Unless you have 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 properties located in Colorado Springs got 2.4 times as numerous views as the national average. Residences in the area 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 cosmopolitan areas have actually recently found a renewal in their housing market since of a strong economy, low joblessness and low mortgage rates. It is necessary to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver metro where the average rate 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 concerns 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 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, economic circumstance and joblessness numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the market. Some home purchasers have likewise 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 https://batchgeo.com/map/636d4db30072266137f504578bb34d59 short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the exact same time in 2015.
Real Estate Professionals Getting Back to Company
In-person real estate showings have started to resume. Among the disadvantages of offering a home during the pandemic has been the lockdown of provings. It is hard to offer a house to somebody who can't see it personally. Meanwhile, the need for houses in Colorado Springs is still surpassing inventory. This remains excellent news for sellers. And home mortgage rates have actually remained 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 thoughtful experience to help you and your loved ones enter your next home (or conserve a package on the one you are in currently)!
If you are 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 along with Denver, Grand Junction and throughout the state, we would more than happy to discover the home loan 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 assist.