Unless you have actually taken social distancing to the point where you are living in a cave, 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 great news. Coronavirus be damned, Colorado Springs has simply been ranked the number one real estate market in the country.
According to Realtor.com, March searches revealed that homes found in Colorado Springs received 2.4 times as lots of consider as the nationwide average. Houses in the area generally offered in less than 28 days, which is 32 days much faster than homes in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Mortgage Rates
Lots of urbane areas have recently discovered a resurgence in their real estate market because of a strong economy, low joblessness and low mortgage rates. It is essential to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver metro where the median cost is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outside big, more pricey ones.
Will COVID-19 Thwart the Momentum?
When it comes to Colorado Springs, prices have increased by 6.3 percent and are expected to continue to rise by an extra 5 percent within the next year. In order for a housing market to stay excellent, nevertheless, there needs to be a big stock of houses as well as an excellent job market. Till COVID-19, the Springs had both. But our present pandemic, financial situation and joblessness numbers might prove to derail 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 pulled away to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics showed unemployment in Colorado Springs as much as 5.5 percent in March, it's difficult to understand how this will impact the real estate market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Real Estate Professionals Getting Back to Service
In-person real estate showings have begun to resume. One of the disadvantages of selling a home during the pandemic has actually been the lockdown of provings. It is difficult to offer a house to somebody who can't see it personally. On the other hand, the demand for homes in Colorado Springs is still exceeding stock. This stays great news for sellers. And home mortgage rates have actually remained low for people who are able to qualify in this landscape which is excellent news for buyers.
We at Front Range Home loan can not anticipate home costs or cure the Corona! However we can provide our decades of compassionate experience to help you and your loved ones get into your next home (or conserve a package on the one you remain in already)!
If you are check here in the market for a house or re-finance here in Colorado, call or email our local, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can help!
As certified home loan specialists in Colorado doing service in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would more than happy to discover the home loan 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.