How much money should you have before buying a house in Colorado Springs? Buying a home is a major financial investment, so knowing how much you can expect to pay can help you create a budget and avoid straining your finances.
In this post, our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss how much homes cost in Colorado Springs. We’ll also cover several expenses associated with purchasing a home.
Key Takeaways:
- In recent months, the median sale price in Colorado Springs was $440,000, a 1.3% increase from the same point a year ago. The average price per square foot is $217.
- Down payments can be anywhere from 3% to 20% of the home’s final purchase price. On average, most buyers pay between 10% to 15%.
- You can expect to pay anywhere between 2% to 5% of the purchase price of the home in closing costs.
How Much Do Homes in Colorado Springs Cost?
In recent months, the median sale price in Colorado Springs was $440,000, a 1.3% increase from the same point a year ago. The average price per square foot is $217, which is a 4.1% increase from last year.
Most homes sell for 1% below the asking price, while the hottest homes sell for 1% above their asking price. In addition, 24.7% sell above their asking price, and 26.5% of homes experience a price drop at some point after being listed.
How Much Money Should You Have Before Buying a House in Colorado Springs?
- Down Payment: Down payments can be anywhere from 3% to 20% of the home’s final purchase price. On average, most buyers pay between 10% to 15%. Since the median price of Colorado Springs homes is $440,000, this means you can expect to pay anywhere between $13,200 and $88,000.
- Monthly Expenses: Create a list of all the monthly expenses that come with your new home. This includes monthly mortgage payments, property taxes, homeowners insurance, utility fees, and HOA fees. These costs will vary depending on your home, location, and personal situation.
- Closing Costs: You can expect to pay anywhere between 2% to 5% of the purchase price of the home in closing costs. These costs include loan origination fees, appraisal fees, title insurance, escrow fees, and more. For a $440,000 home, the amount you would pay would be $8,800 to $22,000.
- Emergency Fund: As a new homeowner, it’s a good idea to set aside some money to create an emergency fund. Setting up an emergency fund provides a safety net in the event of an unexpected repair or expense related to your home. In general, aim to save 1% to 3% of the home’s purchase price each year to cover both routine maintenance and unexpected repairs. For a $440,000 home, this would come out to $4,400 to $13,200.
Barb Schlinker is the Best Realtor in Colorado Springs
If you’re looking for the best realtor in Colorado Springs, look no further than Barb Schlinker and our real estate team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team. We’ve been in the real estate business for 27+ years, which means we’ve helped thousands of home buyers find their dream homes.
Throughout our career, we’ve developed a reputation for high-quality customer service, attention to detail, and a stress-free experience thanks to our VIP Buyer Program. With this program, you get curated property hotlists, free home-buying resources, and our unique Buyer Satisfaction Guarantee.
To learn more about buying a house in Colorado Springs with our team, reach out to us today at 719-301-1802 or [javascript protected email address]. Don’t wait to find your dream home!
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