More affordable homes for sale in COS

While we continue to climb out of a recession buying a home has become more of a reality in Colorado Springs.

“The interest rates are helping a lot,” said Joe Clement, broker for Re/Max in Colorado Springs. “We’re now back under 4 percent.”

The downfall is for homes priced over $500,000. Clement said those account for only 4% of the homes being sold. The inventory for those homes is high, while the demand is persistently low.

“The main problem with the higher end market is we just don’t have enough higher end jobs which is an employment situation,” said Clement.

This may be a discouragement but if you’re selling a more affordable home, things are looking up! Clement says 66 percent of the homes sold in Colorado Springs are under $250,000.

“The consumer confidence is stronger in the lower price ranges and we’ve got a good little economy going in the right direction, and things just feel better for people so people just get out there and buy.”

Clement said the market is doing so well because of equal supply and demand, so until the supply goes down prices on homes will stay affordable.

“If you’re in the lower price ranges Fountain Valley is still very affordable and very busy in that under 250 number,” said Clement. “If you’re between 250 and 500, the Northeast Corridor is very strong.”

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