Unless you have actually taken social distancing to the point where you are residing in a cave, it's no doubt that your day is filled with news about COVID-19, unemployment 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 number one housing market in the country.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs got 2.4 times as numerous consider as the nationwide average. Homes in the area usually offered in less than 28 days, which is 32 days much faster than houses in the remainder of the country.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Numerous cities have recently found a resurgence in their housing market because of a strong economy, low unemployment and low home mortgage rates. It is essential to note that homes in Colorado Springs can cost approximately 46 percent lower than homes in Denver metro where the mean cost is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outdoors big, more costly ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, rates have actually risen by 6.3 percent and are expected to continue to increase by an extra 5 percent within the next year. In order for a real estate market to stay good, nevertheless, there requires to be a large stock of homes as well as an excellent task market. Up until COVID-19, the Springs had both. But our existing pandemic, financial circumstance and joblessness numbers may show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their homes off the marketplace. Some home purchasers have also retreated to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Statistics revealed unemployment in Colorado Springs as much as 5.5 percent in March, it's hard to understand how this will impact the housing market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the same time in 2015.
Real Estate Professionals Getting Back to Organisation
In-person real estate showings have actually started to resume. One of the drawbacks of offering a house during the pandemic has been the lockdown of provings. It is hard to sell a home to somebody who can't see it personally. Meanwhile, the demand for homes in Colorado Springs is still exceeding inventory. This remains great news for sellers. And home mortgage rates have actually stayed low for individuals who have the ability to certify in this landscape which is excellent news for purchasers.
We at Front Variety Home mortgage can not forecast house rates or treat the Corona! But we can offer our decades of caring experience to assist you and your loved ones enter into your next home (or conserve a package on the one you remain in currently)!
If you remain in the market for a house or re-finance here in Colorado, call or email our regional, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can help!
As certified home mortgage specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would enjoy to discover the home loan that website 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.