LEARN MORE ABOUT YOUR HOME'S VALUE

The Colorado Springs real estate market has started to normalize. As of November 2022, interest rates and inventory have increased, resulting in slowing price growth; it's no longer a "Sellers' Market". Are you wondering what your house is worth? Consider some of the following as we research your request.

• The Pikes Peak Region is Unique. Our communities have grown in ways that might have been unimaginable back in the '80s. House prices in areas of Monument, Flying Horse, and Briargate have doubled in 10 years. We've all watched master-planned communities and shopping areas spring out of vacant land. Fortunately, our real estate agents understand how to maximize your value according to your property's features and your lifestyle. Will a remodel or update help your value? Are you able to subdivide land, acquire water rights or add an ADU? Would a 1031 tax deferred exchange save you money on taxable proceeds?
• Where will you live after closing? Homeowners in north El Paso County are usually excited when we tell them what their home will sell for. Many will need to buy another home to live in. Usually that means up- or down-sizing in a desired neighborhood, but sometimes it means leaving Colorado Springs. If you sell at the top of the market without a place to go, you might find yourself buying at the top of the market - it's common, and our expert Realtors® are prepared for that scenario.
• How is a home's value determined? To put it simply: a home is worth what a willing and able buyer will pay for it. Estimates of value, provided by a real estate broker or an appraiser, are just that - estimates. Our Realtors® will provide you with a free CMA (Comparative Market Analysis), which is an informal valuation based on the sales of nearby comparable properties, among other factors. Alternatively, a formal valuation may be provided by a licensed appraiser for $300-500. As of July 2022, the average home in Colorado Springs sold for $557,250 - a 100%+ increase from 10 years ago.
• How is the price set? We believe in the market data, because money talks. Our neighborhood experts are unapologetically transparent in setting your expectation according to the most recent sales trends and market momentum. Ultimately, the pricing decision is yours - setting it too high or too low can easily cost tens of thousands of dollars. If another valuation sounds too good to be true, it just might be. In July 2022, listings in the Pikes Peak Region sold for 0.1% higher than asking price, on average.
• The hardest decision. Should you price according to your home's condition, or seek top dollar after repairing cosmetic and functional defects? In our experience, correcting the issue beforehand provides outsized returns on the money invested. Action items discovered upon buyer inspection have an especially detrimental effect on sales price. Lowering the price as little as 3-4% may signal desperation, and encourage even lower offers. Our Realtors® will guide you through the best offers to start negotiations, based on market conditions. In El Paso County, the average home sits on the market for less than two weeks.