Unless you have actually taken social distancing to the point where you are residing in a cave, it's no doubt that your day is filled with news about COVID-19, joblessness and individuals 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 just been ranked the primary housing market in the nation.
According to Realtor.com, March searches revealed that properties found in Colorado Springs got 2.4 times as many deem the nationwide average. Residences in the area usually offered in less than 28 days, which is 32 days faster than homes in the rest of the nation.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Numerous metropolitan areas have recently discovered a renewal in their real estate market because of a strong economy, low unemployment and low mortgage rates. It is necessary to keep in mind that houses in Colorado Springs can cost around 46 percent lower than houses in Denver city 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 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 as well as a good job market. Until COVID-19, the Springs had both. However our existing pandemic, financial circumstance and joblessness numbers may prove to derail 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 pulled back to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics revealed joblessness in Colorado Springs as much as 5.5 percent in March, it's hard to know 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.
Realty Professionals Getting Back to Business
In-person realty showings have started to resume. One of the downsides of offering a home throughout the pandemic has actually been the lockdown of showings. It is hard to offer a home to somebody 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 thoughtful experience to help you and your enjoyed ones get into Find out more your next house (or save a bundle on the one you remain in already)!
If you remain in the market for a home or re-finance here in Colorado, call or email our local, Colorado Only Group for a Painless, 5-minute discussion to see how we can assist!
As licensed home mortgage experts in Colorado doing service in Colorado Springs along with Denver, Grand Junction and throughout the state, we would more than happy to discover the 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 assist.