Proven Home Buyer Basics

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Real Estate

Recently I decided to write and offer a brief overview class for home buyers. At first glance it might seem that a class like this would only be suitable for first time home buyers but my recent experience shows that even veteran home consumers need a refresher. If you haven't bought a home in 3-5 years the process has changed. The market in Colorado Springs is very fast paced because demand is high, locally and nationally, to move into cities with natural beauty and a good economy. Our inventory of available homes for sale is low. The average price home in Colorado Springs increased 9% in 2017 to $323,000 and our inventory of available homes is down 26% to about 1500 existing homes. As the weather warms and we are closer to the end of the school year inventory picks up but so does the competition. December through March is a good time to buy. My next several blogs will discuss some of the material covered in my class to help a consumer develop their game plan.

Prior to going out the door to look at homes a consumer may want to think about their priorities in home features. Some consumers are most interested in convenience to either work or a certain indoor or outdoor activity. In 2017 one buyer I worked with wanted to be near a dog park, another purchased near biking trails. Location in certain school districts drive and influence many home purchases because parents want their children to have access to the best quality education so they can eventually get into a good college.  Often I have folks sacrificing the amenities of the interior of the property purchase to have a larger lot or a view or more privacy.  Sometimes floor plans are vital, for example, parents with small children want all bedrooms on the same floor. That same family may want the bedrooms on different floors when those children turn into teenagers because the parents and children now desire privacy and noise separation. Another consideration is how long the family plans to be in the new home. Some military families simply want a home that will work for 3-4 years because they know a relocation is likely. In this case you need to think carefully about resale appeal. 

It is quite possible to find a great home in Colorado Springs even in the most competitive price ranges but it requires a strong commitment on the part of the buyer and an agent. For the strongest negotiation position with a seller a consumer needs to be qualified with a local lender and have a letter ready to submit with an offer. We will talk more about finding a loan officer and your home budget in my next blog. Please call me at 719-309-8933 for more information.