Unless you have actually 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, joblessness and people disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own great news. Coronavirus be damned, Colorado Springs has just been ranked the top housing market in the country.
According to Realtor.com, March searches revealed that homes located in Colorado Springs received 2.4 times as lots of views as the nationwide average. Houses in the location generally offered in less than 28 days, which is 32 days much faster than homes in the rest of the nation.
A Renewal Due to a Strong Economy and Low Home Mortgage Rates
Numerous cities have actually recently discovered a revival in their housing market because of a strong economy, low unemployment and low mortgage rates. It is essential to keep in mind that homes in Colorado Springs can cost approximately 46 percent lower than houses in Denver city where the mean price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside big, more expensive ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, costs have actually 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 real estate market to stay good, however, there requires to be a large stock of houses as well as a great task market. Until COVID-19, the Springs had both. But our existing pandemic, economic circumstance 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 marketplace. Some home buyers have actually also pulled away to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics revealed unemployment in Colorado Springs as much as 5.5 percent in March, it's tough 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 last year.
Realty Professionals Returning To Business
In-person real estate provings have started to resume. One of the downsides of selling a house throughout the pandemic has actually been the lockdown of provings. It is hard to offer a house to someone who can't see it personally. Meanwhile, the need for homes in Colorado Springs is still going beyond inventory. This stays excellent news for sellers. And mortgage rates have actually stayed low for people who have the ability to qualify in this landscape Learn more here which is great news for purchasers.
We at Front Variety Mortgage can not anticipate home rates or cure the Corona! But we can provide our years of caring experience to help you and your enjoyed ones enter your next home (or conserve a bundle on the one you remain in already)!
If you are in the marketplace for a home or refinance here in Colorado, call or email our local, Colorado Only Team for a Pain-free, 5-minute discussion to see how we can help!
As certified mortgage specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be delighted 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.