Unless you have actually taken social distancing to the point where you are residing in a cave, 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 good news. Coronavirus be damned, Colorado Springs has actually just been ranked the primary housing market in the country.
According to Realtor.com, March searches showed that properties found in Colorado Springs received 2.4 times as numerous views as the nationwide average. Homes in the location typically offered in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Lots of urbane areas have just recently found a revival in their real estate market because of a strong economy, low joblessness and low home mortgage rates. It's essential to keep in mind that homes in Colorado Springs can cost approximately 46 percent lower than houses in Denver city where the average cost is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outside big, more pricey ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, costs have actually increased by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a real estate market to remain good, however, there requires to be a big stock of houses as well as a great task market. Up until COVID-19, the Springs had both. However our existing pandemic, financial situation and unemployment numbers may prove to hinder 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 retreated to take a wait-and-see method. At a time when the U.S. Bureau of Labor Stats showed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand 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 very same time in 2015.
Realty Professionals Returning To Service
In-person realty showings have begun to resume. One of the downsides of offering a house throughout the pandemic has been the lockdown of showings. It is challenging to sell a house to somebody who can't see it personally. On the other hand, the demand for homes in Colorado Springs is still exceeding stock. This stays great news for sellers. And mortgage rates have stayed low for individuals who are able to qualify in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can not forecast house costs or cure the Corona! However we can offer our decades of thoughtful experience to assist you and your loved ones enter your next house (or save a package on the one you are in already)!
If you remain in the market for a house or re-finance here in Colorado, call or email Click here our local, Colorado Just Team for a Pain-free, 5-minute discussion to see how we can help!
As certified home mortgage experts in Colorado doing service in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would enjoy to discover the home loan 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.