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, unemployment and individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own great news. Coronavirus be damned, Colorado Springs has just been ranked the primary housing market in the country.
According to Realtor.com, March searches revealed that residential or commercial properties located in Colorado Springs received 2.4 times as lots of views as the national 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 cosmopolitan areas have just recently discovered a renewal in their housing market since of a strong economy, low joblessness and low home mortgage rates. It is necessary to note that homes in Colorado Springs can cost around 46 percent lower than houses in Denver city where the median cost is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors big, more pricey ones.
Will COVID-19 Thwart the Momentum?
When it pertains to Colorado Springs, prices have risen by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain good, however, there needs to be a large inventory of homes as well as a good job market. Until COVID-19, the Springs had both. But our current pandemic, economic situation and joblessness numbers might show to hinder this momentum.
With things as they are, we are seeing that some sellers have actually taken their homes off the market. Some home purchasers have also retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs as much as 5.5 percent in March, it's difficult 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 exact same time last year.
Realty Professionals Returning To Organisation
In-person genuine estate showings have started to resume. Among the drawbacks 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 personally. 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 ability to qualify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not anticipate home costs or cure the Corona! However we can provide our years of compassionate experience to assist you and your liked ones enter your next home (or conserve a bundle on the one you remain in already)!
If you remain in the market for a house or refinance here in Colorado, call or email our local, Colorado Just Team for a Pain-free, 5-minute conversation to see how we can assist!
As certified home loan specialists in Colorado doing company in Colorado Springs Learn more along with Denver, Grand Junction and throughout the state, we would more than happy to discover the 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 assist.