What's the best time to buy a house in Colorado Springs? It all comes down to your priorities.
In recent years, listing prices for homes in Colorado were lowest in May. On average, homes were $107,627 less expensive. While in November — the month with the highest prices — the listing prices were $104,342 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Colorado Springs.
Best month for
10.9% lower than average
20.0% more homes to choose from
2.92% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home in Colorado Springs, the first step is to connect with a realtor who knows the local market. Economic conditions can change quickly, and a knowledgeable realtor will guide you toward the best times and places to find a home.
A free service like Clever Real Estate can match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
The best time of year to buy in Colorado Springs
If you want to get a great deal on a home, the fall is the best time of year to buy in Colorado Springs. There’s less competition from other buyers, and sellers are motivated because they want to move before the holidays. Plus, the weather is still mild for visiting homes and moving in.
That said, fewer homes are on the market in the fall, so it may be harder to find a move-in ready home. If your biggest priority is finding the right home, not the lowest price, consider searching for a home in March, April, and May when more homes are available.
While these are general rules of thumb, it's important to remember that seasonal price trends can change year over year — and there may even be differences within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Colorado Springs.
The best places to buy a home in Colorado Springs
While the city’s history and charm might have drawn you to Colorado Springs in general, you still have to decide where to focus your search. Here are a few options:
Old North End
Old North End is a section of downtown featuring large homes from the 1800s. It’s one of the oldest and most expensive areas of the city, with homes costing $500,000 and up. Homebuyers love the large front porches and custom millwork.
Rockrimmon is a newer neighborhood, dating from the 1970s. The homes have a vintage vibe, set on hillsides amid scrub oak. The area’s excellent schools attract a lot of families.
Another wealthier area of the city, The Broadmoor has older mansions from the '20s through the '40s, mixed with newer construction. Prices in this luxury area can go up to $8 million.
Old Colorado City
Some homes in Old Colorado City are surprisingly affordable, selling for as low as $150,000. This quaint area offers diverse housing (from small cottages to large Victorians), locally owned restaurants and shops, and old car festivals in the summer.
A newer area, Northgate is still in development. Homes here have mountain views and access to hiking and biking trails. You can find million dollar homes or homes for as little as $120,000.
Four ways to get a great deal on a home in Colorado Springs
1. Find a great Colorado Springs real estate agent
If you're hoping to find a bargain on a Colorado Springs home, start by connecting with an experienced real estate agent. A local realtor knows the ins and outs of the market and can help you determine the best time to buy a house in Colorado Springs. They'll also help you find neighborhoods that fit your needs and guide you through the buying process.
2. Determine what you need and want in a house
Are you tired of sharing a bathroom with the kids? Do you need an office to work from home? Whatever your needs, as you work with your real estate agent, they’ll help you prioritize and find what you’re looking for.
Based on your budget and must-haves, an agent will suggest certain neighborhoods in Colorado Springs. If you have a particular monthly mortgage payment in mind, they’ll help you find a home at or below that price.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Colorado Springs, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Colorado a typical house is worth $428,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,527. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,444.
4. Negotiate for the best possible price
Once you decide on a house, your agent will help you determine how much to offer to win the home. They’ll also guide you through the negotiations, ensuring that you pay a fair price in the current market conditions.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.