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 individuals 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 simply been ranked the top real estate market in the nation.
According to Realtor.com, March searches revealed that homes found in Colorado Springs received 2.4 times as lots of views as the national average. Residences in the location generally offered in less than 28 days, which is 32 days quicker than houses in the rest of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have actually recently discovered a resurgence in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It's important to note 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 sized cities or those outdoors big, more expensive ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, prices 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 real estate market to stay excellent, nevertheless, 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 derail 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 pulled away to take a wait-and-see method. At a time when the U.S. Bureau of Labor Data showed unemployment in Colorado Springs up to 5.5 percent in March, it's hard to know how this will affect the real estate 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.
Realty Professionals Getting Back to Service
In-person property provings have actually begun to resume. One of the drawbacks of selling a home during the pandemic has been the lockdown of provings. It is tough to sell a home to somebody who can't see it face to face. On the other hand, the demand for homes in Colorado Springs is still exceeding inventory. This stays good news for sellers. And home loan rates have actually stayed low for people who have the ability to certify in this landscape which is excellent news for buyers.
We at Front Variety Home loan can not anticipate home rates or cure the Corona! But we can supply our years follow this link of compassionate experience to assist you and your liked ones get into your next house (or conserve a bundle on the one you remain 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 specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be delighted to find 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 assist.