Golf Course is the state's longest and second-longest, even though Falcon is still unincorporated. Outdoor activities, shopping, fine eating, and community events are readily available.

Falcon's handy position only a few blocks from some of the country's most prominent tech businesses and other vital sectors makes it a popular choice for commuters with families. Cheyenne Mountain Air Force Station, Fort Carson Army Base, The Air Force Academy, Peterson Air Force Base, and Schriever Air Base in El Paso County are all within a few minutes drive of the property.

Those who live in Falcon like its peaceful environment, friendly residents, and small-town feel. There are several restaurants, shops, and activities to choose from in towns surrounding areas.

At Falcon District 49 Schools, the people of Falcon are educated in El Paso County's eastern Colorado Springs and unincorporated districts. Falcon High School and Meridian Ranch Elementary are the key educational institutions for youngsters in the area. Falcon's high schools focus on preparing students for four-year institutions of higher learning, like public universities and national research universities. Falcon parents can feel confident that their children will get an excellent education in state-of-the-art classrooms.

Homes for Sale in Falcon

Home prices in the Falcon region are lower than those of similar inventory in Colorado Springs, which has contributed to the area's fast growth in recent years. The neighborhood has a wide variety of properties ranging from 1,300 to 7,000 square feet.

Depending on market circumstances, the price of a home might vary from $200,000 to $600,000. The majority of Falcon's communities are run by homeowner's organizations responsible for maintaining the property. The Paint Brush Hills master-planned neighborhood consists of more than 700 single-family homes situated on average quarter- to one-acre parcels. A wide range of properties ranging in price from the mid-$200,000s to the mid-$500,000s is also available in Meridian Ranch. If you know where to look, you may find many brand-new buildings in Falcon.

The Crystal Sisler Homes Team can help you purchase or sell a house in Falcon if you're in the market for a new home. We've acquired a solid reputation in Falcon, Colorado Springs, and across El Paso County for our expertise in residential real estate over the last decade. Contact us if you have any questions about any of the properties listed below in Falcon. Our real estate experts are here to help you locate the house of your dreams and assist you in purchasing or selling a property.