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!... more
You want to handle this in pretty much the same manner that you would normally handle purchasing any residential property offered for resale. Your Realtor Professional should perform a very tight market valuation of the property through a Comparative Market Analysis (CMA) so that you, with your Buyer Agents assistance, can determine what you feel is a reasonable price for the property. Because of this it is very important that you choose a Realtor Professional to work with who has the verifiable experience, continuing real estate education, and knowledge to properly guide you.
Many of the properties in OCC are Victorian Era and Painted Lady's, and many are known to have structural issues that vary from minor to severe, so having a Realtor familiar with that area and a team of experts they can refer you to for professional advice is also very important.
It's all about educated negotiation. When boiled down to the simplest terms...a piece of property is only wrth what a buyer is willing to pay a willing seller.
If you haven't already chosen a Realtor Professional to work with I would be happy to offer my asistance in your relocation. My website is http://BrianWess.com
Brian L. A. Wess
CRS, GRI, ABR, ASR, e-PRO
RealtorÂ®, Broker Associate
Residential & Investment Specialist
Colorado Springs, CO
COLORADO REAL ESTATE...DONE RIGHT!â„¢... more