Unless you have actually 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, unemployment and people 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 housing market in the country.
According to Realtor.com, March searches revealed that properties located in Colorado Springs got 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 quicker than homes in the remainder of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Numerous cities have just recently found a revival in their housing market due to the fact that of a strong economy, low unemployment and low home mortgage rates. It is very important to keep in mind that houses in Colorado Springs can cost around 46 percent lower than houses in Denver city where the typical cost is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outdoors large, more expensive ones.
Will COVID-19 Derail the Momentum?
When it pertains to Colorado Springs, prices have actually increased by 6.3 percent and are expected to continue to rise by an extra 5 percent within the next year. In order for a housing market to stay great, nevertheless, there requires to be a large inventory of houses as well as a great task market. Till COVID-19, the Springs had both. However our current pandemic, financial situation and unemployment numbers may 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 house purchasers have actually likewise here 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 understand how this will impact 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.
Real Estate Professionals Getting Back to Company
In-person real estate showings have begun to resume. Among the disadvantages of offering a house during the pandemic has been the lockdown of showings. It is tough to offer a home to someone who can't see it in person. Meanwhile, the need for houses in Colorado Springs is still going beyond inventory. 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 good news for purchasers.
We at Front Variety Home mortgage can not anticipate house rates or cure the Corona! But we can supply our decades of caring experience to assist you and your liked ones get into your next home (or save 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 licensed home mortgage professionals in Colorado doing business in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be happy 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.