Unless you have 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 individuals 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 housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as many consider as the national average. Residences in the area normally sold in less than 28 days, which is 32 days much faster than homes in the remainder of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Lots of urban locations have just recently found a revival in their real estate market because of a strong economy, low joblessness and low mortgage rates. It's essential to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city 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 good, however, there needs to be a large stock of houses along with a good job market. Until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness 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 get more info the U.S. Bureau of Labor Stats revealed unemployment in Colorado Springs approximately 5.5 percent in March, it's tough to understand how this will impact 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 realty provings have begun to resume. One of the downsides of selling a house throughout the pandemic has actually been the lockdown of showings. It is challenging to sell a home to somebody who can't see it face to face. On the other hand, the demand for homes in Colorado Springs is still exceeding stock. This stays great news for sellers. And 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 prices or treat 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 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 licensed home mortgage experts in Colorado doing company in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would more than happy to discover the home loan 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.