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, joblessness 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 nation.
According to Realtor.com, March searches revealed that residential or commercial properties found in Colorado Springs received 2.4 times as lots of deem the nationwide average. Houses in the location usually offered in less than 28 days, which is 32 days quicker than houses in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Loan Rates
Many cosmopolitan areas have actually just recently found a revival in their real estate market since of a strong economy, low joblessness and low mortgage rates. It is necessary to keep in mind that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the average cost is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outside large, more pricey ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, costs have actually increased by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a real estate Browse around this site market to remain excellent, nevertheless, there needs to be a big stock of homes as well as a great task market. Till COVID-19, the Springs had both. However our existing pandemic, economic situation and unemployment numbers may prove to hinder 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 actually likewise retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Statistics showed unemployment in Colorado Springs approximately 5.5 percent in March, it's difficult to know how this will affect 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.
Real Estate Professionals Getting Back to Business
In-person real estate showings have actually started to resume. Among the drawbacks of offering a home during the pandemic has been the lockdown of provings. It is hard to offer a home to someone who can't see it personally. Meanwhile, the need for houses in Colorado Springs is still surpassing inventory. This stays excellent news for sellers. And home loan rates have remained low for individuals who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Variety Home loan can not predict house costs or cure the Corona! But we can supply our decades of compassionate experience to assist you and your liked ones get into your next house (or save a bundle on the one you remain in already)!
If you remain in the marketplace for a home or re-finance here in Colorado, call or email our local, Colorado Just Group for a Painless, 5-minute discussion to see how we can help!
As certified home loan experts 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 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.