20 Reasons You Need to Stop Stressing About VA loan Denver
Unless you have actually 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. But here in Colorado, we have our own excellent news. Coronavirus be damned, Colorado Springs has simply been ranked the number one real estate market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as lots of deem the nationwide average. Homes in the area normally sold in less than 28 days, which is 32 days quicker than houses in the rest of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cosmopolitan areas have actually just recently discovered a revival in their real estate market because of a strong economy, low unemployment and low home loan rates. It's crucial to note that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the typical price is $692,000. Realtor.com's hottest market list tended to be smaller cities or those outside large, more costly ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, rates have actually risen by 6.3 percent and are expected to continue to rise by an additional 5 percent within the next year. In order for a housing market to remain good, however, there needs to be a large inventory of homes as well as a good job market. Until COVID-19, the Springs had both. But our current pandemic, economic situation and unemployment numbers might 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 home buyers have also 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 as much as 5.5 percent in March, it's tough to know 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.
Realty Professionals Returning To Service
In-person realty showings have started to resume. One of the downsides of offering a house during the pandemic has been the lockdown of provings. It is tough to sell a house to somebody who can't see it personally. Meanwhile, the need for homes in Colorado Springs is still exceeding stock. This remains excellent news for sellers. And home loan rates have stayed low for people who are able to certify in this landscape which is good news for purchasers.
We at Front Range Home mortgage can not anticipate home rates or cure the Corona! However we can offer our years of caring 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 remain in the market for a house or refinance here in Colorado, call or email our regional, Colorado Only Team for a Pain-free, 5-minute conversation to see how we can assist!
As licensed home loan experts in Colorado doing service in Colorado Springs as well as Denver, Grand Junction and throughout the state, we Click here for more would enjoy 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.