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 simply been ranked the number one real estate market in the nation.
According to Realtor.com, March searches revealed that residential or commercial properties located in Colorado Springs got 2.4 times as many deem the national average. Houses in the area usually sold in less than 28 days, which is 32 days much faster than homes in the remainder of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Numerous cities have just recently discovered a resurgence in their real estate market due to the fact that 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 houses 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 pricey ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, rates have actually risen by 6.3 percent and are expected to continue to increase by an extra 5 percent within the next year. In order for a real estate market to remain great, however, there needs to be a large inventory of houses as well as a great task market. Up until COVID-19, the Springs had both. However our current pandemic, economic circumstance and joblessness numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. 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 understand 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 exact same time last year.
Realty Professionals Getting Back to Company
In-person realty showings have begun to resume. Among the disadvantages of offering a house during the pandemic has been the Additional info lockdown of showings. It is difficult to offer a house to somebody who can't see it face to face. 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 purchasers.
We at Front Range Home mortgage can not forecast home prices or treat the Corona! However we can offer our decades of thoughtful experience to help you and your loved ones enter your next house (or save a package on the one you are in already)!
If you remain in the market for a house 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 assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would enjoy to find the home loan 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.