Today’s housing market is unlike any other in history. The past few years have been a rollercoaster for builders and buyers … and some developments that have emerged as a result might surprise a lot of people. “One of the things we would like prospective buyers — and sellers — to know is that now is the time for new,” said Covington Homes CEO Grace Covington. “For some, a new build is not necessarily the first thing that comes to mind when purchasing a home because the common perception is that new is more expensive, but the current market makes new more attractive than ever; particularly given that new construction has reached a point where prices for new homes are less than resale/used homes.” “The housing market is, at its core, dependent upon supply and demand. The demand for preowned homes is not being satisfied due to a lack of supply,” Covington continued. “The majority of homeowners have very favorable mortgage rates, comparatively, and are in turn asking for a higher price to help offset giving up a lower mortgage interest rate. And many homeowners are staying in their homes and not selling because they feel ‘locked in’ by their lower interest rate. This is decreasing the supply of existing resale homes to an historic low. These are some of the factors causing new homes to be a much better price than resale/existing homes. Additionally, as a home builder, we have seen build times going down while our production has gone up. Tradespeople are looking for work again.” The National Association of Home Builders’ website shares a 66% homeownership rate in Colorado, with 2,464,109 housing units (62% of which are single-family detached homes). These figures are proof-positive that housing is not only central to the American way of life, but also essential to our economy.
When you buy a new home, you have the opportunity to:
You can expect your new home — a financial investment — to hold its value, too. A Covington build is about more than the money: it is a lifestyle choice! For those looking for well thought out, carefully planned and exceptionally executed homes, Covington Homes delivers!
The news has been awash recently with sensational headlines such as “Housing prices and mortgage rates hit historic highs,” or “Mortgage demand drops again after FHA loan interest rate hits 21 year high.” What the news isn’t saying, though, (because good news doesn’t sell well) is that interest rates are not at historic highs, they are simply higher than the early 2000s and are just about 2% higher than 2018. Also, what the news isn’t pointing out is that up until 2007, interest rates had been consistently at or above 7% from the 1960s and earlier. What the market is doing right now is re-setting rates to levels that have been historically normal. And the rates are projected to decrease and settle somewhere around 5.5% in 2025 and 4.5% in 2027 (depending on which economic outlook you read). The main takeaway with this information and key thing to remember is that a current mortgage interest rate can be refinanced and lowered further down the road as rates settle. And if you do not qualify for a mortgage now with the higher rates, there are avenues you can pursue such as government programs, down payment assistance, and other options. “Contact a trusted mortgage lender to discuss the various options that may be available for your particular situation, as mortgage lenders are highly knowledgeable of these things,” said Covington.
Covington Homes offers and builds a variety of floor plans, price points, and product types. Covington offers Ranch plans, Main Level Living plans, Multi-generational plans, Two-story plans, and features a wide variety of architectural styles. Covington builds homes for everyone; from smaller “first time” starting out homes to spacious and larger “forever” homes. It isn’t a matter of whether Covington Homes has the home for you, it is a matter of which plan is the perfect future home for you! Each Covington home is given a Home Energy Rating Score. The company uses 90% PLUS efficient furnaces, upgraded insulation, advanced framing techniques and 2-by-6 wall construction, HERS rated energy saving ventilation recovery fans, water-saving faucets, Energy Star appliances and fixtures. What does this mean to buyers? A comfortable home with a healthy environment, low operating costs and high resale value! “There is nothing quite like a smile on the faces of our happy homeowners,” said Covington. “It is all the thanks we need for our labor of love, brought about by our houses that are designed and tested for performance, thanks to our contractors and partners — some of whom have been working with us for more than two decades!” It should come as no surprise that Covington Homes has won numerous awards, including the Parade of Homes People’s Choice Awards and Best of the Springs.
A local builder, building in local communities — like Covington Homes — is part of the community. This is why relationship-building is so important to the team. Covington Homes is with its homeowners every step of the way … and a continued presence in their lives after they have moved into their new home. Covington Homes builds in Banning Lewis Ranch, Meridian Ranch, Wolf Ranch, and is opening new communities in 2024 and beyond. The closely knit community of Banning Lewis Ranch offers views of Pikes Peak and two buildings housing the Banning Lewis Academy, a tuition free public charter school authorized by District 49 for children in grades K-12. The Ranch House, at the center of the community, provides fitness and meeting rooms, exercise classes, a pool and more, while parks, trails, splash park, pickle ball courts, ball fields, dog park, and playgrounds dot the landscape. The master planned community of Meridian Ranch north of Woodmen Road, features a 42,000-square-foot recreation center with an indoor pool (complete with water slide) and gym with multipurpose courts (take your pick of sports: basketball, pickleball, volleyball), free weights, cardio machines, group fitness classes and the opportunity to work with personal trainers, as well as a lazy river! Additionally, there are miles of trails to explore and the opportunity to golf. The community is near military bases, movies, outdoor activities, restaurants and shops. The family-oriented and dog-centric Wolf Ranch residential community, in Northeastern Colorado Springs, has sweeping mountain views. Residents can also take pleasure in a network of parks, trails and open spaces, as well as a lake for paddleboarding. A private recreation center offers a pool, splash park and clubhouse. Wolf Ranch is near grocery stores, restaurants, shopping and more; downtown Colorado Springs and Garden of the Gods clocks in at around 15 minutes, with the mountains in view a half-hour away.
The communities in which Covington Homes builds offer a myriad of events. In addition to those events, Covington has four signature events throughout the year where customers, homeowners, trade partners, Realtors, associates, friends, and employees can come together to enjoy each other’s company. Covington Homes also supports numerous nonprofit organizations, inviting homeowners to share in its philanthropic efforts. Beneficiaries include CASA of the Pikes Peak Region, COS I Love You, Peak Vista Community Health Center, Salvation Army Colorado Springs and St. Jude Children’s Research Hospital. The decision to purchase a new home — rather than a resale — might be a surprising one, but buying a home from Covington Homes will surely be one of the best decisions you can make. Learn more about Covington Homes’ honesty, fairness and flexibility at covingtonhomesco.com. Find out about available inventory by calling 719-448-5000.