Rent or Buy in Colorado Springs?
If you are trying to decide whether you should rent or buy in Colorado Springs, this information here should help you with your decision.
I'd like to point out that per the charts below, sales prices have stabilized. Combine that with the interest rate info, and it should help you with your "rent or buy" question!
How long will the low interest rates last? Well, let me put it this way: We know the law of gravity is "What goes up will come down". The law of interest rates is, "What goes down WILL go UP!". For more information on interest rates, visit Mortgage Market Indicators to help you decide whether to buy or rent!
Business Development Manager (LMB100023827
|6025 South Quebec, Suite 110
Englewood, CO 80111
|Work: 720-489-0712/ 592-0855
The Perfect Storm for Colorado Springs Real Estate. I am finally getting caught up on some of my professional reading and I ran across a very interesting article in the November 23 edition of the Colorado Springs Real Estate Journal by Bill McAfee with Empire Title. Bill has maintained the various statistics for the Colorado Springs real estate market for years and has become the interpreter of the numbers if you will. In this article titled The Perfect Storm, A review of local real estate statistics, Bill discusses the three factors that are coming together to create the "perfect storm" in the Colorado Springs real estate market, high inventory levels, attractive home buyer programs such as the $8000 new home buyer tax credit and the $6500 tax credit for "move-up" buyers, and record low interest rates. The combination of these three factors are instrumental in causing this storm to "brew."
We are seeing an improvement in the Colorado Springs real estate market. F
or the month of November, the number of sales increased 60% over November 2008 and the median sales price and inventory are leveling out. Currently, there is about 6.5 months of inventory, still a buyers market. The hottest market is currently properties below $250,000 due to VA and FHA financing. With the most recent tax credit, we hope to see this improve across the board with the move-up buyers hitting the streets.
Interest rates are at a record low. The only guarantee is that they will go up!
Stay tuned for future updates.
(Source: Pikes Peak Association of Realtors. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.)
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.