Unless you have actually taken social distancing to the point where you are residing in a cavern, it's no doubt that your day is filled with news about COVID-19, unemployment and individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own excellent news. Coronavirus be damned, Colorado Springs has just been ranked the top housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as many deem the national average. Residences in the area typically offered in less than 28 days, which is 32 days faster than homes in the remainder of the country.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Many cities have just recently found a revival in their real estate market because of a strong economy, low joblessness and low home mortgage rates. It is essential to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than houses in Denver city where the median cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outside large, more costly ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, prices have increased by 6.3 percent and are anticipated to continue to increase by an additional 5 percent within the next year. In order for a housing market to remain great, nevertheless, there requires to be a big inventory of homes in addition to a great task market. Till COVID-19, the Springs had both. However our current pandemic, economic situation and unemployment numbers may prove to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house purchasers have actually likewise pulled away to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand how this will impact the real estate market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Property Professionals Getting Back to Service
In-person property provings have actually started to resume. One of the drawbacks of selling a home throughout the pandemic has actually been the lockdown of provings. It is hard to offer a house to somebody who can't see it face to face. Meanwhile, the demand for houses in Colorado Springs is still going beyond stock. This remains good news for sellers. And mortgage rates have actually stayed low for people who are able to certify in this landscape which Home page is great news for buyers.
We at Front Range Home mortgage can not anticipate home rates or treat the Corona! But we can provide our years of caring experience to help you and your enjoyed ones enter into your next home (or conserve a bundle on the one you are in currently)!
If you are in the marketplace for a home or refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute discussion to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be pleased to discover the home loan that fits your requirements best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best help.