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 people disagreeing on when it will be safe to re-open the economy. However here in Colorado, we have our own great news. Coronavirus be damned, Colorado Springs has actually simply been ranked the number one real estate market in the nation.
According to Realtor.com, March searches revealed that properties found in Colorado Springs received 2.4 times as lots of views as the nationwide average. Homes in the location generally offered in less than 28 days, which is 32 days faster than houses in the rest 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 unemployment and low home mortgage rates. It's important to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the median cost is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outside big, more costly ones.
Will COVID-19 Hinder the Momentum?
When it comes to Colorado Springs, prices have increased by 6.3 percent and are anticipated to continue to increase by an additional 5 percent within the next year. In order for a housing market to remain great, nevertheless, there requires to be a big inventory of homes in addition to a great task market. Till COVID-19, the Springs had both. However our current pandemic, economic situation and unemployment numbers may prove to hinder this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house purchasers have actually likewise pulled away to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed joblessness 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 exact same time in 2015.
Realty Professionals Getting Back to Company
In-person realty showings have begun to resume. Among the disadvantages of offering a house during Browse this site the pandemic has been the lockdown of showings. It is difficult to offer a house to someone who can't see it personally. Meanwhile, 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 house rates or cure the Corona! But we can supply our decades of compassionate experience to assist you and your liked ones get into your next house (or conserve a package on the one you are in already)!
If you remain in the marketplace for a home or re-finance here in Colorado, call or email our local, Colorado Just Team for a Painless, 5-minute discussion to see how we can help!
As certified home loan experts in Colorado doing service in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would enjoy to discover the mortgage that fits your requirements best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best help.