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 simply been ranked the number one real estate 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 national average. Houses in the location typically sold in less than 28 days, which is 32 days much faster than houses in the rest of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have recently found a renewal in their real estate market because of a strong economy, low unemployment and low mortgage rates. It is very important to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than homes in Denver metro where the average price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more costly ones.
Will COVID-19 Thwart the Momentum?
When it pertains to Colorado Springs, rates have actually increased by 6.3 percent and are anticipated to continue to increase by an extra 5 percent within the next year. In order for a real estate market to stay excellent, nevertheless, there requires to be a large inventory of homes as well as a good job market. Until COVID-19, the Springs had both. But our existing pandemic, financial scenario and joblessness numbers might prove to derail this momentum.
With things as they are, we are seeing that some sellers have taken their houses off the marketplace. Some house buyers have likewise pulled mortgage broker Denver away to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Stats showed unemployment in Colorado Springs up to 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 exact same time last year.
Genuine Estate Professionals Returning To Business
In-person real estate showings have started to resume. One of the downsides of offering a home throughout the pandemic has actually been the lockdown of showings. It is difficult to offer a home to somebody who can't see it in individual. Meanwhile, the need for homes in Colorado Springs is still going beyond stock. This remains excellent news for sellers. And mortgage rates have actually remained low for individuals who are able to certify in this landscape which is great news for buyers.
We at Front Variety Mortgage can not forecast home rates or cure the Corona! However we can provide our years of compassionate experience to assist you and your loved ones enter into your next house (or save a package on the one you are in currently)!
If you are in the market for a house or refinance here in Colorado, call or email our local, Colorado Just Group for a Painless, 5-minute conversation to see how we can assist!
As licensed home loan specialists in Colorado doing company in Colorado Springs along with Denver, Grand Junction and throughout the state, we would more than happy to discover the 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.