Sell Your Colorado House

Many Colorado Springs house hunters have lost confidence in the housing market due to some news released in the media. Here are some of the misconceptions out there which after this, hopefully will be dismissed.

Misconception number 1: Home loans are impossible to get right now

Traditional loans are available from as low as 5% and less. Another option is an FHA loan and they only require a 3.5% deposit. If you have not owned a home for 3 years, you even qualify for a first time home buyer loan. El Paso County has a 14 million dollar bond for you that you can get with a 3.9% fixed rate and down payment aid that you won’t have to repay. Colorado Housing and Finance Authority (CHAFA) also has funds that carry a small interest rate and down payment.  There are other ways to receive assistance to purchase a house both on the local and national level.

The misunderstanding comes from the fact that the way in which persons qualify for loans has changed. For example, currently, you have to be able to prove appropriate income and a good credit score to get a mortgage loan. All that means is that the days with little or no documentation for loan approval are over. This is a good thing as this is one factor that led to the amount of foreclosures now being experienced. In addition, if you have a real estate broker that’s a good negotiator, you may be able to include your closing costs in the final agreement further reducing your home-buying expenses.

Misconception number 2: Rates aren’t increasing now so there’s no rush

Let’s look at an example. The typical 30 year fixed mortgage rate for the year 2003-2007 was 5.75%. Therefore, if you had a $200,000 mortgage, the monthly payments would work out to $1,167. Today, the same 30 year mortgage is between 4% to 4.25%. That same $200,000 mortgage at 4.25% would work out to $983. Imagine if you sold the $222,000 house and purchased a $300,000 house. The payments would move from the 5.75% rate to the recent 4.25% rate so that equates to a difference of $144 per month in payments for $80,000 more of house.

Misconception number 3: You’re better off waiting until there’s an improvement in the market

History always repeats itself. It’s not the first time that prices have fell. Markets are cyclical and knowing this we know that once again, prices will go up. If you do not currently own a  Colorado Springs house, or are considering an upgrade to what you currently have, then this is the perfect opportunity for you to buy. If you are even only thinking about investing, it makes sense to buy when prices are low as well as interest rates and there is a lot of inventory.

Prices are beginning to stabilize and the economy is in the process of improvement. As a result, prices may increase soon in order to keep inflation steady so it is the best time to buy. Not to mention that banks want to get rid of their foreclosures and are reducing prices.

Colorado Springs is the perfect destination to live, especially if you have a family or are looking for affordable and beautiful homes in areas that are rich with history and have scenic surroundings. Colorado Springs houses is also the ideal place to live if you love the outdoors and are an active person wanting a lot of variety as it relates to recreation. Colorado Springs boasts about 300 sun shinning days per year! Not only are the homes affordable, but their values have stabilized and in some neighborhoods, they are beginning to increase.

Colorado Springs has the perfect neighborhood for you no matter your age, lifestyle or income. Whether you prefer to live in the suburbs or you want the excitement of the city, or something in between, there is a lot to choose from. Black Forrest, Manitou Springs and Old Colorado City are just a few places where you could settle down.

Manitou Springs is situated west of the downtown area. It’s the right combination of city chic and historical Victorian. Tourists usually pass through on the way to the Pikes Peak Cog Railroad. However, if they decide to truly experience Manitou Springs, they’d be awed by the spectacle of the Miramont Castle and the Cave of the Winds. Couples considering purchasing a home here will be drawn by the turn of the century charm and quality construction. Houses in this area sell at an average price of $320,000. South of Manitou Springs is the community of Crystal Park which is nestled among the pine trees in the mountains. If you’re looking for a romantic retreat from the hustle and bustle of the city, then the breathtaking appeal of Crystal Park will have you signing on the dotted line.

Another great area is Old Colorado City. It’s full of history as it is the oldest neighborhood in Colorado Springs. Don’t be fooled by the name however, as, if you are seeking modern amenities, then this is the place to look. It’s a great area for apartment or condo hunting. It also has town houses and single family homes. However, most of the homes near the city center have small lot sizes. The average home here goes for $190,000.

Briargate, located to the northeast of Colorado Springs, has an average selling price of $198,000. It’s a neighborhood that has experienced a lot of growth over the years. It also has some of the best schools in Colorado Springs. A neighborhood, just southeast at the corner of Woodmen Road and Academy Boulevard, called Brookwood, gives the impression of being hidden away from the busy city. It’s central to Briargate and lot sizes range from ¼ acre to a little over and acre. It’s tranquil and secluded with large, mature trees enhancing the feeling of being far away.

Located in Northern El Paso County is Black Forrest.  It has a combination of newer and older  Colorado Springs houses so it has something for everybody. If you want big lots, then you will be impressed by the 5 acres that some of these homes sit on. Ranch style homes as well as 2 story homes dominate this area. While some are custom built, others have a more “country” feel.