Colorado House Buyer

Located in El Paso county Colorado, the city of Colorado Springs offers many scenic views, surrounded by wonderful mountains and forests.  There are some very lovely homes Colorado Springs, which only serve to enhance its attractiveness and make it more appealing to residents and visitors alike.  Homes Colorado Springs offer several options, there are places you can get away from it all, as well as other areas that are near to the city.  The choice is up to you.

The Powers corridor is a vibrant and growing area of Colorado Springs.  The Powers corridor has become an increasingly popular place to buy a home in Colorado Springs, because of its affordability.  In addition, it is conveniently located near to several shopping and recreational areas, as well as to Peterson Air force Base.  The fact that it lies in the Falcon School District 49 is another plus, as it is the fastest growing school district within Colorado.

There are many housing options available in the Powers corridor of Colorado Springs. The area has condos, townhomes, as well as single family homes.  Condos generally have 2 to 3 bedrooms and many are moderately priced at under $200,000.

Townhomes in the Powers corridors are also available in 2 and 3 bedroom options.  However, there are also some that have 3 and 4 bathrooms.  It is possible to purchase a nice 2 bedroom 3 bathroom townhome for about $150,000.

The Powers corridor also has some nice single family homes on the market.  These range from 2 to 5 bedrooms, with 2 to 5 bathrooms, and 2 car garages.  Many are reasonably priced from $250,000 to $350,000.

The neighborhood of Briargate is another nice residential community.  If you are looking for homes Colorado Springs then make sure to put it on your list.  Briargate is a well-planned region that boasts some wonderful amenities. If you have school age kids then this is an excellent choice as it is located in School District 20, which is one of the top school districts in Colorado Springs.

There are different types of homes located in Briargate including townhomes, condos, and single family homes.   Sizes also differ as there are homes available from a little over 1,000 sq. ft. to 3,300 sq. ft.  In terms of prices, it will all depend on the housing option you prefer, but it is possible to get 2 bedroom 2 bathroom homes for $220,000.  Of course if you opt for a larger home of say 3 bedrooms and 3 bathrooms, then the price may go up by an additional $100,000.

It is possible to get moderately priced homes Colorado Springs.  The price will depend on the type of house you decide to buy, or rent, as well as the location.  Colorado Springs also offers more rural home options, such as those that are available in Woodland Park and Ute Pass.  Real estate in these areas boasts large wooded acres that facilitate very private living.  They offer very scenic views with mountains on every side.

Many Colorado Springs house hunters have lost confidence in the housing market due to some news released in the media. Here are some of the misconceptions out there which after this, hopefully will be dismissed.

Misconception number 1: Home loans are impossible to get right now

Traditional loans are available from as low as 5% and less. Another option is an FHA loan and they only require a 3.5% deposit. If you have not owned a home for 3 years, you even qualify for a first time home buyer loan. El Paso County has a 14 million dollar bond for you that you can get with a 3.9% fixed rate and down payment aid that you won’t have to repay. Colorado Housing and Finance Authority (CHAFA) also has funds that carry a small interest rate and down payment. There are other ways to receive assistance to purchase a house both on the local and national level.

The misunderstanding comes from the fact that the way in which persons qualify for loans has changed. For example, currently, you have to be able to prove appropriate income and a good credit score to get a mortgage loan. All that means is that the days with little or no documentation for loan approval are over. This is a good thing as this is one factor that led to the amount of foreclosures now being experienced. In addition, if you have a real estate broker that’s a good negotiator, you may be able to include your closing costs in the final agreement further reducing your home-buying expenses.

Misconception number 2: Rates aren’t increasing now so there’s no rush

Let’s look at an example. The typical 30 year fixed mortgage rate for the year 2003-2007 was 5.75%. Therefore, if you had a $200,000 mortgage, the monthly payments would work out to $1,167. Today, the same 30 year mortgage is between 4% to 4.25%. That same $200,000 mortgage at 4.25% would work out to $983. Imagine if you sold the $222,000 house and purchased a $300,000 house. The payments would move from the 5.75% rate to the recent 4.25% rate so that equates to a difference of $144 per month in payments for $80,000 more of house.

Misconception number 3: You’re better off waiting until there’s an improvement in the market

History always repeats itself. It’s not the first time that prices have fell. Markets are cyclical and knowing this we know that once again, prices will go up. If you do not currently own a Colorado Springs house, or are considering an upgrade to what you currently have, then this is the perfect opportunity for you to buy. If you are even only thinking about investing, it makes sense to buy when prices are low as well as interest rates and there is a lot of inventory.

Prices are beginning to stabilize and the economy is in the process of improvement. As a result, prices may increase soon in order to keep inflation steady so it is the best time to buy. Not to mention that banks want to get rid of their foreclosures and are reducing prices.