Unless you have taken social distancing to the point where you are residing in a cavern, 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 just been ranked the top housing market in the nation.
According to Realtor.com, March searches showed that residential or commercial properties located in Colorado Springs received 2.4 times as lots of views as the nationwide average. Homes in the area usually offered in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Numerous cities have actually just recently discovered a resurgence in their real estate market because of a strong economy, low joblessness and low home mortgage rates. It is very important to keep in mind that houses in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the average rate is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outside large, more pricey ones.
Will COVID-19 Hinder 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 additional 5 percent within the next year. In order for a real estate market to remain great, nevertheless, there requires to be a large inventory of homes in addition to an excellent 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 purchasers have actually likewise pulled away to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics showed unemployment in Colorado Springs up to 5.5 percent in March, it's hard to know how this will affect the housing market short-term. According to Realtor.com, new listings website in the Springs dropped 40 percent in April from the same time last year.
Property Professionals Returning To Business
In-person property provings have actually started to resume. Among the drawbacks of selling a home during the pandemic has been the lockdown of provings. It is hard to offer a home to someone who can't see it in person. On the other hand, 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 good news for buyers.
We at Front Variety Home loan can not predict home rates or cure the Corona! But we can supply our years of compassionate experience to assist you and your liked ones enter into your next home (or conserve a bundle on the one you remain in currently)!
If you are in the marketplace for a home or refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute discussion to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be pleased to find 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 assist.