Search for Colorado Springs Homes

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Just because you’ve signed the Colorado Real Estate contract and came to terms on the price, it doesn’t mean you own the house yet.   I don’t know the exact percentage, but I’m guessing 10% to 15% of real estate contracts don’t make it to the final closing.   There are many reasons for cancelled contracts, but here’s the 4 most common.

(1) Financing

Even though you got a prequal letter from your bank, things can still happen when your loan gets to underwriting.   Maybe the requirements changed for the loan, your credit score may have changed, the underwriters may require additional documentation on expenses.   These are just a few of the things that can cause a loan not to get approved.   Loan guidelines change daily.

(2) Buyer’s Remorse

As a buyer, you may feel remorse after you submit the contract.      You may start to feel you made a big mistake.     You may think there are so many great homes on the market, is this one really the right one?  Is there something better you haven’t seen yet?   Is your dream house still around the corner?   Do you think you can get a better price on a different house?

(3) Low Appraisals

Appraisers continue to come under a lot of pressure during the current market conditions.     If the property doesn’t appraise correctly, you may not be able to get the loan.

(4) Inspections

You have a period of time to conduct an inspection when purchasing a house.     This contingency in Colorado Real Estate contracts gives you the opportunity to walk away from the purchase of  a home.   In Colorado, buyers can terminate the contract because of inspection reasons.

Inspections can also become another period of negotiation.  The seller wants to sell the house as is, and you may want everything fixed and repaired.    If you see too many items that need repaired, you may get nervous decide you don’t want the house any more.    

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

Kathy (719-287-1049)   KTorline@msn.com

If so, this article is for you.    Not all improvements add value, in fact, some improvements can detract from the value of a house.

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• 6 Small improvements can pay off 
• Goodbye Itty Bitty Paint Chips
• How do I hire a Colorado Springs painter?

1. Swimming Pools (These definitely don’t add value to a home in Colorado Springs)
2. Over remodeling for the neighborhood and the style of the house 
3. Room additions (Renovating a garage and making it into a living room doesn’t always add value.)
4. Extensive Landscaping (too much work for most people to maintain)
5. Carpet everyplace, including in the kitchen and in the bathroom
6. Unusual additions (a closet that takes up an entire room, a hot tub in the family room)
7. Additions and changes that aren’t up to current building codes (Don’t finish a basement or build a deck without getting the proper permits)
8. Poorly done renovations (If you aren’t qualified to do something, don’t do it.   I’ve seen many houses where the home owner has installed the cabinets, or the flooring, or the windows and has done a horrible job.  These projects actually detract from the home.)
9. Cheap materials (installing cheap flooring doesn’t work when you are in a higher-end house.)
10. Newly painted walls  in unique colors (For most buyers neutral colors are better, also, the “in colors” during one year quickly turn to outdated colors a couple of years later.)

If you’d like more information about real estate in the Colorado Springs area, contact Kathy at 719-287-1049 or email at KTorline@msn.com

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Kathy (719-287-1049)   KTorline@msn.com

Search for homes in PInecliff

Zip Code:  80919

Search for homes in PInecliff

• Colorado Springs Home Values, square footage price varies 
• Neighborhood Pick of the week, Pleasant View near the Air Force Academy
• Colorado Springs Neighborhood — Pinon Valley
• Homes in Holland Park in West Colorado SpringsHouses in Flying Horse are seeing a price increase 
• Homes in Mountain Shadows remain strong 
• Colorado Springs Vintage homes in Pleasant Valley have strong sales in 2010 
• Neighborhood pick of the week, Cedar Heights in west Colorado Springs
• Neighborhood pick of the week, Woodmoor in Monument 
• Neighborhood Profile, Historic Old North End in Colorado Springs
• Neighborhood Profile, Historic homes in the East End Addition in Central Colorado Springs

The Pinecliff housing market continues to be a Buyers Market, as there is currently a 6.6 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.  

Here’s a quick summary of the 2010 Real Estate Market for Pinecliff

• Pricing decreased by 6%
• Number of homes sold increased by 1%
• Days on Market increased by 30%
• Price per FINISHED square feet decreased by 13%

Single Family Homes in Pinecliff in Colorado Springs were primarily built from 1972 to 2001, with an average age built in the 1980’s.  The majority of the houses are 2-stories, ranches, bi-levels, 2-4 baths, with 1 – 3 car garages, both attached and detached.   The average home has appx. 2500 to 3500 square footage. 

The area is located in Northwest Colorado Springs, Exit 146 (Garden of the Gods) go West, first Right on Rusina, Left on Elkton, right on point of the Pines.

There are several parks in the Pinecliff area, including PineCliff Park.  The school District is District 12; and the majority of students go to Rockrimmon Grade school, Eagleview Junior High and Air Academy High School.   

There are also several townhome complexes in the area, Pinecliff and Pebblewood; prices range from $150,000 to $170,000.

  To find out more information about buying a home in Colorado Springs or Manitou Springs, call ….

Kathy (719-287-1049)   KTorline@msn.com

Date:  October 25, 2010 – November 1, 2010

Search for new Home Listings in Colorado Springs

Related Articles:

• Manitou Springs Real estate is continuing to stabilize
• Northwest Homes are seeing an increase in pricing
• Housing sales in Central Colorado Springs have continued to increase 
• Colorado Springs housing market is starting to see the inventory decrease

Here is a quick recap of the Market Activity for last week in the Colorado Springs Real Estate market according to the Pikes Peak Association of Realtors MLS system as of November 1, 2010.

One interesting observation, there are currently 6,025 houses for sale in the Pikes Peak area, and 559 of these listings, almost 10%  of them, did a price reduction yet again last week.   This is on top of the 10% of homes that did a price reduction during the last 2 weeks.   The market is very price sensitive right now and sellers are finally understanding its all about the price.

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 To find out more information about Colorado Springs, Call ……

Kathy (719-287-1049)   KTorline@msn.com

Most of my Colorado Realtor friends and clients know that I’m a big proponent of education, and many of my posts have the subtitle “knowledge is power” included in the post.   In keeping with that philosophy, I’m also a big proponent of keeping up my own education, as there is so much to learn in real estate, and you can never begin to know it all, not even close.

Hence, I try to go to the National Real Estate Convention every year, or at least every year, which is where I’m at now.  The convention officially starts today (Friday), but I spent all day yesterday at the REBar Camp in San Diego.    Almost every topic at Bar Camp revolved around technology and/or social media.  It was amazing to learn from some of the best.    I already have a couple pages of notes of great ideas to incorporate in my blogs and social media presence. 

Today, the actual NAR convention starts, and I have my agenda marked for the classes I want to attend.  Can’t wait!   Nothing better than going to a class taught by some of the best real estate instructors in the country.  I’ve written posts before about checking who you are working with, but when you are looking at hiring a realtor to assist you in selling or buying a house, ask them about their commitment to education, what do they do to stay on top of the ever changing industry? 

Remember, knowledge is power!

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Kathy (719-287-1049)   KTorline@msn.com