The Rawhide Company Realtors
7075 Campus Drive #200
Colorado Springs, CO, 80920
We are seeing signs that the market is improving. Even on TV they were quoted as saying we are in a Sellers Market.
It depends on how you look at it. According to numbers from the Pikes Peak Association of Realtors MLS for the last several years we have seen a continuing decrease in the amount of homes for sale in the market place.
We think it started several years ago when the values dropped and buyers quit looking for homes. Sellers that didn’t have to sell quit putting their homes on the market instead of trying to compete with bank owned homes. Then to compound that problem banks haven’t been in any hurry to put the foreclosed homes back on the market. Currently we continue to see adds about renting foreclosure homes.
Currently we see values starting to stabilize and even start to inch upwards somewhat. At the same time because inventory is substantially lower than it was 4 years ago if a good home hits the market a buyer would be wise to make their decision quickly because that home may be gone.
Investors are still trying to buy homes at a great discount but for the same reasons the homes aren’t lasting. Basically you aren’t going to steal a home but you can get a good deal if you are careful when you look at one. Homes in good shape are selling for reasonable prices but sellers don’t have to discount their prices now like they did several years ago.
This is true for both homes in the city and those in rural locations. It is just a matter of how many are on the market at any point in time. Either way the homes just aren’t out there like they were a few years ago.
Also we are seeing fewer short sale homes and REO properties available.
So if you are thinking of selling and your home is in good shape this could be your time.
If a buyer comes in prepared to complete the transaction they have much more bargaining strength. Most don’t really know how the whole process works and aren’t ready. We still talk to people who want to find their dream home and then they will talk to a lender. Wrong!
Since most of us don’t have the cash to purchase a home you need to be prepared.
If you talk to a realtor and they want to know all of the details of your credit history and anything else they think is pertinent, don’t tell them. As a realtor we don’t need to know your credit history. A lender does and that should be the first and only person you tell those details to. We can help you find a lender that can do the loan you need.
We need to know the general amount and type of loan you think you want to do. We need to find out just enough details of your history to make sure that is likely to be your best choice. Then we can match you up with a lender who is an expert with that type of loan in our region. You should be dealing with a lender in the market area you want to purchase a home in that area. It will make your purchase much easier.
Home purchases usually use conventional, FHA, or VA loans. Each one does things differently but are still similar.
Details on all of these to follow.
In Colorado we have a unique situation with water. The State of Colorado controls it. IF you have an acreage and will need to drill a well you have to get a permit from the state. This permit will specify the type of well and how much water you can use. It will also tell you how you may use it. Some residential permits may be for inside the home use only. There are several subd. with 5 acre lots where horses are allowed but the permits don’t allow any outside useage. Legally you would have to put in a storage tank and buy water to water your horses. Most will allow you to water a selected amount of land and use it for animals. None of these uses will be considered commercial uses. It will also have a range that the well can be drilled for depth. You can drill deeper or shallower but you can only use water found between those depths. This information is normally set up when a parcel of land is subdivided originally by the developer. Make sure you buy land that will allow you to do what you want.
If you have unique needs also check county zoning to make sure it will be legal. Covenants will also come into play. They will be different for every subdivision and can vary greatly. Don’t ever assume because you saw someone in a neighborhood doing something that it was legal to do. Both HOA’s and neighbors can sue or take other legal action to make someone stop. It is much easier to do your homework and find out before that becomes a problem. When in doubt ask.
In our area rural lots tend to be sized in 2.5, 5, 35, and 40 acre lots. Other sizes may show up for different reasons. Make sure it isn’t an illegal subd. This will cause many problems. Just because you have a large lot doesn’t mean you can split it up in any fashion.