Despite the current crisis, buyers are still game and the percentage of listings going under contract remains about the same as this time last year. However, inventory has been dropping.
A few weeks ago I reported that new listings were down 18%, probably due to seller concern about buyers entering their homes. Since April 1st, new listings are down 37% over last year. The Colorado Attorney General notified Realtors last week that showings and open houses are not permitted. Real Estate transactions already under contract may proceed to closing with inspections, appraisals, and final walk throughs. We're expecting the ban on showings and open houses to last through April 26th, per the current stay at home order. In the meantime, virtual tours and virtual open houses are becoming the only game in town and the quality of both are improving (have a look at this home I just put on the market). People needing to buy or sell right now mean business, and I'm already seeing houses go under contract with viewings by virtual tour.
The fundamentals in our market remain the same: buyers are still eager to buy and interest rates are near historic lows. The lower the price range, the hotter the market with multiple offers the norm at the low end (we'll see if this continues with the ban on showings).
I'm following guidelines, working from home and refraining from doing in-person showings. I am happy to connect with you by phone, email, or virtual tour. I will stay in touch and let you know what is happening. In the meantime, I hope everyone is staying healthy and making the best of the slower pace.
Best, Rich
(303) 931-6979
Comments