Unless you have taken social distancing to the point where you are living 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 great news. Coronavirus be damned, Colorado Springs has simply been ranked the number one real estate market in the nation.
According to Realtor.com, March searches revealed that residential or commercial properties located in Colorado Springs received 2.4 times as many deem the national average. Houses in the location usually offered in less than 28 days, which is 32 days quicker than houses in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Mortgage Rates
Many cities have just recently found a revival in their real estate market because of a strong economy, low joblessness and low mortgage rates. It is essential to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the average rate is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outside big, more pricey ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, rates have actually 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 good, however, there needs to be a big stock of houses along with a good job market. Up until COVID-19, the Springs had both. However our existing pandemic, financial scenario and unemployment 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 home buyers have also 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 as much as 5.5 percent in March, it's difficult to know how this will affect the housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time last year.
Property Professionals Getting Back to Business
In-person property provings have actually started to resume. One of the drawbacks of selling a home throughout the pandemic has actually been the lockdown of provings. It is tough to sell a home to somebody who can't see it face to face. On the other hand, the demand for homes in Colorado Springs is still exceeding stock. This stays great news for sellers. And mortgage rates have stayed low for individuals who are able to certify in this landscape which is excellent news for buyers.
We at Front Range Mortgage can not predict house costs or cure the Corona! But we can supply our decades of compassionate experience to assist you and your liked ones get into your next house (or conserve Website link a bundle on the one you remain in already)!
If you remain in the marketplace for a home or re-finance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute discussion to see how we can help!
As certified mortgage specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be delighted 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 assist.