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 homes located in Colorado Springs got 2.4 times as many consider as the national average. Residences in the area usually sold in less than 28 days, which is 32 days much faster than homes in the remainder of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Numerous cities have actually recently discovered 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 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 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 additional 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 marketplace. Some house purchasers have also retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics showed unemployment in Colorado Springs up to 5.5 percent in March, it's hard to know how this will impact 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 Organisation
In-person realty provings have actually begun to resume. One of the downsides of selling a home throughout the pandemic has actually been the lockdown of provings. It is tough to sell a home to someone who can't see it personally. On the other hand, the need for homes in Colorado Springs is still exceeding inventory. This stays 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 costs or cure the Corona! However we can offer our decades of thoughtful experience to help you and your loved ones enter your next home (or save a package on the one you are in already)!
If you remain in the market for a house Additional resources or refinance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute conversation to see how we can assist!
As licensed mortgage 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 assist.