Monument, CO, is a charming little town at the Palmer Divide. Only 40 miles from Denver, 20 miles from Colorado Springs, and nestled up alongside Pike National Forest, Monument is the perfect combination of mountain living, access to the city, and highly acclaimed schools. This makes it a highly desirable community where it might be challenging to find the right home.
Is It a Good Time To Buy a Home in Monument, CO?
However, Colorado Springs is experiencing a lull in the home market. Prices fell in the first part of the year, and homes can take longer to sell. This is an encouraging sign for anyone wanting to buy a home here, as “free inventory” is still likely to be high. The median home value is a reasonable $395,688, and the area shows modest growth in population with space for additional builds. Despite this, Monument is still considered a sellers’ market, with most people paying the asking price.
This likely means that home prices here will go up again in the medium to long term, making now a good time to buy. You may be able to get a deal in the current market that will prove to be a solid future investment.
Some tips for buying your Monument, CO, home
Here are some tips for buying a home in Monument:
Consider the snow
Also, consider this when assessing a commute into Colorado Springs or Denver. Your short commute can become much longer in the dead of winter, and you should use that time to determine whether it's reasonable for you.
Look for custom properties
Know your budget
If you're planning on buying cash, make sure you have money set aside for closing costs.
Get an inspection
Even if the owner got an inspection, you’ll want to get your own, and your lender may require it anyway. Your luxury real estate agent will know a trustworthy home inspector. Make sure you are there for the inspection and that you share your priorities and deal breakers before they start. Some homes in this area have wells; if so, make sure to get a well inspection.
Be ready to walk away if the inspection shows issues you can't or don't want to correct. Colorado has fairly strict disclosure laws, but you should still be careful.
Consider the time of the year
While you may not get the best impression of the land or the yard when house hunting in winter, you can ask for photos of the yard during other seasons so you can get some idea of whether you will like it.
Of course, we can't always choose the time of year we have to move, but if you can, bear in mind the seasonal swing in both inventory and demand.
Work with a reputable luxury real estate agent
Agents also often find out about properties before they come on the market. This is particularly important in a sellers’ market, giving you a head start to get your offer in early. This can be crucial if the seller is motivated. They are familiar with the developers behind new builds and can help you make the right decision about whether to buy in a development.
If you are considering relocating to Monument, CO, or anywhere in the Colorado Springs area, please contact real estate agent Michael Turner with any questions you might have. Monument is a great place to live with the perfect balance of access to Denver and the great outdoors, so it's well worth considering for your next adventure.