Unless you have 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 actually simply been ranked the number one housing market in the nation.
According to Realtor.com, March searches showed that residential or commercial properties found in Colorado Springs received 2.4 times as numerous views as the national average. Houses in the area usually offered in less than 28 days, which is 32 days faster than homes in the rest of the country.
A Resurgence Due to a Strong Economy and Low Mortgage Rates
Many metropolitan areas have just recently found a revival in their housing market because of a strong economy, low unemployment and low mortgage rates. It's 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 most popular market list tended to be smaller sized cities or those outdoors large, more expensive ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, prices have risen 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 remain good, nevertheless, there requires to be a big stock of houses in addition to a great task market. Up until COVID-19, the Springs had both. But our present pandemic, economic situation and joblessness numbers might prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their houses off the market. Some home purchasers have likewise pulled back to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Data showed joblessness in Colorado Springs as much as 5.5 percent in March, it's hard to understand how this will affect the real estate market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the very same time last year.
Realty Professionals Getting Back to Organisation
In-person realty provings have begun to resume. Among the drawbacks of offering a home throughout the pandemic has been the lockdown of showings. It is hard to offer a home to someone who can't see it personally. Meanwhile, the demand for houses in Colorado Springs is still going beyond inventory. This stays excellent news for sellers. And mortgage rates have remained low for individuals who have the ability to qualify in this landscape which is great news for purchasers.
We at Front Variety Mortgage can not predict home costs or treat the Corona! However we can supply our decades of compassionate experience to help you and your enjoyed ones enter into your next house (or save a bundle on the one you remain in already)!
If you are in the market for a house or refinance here in Colorado, call or email our local, Colorado Just Group for a Painless, 5-minute conversation to see how we can assist!
As certified home loan specialists in Colorado doing company in Colorado Springs along with Denver, Grand Junction and throughout the state, we would enjoy 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 Click for info we can best assist.