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 excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the top housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as many consider as the national average. Residences in the area normally sold in less than 28 days, which is 32 days much faster than homes in the remainder of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Numerous cities have actually recently discovered a resurgence in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It is essential to note that houses in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the typical price is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors large, more expensive ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, prices have risen by 6.3 percent and are anticipated to continue to increase by an additional 5 percent within the next year. In order for a real estate market to stay great, however, there needs to be a large inventory of houses along with an excellent job market. Until COVID-19, the Springs had both. However our current pandemic, financial circumstance and joblessness numbers might show to thwart this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some home buyers have also retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Stats showed unemployment in Colorado Springs as much as 5.5 percent in Helpful site March, it's difficult to know how this will affect the housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time last year.
Property Professionals Returning To Business
In-person property provings have actually started to resume. One of the drawbacks of selling a home throughout the pandemic has actually been the lockdown of provings. It is tough to sell 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 going beyond stock. 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 excellent news for buyers.
We at Front Range Home mortgage can not forecast home prices or treat the Corona! However we can provide our years of thoughtful experience to help you and your loved ones enter your next home (or save a package on the one you are in currently)!
If you remain in the market for a house or refinance here in Colorado, call or email our regional, Colorado Just Team 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 in addition to Denver, Grand Junction and throughout the state, we would enjoy to find the mortgage 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.