Secrets to Buying a Home in Monument, CO, Right Now

Secrets to Buying a Home in Monument, CO, Right Now

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?

Many homes in Monument are owner-occupied rather than rented, meaning relatively few homes are locked up in the rental market. There are also some stabilizing influences. One is the proximity to the United States Air Force Academy, which provides stable employment.

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

Most people only look so hard for a good deal, especially if you have the money to buy at the higher end of the market. However, there are always secrets and tips to learn.

Here are some tips for buying a home in Monument:

Consider the snow

At an altitude of over 7,000 feet, Monument gets a lot of snow. Snow season lasts seven full months of the year, with typically about 50 inches of snow accumulating. Make sure that you are ready for this and consider it when looking at home locations. That very pretty home with the long driveway may come with an elevated risk of being snowed in. Smaller streets are a lower priority for plowing. That said, the infrastructure is well-designed to handle these snow levels.

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

Monument has a lot of custom homes. If you aren't up for building one yourself, they come on the market fairly regularly. This means that if you keep an eye open and/or have a good realtor, you may be able to find something truly unique. Add spectacular views of the mountains, and you can get away from “cookie-cutter” house designs.

Know your budget

It’s important to know what you can comfortably afford before getting started. Unless you're buying cash, it's a really good idea to get pre-approved before you even start looking. That will keep you from falling in love with something out of your price range. Go to a local lender if you can; they know the market, and it's often easier to get qualified for a larger amount.

If you're planning on buying cash, make sure you have money set aside for closing costs.

Get an inspection

Always get your potential new home fully inspected. This helps you avoid any unexpected expenses or hassles later. In Monument, your inspection should include a radon test. Elevated radon levels are very common in Colorado due to natural uranium-bearing granite deposits. If levels are high, you should consider the cost of radon mitigation before continuing.

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

Given all that snow, fewer people want to move in winter. Summer is likely to give you more options but also more competition for your dream home. You will likely need to make a decision faster in June than in January. Looking in the middle of winter will give you a much lower inventory. However, you are also likely to be dealing with a motivated seller. Not many buyers are willing to look at homes in those conditions.

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

In this age of online search engines, it can be tempting to skip a buyer's agent. This would, however, be a mistake. A good buyer's agent will help you hone in on what you want. They will know which neighborhoods are most likely to be suitable for your needs and budget.

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.

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