Archive for the ‘Homes for Sale in Colorado Springs’ Category

Homes for Sale Colorado Springs - The Number One Choice!

Tuesday, January 3rd, 2012

Colorado Springs is a very attractive place to live or visit.  In fact it is a favorite of retirees as well as tourists. The city is known for its fine weather.  The winters are generally mild and the summers are not too hot, although extreme temperatures have been known to occur.   If you are interested in homes for sale Colorado Springs, you will be glad to know that the city does have some very affordable housing solutions.

Colorado Springs has a wide variety of neighborhoods.  Your housing selection will depend on your preference in terms of the type of home you are looking for, as well as your preference in terms of recreational areas and shopping areas.  Also, if you have school age children then a priority would be to purchase a home within a good school district.

If you are looking for a place to settle that is more rural in nature then look at wooded areas like Black Forest.  On the other hand, if getting the kids enrolled in to a good school is your number one priority, then you can look for a home in the top school districts.  Whatever you are looking for, you are sure to find it in Colorado Springs.

Homes for sale Colorado Springs also include luxury homes.  These can be found in places such as Broadmoor, which is a golfing and resort community.  Broadmoor is known for the historic Broadmoor hotel.  The homes in this area are generally priced upwards of $1mil.  They are usually quite large, some over 6,000 sq. ft. in size.

Homes for sale in Colorado Springs also include moderately priced single family homes.  If you are looking for a home in a more rural type setting, then a good place to consider would be Black Forest.  This community has a nice selection of 2 and 3 bedroom homes, which are placed on large lots of 5 acres and more.   Prices for these homes can range from $200,000 to $500,000, but larger 4 and 5 bedroom homes are also available for a higher price.  These homes are ideal for persons who like privacy and country living.

Many persons move to Colorado Springs because of their association with military installations like Fort Carson.  If that happens to be the reason you are there, then you can find moderately priced homes near to that location.  There are homes available that cost less than $500,000.   Many of these are 3 and 4 bedroom options with 3,000-4,000 sq. ft.

If you want to be close to the city but still retain some of the country feel, then the Tri-Lakes area is a good option, as it lies near to both Colorado Springs and Denver.   The homes in this area are also moderately priced and it is possible to get a single family 3 bedroom 3 bathroom house for $300,000.

There are a variety of homes for sale Colorado Springs, but be sure to contact a real estate agent to help you find the home you desire.

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Homes for sale in Colorado Springs

Monday, October 17th, 2011

Are you looking for the perfect place to reside? If so, Colorado Springs may be the place for you! Colorado Springs, located in the South Central part of the U.S. State of Colorado, is absolutely perfect for singles and families alike. On top of having hundreds of beautiful homes to choose from, Colorado Springs, U.S.A. also offers beautiful weather, gorgeous scenery, and many fun and exciting outdoor activities for you and your family. Voted one of the best places to live in America by CNN money, Colorado Springs is one place that you will definitely want to check out for potential homes.

When it comes to weather, Colorado Springs offers beautiful weather year round. With an average of 249 days of sunshine, it is hard to make any weather based complaints! Here in Colorado Springs, the summers are beautiful, the winters are cool, and the precipitation is rare. In summer, temperatures generally range between 80 and 90 degrees, making it hot, but not unbearably so. Winters are cool, but once again the weather is mild, rarely seeing temperatures below 28 degrees. As for precipitation, Colorado Springs receives an average of 16.2 inches each year, making it highly unlikely that you will ever get stuck inside due to bad weather!

If the weather in Colorado Springs isn’t enough to make you search for homes here, perhaps the scenery will be. Here in Colorado Springs you will find over a dozen different parks, hiking trails, and biking trails. Whether you want to hike through the mountains, explore the beautiful and unique rock formations, or just enjoy a picnic in the park with your family, you can do so here in Colorado Springs. The Garden of the Gods, Pikes Peak, Palmer Park, and Seven Falls are just a few of the many nature based parks that you will be able to explore if you decide to purchase Colorado Springs homes.

On top of gorgeous scenery and beautiful weather, if you decide to live here in Colorado Springs, you and your family will never go bored. When searching homes for sale in Colorado Springs, do not hesitate to check out all of the surrounding activities. If you decide to live here, you will have easy access to plenty of fun and exciting attractions and activities including Royal Gorge Bridge, Cheyenne Mountain Zoo, Cave of the Winds, and Miramont Castle.

Regardless of what you are looking for in a real estate property, Colorado Springs has it all. Gorgeous year round weather, beautiful scenery, and a variety of fun and recreational activities are just a few of the many things that make Colorado Springs one of the best places to live in America. On top of all these things, Colorado Springs has a wide variety of beautiful homes to choose from. Whether you are looking for an apartment, a one story home, or a mansion, you will find what you are looking for in this wonderful city. Contact a Colorado Springs real estate agent today and check out all of the beautiful homes for sale Colorado Springs.

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What You Need To Know Before Getting A Mortgage

Thursday, September 1st, 2011

Getting a mortgage is one of the most complicated steps in buying a homes for sale Colorado Springs or anywhere. Will I qualify for a home loan? What do I need to get pre-approved? What type of mortgage can I qualify for – FHA, VA, conventional, an ARM, fixed rate, …? What is the best type of mortgage to get for my situation? Should I go to my bank or find a Mortgage Broker? Learning more about what you should know is important. Preparing yourself and doing your homework will take some of the stress away and speed up the closing process for you once you’ve made an offer on a house.

In other Pink Realty blogs and articles we gave you a lot of information about credit score requirements and how you can best raise your credit score to meet the minimum requirements for conventional, FHA and VA loans. Referring back to some of this information or even calling Pink Realty at 719-393-7465 (Pink) and asking to speak to our in-house lender will let you know what to expect with your credit and what work you might have to do to qualify. If you think your credit may need some improvement, our lender will help you and will work with you for however long it takes and at no cost to you to build your score and get you qualified.

Lenders can either pre-qualify or pre-approve you. What’s the difference? Getting pre-approved or pre-qualified helps you know how much of a mortgage you can afford, but there is a big difference between being pre-qualified and being pre-approved. While these terms are used pretty loosely in the industry, generally when a lender pre-qualifies you, they run a credit check and base their determination on information you provide them about your work history , income, and available down payment either verbally or maybe with documentation but possibly not complete documentation for their underwriting. The bottom line is that a pre-qualification is largely based on what you tell them. It is possible that the pre-qualification results can mislead you on how much of a mortgage you can really afford.

When you get pre-approved, lenders check your credit report and verify all documentation similar to if they were submitting the application to their underwriting department. This essentially makes the only unknown in the transaction the property.

When you are ready to get pre-approved for a mortgage, be sure to call Pink Realty at 719-396-7465 (Pink) and as to speak to our lender. She would be happy to give you a good faith estimate of what she can do for you and earn your business.

If you are getting pre-approved before you begin house shopping, consider locking in your rate for a period of time, especially if the rates have been increasing. Once you have your pre-approval letter, it shows real estate agents and sellers that you are serious about buying a house and you know what price range you can afford. This not only helps your Pink Realty agent narrow their search for a home into your price range, it also can motivate sellers.

Additionally, once you are pre-approved, don’t do anything that will affect your credit score. Don’t incur new debt (this includes incurring more debt on credit cards), don’t pay off debt, cancel any accounts, transfer any credit card balances and don’t change jobs! Your lender will pull your credit again before you close and you don’t want you credit to have changed or you could lose your approval!

Once you have chosen a lender and are ready to begin the mortgage process there is a lot of paperwork that needs to be processed. You will be required to provide copies of specific financial information. So when you are ready to begin looking for a house and a mortgage, you can start preparing by rounding up the items you will need. The following is a list of the information and documents you will have to provide your mortgage lender if you want to get approved for a mortgage loan:

Information about your employment and your income:

1. Where do you work, how long have you been at your job, and what is your income?

2. Are you a 1099 contract paid worker, paid on commission only, or do you receive a steady hourly wage or regular salary?

3. You will have to show proof of your income. This will include providing tax returns, 1099 statements, paystubs, etc.

4. If you receive disability pay or social security income, you will have to provide statements.

5. Depending on how you receive your income, a steady salary with paystubs or irregular income as a 1099 contractor, your interest rate could be higher. A steady paycheck is generally deemed less risky than pay on commission only or as a contractor.

What are your outstanding debts?

1. You will have to provide information about your recurring debts whether they are for a car loan, a student loan, or credit cards. When the lender runs your credit report these accounts will show on your record, so be honest!

2. The total amount of your recurring debt will be analyzed against your monthly pre-taxed income and a debt-to-income ratio will be calculated.

How much do you have in cash reserves?

1. How much is your down payment and do you have enough cash to make this down payment and cover the required closing costs?

2. Is the money you are using to make the down payment your own money or is it borrowed funds or a gift?

3. You will have to provide the lender with copies of bank statements to show you have enough money to cover these costs. If you are receiving a gift for your down payment from a family member, a friend or a non-profit agency, you will have to provide a gift letter to the lender.

4. Lenders need to know if your cash reserves will be completely depleted after you pay your down payment and closing costs because they want to know you will have enough money left in the bank to cover a couple of mortgage payments in case something happens!

What works in your favor?

The following is a list of things that will definitely benefit you when you are applying for a mortgage:

1. Being employed by the same employer for two or at least being employed in the same line of work for that period of time or longer.

2. Having minimal debt and no recent large purchases, such as an automobile. If your debt-to-income ratio is 36% or less, you are in pretty good shape! You can call Pink Realty, and our lender can help you evaluate your debt ratios. Call 719-393-7465 (Pink).

3. If you can afford to put at least 5% of the sales price down with your own funds. If you qualify for an FHA loan, you may only have to put as little as 3.5% down, or if you are a VA buyer, you may not have to put down anything, but the more you can put down, the better. If you are trying to qualify for a conventional loan, you can qualify for as little as 5% down, but you will have to pay private mortgage insurance which can be expensive and is added to your monthly payment.

4. Having enough cash reserves left in the bank to cover two mortgage payments after you have paid your down payment and closing costs.

Things that can make it more difficult to obtain a home loan?

1. If you are self employed, a contract worker, work on commission only, or have irregular income. You may be considered a higher risk if your income isn’t steady, based only on commissions or if you are paid as a 1099 contract worker. If you are self-employed and have tax returns that solidly substantiate your income your risk can be reduced, but in addition to tax returns, you will also have to show profit and loss statements for your business.

2. If you have a lot of recurring debt or a high amount of debt and your debt-to-income ratio is higher than 36%, you may run into issues or be charged a higher interest rate.

3. If the cash reserves you have will be completely depleted after you have made your down payment and paid for closing costs, the lender can consider you a higher risk because if you lose your job or get injured and can’t work for a period of time, there is a risk you may not be able to make your mortgage payment.

4. If you are receiving gift funds for your down payment because you have no funds of your own to purchase the home, you can also be considered a higher risk and may be charged a higher interest rate.

Before Getting a Mortgage, consider the following:

1. Know what your budget is so you know what size mortgage you can really afford. You can be given a pre-qualifying mortgage amount by a lender based on your income, but you also have to take your monthly recurring debts into consideration, along with unexpected expenses such as medical bills..

2. Depending on your cash situation, you need to know if it is more important to offset a higher rate with lower closing costs or a lower rate with higher closing costs. When you are shopping for mortgage quotes, don’t just look for the lowest interest rate. You also want to compare the terms and conditions. There is a lot of competition out there today, so be sure to ask your lender for any special incentives. Lenders may be willing to waive some fees to attract your business!

When shopping for a mortgage quote, be sure to ask the following questions?

1. What will my monthly payments be?

2. Are there any pre-payment penalties?

3. Are the terms fixed or variable? If the interest rate is variable, what is the interest rate cap? In other words, what’s the highest my interest rate can go and what will the payments be at this rate?

4. Do I have to pay any loan origination fees?

5. Do I have to pay any discount fees for this interest rate?

6. Are there any lender incentives? In other words, will the lender pay any of the closing costs or waive any fees?

7. Will I have to pay private mortgage insurance?

What not to do after you have been approved!

After you have been approved for a mortgage and have received your pre-approval letter from your lender, do not do any of the following or you can jeopardize your approval:

1. Don’t apply for new credit as the inquiries will change your credit score.

2. Make sure you pay all your recurring debt payments on time.

3. Don’t pay off collections or charge off accounts unless specifically told to do so by your lender.

4. Don’t charge more on your credit cards and don’t close any credit card accounts or transfer any credit card balances.
5. Don’t make any large cash purchases as this may decrease your verifiable bank balances.

6. Don’t quite your job.

7. Don’t change your job without first consulting your loan officer.

8. Don’t bounce any checks.

Do your homework and become an educated consumer! Knowledge is power and knowing what’s required to get a mortgage, how to determine the amount of mortgage you can safely afford, and how to shop and negotiate for the best mortgage for your situation will benefit you tremendously. If you have any questions or want help, Pink Realty is here to help you. Give us a call at 719-393-7465 (Pink). Our loan officer will be happy to help you with a loan, and then a Pink Realty can help you find your dream Colorado Springs house! We want to help you through the whole process and feel all the rewards of homeownership! Give us a call today. We are here to help you!

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Realtor Colorado Springs

Wednesday, August 24th, 2011

So you have decided that you want to purchase a home for sale in Colorado Springs? The next step is to hire a realtor! A Colorado Springs real estate agent can help you through the process of finding and purchasing a home. Let’s take a look at how a real estate agent can help you in your quest to find a new home.

When you first speak to a real estate agent in the Colorado Springs area, one of the first things that you will do is discuss your wants and your needs. Once the real estate agent knows what you are looking for, they can begin searching through the Colorado Springs MLS listings, finding homes that match your needs. Real estate agents can help to limit your house search based on housing type, housing price, location, and a number of different amenities such as number of bedrooms and bathrooms. A real estate agent can help you to pick through the long list of homes for sale, showing you only the houses that match your exact needs. Need a pool? Your real estate agent will find you houses with pools. Need air conditioning? Your real estate agent can find that too!

Not only can a Colorado Springs real estate agent help you to find your perfect home, but they can also help to choose the perfect location for you and your family. One of the things that make Colorado real estate agents so good at what they do is the fact that they are very familiar with the different neighborhoods. They can tell you any information that you need to know about schools in the area, crime statistics, demographic statistics, or anything else you wish to know. If you are new to the Colorado Springs area, this knowledge can be very beneficial to your decision!

One of the most important jobs that a Colorado Springs real estate agent has does not come while you are searching for a house, but rather while you are purchasing a house. Real estate agents are responsible for any communication between the buyer and the seller. The best part? Real estate agents have excellent negotiation skills, helping you to negotiate a price that works for both you and the seller.

Once you have reached your agreement with the seller, a real estate agent will handle all of the paperwork for you. When it comes to purchasing a home, there can be a great deal of paperwork that needs to be read and signed. Most of these papers, however, are written in a real estate code that is difficult for the average person to understand. A real estate agent can help guide you through the paperwork process, explaining any contracts that you may sign and answering any questions that you may have.

If you are looking to purchase a home for sale in Colorado Springs area, your first step is to hire a real estate agent. Colorado realtors can help you find the perfect home and then guide you through the process of purchasing it!

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The Advantage of MLS for Colorado Springs Real Estate

Sunday, May 8th, 2011

Colorado Springs has been fortunate in that it has not witnessed the big swings that other markets have had. Colorado Springs has been lucky enough to have a slow, stable and strong growth in its housing market. In fact, Colorado Springs has had an average growth rate of 7% since 1992 and has not had the massive declines that other parts of the country have experienced.

However, there is a down side to the housing market in Colorado Springs. Property owners have been looking for brokerage options in selling their homes. The frequency of homes in the Colorado Springs area being bought and sold is exponentially more significant compared to the national average. This is due to the fact that there are many military related jobs as well as a mobile workforce associated with companies such as HP and Boeing. Since homeowners aren’t usually a fixture to the years of appreciation that properties accumulate, the high brokerage commissions are severely felt. Sellers therefore believe that their only alternative is to skip agent fees altogether by putting their property up as For Sale by Owner. However, there are other alternatives available, one of which is to utilize a flat fee listing on the Multi Listing Service (MLS).

Often times, listings are sold by buyers’ agents who sometimes work with a listing agent. Whether the listing agent sells directly to the buyer or works with the buyers’ agent, the commission rate is typically the same. Even when the buyer did not have an agent, the seller may not see any savings.

A MLS listing allows the seller to see some profit as the agreement with the listing agent is to list the property for a small, flat fee. The seller is responsible for showing the property and handles negotiations with the agent as the middleman. If the buyer’s agent is responsible for the sale, only the buyer’s agent is paid but the listing agent is not paid at closing. If a seller finds some aspects of selling a house difficult, a MLS broker can agree to take on additional functions for more money at closing but this is usually less than 1%.

Other than savings on commission payments, a huge benefit to using MLS for selling property in Colorado Springs is the effective exposure. Buyers and their agents can find data with MLS feeds and internet sites. A for sale sign is never sufficient in pulling in interested house hunters, especially, given the fact that many of them are not residents of Colorado Springs.

The MLS for Colorado Springs outreaches to neighboring areas such as Woodland Park, Falcon and others. Sellers are finding that the flat fee MLS listings offer is effective in selling anything from an urban to suburban property and a single family home to a condominium. No matter the type of property, the fact that a seller can save money by avoiding those steep commissions as well as gaining exposure to buyers, makes this alternative the best to hiring a broker. It is expected that more and more sellers will use this medium in the future.

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