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 simply been ranked the number one housing market in the country.
According to Realtor.com, March searches showed that residential or commercial properties found in Colorado Springs received 2.4 times as numerous consider as the national average. Houses in the location normally sold 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 Mortgage Rates
Many cosmopolitan areas have recently discovered a renewal in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It is essential to note that homes in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the mean rate is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outdoors big, more expensive ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, prices have risen by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain good, nevertheless, there requires to be a big stock of houses in addition to a great job market. Home page Up until COVID-19, the Springs had both. But our current pandemic, economic situation and unemployment numbers might show to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some house buyers have also pulled back to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Stats showed unemployment in Colorado Springs approximately 5.5 percent in March, it's tough to know how this will affect the real estate market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the exact same time last year.
Genuine Estate Professionals Returning To Company
In-person real estate provings have begun to resume. Among the drawbacks of selling a house during the pandemic has been the lockdown of provings. It is challenging to offer a house to someone who can't see it face to face. Meanwhile, the need for houses in Colorado Springs is still exceeding stock. This remains excellent news for sellers. And home loan rates have actually remained low for people who have the ability to qualify in this landscape which is excellent news for purchasers.
We at Front Variety Home mortgage can not forecast home rates or cure the Corona! However we can provide our years of thoughtful experience to help you and your enjoyed ones enter into your next house (or save a package on the one you are in currently)!
If you are in the marketplace for a home or re-finance here in Colorado, call or email our regional, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can assist!
As licensed home loan specialists in Colorado doing company in Colorado Springs in addition to 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 help.