Given the amount of time we’ve been spending in our homes lately, it’s not surprising to understand the considerable uptick in activity for home improvement activity and for buying and selling. After all, we live there, we raise our families there, we welcome guests there, and we celebrate the holidays there. Our home is where we share our hearts.
Naturally, we want our home to be functional, warm, and inviting – a reflection of ourselves. So, we’re looking at ways to enhance the experience. Some of us are opting to improve our existing homes, while others want to downsize or move closer to children or grandchildren. With the next baby boom just around the corner, many are seeking larger homes in neighborhoods with other families, bigger yards, and better schools.
All of this activity is evident in the housing market. Boosted by a strong local economy, an influx of new residents, and the lowest interest rates we’ll probably ever see, the Colorado Springs real estate market continues to be strong. The Colorado Association of Realtors reported in El Paso County the average sales price for October 2020 was $406,865, a 1.14% increase over the same month last year.
So what does that mean for you? Regardless if you’re selling your home, or buying a new or larger home, it’s good news! But, you still need to do your homework (no pun intended).
If you’re selling…
There are many potential buyers out there, so you can expect strong offers. However, buyers remain discriminating. They are looking more closely for certain features and amenities.
“A lot of our buyers are looking for homes with yards for pets, garages, and storage. Smart home technology, including video doorbells, smart thermostats, and voice-enabled devices are also high on our clients’ lists,” according to Tanya Stevenson, Co-Owner and Managing Broker at Park Avenue Properties of Colorado Springs.
“Also appealing is being within walking distance of bars, breweries, and restaurants, and close proximity to hiking and biking trails, pools, and fitness centers,” Tanya added.
Even though remote work remains prevalent right now, easy access to the I-25 corridor remains an important consideration. Future commutes to Castle Rock and Denver will begin again, so activity in the northern suburbs remains strong. Central and southern neighborhoods are also appealing for easy access to Colorado Springs’ vibrant downtown and our military bases, especially the new U.S. Space Force.
If you’re considering making updates, Tanya and the Park Avenue Property team can help guide you in the right direction so you can make informed decisions about what improvements will have the most impact and get you the best selling price in your neighborhood.
If you’re buying…
The low interest rates are certainly making it easier to get into your dream home. Moreover, you may be able to afford more house than you previously thought was possible. Maybe you want another bedroom or a larger yard for outdoor living? Maybe you’re looking for a larger kitchen to bake all that sourdough bread you recently learned how to make. Now’s your chance!
While it is true that existing home inventory can be low, new listings do pop up every day. Tanya stresses the importance of being ready to act. “When you do think you’ve found your next dream home, you need to be able to act quickly, to visit the home, and to make a competitive offer.”
“Getting preapproved by your lender is key,” Tanya continued. “With so many qualified buyers out there, sellers want to know you’re serious and can follow through on an offer.”
As a buyer, you should consider looking at new home construction, too. Most of the builders offer a variety of customized options to suit buyers at all price ranges and sizes, from townhomes and patio homes to larger executive homes. With new neighborhoods and new extensions of existing communities opening up regularly, the fantastic staff at Park Avenue Properties can use their knowledge, expertise, and strong relationships with local homebuilders to make a brand new home a reality for you.
Park Avenue Properties is ready to help you.
Whether you’re selling or buying, Park Avenue Properties is here for you. As a boutique real estate agency with more than 24 years of experience, we specialize in creating trustworthy and professional relationships with you.
“Let’s face it, buying or selling a home can be stressful and emotional, especially during this ‘year of adjustment’,” Tanya added. “We may have adjusted some business practices ourselves, but one thing remains a constant … and it always will. Our clients always come first.”
Superior market intelligence and research. Customized marketing – digital, print, and experiential. Professional staging and photography. A network of trusted partners. And plenty of personal attention and communication. With hundreds of 5-star reviews and an 85% referral rating among clients, friends, and business connections, it’s clear you’re in good hands with Park Avenue Properties.
When you’re ready to buy or sell a home in Colorado Springs, Park Avenue Properties is ready to help you. Start today by calling us at (719) 548-9900 or by sending an email to [email protected]. We look forward to serving you.