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 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 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 homes in the remainder of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Lots of urban locations have just recently found a revival in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It is very important to note that houses in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the mean price is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors big, 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 extra 5 percent within the next year. In order for a housing market to remain great, nevertheless, there requires to be a big stock of houses as well as a good job market. Up until COVID-19, the Springs had both. However our existing pandemic, financial situation and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers here have taken their homes off the market. Some home buyers have also pulled back to take a wait-and-see method. At a time when the U.S. Bureau of Labor Stats showed unemployment in Colorado Springs as much as 5.5 percent in 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.
Real Estate Professionals Returning To Business
In-person genuine estate provings have actually started to resume. One of the downsides of selling a house throughout the pandemic has actually been the lockdown of showings. It is challenging to sell a house to somebody who can't see it in individual. Meanwhile, the demand 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 have the ability to certify in this landscape which is great news for buyers.
We at Front Variety Home loan can not predict 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 conserve a package 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 Painless, 5-minute discussion to see how we can help!
As certified home loan experts in Colorado doing organisation in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would more than happy to discover 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.