Unless you have actually taken social distancing to the point where you are residing in a cavern, 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 good news. Coronavirus be damned, Colorado Springs has actually just been ranked the primary housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as many deem the national average. Houses in the area usually sold in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Mortgage Rates
Numerous cities have actually recently discovered a resurgence in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It is 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 large, more pricey ones.
Will COVID-19 Derail the Momentum?
When it comes to 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 excellent, however, there needs to be a large inventory of houses along with an excellent job market. Until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their homes off the market. Some home buyers 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 affect the real estate market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April Browse this site from the very same time in 2015.
Property Professionals Returning To Service
In-person property showings have begun to resume. Among the drawbacks of offering a home during the pandemic has been the lockdown of provings. It is hard to offer a house to someone who can't see it face to face. On the other hand, the need for houses in Colorado Springs is still surpassing inventory. This stays excellent 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 prices or treat the Corona! However we can provide our years of caring experience to help you and your enjoyed ones enter into your next home (or conserve a bundle on the one you are in currently)!
If you are in the marketplace for a home or re-finance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute discussion 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 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.