Unless you have actually 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 actually just been ranked the top housing market in the country.
According to Realtor.com, March searches showed that properties located in Colorado Springs received 2.4 times as lots of deem the nationwide average. Houses in the location generally offered in less than 28 days, which is 32 days faster than houses in the rest of the nation.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Lots of urbane areas have just recently found a revival in their real estate market because of a strong economy, low joblessness and low home mortgage rates. It is very important to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than houses in Denver city where the median 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 market to stay excellent, however, there needs to be a large inventory of houses along with an excellent job market. Until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness numbers might show to thwart 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 real estate 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.
Genuine Estate Professionals Returning To Service
In-person genuine estate provings have begun to resume. One of the disadvantages of offering a house during the pandemic has been the lockdown of showings. It is hard to offer a house to someone who can't see it in person. Meanwhile, the need for houses in Colorado Springs is still surpassing inventory. This stays excellent news for sellers. And home loan rates have stayed low for individuals who are able to qualify in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can not forecast home prices or treat the Corona! However we can provide our years of caring experience to help you and your enjoyed ones enter into your next home (or conserve a bundle on the one you remain in currently)!
If you are in the marketplace for a VA loan Denver home or re-finance here in Colorado, call or email our local, Colorado Only Group for a Painless, 5-minute discussion to see how we can help!
As certified home loan specialists in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we would be delighted to find the home 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.