Unless you have 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. However here in Colorado, we have our own great news. Coronavirus be damned, Colorado Springs has simply been ranked the number one 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 lots of deem the nationwide average. Houses in the location generally offered in less than 28 days, which is 32 days quicker than houses in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Mortgage Rates
Many metropolitan areas have actually recently discovered a renewal in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It is necessary to note that homes in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the mean rate is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outdoors big, more expensive ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, rates have risen by 6.3 percent and are expected to continue to increase by an extra 5 percent within the next year. In order for a real estate market to remain good, however, there requires to be a big stock of houses as well as a good job market. Up until COVID-19, the Springs had both. However our existing pandemic, financial scenario and joblessness numbers might prove to derail this momentum.
With things as they are, we are seeing that some sellers have 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 Click for more 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 in 2015.
Realty Professionals Returning To Organisation
In-person realty provings have begun to resume. One of the downsides of offering a house throughout the pandemic has been the lockdown of showings. It is difficult to offer a house to someone who can't see it personally. Meanwhile, the need for houses in Colorado Springs is still surpassing inventory. This stays excellent news for sellers. And home loan rates have remained low for individuals who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Range Mortgage can not predict 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 house (or save a package on the one you are in currently)!
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 professionals in Colorado doing business in Colorado Springs in addition to 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.