Hot Real Estate Market! Is Colorado Springs a Boomtown?

What is a boomtown?

A boomtown is a community undergoing rapid growth due to a sudden economic shock. That being said, does that mean Colorado Springs would be considered a boomtown, and what exactly constitutes an economic shock? We looked that up too, and according to investopedia.com, “an economic shock is a random, unpredictable event that has a widespread impact on the economy that is caused by things outside the scope of economic models.” Based on this, I think it is safe to say Colorado Springs is a boomtown for the time being and the foreseeable future.

“Colorado Springs is one of the hottest real estate markets in the country.”

It is no secret that the Colorado Springs real estate market is one of the hottest markets in the country, as reported by realtor.com in April of this year. Just recently, USA Today reported that not only is Colorado Springs one of the hottest markets in real estate, but zip code 80911 tops the list as the number 1 zip code for real estate in the country. If you are wondering where 80911 is, think of Southeast Colorado Springs near and inside Fountain. 

How do we rate zip codes?

Several metrics rate zip codes and 80911 edged out the competition on these factors.  

1. Quality of life: When I think about what makes my life quality, I. think about the food I eat, and I can personally vouch for Fountain as they  have something going with their food truck rally “Saturdays at the Square.”  “Saturdays at the Square,” host one of the region’s largest food truck rallies and boasts local favorites like the Lobstah Trap, Go Fish, Witty Pork Woodfired Pizza, and Lucy I’m Home! A great food truck scene is reason enough to make you move if you ask me.
2. Affordable homes: The median home price in Colorado Springs passed $400,000 this year, but if you are looking to get the biggest bang for your buck, then look no further than 80911 as the median home price is just over $300,000. That is a good 25% less than the average home price of Colorado Springs.
3. Average time on market: Being as though you can still get a great deal on a single-family home is the 80911 area code. You better be prepared to act fast as the average time on the market for listings in the 80911 area code is only 13 days. 

Honestly, we could go on and on about why making a move to Colorado Springs can be good for you and your family. Still, we don’t have the time in this post, but if you are interested in learning more about “The Springs,” we suggest adding these pages to your Instagram news feed @downtown_cs, @cityofcos and of course @123homeloan.

What does a mortgage payment look like here?

So just what would a monthly mortgage payment look like in this rapidly growing zip code for a house with a purchase price of $320,000? We will break it down for you. All rates and payments estimated for July 29, 2021

• For a 30 year fixed rate conventional loan at 2.875% / 3.043%, apr with 3% down, you can expect a monthly principal and interest payment of 1,287.83
• For a 30 year fixed rate VA loan at 2.375% / 2.491%, apr with nothing down, you can expect a monthly principal and interest payment of 1,272.29. 

Rent Vs. Buy

These payments are even more manageable when comparing them to a single-family rental payment for Colorado Springs. The average rental cost for a single-family home in Colorado Springs is $1,900.00. Comparing this to our example above and factoring in taxes and insurance, buying a house in Colorado Springs is still cheaper than a rental. 

Questions?

If you have questions about getting preapproved for a home loan in Colorado Springs, please visit our home page HERE, or give one of our experienced mortgage brokers a call at 719-501-0100. 

Other Economic Factors.

Ok, the demand for Colorado Springs real estate is there, but what unforeseeable economic factors have contributed to its growing popularity? Over the years, there has been a steady influx of people moving to Colorado Springs from different cities and states. Still, those numbers could be increasing based on the growing concerns over the Covid 19 pandemic. People with the means and will are migrating away from congested metro areas and into suburbs or smaller and seemingly more comfortable towns and cities. Will this population influx be good or bad for what we all thought was one of Colorado’s best-kept secrets? I guess only time will tell. One thing is for sure though; Colorado Springs will continue to grow at a steady pace for the foreseeable future. 

Do you live in Colorado Springs and want to know what your home is worth? Please take advantage of our free home evaluation tool by clicking on the link below.

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