The market for residential real estate is heating up in Colorado Springs and everywhere in Colorado really. This is good news if you are a home owner or a buyer. Prices have increased over the last several months, and experts are optimistic that the market will stay strong for the long run. If you are planning to live anywhere in Colorado, there are several reasons why Colorado Springs is the best place to start your home shopping.
Colorado Springs is a Great Community
Many people move here because the living environment is attractive to those who value a socially conservative and family oriented community. Even though it is the second largest city in Colorado, there is still a pleasant small town feel. The people are friendly, and there plenty of opportunities for you to connect with other residents through the numerous neighborhood churches. There is also a strong military presence that promotes patriotism, public service, and respect for individuals.
The city offers plenty of modern amenities for you to enjoy like new shopping centers, school, and public parks. It is also located near many famous outdoor recreation spots. You will inevitably become familiar with many fun hiking and camping spots, and many new residents often appreciate the low humidity and relatively minimal insects and pests.
Robust Local Economy
Colorado Springs real estate market is supported by its stable and growing economy. It is geographically located in close proximity to five military bases. Some economists estimate that military pay supports up to 70% of the city’s economic activity. The tourism season brings in another significant portion of revenue for small businesses.
Other major industries include the technology sector. Defense contractor Raytheon has recently announced new hiring objectives. A new hospital ensures growth in the healthcare sector, and the extension campus for the University of Colorado will bring educators and students to the area. Not only are you sure to find stable work, the robust economic activity puts constant upward pressure on the real estate market to secure the value of your investment.
The Low Interest Rates
Ever since the recession of 2008, The Federal Reserve has kept interest rates at historic lows. This has helped to keep markets stable across the nation. The lower rates reduce the size of the monthly mortgage payment you will face. It also encourages buyers to make new purchases and can help you afford a more valuable piece of property on your budget.
No one knows when the rates will be going back up, but the adjustment period is expected to be slow and stable. As home values rise along with the interest rates, today’s buyers will be in an even better position when it comes time to sell.
Colorado Springs offers a lot of attractive features to home buyers. The real estate market is on a steady upward trend and expected to remain stable. Now is a good time purchase your home in this city.