10 Misconceptions Your Boss Has About VA loan Denver
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, unemployment and individuals disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own good news. Coronavirus be damned, Colorado Springs has just 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 many consider as the national average. Residences in the area usually sold in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Mortgage 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 necessary to keep in mind that homes 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 pertains to Colorado Springs, prices have risen by 6.3 percent and are anticipated to continue to rise by an extra 5 percent within the next year. In order for a real estate market to remain good, however, there requires to be a big stock of houses along with a good job market. Up until COVID-19, the Springs had both. But our present pandemic, financial scenario and joblessness numbers might show to derail this momentum.
Some Push-Back
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 understand how this will impact 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.
Realty Professionals Getting Back to Company
In-person realty showings have started to resume. Among the drawbacks of offering a home Additional reading during the pandemic has actually been the lockdown of provings. It is tough to sell a home to someone who can't see it personally. On the other hand, the demand for homes in Colorado Springs is still exceeding inventory. This remains great news for sellers. And home loan rates have remained low for individuals who have the ability to qualify in this landscape which is good news for purchasers.
We at Front Range Mortgage can not forecast house costs or cure the Corona! However we can offer our decades of thoughtful experience to help you and your loved ones enter your next home (or conserve a package 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 discussion to see how we can help!
As certified mortgage specialists in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would more than happy to find the home loan 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.