Many buyers are reluctant to step into the market to begin looking for a home in Colorado Springs and are waiting for prices to drop even more. Although house prices are a factor, don’t forget about interest rates.
Interest rates are expected to climb and a buying a house with a higher interest rate can cost you more in your monthly mortgage.
With a $1,200 mortgage payment, buyers can get into a home for $200,000 at the 6% interest rate.
If the rates increase to 7%, a $1,200 payment will only get buyers a mortgage loan of $180,000.
Keep a close eye on interest rates if you are sitting on the sidelines and waiting for home prices to keep falling before buying a home in Colorado Springs.
Home inventory in El Paso County is ample so buyers in Colorado Springs have a large selection of homes to choose from; sellers are also offering more incentives including seller paid closing costs. Take advantage of the current real estate market in Colorado Springs, invest in real estate property now!