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 people 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 number one real estate market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs received 2.4 times as lots of views as the nationwide average. Residences in the area usually offered in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many urbane locations have recently discovered a renewal in their housing market because of a strong economy, low unemployment and low home mortgage rates. It is necessary to note that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the typical price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more costly ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, rates have actually increased by 6.3 percent and are anticipated to continue to increase by an additional 5 percent within the next year. In order for a housing market to remain excellent, nevertheless, there needs to be a big stock of homes as well as a good job market. Until COVID-19, the Springs had both. But our current pandemic, economic circumstance and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their houses 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 revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's difficult to know 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.
Real Estate Professionals Getting Back to Organisation
In-person genuine estate showings have started to resume. Among the drawbacks of selling a house during the pandemic has been the lockdown of provings. It is tough to sell a house to somebody who can't see it in person. On the other hand, the need for homes in Colorado Springs is still going beyond stock. This remains excellent news for sellers. And home loan rates have stayed low for people who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not anticipate home costs or cure the Corona! However Home page we can provide our decades of compassionate experience to assist you and your loved 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 refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute conversation to see how we can assist!
As licensed home mortgage experts in Colorado doing organisation in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would more than happy to discover the mortgage 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.