Unless you have actually 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, unemployment 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 properties found in Colorado Springs got 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 Home Loan Rates
Lots of urbane areas have just recently found a revival in their real estate market because of a strong economy, low joblessness and low home mortgage rates. It's essential to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the average cost is $692,000. Realtor.com's most popular 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, costs have actually increased 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 good, however, there needs to be a large stock of houses along with a good job market. Until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness numbers might show 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 showed unemployment in Colorado Springs as much as 5.5 percent in March, it's difficult to know 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.
Realty Professionals Getting Back to Service
In-person realty showings have begun to resume. One of the disadvantages of offering a house throughout the pandemic has been the lockdown of showings. It is difficult to offer a house to somebody who can't see it personally. Meanwhile, the demand for houses in Colorado Springs is still surpassing inventory. This remains excellent news for sellers. And home mortgage rates have actually remained low for people who have the ability to certify in this landscape which is great news for buyers.
We at Front Variety Home loan can not predict house rates or cure the Corona! But we can supply our decades of compassionate experience to assist you and your liked ones get into your next house (or save a package on the one you remain in already)!
If you remain in the market for a house or re-finance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute conversation to see how we can help!
As certified mortgage specialists in Colorado doing company in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would enjoy to find the home mortgage that fits your needs best. Call us at Additional hints (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best assist.