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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.
Here’s the rundown on the market right now!
Good question! The short answer is: Yes, it is a tool you can use in your home search. But it has a limitation.
Zillow is a great platform for home searches and cannot/should not be discounted. However, there are a couple of things you should know when searching for homes in the Colorado Springs market.
Sites like this are fed from an IDX (Internet Data Exchange) via the MLS (Multiple Listing System).
In the case of Zillow, it’s also manually updated by homeowners, property managers and agents. However, Zillow is no longer automatically updated by the local MLS. The result is that it no longer represents the totality of the market.
If you’re looking to buy or sell a home in Colorado Springs, I’d be honored to earn your business.
Are you considering a home in the Springs or surrounding area? Occasionally, I’ll be providing some research tools for your use.
We are all about providing tools and information for the community. Check out this Google Map w/overlays.
Ooh. This is a good one. The general rule of thumb is one percent of the purchase price of your home, annually. Jeff Brown, from Main St, has quite a good breakdown on what this means for you as a homeowner.
For a home price of $200,000, that’s $2,000 annually it’s recommended you plan for. You may not always spend that much but I do recommend you save it…because there will be times you do.
Last year, I had to replace my roof ($1K deductible) and repair some damage from a washer that failed ($15 part, $1K deductible).
Knock on wood and I really shouldn’t say this but this year we have been fortunate (so far) and not had any major home maintenance issues.
I don’t disagree with this assessment, including the piece about the tight rental market. There is an interesting data point to keep an eye on as well, with this discussion: we are a town with a lot of VA loans. The military BAH has a lot to do with pricing here. If BAH doesn’t increase, what will that do to our prices?
Looking to buy or sell in Colorado Springs? I’d be honored to help!