Unless you have actually taken social distancing to the point where you are living 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 great news. Coronavirus be damned, Colorado Springs has actually just been ranked the top real estate market in the nation.
According to Realtor.com, March searches showed that homes found in Colorado Springs got 2.4 times as many views as the nationwide average. Homes in the location normally sold in less than 28 days, which is 32 days quicker than houses in the remainder of the nation.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Lots of city areas have actually just recently discovered a resurgence in their housing market because of a strong economy, low unemployment and low home loan rates. It's crucial to keep in mind that houses in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the median price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more expensive ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, prices 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 stay great, however, there needs to be a large inventory of homes as well as a good task market. Till COVID-19, the Springs had both. However our present pandemic, economic circumstance and unemployment numbers may 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 house purchasers have actually also mortgage broker Denver retreated to take a wait-and-see approach. At a time when the U.S. Bureau 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, brand-new listings in the Springs dropped 40 percent in April from the exact same time last year.
Realty Professionals Returning To Service
In-person realty provings have actually begun to resume. Among the drawbacks of selling a house during the pandemic has been the lockdown of provings. It is challenging to sell a house to someone who can't see it personally. On the other hand, the need for homes in Colorado Springs is still going beyond inventory. This stays great news for sellers. And mortgage rates have actually remained low for individuals who are able to certify in this landscape which is great news for purchasers.
We at Front Range Home mortgage can not anticipate house costs or treat the Corona! But we can supply our decades of caring experience to help you and your liked ones get into your next home (or conserve a bundle on the one you remain in already)!
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 Pain-free, 5-minute discussion to see how we can assist!
As licensed home mortgage experts in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would enjoy 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 assist.