Are you planning on buying a home in Colorado Springs this year?
If so, seeing the hot market and fierce competition may be intimidating. We find many homeowners or those renting in the Pikes Peak region want to sell and move up to the next price bracket (or purchase their very first home) but don’t. Why?
It’s because many buyers fear the current market. It’s too hot. There are not enough houses for sale. Buyers fear bidding wars and losing out on a home they have fallen in love with. The reality though is that 2018 is the perfect time to buy a home in the Pikes Peak region—especially for current renters.
While it may seem safer to stay put in your rental home or condo, it’s important to remember that rent prices are on the rise while home mortgages stay fixed. And instead of your rent money going towards home equity, it goes directly to pay your landlord’s mortgage.
If you are renting a townhouse, condo, or an apartment, you are most likely paying HOA or community amenity dues for things like landscaping, pool, gym, parking lot maintenance, etc. There may even be an added fee for property management. And if you have pets, you are probably paying extra for them too.
What does all of this mean?
It means you are already committed to paying the mortgage (and then some)—but you just don’t own the property.
You could though!
By working with a team of trusted and experienced real estate agents in Colorado Springs, alongside recommended lenders, you could be moving out of your rental and into your own property this year.
Call our team at Woodleaf Realty today to learn more about how to make this happen! We are always excited to talk with potential buyers, especially first-time buyers and those looking to move out of their rental!