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 just been ranked the primary housing market in the country.
According to Realtor.com, March searches showed that properties located in Colorado Springs got 2.4 times as numerous views as the national average. Residences in the area normally sold in less than 28 days, which is 32 days much faster than homes in the rest of the country.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Lots of cities have actually just recently found a renewal in their housing market since of a strong economy, low joblessness and low mortgage rates. It is very important to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the average rate is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outside big, more pricey ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, rates have actually risen by 6.3 percent and are expected to continue to rise by an extra 5 percent within the next year. In order for a real estate market to stay good, however, there needs to be a large stock of houses along with a good job market. Until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness numbers might show 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 retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics showed unemployment in Colorado Springs up to 5.5 percent in March, it's hard to know how this will affect the housing market short-term. According to Realtor.com, brand-new listings in the Springs dropped 40 percent in April from the very same time in 2015.
Property Professionals Returning To Service
In-person property provings have begun to resume. One of the disadvantages of offering a house during the pandemic has been the lockdown of showings. It is difficult to offer a house to someone who can't see it face to face. Meanwhile, the need for houses in Colorado Springs is still exceeding inventory. This stays great news for sellers. And home loan rates have stayed low for individuals who are able to qualify more info in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can not forecast house prices or treat the Corona! However 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 are in currently)!
If you are in the marketplace for a house or refinance here in Colorado, call or email our regional, Colorado Only Group for a Painless, 5-minute discussion to see how we can help!
As licensed home loan experts in Colorado doing organisation in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would be happy to discover 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.