Tis the season to be thinking about Colorado Springs Real Estate! With winter storms come and gone, people are turning to thoughts of moving. Whether you’re buying or selling, there’re a few things you should know about the market to prepare for the process.
Rental Rates Are High
Choosing between buying or renting? Consider the price of renting compared to a monthly mortgage as you make that decision. The rising rental rates make buying a home the financially savvy choice for a lot of people.
Strengthening Local Economy Encourages Home Buyers
As we continue through 2016, we’re all grateful for the economy’s continued growth. In Colorado Springs and surrounding areas, thousands of jobs have been added to the market. Naturally, this means unemployment rates are falling and this has an impact on Colorado Springs real estate. More and more people are able to consider home ownership as a possibility.
Single Family Homes Are In High Demand
Given the increasing rents and strengthening economy, single family homes are not spending a whole lot of time on the market. They receive plenty of offers and sell quickly.
Distressed Sales Are Declining
This is another sign of a strengthening economy. We’re seeing fewer foreclosures than a few years back. This also means buyers won’t find those amazing deals that were available a few years back.
If You’re Considering A Sale, Now Is The Time
If you’ve been thinking about selling your home, this is a great market. Homes aren’t spending much time on the market. Start thinking about any repairs your home might need before selling.
For Buyers: Focus On Financing While Interest Rates Are Low
The great thing about buying right now is interest rates are low. Securing a fixed home mortgage at current rates will have long term benefits.
It’s a competitive buyers market so you’ll want to jump on opportunities. Get the financial piece in place and start looking. A real estate agent can help you stay on top of the market so you have a chance at your dream home.
The Bottom Line: Colorado Springs Real Estate Is Moving Quickly
With the economic growth and high demand, homes are selling quickly. This means buyers must know what they’re looking for and be ready to buy when the opportunity comes. Real estate agents can help you find homes as soon as they’re on the market (or sometimes before they’re listed) and negotiate those sales.
We’d love to help you in the process of buying or selling Colorado Springs real estate. Get in touch to talk with someone on our team.