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 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 primary housing market in the country.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs got 2.4 times as many deem the nationwide average. Homes in the area usually offered in less than 28 days, which is 32 days faster than homes in the remainder of the nation.
A Resurgence Due to a Strong Economy and Low Mortgage Rates
Numerous metropolitan areas have just recently discovered a renewal in their housing market because of a strong economy, low unemployment and low home loan rates. It is necessary 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 cities or those outside big, more costly ones.
Will COVID-19 Thwart 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 excellent, nevertheless, there requires to be a big stock of houses in addition to a great job market. Up 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 also retreated to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed unemployment in Colorado Springs up to 5.5 percent in March, it's tough to understand mortgage broker Denver how this will affect the housing market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the exact same time last year.
Realty Professionals Returning To Service
In-person real estate showings have actually begun to resume. One of the disadvantages of selling a home throughout the pandemic has been the lockdown of provings. It is tough to sell a house to someone who can't see it personally. 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 stayed low for people who are able to qualify in this landscape which is good news for purchasers.
We at Front Range Home loan can not predict house prices or treat the Corona! But we can offer our decades of caring experience to assist you and your liked ones enter your next home (or conserve a bundle 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 local, Colorado Just Team for a Pain-free, 5-minute conversation to see how we can assist!
As certified home loan specialists 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 or (303) 500-1900 in Denver to see how we can best help.