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 individuals 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 found in Colorado Springs received 2.4 times as numerous views as the nationwide average. Homes in the area typically sold in less than 28 days, which is 32 days faster than homes in the remainder of the country.
A Renewal Due to a Strong Economy and Low Mortgage Rates
Lots of cities have just recently discovered a revival in their real estate market because of a strong economy, low unemployment and low home mortgage rates. It is essential to keep in mind that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the median cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outside large, more costly ones.
Will COVID-19 Thwart 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 homes in addition to an excellent task market. Until COVID-19, the Springs had both. But our present pandemic, economic circumstance 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 Stats showed unemployment in Colorado Springs as much as 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 same time last year.
Property Professionals Getting Back to Business
In-person property showings have actually started to resume. Among the disadvantages of offering a house throughout the pandemic has been the lockdown of showings. It is difficult to offer a house to somebody who can't see it face to face. Meanwhile, the demand for houses in Colorado Springs is still going beyond stock. This remains good news for sellers. And mortgage rates have actually stayed low for people who are able to certify in this landscape which is great news for buyers.
We at Front Range Home mortgage can not anticipate home rates or treat the Corona! But 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 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 conversation to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would be delighted to find the home mortgage that fits your needs best. Hop over to this website Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best assist.