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 nation.
According to Realtor.com, March searches revealed that residential or commercial properties located in Colorado Springs got 2.4 times as many consider as the national average. Residences in the area typically offered in less than 28 days, which is 32 days faster than houses in the rest of the country.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Many cosmopolitan areas have actually recently discovered a resurgence in their real estate market because of a strong economy, low unemployment and low mortgage rates. It is essential to note that houses in Colorado Springs can cost roughly 46 percent lower than homes in Denver city where the mean price is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors large, more costly ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, costs have actually increased by 6.3 percent and are anticipated to continue to rise by an additional 5 percent within the next year. In order for a real estate market to stay excellent, however, there needs to be a large stock of houses along with a good job market. Up until COVID-19, the Springs had both. However our existing pandemic, economic scenario and unemployment numbers may prove to hinder this momentum.
With things as they are, we Click to find out more are seeing that some sellers have actually taken their houses off the marketplace. Some house purchasers have actually likewise pulled away 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 affect the housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time last year.
Property Professionals Getting Back to Business
In-person property provings have actually started to resume. Among the drawbacks of selling a home during the pandemic has actually been the lockdown of provings. It is challenging to offer a home to someone who can't see it face to face. Meanwhile, the demand for homes in Colorado Springs is still exceeding stock. This stays great news for sellers. And home mortgage rates have remained low for people who are able to certify in this landscape which is excellent news for purchasers.
We at Front Variety Home loan can not anticipate home rates or cure the Corona! But we can supply our years of compassionate experience to help you and your enjoyed ones enter into your next home (or conserve a package on the one you are in currently)!
If you are in the marketplace for a house 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 help!
As certified home loan experts in Colorado doing service in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would be happy 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 help.