Many people are aware that the real estate market has undergone a correction around the nation and in Colorado Springs is not excluded. The media has contributed to people shying away from buying a home; contrary to what many think, it is a great time to purchase a home in Colorado Springs right now!
1. Low Interest Rates- If you are waiting for prices to fall further, the interest rates may not stay this low. Higher interest rates translate into a higher mortgage payment. With the current interest rates now is the time to buy.
2. Selection- There are thousands of homes for sale in Colorado Springs and surrounding areas; buyers have a wide array of homes to choose from right now.
3. Buyer’s Market- With the current home inventory remaining above 6 months, Colorado Springs is still a buyers market. What does that mean for buyers? They have more leverage when making an offer on a home to purchase. It is not uncommon for sellers to pay closing costs for the buyer in today’s real estate market in Colorado Springs. Some buyers cannot come up with the cash for closing costs so this is a great advantage in the current real estate market.
4. Low Prices- Home prices in Colorado Springs have dropped and the median house price for October 2008 was $189,000. Buyers can often find bargain prices with short sale and bank owned properties. Homes have become very affordable, especially, for first time home buyers!
5. Down Payment Assistance- There are many down payment assistance programs available to buyers right now so if you don’t have cash to put down, contact your Colorado Springs Realtor® for more information.
What the heck, here’s one more reason you should buy a home in Colorado Springs Right Now!
6. Tax Benefits- There are many tax benefits available to home owners, so why keep throwing away your money renting?