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 people disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the top real estate market in the nation.
According to Realtor.com, March searches revealed that homes located in Colorado Springs got 2.4 times as many consider as the national average. Houses in the area usually sold in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have actually recently discovered a renewal in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It is essential to note that homes in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the average cost 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, costs have actually increased by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a real estate market to stay excellent, however, there needs to be a large inventory of houses along with an excellent job market. Until COVID-19, the Springs had both. But our present pandemic, financial circumstance and joblessness numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the market. Some home buyers have also retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Click here! Labor Statistics showed unemployment in Colorado Springs up to 5.5 percent in March, it's hard to know how this will affect the real estate market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Property Professionals Returning To Service
In-person property provings have begun to resume. One of the downsides of offering a house throughout the pandemic has been the lockdown of showings. It is difficult to offer a house to somebody who can't see it face to face. Meanwhile, the demand for houses in Colorado Springs is still surpassing inventory. This remains excellent news for sellers. And home mortgage rates have stayed low for individuals who are able to qualify in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can not forecast house costs or cure the Corona! However we can offer our decades of thoughtful experience to help you and your loved ones enter your next home (or save a package on the one you are in currently)!
If you are in the market for a house or refinance here in Colorado, call or email our regional, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be pleased to discover the home loan 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 assist.