Wow guys! I’m excited for one year from now to be able to look back at this crazy time in our world and be able to laugh and joke and say “what a time in our lives that was, but I’m so glad we’re through it”–I mean, I know that’s coming, but now that we are in the thick of it all, everything seems so crazy.
While most businesses and “non-essential” industries have virtually shut down, the real estate market is still kicking. People STILL need to buy and sell homes. The market continues to push on. We have a wonderful group of industry leaders not only on the local level, but also national level, providing us as agents information, stats, data and anything else so we can figure out as agents how to best help our people.
As of March 20th, 2020, Denver Stats GURU Megan Aller with First American Title came out with this information:
Daily showing report through March 19th, 2020 as compared to previous Thursdays in 2020. Showing data from ShowingTime for the 11 Metro Counties.
Based on data from REcolorado for the 7 Metro Counties: As of last week, inventory levels for new listing coming in was up 0.4%- active inventory is 1,778 attached homes and detached is 3,229.
Attached is up only from 1,620 and detached is up 2,967 since March 6th.
As of now minimal increases- contracts accepted MTD were up 9%, with an approximate fallout rate of 28% for the month of March.
With directives to shelter in place, this may hold both sides even between supply and demand which could slow signs of shift.
Some helpful information:
- Click HERE for more information on mortgage deferment. While this may not be an option for everyone, it’s good to at least see what your options are! This may allow you to defer your mortgage payments for the short-term.
- Income taxes aren’t due now until July 15th, click HERE for more info
- Article from Realtor Magazine about the industry overall right now and the small changes we are seeing. Click HERE for article
Overall, in the Denver real estate market, things still seem to be business as usual. With a few changes, of course.
- Virtual meetings through ZOOM. Are you interested in buying or selling real estate? Want to be able to meet with your agent but not in person? Virtual meetings are a THING and it’s awesome we have this option. Want to loop in your lender? No problem. Conference calls with multiple people involved can totally happen
- Virtual tours/3D walk-through on homes. Most photography companies offer this as an option now. It’s a virtual way to take a 3D tour of a home. Selling your home? Ask your agent for this option! Looking to buy a home but don’t want to go to a showing? Ask you agent if this option is available for the home you are interested in
- If virtual tours/3D walk-throughs are not available, I’m more than happy to set up a showing and do a video/FaceTime call to walk you through the home. This is an easy option!
- New construction is OPEN! Now may be the time to look into new construction and see if this may be an option for you.
- As agents, we are taking precautions for showings, such as not allowing multiple showings at a time (you don’t want too many people in a home at the same time!), not riding in cars with our clients, cleaning your hands after each showing and being smart about “social distancing”. The cool thing is that buying and selling real estate is still TOTALLY DOABLE, even in these conditions. You just have to take the right precautions.
- Stressed about not having “extra cash” on hand? If you’re in Denver and you’ve lived in your home for at least a year (OK, it’s Denver, so really, just 6 months!) you most likely have good equity built-up. Looking into a HELOC (home equity line of credit), cash-out refinance or just a refinance may be an option! Want to know what your home value is? Let me know. Need a lender referral? I have some great options!
Several agent friends of mine are saying there are multiple offers STILL happening on their listings. A steady amount of showings, and buyers still eager to get out there (using safe precautions, of course) to find their new home, take advantage of low interest rates and scoop up some real estate. The Denver market overall is still very strong.
Interested in more information? Want to come up with a “plan of action” for your home search? I’m your girl for #allthingsrealestate in Denver.
Being the eternal optimist that I am, I know, this too, shall pass. We are in the middle of selling our own home (after our first buyer terminated her contract just a week before closing, thankfully we had a backup offer in place. so I understand ALL THE CRAZY EMOTIONS of everything that is going on!). I’m happy to be your guide to help navigate you through these waters, whatever that may look like for you.
Happy buying and selling real estate, Denver! Let’s do this! (hand sanitizer, social distancing and all)
(All images sourced from the Uncommon Agent)