There’s a common perception that, “Cash is King.” By this, it’s meant that cash tends to command a large discount.
Is that true in Colorado Springs?
Statistically not in December 2016.
There were 1,309 MLS listed sales for the month in the Pikes Peak Multiple Listing System (PPMLS) last month. Of those, 146 were cash. Of those 146, the average closing price to list price ratio was 98.3%.
Contrast that with VA loans for the same month, where the ratio was 100%.
Cash in December 2016 commanded a 1.7% discount.
Looking for a home here? I can help 🙂
Thank you for sharing, Melanie Henn from Land Home Financial Services!
A picture is worth a thousand words…so here are 8,000 words. Greatest state in the Union. 🙂
I love this state.
Looking to move to Colorado? Give me a ring and lets chat about housing and the area.
I agree! When we moved here, we knew we’d be staying and retiring here.
From the article: The Bankrate.com survey of the best cities to retire ranked 196 U.S. cities based on their health care quality, cost of living, tax rate, crime rate, weather, well-being and walkability.
What brought you to Colorado?
If I’m reading HUD’s schedule correctly, we’re due soon for an update but this is a comprehensive report with some great historical data on our city.
This is a GREAT question. If you don’t know, the VA loan allows for up to 4% debt payoff, as part of the mortgage balance. What does this mean?
Let’s take a hypothetical $250,000 dollar home. This means you can roll as much as $10K in debt payoff into a home purchase (credit card, car payoff, etc.). This has a couple of caveats, including home appraisal price — the home must still appraise for the contracted sales price or higher.
That’s great, right?! It can be. Who wouldn’t want to trade 10-15-19% credit card debt for 4-5% on a mortgage? It all depends on price point and long term goals. If you’re considering holding the home for a short time, this may not be the best use of the money.
Email me or call at 719-440-6626 and let’s talk options.
This is not legal or financial advice; always consult a qualified professional in their field of expertise.
Good question! Short answer: YOUR advocate in the purchase of a home.
Longer answer: in Colorado, there are four types of working relationships — seller’s agent, buyer’s agent, transaction broker and customer. A seller’s agent represents the seller and “works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller.”
A buyer’s agent “works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer.”
A transaction broker “assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties.”
Finally, in the customer relationship, the agent “has no brokerage relationship because such party has not engaged or employed the broker, either as the
party’s agent or as the party’s transaction-broker.”
(From the Colorado Definitions of Working Relationships Disclosure)
Looking to buy a home? I’d be honored to earn your business