What has Covid 19’s impact on market been. We are sure many of you feel the same way we do about recent events. For instance, each day I get multiple emails from companies I don’t even remember giving out my email address to in which they explain in detail how they are protecting me from COVID-19…yeah right. If you are reading this it is because you either have a stake in the real estate market because of your ownership of what is likely your largest asset, or you are wanting to buy a property of your own.
Lots of our clients have voiced their concerns even before COVID-19 that they are worried that any downturn in the economy will be reminiscent of the housing crisis of 2007-09. This is unlikely to be the case this time around. In reality any real estate you own is probably your most stable investment at this point. While the stock market has lost a substantial amount of value over the last few weeks. Property values have been left unchanged. Real estate moving forward also represents a stable asset. As the U.S. continues to have a housing shortage. No matter what happens with COVID-19 people will continue to need places to live.
If you are a buyer this crisis may represent an opportunity for you. Interest rates are still low, and there are still properties on the market. This does not mean you will be getting a screaming below market deal. However, you may not have to compete as many buyers are choosing to stay out of the market right now. Clearly, the stay at home order has resulted in a bit of a slow down. However, there is still a lot of business being done in the real estate market in Northern Colorado.
Real estate has been designated an essential service by the state of Colorado. However, this does not mean we are working business as usual. Our office is currently closed, and a showing these days will likely mean a video walk through rather than an in person visit. The market has not stopped and deals are still being made. We are still here for your although a face to face meeting will likely be replaced with a Zoom teleconference. We would be happy to start sending you listings that are available if you are a buyer. If you are thinking of selling we would be happy to provide a Current Market Analysis to help you understand what your property is currently worth.
This is the first update on impact on market of several that we will be doing. We want to keep you in the know, but do not want to bombard you with information. We respect the fact that you may want to turn off the news and focus on something else for a while. This is why rather than emailing this information out to our clients, we are posting it here for you to access should you choose to do so. You can bookmark the blog home page and check in every once in a while. We will be updating our blog between every 7-14 days depending on what information changes that directly impacts the real estate market.