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, unemployment 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 just been ranked the top real estate market in the nation.
According to Realtor.com, March searches revealed that properties found in Colorado Springs got 2.4 times as many consider as the national average. Houses in the location typically sold in less than 28 days, which is 32 days much faster than homes in the rest of the nation.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Numerous metropolitan areas have actually just recently discovered a resurgence in their real estate market since of a strong economy, low joblessness and low home mortgage rates. It is necessary to note that homes in Colorado Springs can cost roughly 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 sized cities or those outdoors big, more pricey 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 good, however, there needs to be a large inventory of homes as well as a good job market. Until COVID-19, the home loan Denver Springs had both. However our existing pandemic, financial scenario and joblessness numbers might show to hinder this momentum.
With things as they are, we are seeing that some sellers have actually taken their homes off the market. Some home purchasers have actually likewise pulled back to take a wait-and-see method. At a time when the U.S. Bureau of Labor Stats showed unemployment in Colorado Springs up to 5.5 percent in March, it's tough to understand 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 very same time in 2015.
Real Estate Professionals Getting Back to Business
In-person genuine estate provings have begun to resume. Among the drawbacks of selling a house throughout the pandemic has been the lockdown of showings. It is hard to offer a home to somebody who can't see it in individual. Meanwhile, the need for homes in Colorado Springs is still exceeding stock. This remains good news for sellers. And home mortgage rates have stayed low for individuals who are able to certify in this landscape which is good news for purchasers.
We at Front Range Mortgage can not forecast home rates or cure the Corona! However we can offer our years of caring experience to assist you and your liked ones enter your next home (or conserve a bundle on the one you remain in already)!
If you remain in the market for a house or re-finance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute conversation to see how we can help!
As certified mortgage specialists in Colorado doing company 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.