This has been a crazy election year with a lot of strange things happening in the marketplace. So how will these events impact the upcoming real estate market? Both nationally and here in Colorado Springs, it’s not all doom and gloom—there is some good news in it all. There are four reasons why I think things will turn out okay:
1. There’s a huge demand for millennial buyers, who are driving the market across the U.S. We have many new job openings and opportunities coming into Colorado Springs.
2. Mortgage rates are historically low. The average is 2.85% for a 30-year fixed-rate, which is the lowest rates have ever been in recorded history.
3. Home prices continue to appreciate thanks to our low inventory and high demand.
4. History shows the market will calm down soon. Experts have studied the market over the last 60 years with respect to presidential elections, and they found that it takes nearly a quarter before the market calms down; it just takes some time to get used to the new administration’s policies, especially those regarding housing finance.
All in all, things are likely going to turn out alright in the end. Experts are saying that interest rates should remain low throughout the year. There is some speculation about how a COVID vaccine might affect things, but ultimately, things will likely slow down during the holidays and pick back up in the spring.
The United States of America is the greatest country on Earth. We have a very resilient economy, and the people are resilient as well, especially here in Colorado Springs. I just know that 2021 is going to be a great year, and not just for real estate.
If you have any questions about the current or future market or you’re looking to buy or sell a house, don’t hesitate to reach out to us. We’d love to help you.