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. 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 received 2.4 times as numerous consider as the national average. Houses in the location generally offered in less than 28 days, which is 32 days faster than homes in the remainder of the nation.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Numerous city locations have actually recently found a revival in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It's important to note that homes in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the typical price 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, costs have risen by 6.3 percent and are anticipated to continue to increase by an extra 5 percent within the next year. In order for a real estate market to stay excellent, nevertheless, there requires to be a big stock of houses along with an excellent task market. Till COVID-19, the Springs had both. However our existing pandemic, financial circumstance and joblessness numbers might prove 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 actually likewise pulled back to take a wait-and-see method. At a time when the U.S. Bureau of Labor Statistics 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 same time in 2015.
Property Professionals Getting Back to Company
In-person property provings have actually begun to resume. One of the disadvantages of offering a home during the pandemic has actually been the lockdown of showings. It is difficult to offer a home to someone who can't see it face to face. Meanwhile, the demand for homes in Colorado Springs is still exceeding stock. This remains excellent news for sellers. And home loan rates have stayed low for individuals who are able to certify in this landscape which is great news for buyers.
We at Front Range Home mortgage can Continue reading not predict home rates or treat the Corona! However we can supply our decades of caring experience to assist you and your liked 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 house 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 be happy to discover the home mortgage that fits your requirements best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best help.