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, unemployment 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 primary housing market in the country.
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. Residences in the location generally offered in less than 28 days, which is 32 days faster than homes in the remainder of the nation.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Lots of urban locations have recently discovered a renewal in their housing market since of a strong economy, low joblessness and low home mortgage rates. It is essential to note that homes in Colorado Springs can cost roughly 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 pertains to Colorado Springs, rates have actually increased by 6.3 percent and are anticipated to continue to rise by an extra 5 percent within the next year. In order for a housing market to remain great, however, there needs to be a large inventory of homes in addition to a great job market. Up until COVID-19, the Springs had both. But our current pandemic, economic situation and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some house purchasers have actually likewise retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs as much as 5.5 percent in March, it's difficult to know how this will impact the real estate market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the exact same time last year.
Property https://batchgeo.com/map/636d4db30072266137f504578bb34d59 Professionals Returning To Organisation
In-person property showings have started to resume. One of the downsides of offering a house during the pandemic has been the lockdown of provings. It is challenging to sell a house to someone who can't see it face to face. On the other hand, the need for homes in Colorado Springs is still going beyond inventory. This remains excellent news for sellers. And home loan rates have stayed low for people who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not anticipate house costs 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 bundle 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 licensed home loan experts in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be delighted 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.