Tag: Coronavirus and Real Estate

Our Adaptations During the Pandemic

While the global pandemic continues so does our work. The real estate market in Colorado has not stopped and neither have we. In Colorado Real Estate Agents, Title Companies, and Real Estate Appraisers have all been classified as “essential services.” This is in order for the real estate market to continue functioning. At least as normal as possible. Here are our adaptations during the pandemic

We recognize that for some of our clients buying or selling a home simply can’t wait. At least until after the pandemic has ended. To address concerns over the spread of COVID-19 we are working with all of our clients a little differently. For our sellers we are currently offering a 3D tour of your home included in your home marketing. If you are not familiar with this process an example can be viewed here. We are also happy to offer Current Market Analysis’ to any of our clients. This is to understand how your properties current value looks in the current market. For our sellers the limited inventory on the market can be a huge benefit to the marketing of your home if now is the time you need to sell.

For Our Buyers

We are offering online home shopping meetings that can be held over the Zoom. While in person showings are not currently possible we have the ability to write a sight unseen offer that allows you to place a home under contract and then view prior to inspection to verify that it meets your needs. Additionally, means that you might be able to go under contract if you are 99% sure that you love the house just based on what you can see without setting foot inside the home.

This is beneficial if you are a member of an at risk group or at all concerned about having a showing during the normal marketing period as your viewing of the property in person can be put off until later in the process. As a buyer you have a unique opportunity right now as mortgage rates are still at multi-decade lows. That is our adaptations during the pandemic. Contact us today.

Remodeling in an Appliance Shortage

With the Coronavirus Pandemic a lot of people have been stuck at home. With this often comes the realization that their current space doesn’t actually suit their needs. This is something that is easy to overlook if you work all day and come home to cook dinner watch T.V. read a book and sleep, but when you are home every day it becomes a little harder to ignore it if your home doesn’t fit you or your family’s needs.

Once you make this realization you essentially have two choices, move to a home that better fits your needs, be it space or amenities, or make your current home work. While there have been a substantial amount of people moving this year, there have also been a large number choosing option #2 and remodeling their homes. This brings us back to the title of this post. Lately we have noticed that folks have been having trouble ordering appliances. A little more digging located an article from CNBC that confirms this to be the case. Learn about Remodeling in an Appliance Shortage.

Remodeling in an Appliance Shortage

Currently, appliances are hard to get ahold of, and the increased demand is only one part of the reason why. This shortage also results from manufacturing shortages due to COVID and the disruption of supply chains. This means that depending on brand and model if you order an appliance today it’s delivery may not be until well after new years. Not all hope is lost. If you need a new fridge today the used market is still out there. Finding something on Facebook Marketplace or Craigslist might help you bridge the gap between now and when you can have a new model delivered.

However, if you are doing a full remodel and already have your dream makes and models in your cart on Lowes’ or Home Depot’s websites you might be in for a bit of a wait. Make sure of the date of delivery for these appliances before you start any major remodel work, or your kitchen may be out of commission longer than you originally anticipated. That’s what you need to know about Remodeling in an Appliance Shortage. Contact us for more information.

How Is The Real Estate Market?

So, How is the real estate market? 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.  Additionally, 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. 

Moving Forward

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.

Current Market 2020

  • Week 1 New listings    3/8 – 3/14     129                       Under Contracts      75
  • 2nd Week New           3/15 – 3/21    122                       U/C                            68
  • 3rd Week New             3/21 – 3/28    106                      U/C                            57
  • 4th Week New            3/29 – 4/4     130                      U/C                            46
  • 5th Week New             4/5 – 4/11      109                      U/C                            39
  • 6th Week 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.  Additionally, 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. 

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Looking Ahead

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.  Moreover, 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.  Additionally, they want to be ready when the “Stay at Home” order is lifted. This is good news for us all.  So how is the real estate market? Time will tell…but I think that the future of real estate is bright! Contact us for a personalized market analysis of your property.