Unless you have actually 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, joblessness 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 primary real estate market in the nation.
According to Realtor.com, March searches showed that properties found in Colorado Springs received 2.4 times as numerous views as the nationwide average. Homes in the location typically offered in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Lots of cities have just recently found a revival in their real estate market because of a strong economy, low joblessness and low mortgage rates. It is very important 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 comes to 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 excellent, however, there needs to be a large inventory of houses along with an excellent job market. Until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness numbers might show to thwart 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 retreated to take a wait-and-see method. At a time when the U.S. Bureau of Labor Stats showed unemployment in Colorado Springs as much as 5.5 percent in March, it's difficult to know how this will affect the housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time last year.
Real Estate Professionals Getting Back to Business
In-person real estate provings have actually begun to resume. One of the drawbacks of offering a house during the pandemic has been the lockdown of showings. It is difficult to sell a house to somebody who can't see it in individual. Meanwhile, the demand for houses in Colorado Springs is still going beyond stock. This remains good news for sellers. And mortgage rates have actually stayed low for people who are able to certify in this landscape which is excellent news for buyers.
We at Front Range Home mortgage can not forecast home prices or treat the Corona! However we can provide our years of caring experience to help you and your loved ones enter your next home (or conserve a package on the one you are in currently)!
If you are in the market for a house or refinance here in Colorado, call or email our regional, Colorado Only Team for a Pain-free, 5-minute conversation to see Look at this website how we can assist!
As licensed home mortgage professionals in Colorado doing company in Colorado Springs along with Denver, Grand Junction and throughout the state, we would more than happy 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 we can best assist.