Unless you have actually taken social distancing to the point where you are living in a cavern, it's no doubt that your day is filled with news about COVID-19, unemployment and individuals disagreeing on when it will be safe to re-open the economy. However here in Colorado, we have our own good news. Coronavirus be damned, Colorado Springs has actually just been ranked the top real estate market in the nation.
According to Realtor.com, March searches showed that homes located in Colorado Springs received 2.4 times as lots of views as the national average. Houses in the location generally offered in less than 28 days, which is 32 days much faster than houses in the rest of the country.
A Renewal Due to a Strong Economy and Low Home Mortgage Rates
Many cities have recently found a revival in their real estate market due to the fact that of a strong economy, low unemployment and low mortgage rates. It is essential to keep in mind that houses in Colorado Springs can cost around 46 percent lower than houses in Denver city where the median price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more costly ones.
Will COVID-19 Hinder the Momentum?
When it concerns Colorado Springs, costs have actually risen by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain good, however, there needs to be a large stock of houses along with an excellent task market. Up until COVID-19, the Springs had both. However our present pandemic, economic situation and unemployment numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their homes off the market. Some home purchasers have actually likewise pulled back 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 understand how this will affect the housing market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Property Professionals Getting Back to Organisation
In-person genuine estate showings have started to resume. One of the downsides of offering a home during the pandemic has actually been the lockdown of showings. It is difficult to offer a home to somebody who can't see it in individual. Meanwhile, the need for homes in Colorado Springs is still exceeding stock. This remains excellent news for sellers. And home loan rates have actually remained low for people who have the ability to qualify in this landscape which is excellent news for buyers.
We at Front Variety Home loan can not forecast home rates or cure the Corona! However we can provide our years of compassionate experience to assist 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 marketplace for a home or refinance here in Colorado, call or email our regional, Colorado Only Group for a Pain-free, 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 more than happy to discover 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 Click to find out more best assist.