There are no two ways about it, real estate in Colorado Springs, Monument and Woodland Park areas has hit a slump and it’s a buyer’s market. But there are still important things to keep in mind. When setting out to buy Colorado Springs real estate, first you should figure out whether you have your heart set on a certain house, or if bargain hunting is your game. The seller may or may not respond to a low offer. You rarely know the life story of the person you’re making the offer to. They may be headed in to foreclosure, or just testing the market. They may be eager to sell, but also easily offended. Be clear with yourself and your realtor about your goals before you start writing offers.
If you like to negotiate, then take each opportunity to negotiate with good humor and go for it! Know that sellers are rarely grateful for a low offer, but it may be all they will get. Be business-like. Put everything in writing.
If you just want the house, then make sure your realtor shows you the active and sold competition. Decide what the home is worth to you and make an offer (maybe slightly less than that). Keep in mind how much work the house will need based on things you can see right now and make your offer accordingly. If, during the inspection period, you discover that something is broken , doesn’t have a building permit, or has some other previously hidden flaw, you will have the opportunity to negotiate for repair or a price reduction. If, however, you use the inspection objection period to renegotiate the price because of something you knew when you made the offer, that may not work so well. Keep in mind that there is desirable real estate in Colorado Springs and if something comes on the market that looks like a great house at a great price, IT IS! If you want it, don’t be stubborn and wait for things to get worse. Someone else will buy it.
As long as you are clear about your goals, you can have a great experience negotiating for real estate in Colorado Springs right now. Make sure you do your home work so you won’t question yourself in the heat of the negotiating.