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. However here in Colorado, we have our own great 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 numerous consider as the nationwide average. Homes in the area generally offered in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Renewal Due to a Strong Economy and Low Home Loan Rates
Lots of urbane areas have actually recently discovered a resurgence in their housing market due to the fact that of a strong economy, low unemployment and low mortgage rates. It is very important to note that houses in Colorado Springs can cost approximately 46 percent lower than homes in Denver city where the median rate is $692,000. Realtor.com's most popular market list tended to be smaller cities or those outdoors big, more expensive ones.
Will COVID-19 Derail the Momentum?
When it concerns Colorado Springs, rates have increased by 6.3 percent and are anticipated to continue to increase by an additional 5 percent within the next year. In order for a housing market mortgage lender Denver to remain great, nevertheless, there requires to be a large inventory of homes along with a good job market. Up until COVID-19, the Springs had both. But our existing pandemic, financial circumstance and joblessness numbers may prove to hinder this momentum.
With things as they are, we are seeing that some sellers have taken their homes off the marketplace. Some house buyers have likewise pulled away to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand 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 very same time last year.
Property Professionals Returning To Service
In-person realty showings have actually started to resume. One of the drawbacks of selling a house during the pandemic has been the lockdown of provings. It is difficult to sell a house to somebody who can't see it personally. Meanwhile, the need for homes in Colorado Springs is still exceeding inventory. This stays great news for sellers. And mortgage rates have stayed low for people who have the ability to qualify in this landscape which is excellent news for buyers.
We at Front Variety Mortgage can not forecast home costs or cure the Corona! But we can offer our decades of thoughtful experience to assist you and your loved ones enter into your next house (or conserve a bundle 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 professionals in Colorado doing business in Colorado Springs in addition to Denver, Grand Junction and throughout the state, we would more than happy to discover the home loan 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 assist.