Susie, Home Buyer in Colorado Springs, CO

Making a reasonable offer in Colorado Springs?

Asked by Susie, Colorado Springs, CO Tue Jul 22, 2008

We are moving to Colorado Springs and would really like to buy an older home for our first home. Perferably in OCC or CEN. We are planning a house hunting trip for Aug. However so many of the homeshave been on the market for months. Some of the prices have dropped, not all though. How do we make an offer on a home that has been on the market for so long?

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Hello Susie,

When making an offer, your agent should know how to take into account how long the home has been on the market. Today things can be complicated by the amount of REOs and short sales affecting prices. There are some areas appreciating, but appreciation and depreciation varies greatly from area to area. With lead based paint rules changing, the area you are looking into has a few more things you need to be aware of. The market here has the benefit of military which provides a major boost to our economy in keeping it more stable than other cities. Longer time on market can be reason for a lower offer, but in Colorado Springs the average time on market can be much longer just across the street, so the price could be in the right area already. I realize this is a late post but I know people look back for answers.
1 vote Thank Flag Link Wed Sep 15, 2010
Ask your most favored RE agent for comps and market trends of all the areas you are looking at Then because that agent was so nice you will not buy anything without him as the agent representing you
0 votes Thank Flag Link Wed Sep 15, 2010
It's actually quite simple, which you will see when you start your search in person. I live in the Old North End (just North of downtown) and am very familiar with these established neighborhoods. In this market, the exceptional, well-priced homes are selling very fast (literally days on the market). The ones that sit for months are generally over-priced. You are probably not even seeing the homes that sell quickly as you look from afar... but a good agent, familiar with your nitch market, has, and will also have a very good idea of the real market value of the houses you look at. There are many ways to establish a reasonable offer (sold comps among them), and the value will also be verified with an appraisal. Colorado Springs is far from a "doom and gloom" market. There are more homes on the market, but they are still moving and values are appreciating. It is a very good time to buy; if you now what you're doing! I address this specifically and have the real statistics of our current market in my last newsletter, which is available on my website (address below). Thanks for the question, and happy hunting!
Web Reference:
0 votes Thank Flag Link Sat Jul 26, 2008
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