mortgage broker Denver: All the Stats, Facts, and Data You'll Ever Need to Know
Unless you have actually taken social distancing to the point where you are living 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 great news. Coronavirus be damned, Colorado Springs has simply been ranked the number one real estate market in the nation.
According to Realtor.com, March searches revealed that residential or commercial properties located in Colorado Springs got 2.4 times as many deem the national average. Houses in the area usually sold in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have actually recently discovered a renewal in their housing market due to the fact that of a strong economy, low unemployment and low home loan rates. It is necessary to note that homes in Colorado Springs can cost around 46 percent lower than homes in Denver metro where the mean price is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors big, more expensive ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, prices have risen by 6.3 percent and are anticipated to continue to increase by an extra 5 percent within the next year. In order for a housing market to remain excellent, however, there requires to be a large stock of homes along with a good job market. Until COVID-19, the Springs had both. But our current pandemic, economic scenario and unemployment numbers may show to thwart this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house purchasers have actually likewise 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 housing market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the same time last year.
Genuine Estate Professionals Returning To Business
In-person genuine estate provings have actually started to resume. One of the drawbacks of selling a home during the pandemic has actually been the lockdown of provings. It is tough to offer a home to someone who can't see it personally. On the other hand, the need for houses in Colorado Springs is still surpassing inventory. This remains excellent news for sellers. And home mortgage rates have remained low for individuals who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Variety Home loan can not predict house rates or cure the Corona! But we can Browse this site supply our decades of compassionate experience to assist you and your liked ones get 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 regional, Colorado Only Group for a Painless, 5-minute discussion to see how we can help!
As licensed home mortgage experts 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 help.