Unless you have actually taken social distancing to the point where you are residing in a cavern, 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. However 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 showed that properties found in Colorado Springs received 2.4 times as numerous views as the nationwide average. Homes in the location typically offered in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Lots of urban areas have just recently found a revival in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It is necessary to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than houses 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 anticipated to continue to rise by an additional 5 percent within the next year. In order for a housing market to stay excellent, nevertheless, there needs to be a large inventory of homes in addition to an excellent task market. Until COVID-19, the Springs had both. But our current pandemic, economic circumstance and joblessness numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the marketplace. Some home buyers have actually 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 exact same time last year.
Real Estate Professionals Getting Back to Business
In-person real estate showings have actually started to resume. Among the drawbacks of selling a home during the pandemic has been the lockdown of provings. It is hard to offer a home to someone who can't see it in person. On the other hand, the need for houses in Colorado Springs is still surpassing inventory. This stays excellent news for sellers. And home loan rates have remained low for individuals who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Variety Home loan can not predict house costs or cure the Corona! However we can offer our decades of compassionate experience to assist you and your liked ones get into your next house (or save a package on the one you remain in already)!
If you remain in the market 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 home loan specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would more than happy Look at more info to find 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.