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 great 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 located in Colorado Springs got 2.4 times as lots of views as the nationwide average. Residences in the area generally offered 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 cosmopolitan areas have recently discovered a renewal in their real estate market because of a strong economy, low unemployment and low home loan rates. It's essential to keep in mind that houses in Colorado Springs can cost around 46 percent lower than houses in Denver city where the median price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more expensive ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, costs have risen by 6.3 percent and are expected to continue to rise by an extra 5 percent within the next year. In order for a real estate market to stay excellent, nevertheless, there requires to be a big stock of homes in addition to a great job market. Until COVID-19, the Springs had both. But our current pandemic, financial scenario and joblessness numbers might prove to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the marketplace. Some house buyers have also pulled away 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 understand 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.
Realty Professionals Returning To Service
In-person realty provings have actually begun to resume. Among the drawbacks of selling a house throughout the pandemic has been the lockdown of provings. It is challenging to sell a house to someone who can't see it personally. On the other hand, the demand for houses in Colorado Springs is still surpassing stock. This remains good news for sellers. And home mortgage rates have stayed low for people who have the ability to qualify in this landscape which is excellent news for buyers.
We at Front Range Home loan can not predict house prices or treat the Corona! Click for more info But we can offer our years of caring experience to assist you and your loved ones enter 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 Pain-free, 5-minute conversation to see how we can assist!
As licensed home loan specialists in Colorado doing company in Colorado Springs along with 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.