That is a very important question to have the answer to if you are considering stepping into the market after things open back up the end of April. This is good information to know whether you are a buyer or a seller. Remember that the real estate market varies place to place. Some parts of the country will be affected more by this Pandemic than others.
In Colorado on 4/10/2020 real estate was deemed non-essential. It took Colorado Association of Realtors (CAR) several days to get clarification from the Colorado Attorney General on what that meant. We learned on 4/14 that we were not to have open houses or show property. Realtors were allowed to have walk throughs of properties already under contract and manage the sale of a property. What has happened over the course of the past few days is that realtors are providing clients with as much information, photos, virtual tours, 3-D tours and disclosures on properties so that they would feel comfortable writing an offer on a property sight unseen. Once the contract had been negotiated and accepted then the buyer and agent could see the property and do a walk through. For the two buyers that I wrote contracts for using this method, both are moving through the process to closing. Only surprises at walk through were happy, good surprises.
What is the market like right now for our area? I have been tracking two numbers for the six weeks and would like to show you how those two numbers have been changing. I have been tracking new listings on the market and under contracts in Fort Collins and Loveland area. For the week starting March 8th and going to the 14th and every week after that I will show you those two numbers.
New listings 3/8 – 3/14 129 Under Contracts 75
New 3/15 – 3/21 122 U/C 68
New 3/21 – 3/28 106 U/C 57
New 3/29 – 4/4 130 U/C 46
New 4/5 – 4/11 109 U/C 39
New 4/12 – 4/18 59 U/C 59
This information shows that even after the Attorney General ordered that real estate was non-essential that real estate was happening. Houses were being listed for sale and going under contract. The number of homes coming on the market has been pretty steadily declining. The number of homes going under contract has been going down with the exception of last week.
One of the big questions now is what will happen after the “Stay at Home” order is lifted. I think that real estate will bounce back. Whether that bounce is a V shape graph, rebounding quickly or a U shape graph, with us rebounding more slowly we will have to wait and see. I believe that housing will rebound. We live in Fort Collins, Colorado. One of the most desirable places to live. People have spent more time in their homes in the last six weeks than many of them ever have. Many may have decided that “home” is not for them. That means they are ready to move. Many have said that we have pend up demand out there. I have talked to lenders that have told me that they are busy as can be with buyers getting pre-approved. They want to be ready when the “Stay at Home” order is lifted. This is good news for us all. Time will tell…but I think that the future of real estate is bright!