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 numerous 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 Mortgage Rates
Numerous city locations have recently discovered a resurgence in their real estate market due to the fact that of a strong economy, low unemployment and low home mortgage rates. It is necessary to note that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the typical price 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 concerns Colorado Springs, rates have actually risen by 6.3 percent and are expected to continue to rise by an extra 5 percent within the next year. In order for a real estate market to stay good, however, there needs to be a large stock of houses in addition to a good task market. Until COVID-19, the Springs Additional hints had both. But our present pandemic, financial scenario 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 Statistics showed unemployment in Colorado Springs up to 5.5 percent in March, it's hard 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 very same time last year.
Realty Professionals Getting Back to Service
In-person real estate showings have begun to resume. Among the disadvantages of offering a house during the pandemic has been the lockdown of showings. It is difficult to offer a house to someone who can't see it face to face. On the other hand, the need for houses in Colorado Springs is still exceeding stock. This stays excellent news for sellers. And home loan rates have remained low for people who are able to qualify in this landscape which is excellent news for buyers.
We at Front Variety Home mortgage can not forecast home rates or treat the Corona! However we can offer our years of caring experience to help you and your liked ones enter your next home (or save a bundle on the one you are in already)!
If you are in the market for a home or refinance here in Colorado, call or email our regional, Colorado Only Team for a Painless, 5-minute conversation to see how we can help!
As licensed mortgage experts in Colorado doing service in Colorado Springs along with Denver, Grand Junction and throughout the state, we would enjoy to discover the home mortgage 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.