Unless you have actually 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 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 residential or commercial properties 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 much faster than houses in the rest of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Many cities have recently discovered a renewal in their real estate market because of a strong economy, low unemployment and low home loan rates. It is essential to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver metro where the average cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outdoors big, more costly ones.
Will COVID-19 Thwart the Momentum?
When it pertains to Colorado Springs, rates have actually increased by 6.3 percent and are anticipated to continue to increase by an extra 5 percent within the next year. In order for a real estate market to stay excellent, nevertheless, there requires to be a big inventory of homes in addition to a great job market. Until COVID-19, the Springs had both. But our current pandemic, economic situation and joblessness 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 of Labor Data revealed joblessness in Colorado Springs as much as 5.5 percent in March, it's hard to understand how this will impact 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.
Property Professionals Getting Back to Business
In-person property provings have started to resume. Among the downsides of offering a house during the pandemic has actually been the lockdown of provings. It is challenging to offer a house to someone who can't see it face to face. Meanwhile, the demand for houses in Colorado Springs is still exceeding stock. This remains good news for sellers. And home mortgage rates have stayed low for people who have the ability to certify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not predict house prices or treat the Corona! But we can supply our decades of thoughtful experience to help you and your enjoyed ones get into your next Have a peek at this website house (or save a package on the one you remain in already)!
If you remain in the market for a house or refinance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute discussion to see how we can help!
As certified mortgage professionals in Colorado doing business in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would be delighted to find the home loan 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.