Everyone wants to be a homeowner and live the American Dream and todayâ€™s real estate market provides some pretty good perks for those looking to buy a home in Colorado Springs. However, before you buy, there are some things to consider. Purchasing a home is the most important decision you will make in your lifetime. Therefore, it makes sense to understand whatâ€™s important to know before you buy.
As property values have been falling, itâ€™s a great time for home buyers to find good deals on Colorado Springs homes that are for sale whether you are looking for that perfect retail home or want to save a little more money by purchasing a short sale or REO property. While now is the time to take advantage of great pricing, you need to ask yourself if you are ready and willing to make a commitment to stay in the house for a few years. When people buy a home, they anticipate growing equity in their home over time. There was a time, not too long ago, where this happened pretty quickly, however, in todayâ€™s market, it takes longer. When you add in the transaction costs involved in buying and selling a home, you could find yourself losing money on your home if you try to sell too quickly. So, first things first â€“ can you can make the commitment to stay in the home for a few years?
-When do you want buy? Depending on the time of year you begin house hunting, the market may be slower. For instance, if you are buying in the colder seasons (i.e., through the holidays), sellers may be more willing to offer incentives or be more flexible on price. If you arenâ€™t in a hurry to buy, you might want to consider buying a home that is being sold as a short sale. The short sale process does take longer than a typical retail sale, but if you have the time to work through the process, you will have the opportunity to get more house for your dollar if you buy a short sale.
-What part of town and what neighborhoods do you want to live in? Colorado Springs neighborhoods that have better schools tend to have higher values. Even if you donâ€™t have school-aged children, itâ€™s an important aspect to consider when it does come time to sell because resale values will be higher.
Be sure the neighborhood you choose is one you can commit to staying in for a while, so do some research on different Colorado Springs neighborhoods to find out about property values and if houses are selling close to their asking prices. Find out about the attributes that are important to you such as schools, shopping, recreation, homeowners associations and dues, crime rates, etc.
How many houses in the neighborhood are for sale and how fast are they selling? Talk to neighbors to see how they like the neighborhood. If they are selling, ask why they are selling. Again, consider your lifestyle and make sure the neighborhood will work for you.
Another very important aspect of buying a house is financing. The average person needs to obtain a mortgage in order to purchase a home, and getting a mortgage these days isnâ€™t as easy as it used to be! The human element of issuing credit has been removed from credit transactions, so the approval or denial of a mortgage is determined by your credit score. Your credit score is determined by the information that is in your credit report.
Make a list of things the house must have and a list of what you would like to have. Prioritize your list and separate the â€˜have-to-haveâ€™ from the â€˜want-to-haveâ€™. Donâ€™t be too restrictive on your search criteria. For instance, include a price range that is 10% above and 10% below your budget.
Bring a notebook and camera with you to help you remember the details of each house. Take pictures and take notes about each because after you have seen several, you can easily forget details or get the details and houses mixed up!
With each house you see, keep an open mind. Donâ€™t reject a house just because it was short a few features on your wish list or was a bit out of your price range. Remember, the asking price is simply a starting point. You will have an opportunity to negotiate once you are ready to make an offer.
Stay Positive, don't get to discouraged, and be patient for your dream home! :)