Unless you have taken social distancing to the point where you are residing 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 good news. Coronavirus be damned, Colorado Springs has simply been ranked the number one housing market in the country.
According to Realtor.com, March searches showed that residential or commercial properties found in Colorado Springs got 2.4 times as many deem the nationwide average. Houses in the location generally sold in less than 28 days, which is 32 days quicker 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 revival in their real estate market due to the fact that of a strong economy, low joblessness and low mortgage rates. It is essential to note that houses in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the typical cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outdoors big, more expensive ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, costs 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 good, however, there requires to be a big stock of houses as well as an excellent task market. Till COVID-19, the Springs had both. However our existing pandemic, financial circumstance and unemployment numbers may prove to derail this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house buyers have actually likewise retreated to take a wait-and-see approach. At a time when the U.S. Bureau of Labor Data revealed unemployment in Colorado Springs approximately 5.5 percent in March, it's hard 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 very same time in 2015.
Property Professionals Getting Back to Business
In-person property provings have started to resume. Among the downsides of offering a house during the pandemic has actually been the lockdown of provings. It is difficult to offer a home to someone who can't see it face to face. Meanwhile, the demand for houses in Colorado Springs is still surpassing inventory. This stays good news for sellers. And home mortgage rates have remained low for individuals who are able to certify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not predict reverse mortgage Denver house prices or treat the Corona! But we can supply our decades of caring experience to help you and your liked ones enter your next home (or conserve a bundle on the one you remain in already)!
If you are in the marketplace for a house or re-finance here in Colorado, call or email our regional, Colorado Just Team for a Pain-free, 5-minute conversation to see how we can assist!
As licensed home loan experts in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be pleased 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.