Three great reasons why homes are not overpriced in our market.
Today we’re answering everyone’s big question: Are homes in Colorado Springs overpriced? In short, no! That might sound shocking, but there are three great reasons why.
Everyone has to live somewhere, and renting a house is quite expensive. When you compare the two, it’s easy to see why owning a home is so attractive. When you own, you build wealth. When you rent, you build someone else’s wealth.
Homes might seem a little pricey, but remember that their price tags are based on supply and demand. If there aren’t multiple offers flooding in for a home these days, it is either overpriced or in need of repairs. If there are lots of offers, the home will appraise and sell.
On top of that, if you look at compound equity, a home priced today at $450,000 would be worth over $900,000 in 10 years. That’s assuming an appreciation rate of 7%, which is pretty safe considering homes appreciated 17% last year alone.
If you’re in the market to buy or sell, you want to work with trusted professionals. Call or email us, and we’ll help you achieve your real estate goals.