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 great news. Coronavirus be damned, Colorado Springs has actually just been ranked the number one real estate market in the nation.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs received 2.4 times as lots of deem the nationwide average. Houses in the location generally offered in less than 28 days, which is 32 days quicker than houses in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Mortgage Rates
Many metropolitan areas 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 necessary to note that houses in Colorado Springs can cost roughly 46 percent lower than houses in Denver metro where the typical cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outside large, more pricey ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, costs have actually increased by 6.3 percent and are expected to continue to rise by an extra 5 percent within the next year. In order for a real estate market to stay good, however, there needs to be a large stock of houses along with a good job market. Up until COVID-19, the Springs had both. However our existing pandemic, financial scenario and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some home buyers have also pulled back to take a wait-and-see method. At a time when the U.S. Bureau of Labor Stats revealed joblessness in Colorado Springs as much as 5.5 percent in March, it's difficult to understand 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 exact same time last year.
Real Estate Professionals Getting Back to Company
In-person real estate showings have begun to resume. Among the disadvantages of offering a house during the pandemic has been the lockdown of showings. It is difficult to offer a house to someone who can't see it in person. Meanwhile, the need for houses in Colorado Springs is still surpassing inventory. This remains excellent news for sellers. And home mortgage rates have actually remained low for people who have the ability to certify in this landscape which is great news for buyers.
We at Front Variety Home loan can not predict home rates or cure the Corona! But we can supply our decades of compassionate experience to assist you and your liked ones enter into your next home (or save a package on the one you are in currently)!
If you remain in the market for a house or refinance here in Colorado, call or email our local, Colorado Just Team for Additional resources a Pain-free, 5-minute conversation to see how we can assist!
As certified mortgage specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would more than happy to find 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 help.