Unless you have actually taken social distancing to the point where you are living in a cave, it's no doubt that your day is filled with news about COVID-19, joblessness and individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the top housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as many consider as the national average. Residences in the area normally sold in less than 28 days, which is 32 days much faster than homes in the remainder of the country.
A Revival Due to a Strong Economy and Low Mortgage Rates
Numerous cities have just recently discovered a revival in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It is essential to note that houses in Colorado Springs can cost around 46 percent lower than homes in Denver city where the average rate is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside big, more pricey ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, rates have actually risen by 6.3 percent and are expected to continue to increase by an extra 5 percent within the next year. In order for a real estate market to remain good, however, there requires to be a big stock of houses as well as a good job market. Up until COVID-19, the Springs had both. However our existing pandemic, financial situation and unemployment numbers may prove to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some home purchasers have actually likewise pulled back to take a wait-and-see method. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to know how this will impact the housing market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Property Professionals Returning To Organisation
In-person realty provings have actually begun to resume. One of the downsides of selling a house throughout the pandemic has actually been the lockdown of showings. It is challenging to sell a home to somebody who can't see it personally. On the other hand, the demand for homes in Colorado Springs is still going beyond stock. This stays great news for sellers. And mortgage rates have actually stayed low for people who are able to certify in this landscape which is great news for buyers.
We at Front Range Home mortgage can not anticipate home prices or treat the Corona! But we can offer our decades of compassionate experience to assist you and your liked ones enter into your next house (or conserve a bundle on the one you remain in already)!
If you are in the marketplace for a house or refinance here in Colorado, call or email our regional, Colorado Just Group for a Painless, 5-minute discussion to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Click for info Denver, Grand Junction and throughout the state, we would enjoy to discover the home loan 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.