Unless you have actually taken social distancing to the point where you are living 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 simply been ranked the number one housing market in the country.
According to Realtor.com, March searches showed that properties located in Colorado Springs got 2.4 times as many deem the nationwide average. Homes in the area normally sold in less than 28 days, which is 32 days much faster than houses in the rest of the country.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Numerous cities have recently found a revival in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It is necessary to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver metro where the mean rate is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outdoors large, more expensive ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, costs have actually increased by 6.3 percent and are anticipated to continue to increase by an extra 5 percent within the next year. In order for a real estate market to stay excellent, nevertheless, there needs to be a large stock of homes in addition to a great task market. Up until COVID-19, the Springs had both. However our present pandemic, financial circumstance and joblessness 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 market. Some home Click here for more buyers have also 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 as much as 5.5 percent in March, it's hard to know how this will impact the housing 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.
Genuine Estate Professionals Getting Back to Company
In-person real estate provings have actually begun to resume. One of the disadvantages of offering a home during the pandemic has actually been the lockdown of showings. It is difficult to offer a house to someone who can't see it in individual. On the other hand, the demand for houses in Colorado Springs is still going beyond inventory. This stays great news for sellers. And home loan rates have actually stayed low for people who have the ability to qualify in this landscape which is excellent news for purchasers.
We at Front Range Home mortgage can not anticipate home prices or treat the Corona! But we can offer our years of compassionate experience to assist you and your liked ones enter your next home (or conserve a bundle on the one you remain in already)!
If you remain in the market for a house or refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute discussion to see how we can help!
As certified mortgage professionals in Colorado doing business in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would be happy to discover the mortgage that fits your needs best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best assist.