The Denver metro area had serious inventory shortage before the pandemic hit. Fewer listings came to market due to Stay-at-Home orders which lifted at the state-level on April 27. Buyer demand all across Colorado remains strong.
About 70% of workers have secure employment and are now eyeing record low mortgage rates. After a brief pause, jumbo loans also returned. Home values in Colorado are predicted to remain steady and rise in 2021.
While we find ourselves in uncharted territory we do know two things: Market dynamics in 2008 were very different than they are today, and that real estate appears to be on particularly strong economic footing during this unusual time.
As our market carefully re-opens for a delayed spring buying season some buyers may be hoping to find bargains that simply aren't there. That said, decisive and prepared customers competing for homes under $500,000 could have the chance to more easily go under contract and avoid bidding wars in May through June as a backlog of homes are listed concurrently allowing a pent-up local market to catch up with demand.
THE LATEST NUMBERS ... (and eight reasons why 2020 is very different than 2008)
In response to the pandemic, real estate is responsibly evolving. The industry is implementing protocols for customers to tour and research homes on line, conducting limited showings for only qualified and serious buyers, using strict social distancing measures at all times, taking precautions recommended by the CDC, and implementing processes to reduce in-person contact whenever possible throughout the entire real estate transaction ... from e-contract to virtual closing table.
But all that's just my professional and local read. Hear directly from Lawrence Yun, a PhD in economics and the Chief Economist at National Association of REALTORS, in this 5 minute video to get his perspective from a national level as of today:
Have questions about Colorado's real estate market? Need to buy or sell this year? Want to plan your move for 2021? Call me! I help people move forward.
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Michelle Schwinghammer is a REALTOR®, Certified Negotiation Expert® and Pricing Strategy Advisor® who helps people move forward in Colorado.
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