Realtors weigh effects of coronavirus on southern Colorado housing market
COLORADO SPRINGS, Colo. (KRDO) -- Whether you're buying a home or selling one in southern Colorado, the COVID-19 pandemic could impact the process.
Despite the outbreak, Bill McAfee with Empire Title says people are still making moves.
"This market is so hot. I'm a native here and I've never seen the demand that we have right now," he said.
Still, the housing market could start to see the effects of the virus.
"This is something we've never seen on this scale before," said McAfee.
But it's not all bad news. Interest rates have significantly decreased, making the market appealing to first-time home buyers.
"House prices are up 9 percent, median and average are over 9 percent," McAfee said.
The uncertainty we're all currently experiencing is expected to translate into the housing market too. Although we'll have to wait and see how exactly it's affected.
Many realtors have moved to virtual tours of homes to prevent a large amount of people going in and out of homes for open houses.
Because of phones, it's now easier than ever to ask for pictures of a home instead of putting yourself at risk.