Unless you have actually taken social distancing to the point where you are residing 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 good news. Coronavirus be damned, Colorado Springs has actually just been ranked the primary housing market in the country.
According to Realtor.com, March searches showed that properties found in Colorado Springs received 2.4 times as numerous views as the nationwide average. Homes in the location typically offered in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Lots of cities have just recently found a revival in their real estate market because of a strong economy, low joblessness and low home mortgage rates. It is essential to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than houses in Denver city where the median cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outside large, more pricey ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, costs have actually increased 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 remain great, nevertheless, there requires to be a big stock of homes along with a good task market. Up until COVID-19, the Springs had both. But our present pandemic, financial scenario and unemployment numbers might prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some home buyers have also pulled back to take a wait-and-see method. At a time when the U.S. Bureau of Labor Stats revealed joblessness in Colorado Springs as much as 5.5 percent in March, it's difficult to understand how this will affect the housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the exact same time last year.
Property Professionals Getting Back to Business
In-person property showings have actually started to resume. Among the drawbacks of selling a home during the pandemic has actually been the lockdown of provings. It is tough to offer a home to someone who can't see it face to face. On the other hand, the need for homes in Colorado Springs is still exceeding inventory. This stays home loan Denver great news for sellers. And home loan rates have stayed low for individuals who are able to qualify in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can not forecast house prices or treat the Corona! However we can offer our years of thoughtful experience to help you and your loved ones enter your next home (or conserve 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 regional, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be pleased to discover the home loan that fits your requirements best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best help.