Written by Action Team Staff Saturday, 26 November 2011 07:24
After visiting the Pikes Peak region for the first time, many people consider moving their family to this beautiful area of the country. If the sluggish economy and housing market has kept you from buying a home in Colorado Springs, it’s important to stay on top of the latest market trends.
According to the Pikes Peak Association of Realtors, October home sales were up by 20.1 percent since the same month in 2010. One reason for this is that so many sellers are sitting on the sidelines, waiting for the market to make a full recovery. According to the association, the region has just over a five month supply of homes on the market right now, which is considered “normal” by most traditional measurements, but it’s a big change since last October. While home sales have increased by 20.1 percent, the number of homes on the market has decreased by 20.1 percent. Typically, when supply is lower and demand remains the same, prices go up. This is what sellers are hoping for, but it’s not such a good thing if you plan on buying a home in Colorado Springs.With all of these factors in mind, now may be an ideal time to buy the home of your dreams in the Pike’s Peak region. Colorado Springs is known to be one of America’s most beautiful cities, as it sits at the foot of Pikes Peak. Home to several military bases, including the U.S. Air Force Academy, Peterson AFB, Schriever AFB and NORAD, this area is also rated as one of the top markets for real estate recovery. Media organizations such as CNN Money, Men’s Fitness, Forbes and Outside have recognized Colorado Springs as one of the top cities to live for its economic vitality and quality of life.
A quickly recovering real estate market and interest rates that have never been lower are two reasons to speed up the process of buying a home in Colorado Springs. It is hard to say when or if these conditions will occur at the same time again. A Colorado Springs real estate agent can help you find the best selection of homes in the region, and help you take advantage of these market conditions. Buying a home in Colorado Springs before the year ends will also mean you get the tax benefits of homeownership in the 2011 calendar year. As we approach an election year in 2012, the tax advantages of home ownership may be up for negotiation, making it even more attractive to purchase a home now.
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