Colorado Springs Real Estate and Community News

July 16, 2020

12868 Casa De Campo Road

Woodmen Hills Home for Sale

Front View Single Family House

Beautiful Woodmen Hills Home for Sale

Exceptional attention to detail.  This incredible Sparkling & Spotless home is loaded with new updates & custom touches in desirable Woodmen Hills Subdivision.  As soon as you drive up to the home you will be impressed with the gorgeous curb appeal with lush professional landscaping.  Walking up to the home you will be in awe of the amazing architecture and design to include the custom accent stone & large, spacious, covered front porch. See More

Posted in New Listings
April 30, 2020

WOW! $20K Price Reduction 5365 Silver Spur Ave Colorado Springs CO 80915

WOW! $20K Price Reduction 5365 Silver Spur Ave Colorado Springs CO 80915

This spacious beauty boasts over 2,561 Total Square Feet on 0.28 Acre Lot.   With 4 Bedroom, 3.5 Bathrooms, and 4 Car Garage you don't want to miss this one.  If you enjoy the outdoors you'll appreciate the over sized lot with mature landscaping and an amazing deck to take in the plush landscaping of the back yard

For more info

April 15, 2020

Everything You Need to Know About Moving to Colorado Springs

With five military installation in Colorado Springs, CO, It's no surprise that the city is full of military families.  It's normal to see men and women in uniform picking the kids up from school, going on walks in the neighborhood, or relaxing in their yards at the end of the day.  SEE MORE 

 

Posted in Relocation
April 3, 2020

New Listing 5365 Silver Spur Ave, Colorado Springs, CO 80915

WOW! Price Reduced $20K for 5365 Silver Spur Ave, Colorado Springs, CO 80915  

This gorgeous home offers an abundance of living space on an over sized 1/4 acre lot, and 4 car garage.

Listing Details for 5365 Silver Spur Ave, Colorado Springs, CO 80915

MLS Number:  1727894

List Price:  New Price $404,900  was $424,900

Beds:  4

Bath: 4

Garage: 4 Car

Total S.F. 2,561

Lot:  12,300S.F. (0.28 Acre)

MORE INFO & VIDEO TOUR

 

March 31, 2020

Dr David Price Pulmonary & Critical Care Physician

Dr David Price, is a Pulmonary & Critical Care Doctor in one of New York Cities premier hospitals.  He is on the front line and shares information on protecting your family from COVID 19.  Since knowledge is power and helps us to make better decisions I wanted to share this with everyone.  I found the information very interesting...

 

Posted in Coronavirus
March 30, 2020

818 Altamont Ridge Drive Colorado Springs CO 80921

818 Altamont Ridge Drive, Colorado Springs, CO 80921 (Near Northgate Entrance USAFA)

Please enjoy our video tour

New Listing 818 Altamont Ridge Drive Colorado Springs, CO 80921

Listing Details:

Home for sale near United States Air Force Academy

818 Altamont Ridge Drive Colorado Springs, CO 80921

Price:  $419,900

MLS Number:  9447530

Bedrooms:  3

BNathrooms:  2.5

Total Square Feet:  2,794    Total Finished Square Feet:  1,905

Lot Size: 6,600 S Ft  (0.15 Acre)

Call / Text Robert DeYoung (719) 359-7010, Harmony Real Estate Group to see if this property is still available and arrange a showing

Incredible opportunity to own a two story home convenient to the North Entrance of the United States Air Force Academy.  

REMARKS:  This 2-Story home offers comfort, convenience & modern finishes throughout.  Located in desirable Greyhawk subdivision with easy access to shopping, entertainment, USAFA, & I-25.  This beautiful home is near Grey Hawk Park, District 20 Schools, Shopping, Walking & Hiking trails.  Short 3 minute drive to Fox Run Park.

There is an amazing loft office area on upper level with built in bookshelves.  The laundry room is also on the main level.  This home is the "Spruce" floor plan designed by Richmond American Home Builders.

Posted in New Listings
Sept. 27, 2019

What Does LTV Mean When Buying a House?

LTV otherwise known as loan to value ratio, is one of the factors that many lenders use to determine the risk of a loan. It tells how much your borrowing compared to the value of the asset. The higher it is, the more risk the lenders taking on by letting you borrow money and this might translate into higher interest rates, fees, or costs for the loan itself.What Does LTV Mean When Buying a House?

LTV indicates what percentage of the purchase you are financing with an asset secured loan. It's how much protection the lender has on the value of the property. Lenders will use this loan to value ratio to determine the risk of a loan, however, it is not the only factor. A high LTV signifies more risk because if the borrower defaults on the loan, the lender may not get enough money by repossessing and reselling the asset to cover the remaining loan amount. The condition of the property, credit score, and credit history also play a huge factor in the lender's risk upon allowing you to borrow money. [Source]

How to determine the loan to value ratio:

To calculate the loan to value ratio, divide the loan about by the value of the asset. For instance, if the home is priced at $350,000 and a borrower puts down $300,000, the loan to value ratio is 85.71%. This may or may not be enough depending on the type of loan you choose. FHA, conventional or traditional loans, and VA may have different requirements for the loan to value ratio percentage. Most conventional loans need that loan to value ratio lower than 80%. The more a borrower puts down, the less risky they become. Borrowers also will receive a lower interest rate the more money they put down.

This can be a difficult thing to accomplish for first-time homebuyers. There are a lot of options for coming up with the down payment for first-time borrowers but for those who are repeat buyers, chances are they should have enough in the equity of their first home to put a substantial down payment on their next. If you have good credit and good credit history, this can mitigate some of the risks a lender takes on with a high loan-to-value ratio loan.

Related: 5 Ways to Get Free or Easy Money for a Down Payment

So how does it affect loan terms?

The loan-to-value ratio will have the greatest impact on your mortgage. If your LTV is higher than 80% you may be required to pay additional private mortgage insurance, which can cost between .3% and 1.5% of the total loan. That could be an extra $50 or $300 added to your monthly mortgage payment. This private mortgage insurance will stay on until the property reaches a loan to value ratio lower than 80% or in some cases, 78% come or you can refinance and request to be removed in the future.

If you owe more on your home than it is currently worth that means your loans LTV exceeds 100%, also called negative equity. It can be extremely tough to sell a home unless you have enough cash to pay the difference. In this case, short sales are usually a better option.

For more information on LTV and to find out if the home you are looking at is within the right LTV for your situation give us a call.

Posted in Buying a Home
Sept. 25, 2019

5 Home Upgrades That Will Attract First Time Homebuyers

Whether you are attracting a repeat buyer or a first-time homebuyer, there are always features and accents in a home that will attract the majority of buyers. But today, many first-time homebuyers are looking for these five upgrades. If it's been a while since you've updated your home, before listing, consider making these five upgrades to really attract a wealth of homebuyers.

#1. A home office.5 Home Upgrades That Will Attract First Time Homebuyers

Many millennial's and first-time homebuyers are looking for that extra space in the house for an office space. Whether people work from home or not, having a dedicated office space in a house means there is a quiet place to check email, work on projects, or just keep files.

#2. Energy-saving appliances.

If your furnace, water heater, or any of your kitchen appliances date back to the stone age (ha ha) it's time to upgrade. Homebuyers and homeowners don't want to be spending a fortune each month on energy costs so finding appliances such as a tankless water heater, high-efficiency furnace or heat pump, and high-efficiency kitchen appliances will definitely draw in the majority of first-time buyers.

#3. Smart home technology.

This could mean a Nest thermostat, which is programmable and saves energy, a Ring doorbell or security system, security cameras or motion lights, and blinds, appliances, and HVAC systems that can be controlled from your smartphone. Other simple things such as GFCI outlets that include USB chargers are also popular.

#4. Open floor plan.

Open floor plans or the lack thereof are not deal breakers but having an open gathering space definitely appeals to many first-time buyers. Emphasize an area where homeowners can gather with their friends and family such as a large kitchen island rather than a wall separating the kitchen from the dining room or family room.

#5. Neutral colors.

This doesn't necessarily mean beiges, tans, and whites any longer. Soft grays, even blues can add a neutral appeal to just about any room. Keep things either cool or warm without going crazy with accent colors.

If you're planning on selling your home choose any one or all of these upgrades to appeal to a wide range of buyers, especially first-time buyers that have their heart set on a modern, or even brand-new home. Trust me, if you can compete with those new construction properties out there, you'll win them over with some established features such as mature landscaping or fenced yards.

 

Find Out How Much Your Home is Worth

 

MORE GOOD STUFF:

5 Questions to Ask Before Selling Your Home

8 Buzzwords that Annoy home buyers

Should We Sell Now, Rent, Then Buy When Prices Drop?

6 Home Design Rules It's Okay to Break

 

 

Posted in Selling Your Home
Sept. 20, 2019

What Exactly Are Closing Costs?

Buying and selling real estate cost more than simply the exchange of how much the property cost and how much the seller receives. There are a lot of parties involved when it comes to selling and buying and transferring real estate and all of those costs are called "closing costs".What Exactly Are Closing Costs?

When you first have an accepted offer you open escrow, meaning your earnest money deposit goes into a separate escrow account handled by an escrow or title company and then went all of the documents are completed, everything checks out, everything is signed, then you close escrow, also called the closing and therefore incurs closing costs.

There are a lot of different fees included in closing costs such as courier fees, title search fees, escrow fees, commissions and more. They may include but are not limited to:

  • Deed transfer tax
  • Recording fees
  • Title insurance, title search, and premiums
  • Settlement fees
  • Loan application and origination fees
  • Points for the loan
  • Appraisal fees
  • Potential surveys
  • Home inspection (this may or may not be included in closing costs but may be paid directly to the inspector)
  • Homeowner association fees or prorated fees
  • Pay off of existing liens
  • Brokerage commissions
  • Potential attorneys fees
  • Mortgage payoff penalties if applicable

all of these fees may or may not be included in your closing costs to depending on the type of transaction. For VA loans, sellers pay the majority of the closing costs. In USDA loans, sellers may or may not agree to pay for closing costs but in most cases, for traditional, conventional, and FHA loans, both the buyer and the seller have their own closing cost fees.

Many times, these fees can be built into the purchase price of a home. For instance, if the home is listed at $300,000, a real estate agent may build in closing costs to the offer. They would submit an offer to the seller for $310,000. The extra $10,000 would cover closing costs and basically the buyer would finance their closing costs in with the home. However, the home must appraise for the inflated amount. If the home can appraise for $310,000, chances are the seller will accept the offer. If the appraisal does not come in at the requested amount, the buyer will then either need to come up with the difference or ask the seller to pay the difference.

  • The seller, buyer, or sometimes both will pay a transfer tax, recording fees, settlement fees, and potentially any attorneys fees.
  • The buyer will typically pay for any prorated building or homeowner association fees, surveys, the appraisal, home inspection, loan application and origination fees, and points. The buyer may also pay for a title search and title insurance.
  • The seller will typically pay for any existing liens, real estate brokerage commissions such as buyers agent commissions and listing agent commissions, and their mortgage payoff penalty if it applies.

These closing costs will either be built into the purchase price of the home and finalized upon closing, when buyer and seller sign the final documents, or buyer and seller will need to bring money to the closing table. This can be in the form of a cashiers check, money order, or sometimes even a personal check.

If you have more questions on closing costs, who pays what, and any unusual fees you might see on your closing statement, feel free to leave us a comment below or contact our office and speak to an agent directly.

More Answers to Similar Questions:

Sept. 18, 2019

Should We Sell Now, Rent, Then Buy When Prices Drop?

Should We Sell Now, Rent, Then Buy When Prices Drop?

I've gotten this question several times before and actually just heard it on the radio today in a financial advice segment so I thought I would address it. 

"Should I sell my house now while the market is good, rent for a while and buy when the market crashes?"

Of course, this is assuming that the market is going to crash but are we really in a housing bubble? Before the subprime mortgage bust in 2007 and 2008, homes were rapidly increasing in value and there were multiple bids, escalation clauses, and people were buying homes they really couldn't afford. I'll never forget helping a couple that worst going from a $500 a month rent to a $2500 a month mortgage. I strongly urged against it but their mortgage person said they could totally do it and they would've sold their firstborn child to get into this house. I highly doubt that they are still in that home today but we certainly don't want people buying homes they can't afford, however, the federal government has done a lot to prevent these predatory lending practices. Verifying employment, income, and debt is becoming stricter and mortgage lender certainly don't want you bailing on a mortgage a year or two after obtaining it. The last thing banks want is real estate on their books. They prefer you to stay in the home and that means doing everything possible to verify your income and make sure you can actually afford the home you want.

That being said, are we headed for another housing market crash? The housing market is very similar to the stock market. It has its ups and downs, crashes and rises, but it eventually continues to go upward. The housing market is very similar. Over the years we may have crashes but as long as you hang on to the investment it will automatically increase. If you're buying penny stocks, that is high risk and there is much more of a chance of losing your money or your house if you buy and sell rapidly. If you purchased a home in the 1990s, chances are it has probably tripled in value. If you sold now and waited to buy, you may or may not get a better deal. Sticking the money in a bank or in a high interest-earning account might give you a little bit more, but of course, there is no guarantee on the housing market. We can't really predict housing market crashes. We may see a dip here or there in the next couple of years, but chances are it will come back with a vengeance within 2 to 10 years.

So it's really a risk. The housing market may drop a little in the future but most analysts and economists don't see a drastic drop as we did 12 years ago. Chances are, homes will continue to increase so buying now, especially if you don't have to change your mortgage payment too much, might be ideal. It really comes down to when you need to buy or sell. If you need to buy a home, now is the best time. If you need to sell for whatever reason, now is the best time.

Call our office to find out what's available in your real estate market today throughout Colorado Springs or feel free to give us some information on your home and we can tell you what it's currently worth.

More Great Tips:

5 Questions to Ask Before Selling Your Home

I Just Bought a House and in One Month Have a New Mortgage Company

How to Know We're in a Sellers Market

The One Real Estate Tip We Should Stop Believing

 

 

Posted in Selling Your Home