What is considered a fair offer on a house in Colorado Springs? With the market currently shifting towards a buyer’s market, home buyers may find themselves with more negotiating power than in recent years. However, a fair offer can vary based on the property type, local competition, and the seller’s motivations.
In this blog post, Colorado Springs real estate expert Barb Schlinker and the professionals at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will discuss what is considered a fair offer on a house in Colorado Springs.
Key Takeaways:
- Colorado Springs is currently leaning towards a buyer’s market, which can give buyers more leverage in negotiations.
- Average homes may sell slightly below list price, while hot properties may go for at or slightly above list price.
- Factors such as market trends, days on the market, and property condition all determine what a fair offer is.
What Is Considered a Fair Offer on a House?
In recent months, the Colorado Springs market had an average sale price of $440,000, which is 1.1% higher than the same point last year. Average homes typically sell for about 1% below the list price, while the hottest homes sell for their exact list price.
Based on current market trends, if a property is listed at $440,000 a fair offer would be anywhere from $435,000 to $440,000, depending on factors like the home’s condition and neighborhood appeal.
For highly desirable properties, you might need to offer at or even 1% above list price, especially if the home has unique features or a prime location. Colorado Springs realtor Barb Schlinker adds,
“In today’s market, buyers don’t always have to go over asking unless it’s a highly desirable property. An offer at or just below the list price can often be very competitive for an average property.”
If you’re making a cash offer, you may be able to offer potentially 10% to 30% less. Most sellers are willing to accept a lower offer amount in exchange for the speed and convenience of cash.
Does The Colorado Springs Market Favor Buyers or Sellers?
The Colorado Springs market is softening, allowing home buyers to take advantage of slight discounts on average properties. Overall, the market strongly favors buyers, but it’s still competitive. This means some homes may sell quickly or with multiple offers, while others might take longer. According to Barb Schlinker,
“Colorado Springs is seeing a shift toward a buyer’s market, giving buyers a unique advantage to negotiate.”
In addition, inventory in Colorado Springs has increased and homes are staying on the market longer. On average, properties go pending in about 42 days. Hot homes, however, can still go pending in around 19 days. They might sell even faster if they have an accurate price and a desirable location.
Given that the Colorado Springs market is not as fast-paced as Denver, this increase in inventory means you’ll likely have some room to consider your options without rushing.
How Can You Determine a Fair Offer on a Property?
One important factor to consider when determining a fair offer is the property’s days on the market (DOM). Homes that have been listed for several weeks or more usually mean the seller is open to negotiations.
Properties sitting on the market longer may also have fewer competing offers, giving you more leverage to make an offer below the list price.
Conversely, properties with a short DOM may require a more aggressive offer. For these in-demand homes, a fair offer might need to meet or slightly exceed the list price.
As a buyer, be sure to work closely with your realtor to assess a property’s DOM and gauge how competitive your offer should be.
Why Is a Comparative Market Analysis Essential?
While general market trends provide valuable insights, every property is unique. For this reason, a Comparative Market Analysis (CMA) conducted by a local real estate expert is key to determining a fair offer for a specific property.
A CMA will take into account the property’s location within Colorado Springs, recent sales of similar homes, and current buyer demand. Plus, a local realtor like Barb Schlinker can offer guidance tailored to individual properties. According to Schlinker,
“Every neighborhood in Colorado Springs has its own set of dynamics, and a CMA helps buyers make offers that are both fair and competitive.”
This personalized approach ensures buyers aren’t relying solely on general market data and instead have detailed insights for each specific property they’re interested in.
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 team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team.
Throughout our 27-year-long career, our Colorado Springs real estate agency has developed a reputation for high-quality customer service. We also provide 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]. We can help you find the best Colorado Springs homes for sale today!
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Cash offers have become more common in Colorado Springs and often come with an expectation of a discount, typically 70% to 80% of fair market value. If you’re making a cash offer, it’s typically fair to offer below the listing price, potentially around 20% to 30% less. However, the exact discount will depend on the seller’s situation and the property’s characteristics.
