What the Best mortgage broker Denver Pros Do (and You Should Too)
Unless you have actually 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, joblessness and people 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 views as the nationwide average. Residences in the area normally sold in less than 28 days, which is 32 days faster than houses in the remainder of the country.
A Revival Due to a Strong Economy and Low Home Mortgage Rates
Many cities have just recently discovered a resurgence in their housing market since of a strong economy, low joblessness and low mortgage rates. It is very important to keep in mind that houses in Colorado Springs can cost around 46 percent lower than houses in Denver metro where the average cost is $692,000. Realtor.com's most popular market list tended to be smaller sized cities or those outdoors big, more pricey ones.
Will COVID-19 Derail the Momentum?
When it comes to Colorado Springs, prices have 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 great, however, there needs to be a large inventory of homes in addition to a great job market. Up until COVID-19, the Springs had both. But our current pandemic, economic situation 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 home buyers have likewise pulled away to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed 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, new listings in the Springs dropped 40 percent in April from the same time in 2015.
Genuine Estate Professionals Returning To Company
In-person real estate provings have actually begun to resume. One of the disadvantages of offering a home throughout the pandemic has actually been the lockdown of showings. It is difficult to offer a house to someone who can't see it in individual. On the other hand, the demand for houses in Colorado Springs is still surpassing inventory. This stays great news for sellers. And home mortgage rates have stayed low for people who are able to certify in this landscape which is good news for purchasers.
We at Front Range Mortgage can not Denver mortgage brokers 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 home (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 would more than happy to discover the mortgage 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.