Unless you have actually 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 individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own good 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 showed that homes located in Colorado Springs got 2.4 times as lots of deem the nationwide average. Residences in the area usually offered in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have recently discovered a renewal in their real estate market because of a strong economy, low unemployment and low home loan rates. It is very important to note that homes in Colorado Springs can cost roughly 46 percent lower than homes in Denver city where the typical rate is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more costly ones.
Will COVID-19 Hinder the Momentum?
When it concerns Colorado Springs, costs have actually increased 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 in addition to a great task market. Up until COVID-19, the Springs had both. However our present pandemic, economic circumstance and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their houses off the marketplace. Some house buyers 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 as much as 5.5 percent in March, it's hard to know how this will impact the real estate market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time in 2015.
Genuine Estate Professionals Getting Back to Company
In-person real estate provings have started to resume. Among the downsides of selling a house during the pandemic has been the lockdown of provings. It is tough to sell a house to somebody who can't see it in person. On the other hand, the need for homes in Colorado Springs is still going beyond stock. This remains excellent news for sellers. And home loan rates have stayed low for people who have the Denver mortgage brokers ability to qualify in this landscape which is excellent news for purchasers.
We at Front Range Home mortgage can not predict house costs or treat the Corona! But we can supply our decades of compassionate experience to assist you and your loved ones enter into your next home (or conserve a bundle on the one you are in currently)!
If you are in the marketplace for a home or re-finance here in Colorado, call or email our local, Colorado Just 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 needs best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best assist.