What's Happening with Colorado Springs Real Estate?

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Today I wanted to provide you with a brief real estate market update for our local market. We're in the middle of the busy season right now, so it's going to be short and sweet.

• Home prices have increased by 9.8% since this time last year
• Inventory in Colorado Springs has decreased by 30% since this time last year, and a lot of homes under $250K are getting multiple offers
• Sellers have been receiving 99.6% of their asking price, which is great if you're looking to sell your home
• Interest rates are extremely low right now, with most rates sitting in the high 3's or low 4's
• There are also many zero down loans available, including the El Paso County Turnkey Program
• It's often more affordable to buy a home than it is to pay rent monthly

With all this being said, it is a very good time to be buying or selling a home right now. Please contact us if you need assistance with your real estate transaction in El Paso County.

We're always willing to help!

How Should You Handle Multiple Offers?

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The real estate market is heating up here in Colorado Springs. With this being said, we're seeing a lot of multiple offer situations. In today's video I'll be telling you how to handle them as a buyer and also as a seller. 

Conventional wisdom would tell you that as a buyer, the best way to secure a home in a multiple offer would be to offer the highest price. While this usually helps, there are other ways to win homes.

Sometimes the trick is to have the best terms and conditions with your offer. You can close in less time or you can agree to pay more of the closing costs. There are many ways to have your offer stand out with terms and conditions. 

Another helpful thing we can do is write a personal letter to the seller explaining how important this home is to you and why you are so desperate to purchase it. 

Overall, if you're a buyer trying to win a home, you will need to satisfy the needs of the seller. That's really all they want. This is why communication is so important.

As a seller, a multiple offer situation is much less stressful. However, you have to be careful about which offer you choose. One thing you will really want to look for is a very short closing period, because anything can happen in that time frame. 

You shouldn't feel badly if you accept an offer with a little less cash if the terms are also good. I also don't recommend waiting for lots of offers. Your home will sit longer and this will gradually decrease your sale price. 

If you need any help buying or selling a home in Colorado Springs, please don't hesitate to contact me!