Archive for March, 2011

Home for sale near Peterson Air Force Base in Colorado Springs ~ $150,000 March 17th, 2011

Patricia

Home for sale near Peterson Air Force Base ~ Colorado Springs

 

This 4-level home in Constitution Hills has a finished walk-out basement.  It sits on a large fenced corner lot and offers an RV gate.  The master bedroom has an adjoining bath and his and hers closets.  All of the bedrooms have ceiling fans.  There is also a gas fireplace in the lower level family room.  This home also has 6-panel doors, is set up for A/C, and has a new roof.   It does need some TLC (mainly cosmetic) including exterior paint, interior paint, and carpet.  Conveniently located near Peterson Air Force Base, shopping, and restaurants!

~1,603 total sq ft!
~3 Beds/ 3 Baths
~2-car garage
~New Roof
~Finished walk-out basement
~Large corner lot w/RV gate
~Adjoining Master Bathroom
~Set up for A/C
~Gas Fireplace
~Washer/Dryer Stay
~Year Built:  1998
~School District 49
~MLS#:  459068

 

 

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Should I finish the basement in my home? March 17th, 2011

Patricia

Homeowners often wonder if it is worth finishing the basement in their home, especially if they plan on selling it in the near future.  Many home buyers like finished basements when looking for a home but is it worth the expense for the seller?  Some homeowners choose to hire a professional contractor to finish their basement while others finish the basement themselves.  Regardless who does the work, the basement must be permitted by the Pikes Peak Regional Building Department.  The cost to finish the basement will vary depending on the size but homeowners can plan on it costing somewhere around $15,000 to $25,000 if they hire a professional.  If the homeowner finishes the basement, it will be less expensive but  may take a lot of time!

Homeowners can break even but many may not recoup the cost spent to finish a basement dollar for dollar due to the current real estate market in Colorado Springs.  In a good market, many homes could sell for around $15,000 to 20,000 more with a full finished basement when compared to homes of the same model with an unfinished basement.  Making a profit or recouping the cost on a basement finish is dependent on many factors including  the quality of finish, type of house, area of town, and the real estate market.

If you are considering finishing your basement and not sure if it is worthwhile, check with your real estate agent in Colorado Springs for additional advice.  If you plan on living in the home for a few years and could use the expansion space, finishing the basement may not be a bad idea.  It may not always be about the expense with every homeowner, some finish their basement just to enjoy it!

 

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Spacious home for sale in School District 20 ~ $215,000 March 16th, 2011

Patricia

Home for sale in D-20 Colorado Springs

This spacious 4 bedroom, Tri-level home in School District 20 has a large main level sitting area with plenty of light.  The kitchen has granite tile counters, tile backsplash, tile flooring, & walks out to a 9 x 12 wood deck. The huge master bedroom has adjoining 5-piece bath, large walk-in closet, and wood burning fireplace with a blower!  There is a spacious family room in the lower level with a wood burning fireplace and a large bedroom with a 3/4 bath.  There are many closets and plenty of space for storage.   The home has a new roof, central air, and the furnace is only 5 years old.   The large fenced lot has a shed and a sprinkler system.  The garage includes metal shelving and a work bench.  This quiet neighborhood is conveniently looked near shopping centers, restaurants, the new hospital, and schools.

~Year Built: 1986
~2,014 total sq ft!
~4 Beds/3 Baths
~2-car garage
~9 X 12 Wood Deck
~Smoke Free
~Window Coverings
~Ceramic Tile
~Refrigerator Included
~Washer/Dryer Included
~Laundry Room
~2 Gas Fireplaces
~Vaulted Ceilings
~New Roof
~Security System
~Auto Sprinklers
~Fenced Back Yard
~Mountain Views!
~School District 20
~MLS# 651492


For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Should I buy a short sale or a bank owned property? March 16th, 2011

Patricia

Buyers will most likely view a bank owned or a short sale property during their search for a home in Colorado Springs.  Bank owned and short sale properties are often priced more competitively when compared to other homes for sale in Colorado Springs.  Although lower priced homes are appealing, buyers must weigh the risks when choosing the property to purchase.  One benefit of buying a short sale or bank owned property below market value is that it may give a new home owner instant equity.

Buyers who are faced with an upcoming expiration of a lease and are unable to go month to month may want to reconsider purchasing a short sale.  Short sales take time to close and unless a buyer has a back up plan or a flexible living situation, offering on a short sale property may not be the best option.  Some short sales may be approved more quickly than others so having a Colorado Springs Real Estate agent that is knowledgeable about short sales is vital.  Since many sellers are unable to pay for any repairs, short sale properties are often sold as-is.

Bank owned properties do not take as long as short sales and can often close in 30 days like a normal transaction.  It is not unusual for bank owned properties to receive multiple offers if they are priced below market value.  Most bank owned properties in Colorado Springs are sold as-is and the bank may not be willing to complete any repairs to the property even if a buyer’s type of financing requires it (i.e. roof replacement).  Finding out what repairs are required or making sure that a property will work for an FHA or VA buyer before submitting an offer on a bank owned property is imperative.  Spending money on an inspection or appraisal only to find out a property will not be approved for FHA or VA financing can usually be avoided by completing some research in advance.

Whether a buyer decides to pursue a bank owned or short sale property, there are risks involved.  Taking the right precautions may not always guarantee that a short sale or bank owned transaction successfully closes.  It is a good idea to be prepared and have a back up property to offer on in the situation the first home of choice does not work out.

Contact me about buying a home in Colorado Springs at 719-660-9058

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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El Paso County Inventory Statistics for February 2011 March 9th, 2011

Patricia

Home inventory decreased by 22.3% for the month of February 2011 when compared to six months ago (September 2010). Compared to the previous month of January, there was a very slight decrease in single family homes for sale.

Single family Inventory in the Pikes Peak MLS was not much higher in February 2010 but there were 124 additional single family home sales.

Looking at statistics for February, Single Family Home Inventory in the Pikes Peak MLS is sitting at 9.6 months (compared to 9.4 months in January).  There is a balanced market in Colorado Springs when inventory sits at 6 months.

Single Family Home Inventory Statistics

 

 

**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed


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Single Family Home Sales for February 2011 – El Paso County March 9th, 2011

Patricia

Home sales decreased by 26% in El Paso County for the month of February when compared to January.

There were 124 fewer single family home sales in February 2011 when compared to February 2010. There were only 46 additional single family homes for sale in February 2010.   As long as interest rates remain low, home sales in Colorado Springs should start picking up over the next few months.

Compared to the previous month of January, the average sales price ($235,684) and the median sales price ($190,457) both increased. Last February, the average sales price was $207,430 and the median sales price was $182,000.  Although the number of sales were lower than last year at this time, the home prices have increased.

 

Single Family Home Sales

**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

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For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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