Unless you have taken social distancing to the point where you are living in a cavern, 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 excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the number one housing market in the country.
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 typically offered in less than 28 days, which is 32 days much faster than homes in the remainder of the nation.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Lots of cities have actually recently found a revival in their real estate market due to the fact that of a strong economy, low unemployment and low home loan rates. It is essential to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver metro where the mean rate is $692,000. Realtor.com's most popular 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, rates 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 along with an excellent task market. Till COVID-19, the Springs had both. However our existing pandemic, financial scenario and joblessness numbers might show to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some home purchasers have actually likewise pulled back to take a wait-and-see method. At a Go to this site time when the U.S. Bureau of Labor Stats 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. Among the disadvantages of selling a home throughout the pandemic has actually been the lockdown of provings. It is tough to offer a house to someone who can't see it face to face. On the other hand, the demand for homes in Colorado Springs is still going beyond inventory. This remains excellent news for sellers. And home loan rates have stayed low for people who have the ability to certify in this landscape which is good news for purchasers.
We at Front Range Mortgage can not anticipate home rates or cure the Corona! However we can offer our years of caring experience to help 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 home or re-finance here in Colorado, call or email our local, 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 needs best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best assist.