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, 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 just been ranked the top real estate market in the nation.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs received 2.4 times as many consider as the nationwide average. Residences in the area typically offered in less than 28 days, which is 32 days faster than houses in the remainder of the nation.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Numerous urbane locations have just recently discovered a resurgence in their housing market since of a strong economy, low joblessness and low mortgage rates. It is essential to keep in mind that houses in Colorado Springs can cost around 46 percent lower than homes in Denver city where the typical price 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 pertains to Colorado Springs, costs have actually risen by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain great, however, there needs to be a large inventory of homes in addition to a great job market. Up until COVID-19, the Springs had both. But our present pandemic, economic situation and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house buyers have likewise retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics showed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand how this will affect 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 Getting Back to Company
In-person property provings have actually begun to resume. One of the disadvantages of offering a home during the pandemic has actually been the lockdown of provings. It is challenging to sell a house to someone who can't see it face to face. On the other hand, the need for homes in Colorado Springs is still going beyond stock. This stays good news for sellers. And home mortgage rates have actually remained low for individuals who have the ability to qualify in this landscape which is excellent news for purchasers.
We at Front Range Home mortgage can not anticipate house rates or treat the Corona! However we can provide our decades of thoughtful experience to help you and your loved ones enter into your next home (or conserve a bundle on the one you remain in already)!
If you remain in the market for a home 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 assist!
As certified home loan specialists in Colorado doing company in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be pleased to discover the mortgage that fits your requirements best. Call us Browse this site at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best help.