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, unemployment and individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the top housing market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as many consider 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 remainder of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Lots of cities have actually recently discovered a resurgence in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It's important to note that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the typical cost is $692,000. Realtor.com's hottest 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 increase by an extra 5 percent within the next year. In order for a real estate market to remain good, however, there requires to be a big stock of houses as well as a great task market. Till COVID-19, the Springs had both. But our existing pandemic, financial situation and joblessness numbers may show to derail this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the marketplace. Some home purchasers have actually also pulled back to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed unemployment in Colorado Springs approximately 5.5 percent in March, it's tough 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 exact same time last year.
Property Professionals Returning To Organisation
In-person realty showings have started to resume. One of the FHA loan Denver downsides of offering a house throughout the pandemic has actually been the lockdown of showings. It is challenging to sell a home to somebody who can't see it face to face. On the other hand, the demand for homes in Colorado Springs is still exceeding stock. This stays excellent news for sellers. And home mortgage rates have remained low for individuals who are able to qualify in this landscape which is good news for buyers.
We at Front Range Home loan can not predict house rates or treat the Corona! However we can offer our decades of compassionate experience to help you and your enjoyed ones enter your next house (or save a package on the one you remain in already)!
If you are 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 organisation in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would enjoy 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.