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 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 primary housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs received 2.4 times as lots of views as the nationwide average. Residences in the area usually offered 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 Mortgage Rates
Many cities have just recently discovered a resurgence in their housing market since of a strong economy, low joblessness and low home mortgage rates. It is essential to note that houses in Colorado Springs can cost around 46 percent lower than houses in Denver city where the median price is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors big, more pricey ones.
Will COVID-19 Thwart 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 great, nevertheless, there needs to be a large inventory of homes in addition to a great job market. Up until COVID-19, the Springs had both. But our present pandemic, economic situation and unemployment numbers may prove to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house purchasers have also retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Stats revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand how this Click for more 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 Service
In-person property showings have actually begun to resume. Among the downsides of selling a home throughout the pandemic has been the lockdown of showings. It is challenging to offer a house to somebody who can't see it face to face. On the other hand, the need for homes in Colorado Springs is still exceeding stock. This remains excellent news for sellers. And home loan rates have stayed low for people who have the ability to certify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not anticipate home costs or cure the Corona! However we can provide our years of caring experience to assist you and your liked ones get into your next house (or save a package on the one you are in currently)!
If you are in the marketplace for a home or re-finance here in Colorado, call or email our local, Colorado Just Team for a Painless, 5-minute discussion to see how we can help!
As certified mortgage specialists in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be happy 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.