Now may be the best time to buy a affordable home in Colorado Springs.  This is partially because there are still enough homes on the market to keep prices competitive.  Another reason is that interest rates are expected to rise later this year, and no one knows how long it will be before the come back down.

In the rush to buy real estate in Colorado Springs, there is one very important factor to keep in mind: the housing affordability equation.  According to the National Association of Home Builders (NAHB) and the Housing Opportunity Index (HOI), affordability is high for the fifth consecutive quarter.  Generally, housing is considered affordable when it doesn’t exceed 30% of the monthly household income.  Anything over 35% is considered too high.

The home affordability report is an encouraging indicator, because it shows that American home ownership is within reach for more households than it has been in almost twenty years. With interest rates still at surprisingly low levels, new Colorado Springs affordable home buyers are encouraged to enter the Pikes Peak area housing market, and we all know how quickly a new influx of homebuyers can stabilize the economy.

The HOI report shows that 72.2% of all new and existing homes sold in the first quarter of 2010 were affordable for families earning the median income of $63,800.  Now is the time to make a move and begin searching for that perfect new home in Colorado Springs.  Our team of qualified Colorado realtors can help you find the home of your dreams.