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Which Colorado Springs neighborhood should I buy in?

Tuesday, August 30, 2011



Which Colorado Springs Neighborhood should I buy in?



Turner Colorado Homes Neighborhoods



As a potential homebuyer in the Colorado Springs area, it is important to not only choose the right house for you and your family, but also the right neighborhood. Here are 5 tried and true characteristics that will help ensure you choose the right neighborhood in the Pikes Peak region. Mention this article and Turner Associates will provide a rebate to you upon closing should you become our client! Amount of rebate is dependent upon purchase price and exceeds the amount by the USAA mover’s advantage program.

Buying a home that declines sharply in property value can put you underwater on your mortgage, erode your net worth and leave you unable to relocate out of Colorado Springs for a new job or adapt to a change in household income. One of the biggest factors that determines whether a home will rise or fall in value is its neighborhood. That's actually a good thing, because you don't need a crystal ball to evaluate a neighborhood's direction in the 719 area code. The places that tend to hold on to their value are places that do well across two primary factors that anyone can evaluate Colorado Springs neighborhoods by. These two criteria are access to jobs and access to amenities. Those and a few others can help you get a sense of where a Colorado Springs neighborhood is headed.

Access to jobs -
The single most important determinate of real estate prices in the Front Range area is employment opportunity nearby. Without that, a neighborhood is at risk of taking a free fall in real estate values. Think about neighborhoods that are surrounded by employment opportunities, whether it’s the Air Force Academy, Federal Express Corporate, Compassion International or Lockheed Martin – there are several neighborhoods close by including Cathedral Pines, Flying Horse, High Forest Ranch, Stone CrossingPine Creek, Gleneagle, Black Forest Reserve and Kings Deer.
How convenient is this to a lot of high-paying jobs? That is the most important thing for value. Over the long term, the places that are less at risk, even if they're not the nicest, fanciest neighborhoods, are going to be the places that are convenient to get to high-paying jobs, period. There are a few telltale signs of areas with long-term opportunities for jobs -
• Low unemployment.
• High household income.
• Seats of federal or state government, particularly military
• Creative industries (music, television, design, publishing or advertising).
• Research facilities.
• Large or prominent colleges and universities.
The Bureau of Labor Statistics has a wealth of information that can help you assess an area's employment picture. One key bureau feature is the Local Area Unemployment Statistics map, which can give unemployment information by metro area and county. Another data set called Current Employment Statistics can tell you how many people are employed in different sectors of the economy in a given Colorado Springs area or neighborhood.
A wealth of desirable amenities –
Having desirable amenitie
 

First Time Homebuyer in Colorado Springs?

Monday, August 29, 2011

Looking for your first home



First Time Homebuyer in Colorado Springs?


Need a Realtor that truly understands the first time home buying experience?


Call Travis 


Declining home values in Colorado Springs Neighborhoods and El Paso County that are plaguing homeowners is just one of the factors creating an opportunity for prospective home buyers. Those depressed values, combined with near-record-low mortgage rates are luring more first-time home buyers into the market. A recent Century 21 Real Estate survey found that more than three-quarters (78%) of potential first-time home buyers say now is a good time to buy. Mention this article and Turner Associates will provide a rebate to you upon closing should you become our client! Amount of rebate is dependent upon purchase price and exceeds the amount by the USAA mover’s advantage program.
If you agree, be aware that buying a home in Colorado Springs comes with plenty of potential mistakes. Here are the 6 common missteps that first-timers tend to make:

1. Having no idea how much house you can afford
Many new home buyers spend a lot of time researching homes comparing kitchen layouts and backyard square footage but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and gets preapproved for a mortgage. Without first figuring out how much house you can afford, you risk falling in love with one you can't. (Tip: check  atout our Colorado Springs Affordability Calculator on the right)

2. Assuming foreclosures are great deals.
Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower priced foreclosure in Colorado Springs.

3. Failing to find a buyer's agent that UNDERSTANDS mortgages.
Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order. After all, buyer’s agents have a fiduciary responsibility to the buyer exclusively -- and should be looking out for their best interests. Or consider using an agent recommended by a relative or friend. Interview each candidate about their experience, if they’ve worked with first-time buyers before and what kind of service you’ll get from them. Additionally, if you can find an agent with actual mortgage industry experience, even better! (Tip: Turner Associates has mortgage lending experience)

4. Underestimating the costs of owning a home.
Whether it s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many home buyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home s purchase price annually for repairs and upkeep.

5. Assuming your first offer will get accepted.
As home prices get even more affordable, competition is bound to heat up. You can’t assume you’ll walk in there, make the offer and get it. Try not to get discouraged if you lose out on the first or second house you make an offer on. Colorado Springs home sellers are in a tough spot, don’t expect them to just roll over on the offer just because it’s a buyer’s market. If you were selling you wouldn’t roll over would you?

6. Doing too much too fast.
Some buyers want to make the house their own right away. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that is not always the case especially in today's market. Instead, buyers need to exhibit patience and make changes over time.

Contact Turner Associates today if you are first time buyer that would like some guidance

info@turnercoloradohomes.com

Thank you and sincerely,

Turner Associates
 

5 Steps to Relocating

Wednesday, August 17, 2011
Colorado Springs Realtors, Colorado Springs Real Estate, USAFA, Colorado Springs Homes for Sale


(if you are Military or Department of Defense ask us about our incentives for closing with Turner Associates)



1.) : This is a simple step, but it is also the most important step. It consists of contacting a Colorado lender and submitting personal information in order that a lender can provide a letter assuring the sellers (and other parties) that the buyer can actually buy a home. Pre-qualification generally includes a good credit history and sufficient income to repay the amount of the loan necessary to purchase a home. The process can normally be done over the phone or by e-mail and it is free of any fees or obligations. If you are paying cash, then it is important to provide your realtor a financial statement which supports that the cash is available. Either a letter of pre-qualification or a Financial Statement normally accompanies an offer submitted to a seller to buy a property. Having completed this step, a client can expect to be taken seriously by everyone. Here is a link to our preferred lender – get pre qualified in minutes: http://tcrane.lionbankmtg.com/calc_qualify.html

2.) : It’s important to understand that the system is structured so that in most cases, the fees for the buyer's representation are already rolled into the seller's costs. A listing agent normally sets aside one-half of the commission to be paid by the seller at closing for the buyer's agent who brings the buyer. A buyer could approach the listing agent and request to have the price of a home reduced by the amount of the buyer agent's commission, but then that buyer would have no representation. The listing agent is then obligated to be an advocate for the seller, not for the buyer. The buyer would have no one to assist with pertinent questions about soils, drainage, termites, home warranties, no one to help with determining a fair offering price, or to negotiate on the buyer's behalf. This is the way the system used to work and it was ultimately deemed to be unfair. This is true with builders as well. They include the expense of a buyer agent in the price of the new home, and they do not offer to give money to a buyer just because the buyer opted not to have an agent.

In the case of a home which is being sold by the owner, a buyer's agent should approach the sellers before showing the home and ask the sellers if they are willing to pay the buyer's agent a commission if their client buys their home. It is common for the seller to agree. If the seller should refuse and the buyer wants to proceed, than the buyer's agent must rely on his clients to pay the commission. Also, in either case, the seller has no representation, as the buyer's agent is obligated to be an advocate for the buyer, regardless of which party pays the commission.

At Turner Associates we do not make our buyers sign buyer contracts. We are confident that you will be more than pleased with our service and therefore we will be compensated at closing. However we do ask that our buyers remember that the agent fronts everything... all the costs associated with being in business, all the energy and time, and the agent receives nothing if the buyer does not buy.

3.) : Rarely do buyers select a home before they first select the area of town in which they will be most comfortable. There are too many other determining factors, such as work location and the resulting commuting times, schools, crime, resale value, personal preferences like proximity to shopping or country clubs. It's best to approach this issue by providing a client access to all the information possible before they arrive. This process normally narrows the neighborhoods of interest to two or three general areas. Once a client arrives, looking at homes within those neighborhoods helps to confirm the previous work or it points the search in a different direction. After a few hours, most buyers have a good idea where they would like to concentrate their efforts. In addition it cuts down on time driving around with your realtor in areas that do no match your criteria.

4.) : This is the step most people want to do first, but really, steps one through three have to be done prior. Picking out the home which best meets a buyer's needs is always affected by budgetary limitations, as well as other considerations. When not constrained by time, selecting homes in a buyer's price range for them to drive by may be desirable. Then, when they have found some homes they would like to investigate further, arrangements can be made for showings on these properties. Often, buyers have only a few days to actually look for a home, making time another constraint. An experienced agent takes pride in having taken the steps necessary to find out ahead of time what neighborhoods and what homes are most likely going to suit a client's needs. That way the agent is prepared to show the buyer numerous properties quickly and efficiently, so that the buyer has time to decide on a primary choice and a couple of alternative homes in order of priority.

5.) : This is where your agent earns their dollars. In Colorado, the purchase offer contract is over 17 pages long, hence a lot of legal knowledge is required. Turner Associates strongly recommends that if you are a buyer, you should be represented by an experienced agent that has closed SEVERAL transactions. This will ensure that you get the home you want at the price you bargained for, in addition, it could keep you out of legal trouble. Contact us today if you have more questions about buying in Colorado Springs.

Contact Turner Associates today for further assistance on relocating to - or from - Colorado Springs.

info@turnercoloradohomes.com

Thank you and sincerely, Turner Associates
 

Our Featured Listings

Wednesday, August 10, 2011
 

Buying A Foreclosure in Colorado Springs

Monday, August 08, 2011

Buying Foreclosed Homes in Colorado Springs


Turner Associates is ready to educate, assist, and help you buy Colorado Springs foreclosures and other distressed properties. Below you will find an extensive search capability that will include ALL the foreclosures in the Colorado Springs region. Mention this article and Turner Associates will provide a rebate to you upon closing should you become our client! Amount of rebate is dependent upon purchase price and exceeds the amount by the USAA mover’s advantage program.However, before you get started, we strongly encourage you take a moment and read the following bullet points that will help you understand the advantages and disadvantages of buying a foreclosure property:

View All Foreclosures For Sale In Colorado Springs









$100,000 - $400,000$400,000+

Pros of Buying a Colorado Springs Foreclosure


: This is the big reason most people become interested in purchasing foreclosure properties in the first place. Though don’t expect the same kind of discount as in years past. Stats from National Association of Realtors show the average foreclosure sold for 27 percent less than its value, which is down 33 percent from the same time last year. Even so, paying three quarters of what a home is worth is still a significant reduction.

: A common misconception today is that you cannot buy a foreclosure with a mortgage. Even though the process of buying a foreclosure is different from purchasing a regular home, you can still take out a mortgage to pay for the property. The best part is since you will (hopefully) pay less for a Colorado Springs foreclosure property than a new home, you will borrow less and end up with smaller monthly payments.


Cons of Buying a Colorado Springs Foreclosure


Even though it’s possible to buy a foreclosed property well below its value, that doesn’t necessarily mean you’re going to get the best deal or avoid major costs. Sometimes homeowners are better off buying a new home instead.

When you buy a new home, you’re protected by a builder’s warranty in case anything goes wrong when you move in. This isn’t the case with a foreclosure, which is sold as-is with no cause for recourse if the home has defects. Also, the home has been lived in already, perhaps for many years, and is more likely to have issues that won’t be discovered until you’ve moved in. You could be unlucky and end up with a “fixer-upper” when you had no intention of purchasing one.

: Understand that you’re purchasing a home which the last owner couldn’t afford to keep. In addition to maintenance and repair costs, this person may have also neglected expenses like income and property taxes, contractor payments or loans against the home. In this case, a lien may have been placed against the home which becomes your responsibility once you’ve purchased it. Performing a title search before committing to buying a foreclosure can uncover any liens.

: The final and most important thing to understand when purchasing a foreclosure is that it normally take 2-4 months longer to close the contract than if you purchase from homeowner. The reason being is that banks are much more difficult to deal with. The average bank has several foreclosures (REO’s) on its books and you are simply one of many transaction occurring at the same time. This is the main reason that it is imperative you hire a buyer’s agent that can speak with the bank in their own language, and be capable of jumping through hoops in a timely manner.

: Finally, as a purchaser of a foreclosed property, you must understand that there i NO NEGOTIATING with banks, they typically provide a “take it or leave it” price. Again, you wil need an experienced Colorado Springs agent to let you know if you are actually getting a good deal or not.

Now that you are significantly more educated on the foreclosure purchase process, we strongly encourage you to contact one of our experienced agents to assist you in the process. At Turner Associates we pride ourselves in being experts in distressed properties in Colorado Springs.

info@turnercoloradohomes.com

Thank you and sincerely, Turner Associates

 

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