Unless you have 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, 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 homes located in Colorado Springs got 2.4 times as lots of deem the nationwide average. Houses in the location generally offered in less than 28 days, which is 32 days quicker than homes in the rest of the country.
A Renewal Due to a Strong Economy and Low Home Mortgage Rates
Numerous urbane areas have just recently found a revival in their real estate market because of a strong economy, low joblessness and low mortgage rates. It is necessary 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 sized cities or those outside large, more costly ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, costs have actually increased by 6.3 percent and are anticipated to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain excellent, nevertheless, there needs to be a large inventory of homes along with an excellent task market. Till COVID-19, the Springs had both. However our existing pandemic, economic situation and unemployment numbers might show to derail this momentum.
With things as they are, we are seeing that some sellers have actually taken their homes off the marketplace. Some home buyers have also retreated 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 in the Springs dropped 40 percent in April from the very same time in 2015.
Realty Professionals Returning To Business
In-person realty showings have actually started to resume. One of the drawbacks of offering a home during the pandemic has been the lockdown of provings. 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. reverse mortgage Denver And home mortgage rates have remained low for people who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Variety Home loan can not predict house costs 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 save a package on the one you remain 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 Pain-free, 5-minute conversation to see how we can assist!
As certified mortgage specialists in Colorado doing company in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would enjoy 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.