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, unemployment and individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own good news. Coronavirus be damned, Colorado Springs has actually just been ranked the primary housing market in the country.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs received 2.4 times as many deem the national average. Houses in the area usually sold in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have actually recently discovered a resurgence in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It is essential to note that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the median cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outside large, more costly ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, costs have actually increased by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a real estate market to stay excellent, however, there needs to be a large inventory of houses along with a good job market. Until COVID-19, the Springs had both. But our present pandemic, financial situation and joblessness numbers may show to derail this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some home buyers have actually likewise pulled back to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand 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 very same time in 2015.
Property Professionals Getting Back to Company
In-person property showings have begun to resume. One of the downsides of offering 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 face to face. On the other hand, the need for houses in Colorado Springs is still surpassing inventory. This remains good news for sellers. And home mortgage rates have actually stayed low for people who are able to certify in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can not predict home prices or cure the Corona! However we can offer our decades of compassionate experience to assist you and your liked ones get into your next Extra resources house (or save 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 Painless, 5-minute discussion to see how we can assist!
As certified mortgage experts in Colorado doing business in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be pleased to discover the home loan 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.