Unless you have 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, joblessness and people disagreeing on when it will be safe to re-open the economy. However here in Colorado, we have our own good news. Coronavirus be damned, Colorado Springs has simply been ranked the number one housing market in the country.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs received 2.4 times as numerous deem the nationwide average. Houses in the area normally offered in less than 28 days, which is 32 days quicker than houses in the rest of the country.
A Renewal Due to a Strong Economy and Low Home Mortgage Rates
Many cities have recently found a renewal in their real estate market because of a strong economy, low unemployment and low home loan rates. It is essential to keep in mind that houses in Colorado Springs can cost around 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 concerns Colorado Springs, costs 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 housing market to remain good, however, there needs to be a large stock of houses along with an excellent task market. Up until COVID-19, the Springs had both. However our present pandemic, economic 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 homes off the market. Some home purchasers have actually 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 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 very same time in 2015.
Property Professionals Getting Back to Organisation
In-person property showings have started to resume. One of the downsides of offering a home throughout the pandemic has actually been the lockdown of showings. It is hard to offer a home to somebody who can't see it face to face. On the other hand, the need for houses in Colorado Springs is still surpassing inventory. This remains good news for sellers. And home mortgage rates have stayed low for people who have the ability to qualify in this landscape which is excellent news for buyers.
We at Front Variety Home loan can not predict house prices or treat the Corona! However we can offer our years of caring experience to assist you and your loved ones enter your next home (or conserve a bundle 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 loan specialists in Colorado doing company in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be happy to discover the home mortgage that fits your needs best. Call us at (719) 540-2020 in Colorado Springs or Additional reading (303) 500-1900 in Denver to see how we can best help.