Unless you have 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 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 top real estate market in the nation.
According to Realtor.com, March searches showed that properties found in Colorado Springs got 2.4 times as many deem the nationwide average. Homes in the location normally sold in less than 28 days, which is 32 days faster than houses in the rest of the nation.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Numerous cities have actually just recently discovered a resurgence in their housing market due to the fact that of a strong economy, low joblessness and low mortgage rates. It is very important to keep in mind that houses in Colorado Springs can cost around 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 pricey 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 remain great, however, there needs to be a large inventory of homes in addition to a great job market. Up until COVID-19, the Springs had both. But our present pandemic, economic situation and unemployment numbers may prove to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house buyers have also retreated to take a wait-and-see technique. 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 know how this will impact the real estate market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the same time last year.
Genuine Estate Professionals Returning To Service
In-person real estate showings have actually started to resume. One of the downsides of offering a home during the pandemic has actually been the lockdown of provings. It is challenging to offer a house to someone who can't see it in person. On the other hand, the demand for houses in Colorado Springs is still surpassing inventory. This stays good news for sellers. And home mortgage rates have remained low for individuals who are able to certify in this landscape which is great news for buyers.
We at Front Variety Mortgage can not forecast home rates or treat the Corona! But we can offer our decades of thoughtful experience to help you and your enjoyed ones get into your next house (or save a package on the one you are in currently)!
If you are in the marketplace for a home or refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 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 more than happy to find the home mortgage that fits your needs best. Call us at (719) 540-2020 in Colorado Springs Find more information or (303) 500-1900 in Denver to see how we can best help.