Unless you have 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. However here in Colorado, we have our own great news. Coronavirus be damned, Colorado Springs has actually simply been ranked the top housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs received 2.4 times as numerous deem the national average. Houses in the location typically offered in less than 28 days, which is 32 days faster than homes in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Mortgage Rates
Lots of urban locations have just recently found a revival in their housing market because of a strong economy, low joblessness and low home loan rates. It is very important to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than houses in Denver city where the average rate is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outside big, more expensive ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, prices have actually 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 real estate market to stay great, however, there needs to be a large inventory of houses in addition to an excellent task market. Up until COVID-19, the Springs had both. But our current pandemic, financial situation and joblessness numbers may prove to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their houses off the marketplace. Some home buyers have actually likewise retreated to take a wait-and-see method. At a time when the U.S. Bureau of Labor Data revealed unemployment in Colorado Springs as much as 5.5 percent in March, it's tough to understand how this will impact the real estate market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the exact same time last year.
Genuine Estate Professionals Getting Back to Service
In-person genuine estate provings have begun to resume. One of the downsides of offering a house during the pandemic has been the lockdown of showings. It is challenging to sell a home to someone who can't see it in individual. On the other hand, the demand for homes in https://batchgeo.com/map/636d4db30072266137f504578bb34d59 Colorado Springs is still exceeding inventory. This remains excellent news for sellers. And home mortgage rates have remained low for people who are able to qualify in this landscape which is excellent news for buyers.
We at Front Range Home mortgage can not predict house rates or treat the Corona! However we can supply our years of compassionate experience to help you and your loved ones enter your next house (or save a package on the one you are in currently)!
If you are in the market for a house or refinance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute discussion to see how we can help!
As licensed mortgage professionals in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be pleased to discover 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.