Colorado Springs Real Estate and Community News

Jan. 10, 2016

JUST LISTED! Immaculate 4 Bed Townhome in University Park!

2276 Conservatory Point Front of Home1

2276 Conservatory Point - University Park
Beautifully maintained 4 bed home in University Park. Low maintenance living and spacious layout. BRAND NEW carpet, interior/exterior paint, blinds and window treatments! Large rooms and soaring vaulted ceilings on the main level. Open floor plan boasts kitchen w/stunning new copper basin sink overlooking the dining and living rooms with gas FP and walkout to patio. Finished basement has family room, bath, large bedrooms and ample storage! Main level master suite w/private bath. Bed2 is a perfect den! Fantastic location!

Contact the Wagner Team at Re/Max Real Estate Group for availability and pricing info:

Call/Text: (719) 362-0362

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Jan. 10, 2016

Which Home Remodeling Projects Bring the MOST Joy?

Thinking about a remodel? Well ... how much JOY will each project bring you?

A recent Realtor Magazine article shared an interesting infograph detailing the comparison between the ROI and the "joy factor" for each home renovation project. Looks like people really enjoyed their hardwood floors, updated siding, additional bathrooms and new kitchens the most!

2015_remodeling_report_all_proj

Full article: realtormag.realtor.org/home-and-design/feature/article/2015/12/2015-remodeling-impact-return-vs-joy

Posted by: Mariana Wagner | Wagner Team at Re/Max Real Estate Group | 719-434-7525

Jan. 8, 2016

2015 ANNUAL HOME SALE STATS for EL PASO COUNTY (Colorado Springs, Fountain, Monument and Manitou Springs)

2015 ANNUAL HOME SALE STATS for EL PASO COUNTY (Colorado Springs, Fountain, Monument and Manitou Springs)

  • Total Home Sales: 11,964 sales
  • Average Home Price: $240,000
  • Average Sale Price/List Price: 98.9%
  • Average Days on Market: 83 days

Overview:

Fountain Valley had the most home sales, at 1,887 homes with the Powers area (Stetson Hills, Indigo Ranch, etc) at 1,425 sales.

The highest average sales price was in Monument, at $413k and the lowest average sales price was in SE Colorado Springs at $160k.

Manitou Springs, Marksheffel area (Banning Lewis Ranch), Monument and SW Colorado Springs had their homes sit on the market between 92-116 days before selling. In contrast, SE & NE Colorado Springs, Powers area & Falcon homes sold the quickest, at only 56-58 days on market.

Find the Value of Your Colorado Springs Home

Breakdown by Area:

Black Forest:

  • Homes Sold: 218 homes
  • Average Sale Price: $443,449
  • Average Days on Market: 83 days

Briargate (Briargate, Pine Creek, Cordera, Wolf Ranch, etc.):

  • Homes Sold: 932 homes
  • Average Sale Price: $326,884
  • Average Days on Market: 84 days

Central/Downtown:

  • Homes Sold: 841 homes
  • Average Sale Price: $207,539
  • Median Sale Price: $186,000
  • Average Days on Market: 73 days

East Colorado Springs:

  • Homes Sold: 804 homes
  • Average Sale Price: $209,840
  • Average Days on Market: 60 days

Find the Value of Your Colorado Springs Home

Falcon/N. Falcon:

  • Homes Sold: 118 / 665
  • Average Sale Price: $220,000 / 288,497
  • Average Days on Market: 58 days / 79 days

Marksheffel & Banning Lewis Ranch:

  • Homes Sold: 276 homes
  • Average Sale Price: $267,322
  • Average Days on Market: 95 days

Search Homes for Sale in Colorado Springs

NE Colorado Springs (Rockrimmon, Mountain Shadows, etc.):

  • Homes Sold: 1,067 homes
  • Average Sale Price: $246,063
  • Median Sales Price: $227,000
  • Average Days on Market: 58 days

NW Colorado Springs:

  • Homes Sold: 457 homes
  • Average Sale Price: $353,130
  • Average Days on Market:81 days

Northgate & Flying Horse:

  • Homes Sold: 497 homes
  • Average Sale Price: $409,735
  • Median Sales Price: $380,000
  • Average Days on Market: 90 days

Old Colorado City / Westside:

  • Homes Sold: 296 homes / 243 homes
  • Average Sale Price: $237,327 / $292,732
  • Average Days on Market: 79 days / 73 days

Find the Value of Your Colorado Springs Home

Powers (Stetson Hills, Indigo Ranch, Springs Ranch, etc):

  • Homes Sold: 1,425 homes
  • Average Sale Price: $236,719
  • Average Days on Market: 59 days

SE Colorado Springs:

  • Homes Sold: 614 homes
  • Average Sale Price: $160,016
  • Average Days on Market: 56 days

SW Colorado Springs (Broadmoor, etc.):

  • Homes Sold: 592 homes
  • Average Sale Price: $361,443
  • Median Sale Price: $278,552
  • Average Days on Market: 93 days

Search Homes for Sale in Colorado Springs

Monument and Palmer Lake:

  • Homes Sold: 667 homes
  • Average Sale Price: $436,570
  • Median Sales Price: $413,000
  • Average Days on Market: 92 days

Fountain Valley:

  • Homes Sold: 1,887 homes
  • Average Sale Price: $209,874
  • Average Days on Market: 73 days

Manitou Springs:

  • Homes Sold: 74 homes
  • Average Sale Price: $304,801
  • Average Days on Market: 116 days

Find the Value of Your Monument, Fountain or Manitou Springs Home

*Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for Jan-Dec 2015.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market.

For more information on the current real estate market, home buying, selling or investing, please call the Wagner Team at Re/Max Real Estate Group: 719-434-7525

Dec. 28, 2014

Best Manly Real Estate Description for Hello Kitty House. Ever.

manly-man-buys-girlie-house1

"Yeah it’s pink, but so what. This was never intended as the dream home of every six-year-old princess across the fruited plain. No, this hellcat from planet kickass just happened to be born in a Hello Kitty body."

This is just ONE of many colorful descriptions for this amazing Hello Kitty house, located in Taipei, Taiwan.

Wanna see the inside? Check out this video tour:

Read Full Description Here: http://lightersideofrealestate.com/real-estate-humor/manly-man-buys-pink-house

Posted in In the News, MISC
Nov. 1, 2014

Colorado Springs Real Estate Market Report for October 2014

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Here are the home sales market statistics for the Colorado Springs area for October 2014:

Black Forest

  • Home Sales: 18 homes
  • Average Sales Price: $425,919
  • Average Days on Market: 62 days

Briargate

  • Home Sales: 56 homes
  • Average Sales Price: $300,357
  • Average Days on Market: 96 days

Central and Downtown

  • Home Sales: 66 homes
  • Average Sales Price: $208,983
  • Average Days on Market: 80 days

Search all Colorado Springs Homes for Sale

Eastside

  • Home Sales: 79 homes
  • Average Sales Price: $190,473
  • Average Days on Market: 75 days

Marksheffel and Banning Lewis Ranch

  • Home Sales: 14 homes
  • Average Sales Price: $248,545
  • Average Days on Market: 144 days

Northeast

  • Home Sales: 83 homes
  • Average Sales Price: $240,988
  • Average Days on Market: 78 days

Search all Colorado Springs Homes for Sale

Northgate and Flying Horse

  • Home Sales: 26 homes
  • Average Sales Price: $389,713
  • Average Days on Market: 71 days

Northwest

  • Home Sales: 35 homes
  • Average Sales Price: $347,572
  • Average Days on Market: 132 days

Old Colorado City

  • Home Sales: 24 homes
  • Average Sales Price: $212,286
  • Average Days on Market: 93 days

Search all Colorado Springs Homes for Sale

Powers Area and Stetson Hills

  • Home Sales: 104 homes
  • Average Sales Price: $220,462
  • Average Days on Market: 69 days

Southeast

  • Home Sales: 50 homes
  • Average Sales Price: $149,887
  • Average Days on Market: 57 days

Southwest and Broadmoor

  • Home Sales: 48 homes
  • Average Sales Price: $361,472
  • Average Days on Market: 109 days

Westside

  • Home Sales: 18 homes
  • Average Sales Price: $327,909
  • Average Days on Market: 64 days

Search all Colorado Springs Homes for Sale

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Partners Realty.
Colorado Springs Real Estate | Briargate Real Estate | Monument Real Estate
Direct: (719) 434-8346 | Main: (719) 434-7525

Oct. 10, 2014

Closing Costs: Understanding What It Costs to Close on a Home and What You Can Expect to Pay

Closing Costs: Understanding What It Costs to Close on a Home and What You Can Expect to PayIf you're in the process of buying a new home, you've likely heard the term "closing costs" in regards to the many different fees and taxes that you'll be required to pay during the purchase process.

In this post we'll look at a number of these closing costs and what you will be expected to pay when you buy that next dream home.

Taking out a Mortgage? There Will Be Fees Attached

If you're taking out a mortgage to finance the cost of buying your home you'll end up incurring a variety of fees. Nearly all lenders will charge a mortgage application fee, which covers the cost of processing your application and all of the necessary paperwork.

You'll likely have to pay for a professional appraisal of the home as well, as the lender will want to ensure that they aren't lending you more than the house and property are actually worth.

Inspection And Insurance Costs Will Add Up

If you're buying a pre-owned home you'll need to pay for a home inspection to gain an understanding of the home's condition and if you'll need to make any repairs in the near future. You'll also need to purchase homeowner's insurance on the property to protect yourself in the event that something does go wrong with the home.

If you put less than 20 percent down on the cost of the home, your mortgage lender may also require that you purchase private mortgage insurance; this will vary depending on which state or province you are buying in.

Don't Forget About Escrow Fees and Taxes

As with any major financial transaction you'll need to satisfy the tax man by paying various taxes on your purchase. These will vary depending on where you are buying your home, but might include sales taxes, property taxes, transfer taxes, recording fees, title transfer fees and more.

If you used a third-party escrow service to manage these fees or to hold your deposit during the closing process you'll also need to pay escrow fees prior to signing the final paperwork.

If you have other questions about the closing process and fees or costs that you'll need to pay when you purchase a home, contact your local real estate agent. They've assisted many individuals just like you with their home purchase and will be able to provide expert advice.

Oct. 9, 2014

Are Open Houses Still Important in Selling a Home? Three Reasons You May Want to Save Your Time

Are Open Houses Still Important in Selling a Home? Three Reasons You May Want to Save Your TimeWhether you're in the early stages of the home selling process or your home has been on the market for some time, you may be considering hosting an open houses or two in order to welcome potential buyers in to see your property.

Let's take a look at three reasons you may want to pass on the idea of open houses in order to invest your time in other areas which may lead to a faster sale.

Most Buyers Start Their House Hunt Online

According to statistics from the National Association of REALTORS®, the majority of home buyers begin their house hunt by browsing through online real estate listings.

If you have had professional photos taken and have a well-designed property listing which highlights the features and amenities in your home, you may find that the time and money you would spend hosting open houses is better spent marketing your listing and conducting private viewings.

There's Too Many Listings To Tour Them All

Depending on where you live, there is anywhere from a few hundred to tens of thousands of homes on the market at any given time.

The sheer number of houses and condos available makes the prospect of visiting so many open houses seem daunting to many buyers, so many tend to skip this step in favor of booking viewings for homes they're interested in.

A Virtual Open House Allows Buyers To Tour 24/7

Many real estate websites offer the attach dozens of photos and videos to your listing, essentially offering you the ability to host a virtual "open house" online where prospective buyers can get a feel for your property before deciding if they would like to see more.

If you can provide a buyer with the ability to tour through your home from their mobile phone, there's little sense in going through the preparation and expense of hosting open houses. Even if you do, you may find that few people decide to show up.

It's important to note that the best source of advice when selling your home is a professional real estate agent who has experience with homes sales in your area. Contact your local real estate agency before you start the home selling process and they'll be able to suggest the best approach for marketing your home to interested local buyers.

Oct. 8, 2014

Shopping Around: How to Compare Mortgages from Different Lenders or Underwriters

Shopping Around: How to Compare Mortgages from Different Lenders or UnderwritersBuying a home is a major financial transaction, especially if you're going to need mortgage financing to help cover the purchase cost.

The only way to know if you're getting the best deal on a mortgage is to shop around, but with so many different lenders vying for your business it can be very tough to choose which mortgage is the best fit for your own situation.

In this post we'll share how you can compare mortgages from different lenders or underwriters so that you can get the best possible deal on your mortgage loan.

Start By Comparing Interest Rates

The most important factor in your mortgage is the interest rate that you'll be required to pay so this should be your starting point.

While most lenders will keep their rates competitive with one another, you may find that there are discounts available based on your credit or financial history. You might also find that some lenders are willing to adjust the rate based on how long of a mortgage term you'll need, and how much you're investing in your down payment.

Get An Estimate Of Your Total Closing Costs

While the number that you're likely focused on is the total monthly payment that you'll be making for the next few years, you'll also want to find out how much in fees and closing costs you will have to pay in order to take out the mortgage.

Every lender charges different fees and the amounts can vary wildly, so be sure to get an estimate on these costs to find out how they'll affect your home purchase.

Watch Out For Early Payment Penalties

Finally, you'll want to keep an eye out for early repayment penalties as these can cause you a headache later on if you decide you want to pay your mortgage off a bit faster. The ideal mortgage is one that allows you to repay the principal amount at any time without facing a penalty, but depending on the other terms that you require you might need to shop around a bit before you find a mortgage like this.

Oct. 7, 2014

The Pros and Cons of Buying a New Home Versus Buying Pre-owned

The Pros and Cons of Buying a New Home Versus Buying Pre-ownedAre you thinking about buying a new home? Congratulations!

Buying a house, condo or townhouse is an exciting and rewarding time which tends to be a lot of fun. However, along the way you'll need to make a number of decisions – including whether you want to buy a pre-owned home or one that has been built recently and is brand new.

Let's take a quick look at some of the pros and cons of buying a new home versus buying pre-owned.

New Homes Tend To Have Fewer Problems

One of the major upsides of buying new is that newly-built homes tend to have very few problems within the first few years of ownership.

While you'll still be required to make regular maintenance on a new home, when you buy pre-owned you're buying a house that has seen years or decades of weather and regular wear-and-tear.

New Construction Allows For Customization

If you want to be able to customize certain aspects of your home, it might be better to buy brand new as the builder will be able to incorporate your requests as they're building the home. Of course, you can always renovate and upgrade a pre-owned home but if you have significant needs you may find it easier to get them built into the home as it's being developed.

The Major Downsides To Buying New: Cost And Location

While there are a number of upsides to buying new, there are some downsides that you'll need to know.

First, new homes almost always cost more than an equivalent pre-owned home. Brand new homes are filled with new appliances, fixtures and modern building materials which add to the overall cost of the home. Unless the pre-owned home is on a larger lot or property, you'll generally be able to save a bit when you buy pre-owned.

Depending on where you're buying, you may also find that the location where brand new homes are being constructed is much further from the downtown or urban area. In many cities, the only available space for new construction is in suburban areas, which means that you may be in for a lengthy commute to and from work each day if you choose to buy new.

These are just a few of the factors that you'll need to consider when buying your next dream home. For more information or to get your house hunt started, contact your local real estate agent and they'll be happy to assist.

Oct. 6, 2014

What's Ahead For Mortgage Rates This Week - October 6, 2014

Whats Ahead For Mortgage Rates This Week October 6 2014Last week's economic news included multiple reports on housing and the labor sector. The good news is that job markets appear to be stronger, with new jobless claims and the national unemployment rate lower. Unfortunately, housing continues to struggle in its recovery.

Pending home sales slumped in August and the S&P Case-Shiller Housing Market Index reports for July showed slower growth in home prices with 19 of 20 cities posting lower gains than for June.

Mortgage rates were mixed, but remained relatively steady.

Housing Reports Show Slower Price Gains, Suggest Falling Demand

The National Association of REALTORS® released data for August that showed that pending home sales dropped by 1.10 percent to a reading of 104.7 as compared to July's reading of 105.8. Pending home sales indicate upcoming closings and mortgage loan volume.

Pending home sales fell by 2.20 percent year-over-year. Analysts attributed the drop in pending sales to lower investor participation.

Analysts said that as distressed home sales diminish, mortgage rates and home prices rise, investors are not buying as many homes Regional results showed fewer pending sales in all regions except the West, where pending sales rose by 2.60 percent in August. A reading of 100 in the pending home sales index is consistent with 2001's average contract level.

S&P Case-Shiller Housing Market Index reports indicated that July home prices gained 6.70 percent year-over-year as compared to June's year-over-year reading of 8.10 percent. Prices even dropped in San Francisco to its lowest reading since 2012. On a seasonally adjusted basis, July home sales fell by 0.50 percent in July as compared to June's decrease of 0.30 percent. 19 of 20 cities showed lower rates of price growth in July.

Slower growth of home prices was viewed by analysts as potentially increasing demand for homes provided that mortgage rates stay low.

Construction spending for August fell by 0.8 percent on a seasonally adjusted basis. The good news here is that spending on residential construction dropped only 0.10 percent.

Freddie Mac Mortgage Rates: No Major Changes

According to Freddie Mac's PMMS report, average mortgage rates were a mixed bag. The average rate for a 30-year fixed rate mortgage dropped by one basis point to 4.19 percent with discount points lower at 0.40 percent. The average rate for a 15-year fixed rate mortgage held steady at 3.36 percent with discount points unchanged at 0.50 percent. The rate for a 5/1 adjustable rate mortgage fell by two basis points to 3.06 percent; discount points rose from 0.40 percent to 0.40 percent.

Lower mortgage rates are seen as a potential stimulus for housing markets as more buyers may be encouraged to enter the market.

Jobs Reports Readings Improve, Unemployment Rate Drops

Job markets are showing signs of improvement according to data on weekly jobless claims and reports released by the Department of Commerce. Weekly jobless claims grew by 287,000 as compared to expectations of 298,000 new claims filed. The prior week's reading was also higher at 295,000 new claims filed.

The Department of Commerce released its Non-farm Payrolls report for August with more good news. 248,000 jobs were added against expectations of 220,000 new jobs and 180,000 new jobs reported in the prior week. The national unemployment fell below the six percent benchmark in August with a reading of 5.90 percent, which indicates proof that the jobs market is improving.

September's Consumer Confidence Index suggests that economic conditions continue to concern consumers. The reading for September was 86.0 against an expected reading of 92.3 and Augusts reading of 93.4.

What's Ahead

There is no scheduled housing news for next week other than Freddie Mac's weekly report on mortgage rates. Other economic news includes Labor Market Conditions Index, Job Openings, and the release of minutes from the last FOMC meeting, which is expected to reaffirm the Fed's position that it doesn't expect to increase the target federal funds rate for a "considerable time" after the Fed concludes its asset purchases this year.