Unless you have taken social distancing to the point where you are residing in a cave, it's no doubt that your day is filled with news about COVID-19, joblessness and people disagreeing on when it will be safe to re-open the economy. However here in Colorado, we have our own good news. Coronavirus be damned, Colorado Springs has actually just been ranked the top real estate market in the nation.
According to Realtor.com, March searches revealed that properties found in Colorado Springs got 2.4 times as many consider as the national average. Houses in the location typically sold in less than 28 days, which is 32 days much faster than homes in the rest of the nation.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Numerous city locations have actually recently found a revival in their real estate market due to the fact that of a strong economy, low unemployment and low home loan rates. It's crucial to keep in mind that homes in Colorado Springs can cost approximately 46 percent lower than homes in Denver metro where the mean cost is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outside large, more costly ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, rates have actually 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 good, however, there needs to be a large inventory of houses as well as a good job market. Until COVID-19, the Springs had both. But our current pandemic, economic situation and joblessness numbers might show 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 buyers have likewise pulled away to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed unemployment in Colorado Springs up to 5.5 percent in March, it's hard to understand how this will impact the housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time in 2015.
Realty Professionals Returning To Company
In-person realty showings 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 personally. On the other hand, the demand for houses in Colorado Springs is still surpassing inventory. This stays great news for sellers. And mortgage rates have actually remained low for people who have the ability to qualify in this landscape which is excellent news for buyers.
We at Front Range Home mortgage can not anticipate house costs or cure the Corona! However we can provide our years of compassionate experience to assist you and your loved 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 Just Team for a Pain-free, 5-minute conversation to see More helpful hints how we can assist!
As licensed home loan experts in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would enjoy to find the home 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.