Colorado Springs Realty Blog

After your real estate agent lists your home in the Pikes Peak Multiple Listing Service (MLS), ask your agent to send you a link or give you print out for the MLS listing so you can review the details. Review all of the home details including number of bedrooms, baths, and room sizes. Don’t forget to make sure the address and subdivision are listed correctly. Believe it or not, I have run across homes in the MLS that are listed under the wrong address!

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With so many homes for sale in Colorado Springs, it is exciting when showings result in a contract offer on your home. Although receiving a contract is a step in the right direction, there is much negotiating and collaborating that takes place between the parties involved until the transaction finally closes.

In the present real estate market, it is not uncommon to see issues with buyer financing cause contracts to fall through. For this very reason, it is important sellers require buyers accompany their offer with a pre-qualification or pre-approval letter. Even then, a lender pre-qualification letter may not be enough to guarantee the buyers financing will not be of concern down the road. The listing agent needs to be in communication with the buyer’s lender throughout the transaction to ensure everything is on track.

Unfortunately for everyone involved, unexpected events may occur that affect the buyer’s financial situation. Sellers can reduce the risk of financing issues causing a transaction to fall through by taking the necessary precautions with their Colorado Springs Real Estate Agent.

Providing real estate information and services for Colorado Springs home buyers and sellers.

Additional Reading:

Tips for selling your home in Colorado Springs

Real Estate Tip #1 for Sellers in Colorado Springs

Real Estate Tip #3 for Sellers in Colorado Springs

Colorado Springs Real Estate - Market Report - Ridgeview at Stetson Hills - September 2008

Average Sale Price: $200,065
Average Days on Market (active listings): 95 days
Home Inventory: 3.8 months
Absorption Rate: 16.5%
List Price vs. Sale Price Ratio: 99%

Providing real estate information and services for Colorado Springs home buyers and sellers.

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

1. Less Competition - Many sellers in Colorado Springs take their homes off the market if they haven’t sold until springtime.

2. Show off your home - During Christmas time, you can make your home really stand out with Christmas lights and décor!  Have your realtor hold an open house and people will feel at home while sipping on hot apple cider. 

3. Better comps - Since March through August is the busiest time for real estate in Colorado Springs, sold comps in your area should be higher if you list during the cold months vs. listing during the spring and summer months.  Remember, appraisers go back six months when reviewing sold comparable properties in your area.

4. Happy House Hunting - While everyone else is busy listing their homes next summer, you can be busy picking your next home from the large selection of homes on the market!  Your home has to sell by summer for this to happen of course.

5. Time to make changes - If you list your home during the summer months and receive feedback to make changes (i.e. paint, landscaping, carpet, etc...) you have to scurry.  If you list during the winter, you can take feedback into consideration and make any necessary changes before the busy season (if your home remains on the market).

Related Articles:

Colorado Springs Home Sellers - Are you serious about selling?

When selling your Colorado Springs home stirs up emotions

Colorado Springs Realtor Patricia Beck, providing real estate services to home buyers and sellers.

Market report for 8/23/2008 through 9/23/2008

Ridgeview at Stetson Hills is an area located near the Powers Corridor just North of Stetson Hills in Colorado Springs.  Homes in this area consist of ranch and 2-story floor plans and were built by various builders including:  John Laing, Richmond American Homes, Melody Homes, and Pulte Homes.  This subdivision is conveniently located near the shopping, restaurants, and the movie theatre. 

Average Sale Price:  $210,487
Average Days on Market (active listings):  108 days
Home Inventory:  4.2 months
Absorption Rate:  16%
List Price vs. Sale Price Ratio:  98.7%

Providing real estate information and services for Colorado Springs home buyers and sellers.

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

Open houses do not always sell homes but they do expose your home and let others know it is actively for sale.  It is the job of your Colorado Springs Realtor to do get people to the open house but it is the sellers' job to get the house prepared for visitors.

1.  Clean, clean, clean- Prospective buyers will notice dirty floors, bathrooms, and countertops so make sure you complete a deep cleaning beforehand.  People do open closets and cabinets so de-clutter and organize all of your closets, kitchen cabinets, and cabinets under your bathroom sinks.

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Vista Grande is located in the Northeast area of Colorado Springs.  Homes in Vista Grande were built in the 1960's and 1970's and consist of bi-level, tri-level, and ranch floor plans.  Although homes are older in this area of Colorado Springs, homeowners enjoy larger backyards and mature landscaping.  There are many large trees in Vista Grande which offers additional privacy between these Colorado Springs Homes.  Vista Grande is also conveniently located, providing quick and easy access to shopping, restaurants, and schools.

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Market Report for Sundown May - July 2008

Absorption Rate: 5.0%

Inventory: 4.2 months

List Price vs. Sale Price Ratio: 98.8%

Average List Price in Sundown: $195,176

Search the Pikes Peak MLS

To find out more about Colorado Springs Realty and the Colorado Springs Area contact me or visit my website.

Market Report for Vista Mesa - May through July 2008

Absorption Rate: 2.33%

Home Inventory: 3 months

List Price vs. Sale Price Ratio: 96.9%

Average List Prce in Vista Mesa: $195,176

Search the Pikes Peak MLS

To find out more about Colorado Springs Realty and the Colorado Springs Area contact me or visit my website.

Market Report for University Park May - July 2008

Absorption Rate: 2.33%

Home Inventory: 6 months

List Price vs. Sale Price Ratio: 96.4%

Average List Price in University Park: $362,814

Search the Pikes Peak MLS

To find out more about Colorado Springs Realty and the Colorado Springs Area contact me or visit my website.

If you would like to know more about the List Price vs. Sales Price Ratio, please contact Patricia.

Search the Pikes Peak MLS

To find out more about Colorado Springs Realty and the Colorado Springs Area contact me or visit my website.

Absorption rates are very handy in determining how a certain market is doing and giving an idea how long an average house will take to sell.  Absorption rates are determined by a simple formula of the number of homes for sale on the market divided by the number of homes sold in a month, week etc.  For example a monthly absorption rate in a market with 100 homes for sale, that sold 10 homes over the last month would yield a 10 month absorption rate or it would take 10 months to sell all of the inventory of houses on the market. 

When pricing a home to sell with the above scenerio, if you wanted to sell a home within 5 months you would need to be priced in the lower 50% price range of homes, if you wanted to sell in 2.5 months you would need to be priced in the bottom 25% of the homes for sale.

Another indicator given by an absorption rate is what kind of market we are in.  Absorption rates that yield 7 months or above are typically defined as a buyers market, where 1 to 4 months are considered a sellers market and 5 or 6 months is considered a balanced market.

If you would like a free absorption rate for your Colorado Springs neighborhood, please contact Patricia.

Search the Pikes Peak MLS

To find out more about Colorado Springs Realty and the Colorado Springs Area contact me or visit my website.