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 showed that residential or commercial properties found in Colorado Springs received 2.4 times as numerous consider as the national average. Houses in the location normally sold in less than 28 days, which is 32 days quicker than houses in the remainder of the country.
A Revival Due to a Strong Economy and Low Home Loan Rates
Lots of cities have just recently found a renewal in their housing market since of a strong economy, low joblessness and low home mortgage rates. It's important to note that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the typical rate is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more expensive ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, prices have 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 housing market to remain good, however, there requires to be a big stock of houses in addition to a great task market. Up until COVID-19, the Springs had both. But our current pandemic, economic situation and unemployment numbers might show to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the market. Some house purchasers have actually also retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Data revealed unemployment in Colorado Springs up to 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.
Realty Professionals Getting Back to Organisation
In-person realty showings have Additional hints started to resume. One of the downsides of offering a home during the pandemic has actually been the lockdown of showings. It is hard to sell a home to someone who can't see it personally. Meanwhile, the demand for homes in Colorado Springs is still exceeding inventory. This stays good news for sellers. And home mortgage rates have remained low for individuals who are able to certify in this landscape which is good news for purchasers.
We at Front Range Home loan can not predict house prices or treat the Corona! But we can offer our decades of caring experience to assist you and your liked ones enter your next home (or conserve a bundle on the one you remain 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 certified home loan specialists in Colorado doing business in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would enjoy to find the home 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.