Colorado Springs Home Prices Stay High in 2018
In 2017, Colorado Springs was ranked #1 out of 120 in the ATTOM Pre-mover housing index and it will continue to be a hot spot to buy a new home in 2018. The competition to buy is fierce for a number of reasons. First, with median rent prices at $1500 per month and the median house sale price at $258,400 according to Trulia it often makes financial sense to buy a home instead of renting. Second, you can buy a large house for the price with the average per square foot home costing only $176. Third, the cost of living in Colorado Springs is quite reasonable and much lower than Denver especially when you look at home prices. Third and most important, many people will buy a home in Colorado Springs and commute to Denver for work in part due to the lower cost of living, good schools and much lower home prices. The additional people who are willing to commute into Denver for work increases the demand for houses in the Springs area.
When looking to purchase a home in Colorado Springs, it is important to be ready to make an offer right away given the high demand in the area or consider building a new home (insert link to builder here). Here are a few things that can help you win the bid on the house. First, make sure you are pre-approved for a loan. Second, know what kind of house you want and make an offer quickly. Third, offer a large percentage of your down payment as an earnest payment. Finally, consider offering to buy the home “as is” so the seller won’t have to make minor repairs. This does not prevent you from making the offer contingent on inspection, and it is a nice perk for the seller.
Another consideration when buying in Colorado Springs is the neighborhood. Some top neighborhoods include, “Broadmoor” in the southwest, “Old North End” downtown, “Rockrimmon” in the northwest, “Briargate” in the northeast or “Old Colorado City” in the west. Each neighborhood has its unique personality and will demand a different prices. If you are planning to commute to Denver for work, choosing a neighborhood on the north side of town or near one of the Colorado Springs express bus stops makes the most sense.
The housing market will continue to be great for sellers. Redfin notes that homes are staying on the market for an average of only 55 days and are receiving an average of 3 offers. This means that sellers can often close quickly if desired and sell their homes “as is” without making the minor repairs often requested in a traditional sale. If a seller wants to upgrade to a new construction there are ways to negotiate terms that make it easier for them to do this as well.
Colorado Springs is a beautiful city with good schools, low taxes, a strong economy and a fairly low cost of living. It is a great place to live which means home values will continue to rise and it will remain a sellers market this year.