Unless you have 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, 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 number one real estate market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as lots of views as the nationwide average. Residences in the area usually sold in less than 28 days, which is 32 days quicker than houses in the remainder of the country.
A Renewal Due to a Strong Economy and Low Home Mortgage Rates
Many cities have actually just recently discovered a resurgence in their housing market due to the fact that 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 homes in Denver metro where the mean rate 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 Hinder the Momentum?
When it pertains to Colorado Springs, prices have risen by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain great, nevertheless, 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 present pandemic, economic circumstance and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Great site Some house buyers have also 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.
Real Estate Professionals Returning To Organisation
In-person genuine estate showings have started to resume. One of the downsides of selling a house during the pandemic has been the lockdown of provings. It is tough to sell a house to somebody who can't see it in person. On the other hand, the need for homes in Colorado Springs is still going beyond stock. This remains excellent news for sellers. And home mortgage 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 home rates or cure the Corona! However we can offer our years of caring 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 refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute conversation to see how we can assist!
As licensed home mortgage experts in Colorado doing organisation in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would more than happy to find 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 help.