Corona Virus! OK, we've been cooped up for over a month now, with the state restricting showings on new listings. The good news is showings are once again allowed (as of 27 April), so you won't have to put an offer on a home strictly based on virtual tours and photos.
Other than this inconvenience, we've seen little impact on the housing market in Colorado Springs. Home prices have not decreased, and homes under $450K are still still going under contract much fast than an "average" market. The quarantine has impacted many financially, so it's possible we'll see a little better inventory in the coming months as people opt to sell their homes to pull their equity...which is good news for buyers.
If you're searching for a new home, you may want to consider what you're looking at out your front door, back window, etc. With track homes getting closer and closer, something as simple as a nicely landscaped yard can make the difference between relaxation and stress when you're gazing out your window during your morning coffee.
These are tips for general maintenance around the home from the viewpoint of a homeowner (me). I am not a contractor. Comments are always appreciated!
Tip #1: Keep your floor drains full. Floor drains can start smelling if the drain dries up because sewer gases can start getting into the house. Floor drains are common in laundry rooms, utility rooms, and sometimes garages. Guest bathrooms that rarely get used can also have this issue with sinks, tubs, and showers. Here in Colorado, the air is dry, so those drains can dry up pretty quick. I’ll usually pour a little water down my drains once a month or so. You can add a little mineral oil in the drain after adding water, and that’ll help “seal in” the water. Then you won’t have to worry about it nearly as often.
I posted this a few months ago on our Facebook page showing how increasing interest rates impact your purchasing power. Mortgage rates are currently at about 5.2% (depending on your credit, down payment, etc), and some say they’ll increase through next year. As a general guideline, you can expect about 10% reduction in purchasing power for every 1% increase in rates if you are financing your next home.
I’ve run into several people already who wish they bought a home a few months ago, so I figured a good topic for today is to talk current market conditions in Colorado Springs and El Paso county. Most of you know we’ve seen a rise in mortgage interest rates in the last month…last I checked average was around 5.2%, up from 4.5% just a few weeks ago! With that we’ve seen more homes come on the market, up about 5% from this time last year. Median home prices are down about 6% from their peak in June, and homes are staying on the market for a longer time. Continue reading “Colorado Springs Market Oct 2018”