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. But here in Colorado, we have our own excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the top real estate market in the nation.
According to Realtor.com, March searches revealed that homes located in Colorado Springs got 2.4 times as many consider as the national average. Residences in the area normally sold in less than 28 days, which is 32 days much faster than homes in the rest of the country.
A Revival Due to a Strong Economy and Low Home Loan Rates
Lots of cities have actually just recently discovered a revival in their real estate market because of a strong economy, low joblessness and low mortgage rates. It is very important to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city 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, rates have risen by 6.3 percent and are anticipated to continue to increase by an extra 5 percent within the next year. In order for a housing market to remain great, nevertheless, there requires to be Helpful site a big inventory of homes in addition to an excellent task 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 taken their homes off the market. Some home buyers 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 housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Property Professionals Returning To Organisation
In-person property provings have actually begun to resume. One of the downsides of selling a house throughout the pandemic has actually been the lockdown of showings. It is challenging to sell a home to somebody who can't see it in individual. On the other hand, the need for homes in Colorado Springs is still surpassing inventory. This stays great news for sellers. And mortgage rates have stayed low for individuals who are able to certify in this landscape which is excellent news for purchasers.
We at Front Range Home mortgage can not forecast home prices or treat the Corona! But we can provide our years of compassionate experience to assist you and your enjoyed ones enter into your next home (or conserve a bundle on the one you remain 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 Pain-free, 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 enjoy to discover 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.