Learn more about what to expect once youve decided to buy a home in Colorado Springs. Wolff Real Estate Group will help you on your path to homeownership.
BUY YOUR DREAM HOME WITH CONFIDENCE
Homeownership accounts for 60% of an average family's financial assets.
The Colorado Springs real estate market requires a professional’s guidance and expertise.
Speak with a team of knowledgeable Realtors® with more than 75 years of experience.
So, you want to buy a house in Colorado Springs - now what? Homebuyers experience an exciting, emotional, and exhaustive journey in our competitive real estate market. Here’s how the buying process works from start to finish, and some things to remember along the way.
Timing the Market is Impossible. You're hesitant to purchase a home in a "Sellers' Market" - it's understandable. Many waste months of precious time deciding whether to buy. Remind yourself that most sellers start out as buyers, hindsight is 20/20, and most importantly - time is money. Home values in the Pikes Peak Region have grown more than 18% since November 2020, and 100%+ in the past 10 years; Goldman Sachs expects growth of 16% through 2022. Colorado Springs ranks among the nation's "Best Places to Live", year after year (#6 in 2021, US News & World Report). With patience, determination, and the guidance of a local Realtor®, your investment will provide outsized returns regardless of the market cycle.
Budget for "Pre-Approval". Estimate monthly payments with a mortgage calculator (like the one below) - but it won't evaluate affordability. Here's a quick rule of thumb: calculate 36% of your gross monthly income (i.e., before deductions & taxes), then subtract your total monthly debt payments (do not include housing expenses). The result is a very informal estimate of an "affordable" monthly mortgage payment, by lending standards. Now, you’ll need to get some paperwork ready: pay stubs, W-2s, two most-recent tax returns, as well as bank & credit account statements. Start with your most trusted financial institution, but you might find a better rate elsewhere.
Find a Local Real Estate Agent. Wolff Real Estate Group offers free Buyer Representation, working toward your goals during difficult contract negotiations. Working directly with a Seller or their agent puts you at an immediate disadvantage. Our Realtors® develop an action plan based on your real estate goals, set your expectations, and guide you every step of the way. It's our job to get you as much as possible for your money. Save yourself wasted time & energy in searching and negotiating, and thousands of dollars at the closing table - hire a team of neighborhood experts.
Tour Houses and Make Offers. Finding the right home requires patience and decisiveness. Some listings in the Pikes Peak Region receive handfuls of offers and fall under contract within hours. It's common to view dozens of homes and write several offers - in fact, we encourage it. You will benefit from your vigilance and develop well-informed market instincts! We prepare you to act quickly, and advise you on a reasonable offer based on market conditions. The hard work begins as your offer is negotiated, so get ready to make and request reasonable concessions (see below). Once your offer is accepted and earnest money is deposited, you're nearly halfway out of the woods.
Inspect the Home and Close. Don't get too comfortable once you're under contract; a lot can happen in the 2-4 weeks it takes to close the transaction. As experts, we strongly encourage you to hire a quality home inspector- there are very few reasons to waive the opportunity to a home inspection. It might save you tens of thousands of dollars in price discounts or repairs, while costing .001% of the home's value. You'll usually retain the option to withdraw your offer and have your earnest money returned. When our final negotiations with the seller are successful and formalized, both parties are ready to close. You’ll spend about an hour signing real estate closing documents and receive the keys to your new home!