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, joblessness and people disagreeing on when it will be safe to re-open the economy. However here in Colorado, we have our own good news. Coronavirus be damned, Colorado Springs has actually simply been ranked the number one real estate market in the country.
According to Realtor.com, March searches showed that homes found in Colorado Springs received 2.4 times as numerous consider as the national average. Houses in the location typically sold in less than 28 days, which is 32 days quicker than houses in the rest of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have recently discovered a resurgence in their housing market since of a strong economy, low joblessness and low mortgage rates. It is very important to note that houses in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the median rate is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more expensive ones.
Will COVID-19 Hinder the Momentum?
When it concerns Colorado Springs, costs have 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 good, however, there needs to be a large stock of houses along with an excellent task market. Up until COVID-19, the Springs had both. However our present pandemic, economic situation and unemployment numbers might show to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some house purchasers have actually also retreated to take a wait-and-see approach. At a time when the U.S. Bureau mortgage Denver of Labor Data revealed unemployment in Colorado Springs up to 5.5 percent in March, it's tough to understand 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 exact same time in 2015.
Genuine Estate Professionals Returning To Company
In-person real estate provings have begun to resume. Among the drawbacks of selling a house during the pandemic has actually been the lockdown of provings. It is challenging to offer a home to someone who can't see it in individual. Meanwhile, the need for houses in Colorado Springs is still exceeding 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 excellent news for buyers.
We at Front Variety Mortgage can not forecast home rates or cure the Corona! However we can provide our decades of compassionate experience to assist you and your liked ones enter your next home (or conserve a bundle on the one you are in currently)!
If you are in the marketplace for a home or refinance here in Colorado, call or email our regional, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can assist!
As certified home loan specialists in Colorado doing business in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would more than 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.