Fresh Air Real Estate Responds to Coronavirus
We hope this finds you & yours healthy & managing today’s challenging times! The Corona virus has changed the landscape of American society – and the World’s. Every industry is being affected by widespread shutdowns as we try to contain the virus. The most likely prediction for the Denver real estate market is that we will see a slowdown in transactions for a period of time, and then the market should see a recovery. How long this will take is simply unknown.
So how were things going before Coronavirus hit? Through week 10 of this year, the Denver real estate market was on pace to set records. Inventory levels were down 21%. We were on pace to sell a record 57,000 homes. Home values were up almost another 6%. Mortgage rates hit an 8-year low at the end of February & even dipped again in March to record lows, spurning an onslaught of Mortgage Refinance applications. Inventory remains low, interest rates are low & we’re on the cusp of the hottest selling season of the year.
We want to keep you informed of what’s happening in the market & have the following excellent resources for you:
*DMAR April 2020 Market Trends Report – SPECIAL CORONAVIRUS EDITION – NEW!*
*Current Denver MLS/RE Colorado Market Statistics*
Per Colorado Governor Jared Polis on March 26th 2020, Real Estate & its related services are considered Essential Services during Colorado’s March 24-April 26th mandatory Stay-At-Home shutdown (Read the Updated CO Public Health Order).
UPDATE, April 9, 2020, Per DORA Guidance on Showing Real Estate During a Pandemic: Public Health Order 20-24 does not explicitly authorize property inspections or property walk throughs. Under Public Health Order 20-24, these services are not deemed to be a critical business or a necessary activity for which Coloradans may leave their homes. Real estate appraisals and closings are still considered critical services. Simply put, showing a property, conducting an open house, performing an inspection or performing a walk-through of a property in-person during the COVID-19 pandemic violates the specific mandates of recently issued executive and public health orders.
This has essentially brought Colorado Real Estate to a screeching halt if a home is not already Under Contract. Fresh Air Real Estate remains committed to upholding official government directives & will hold off on putting any new listings on the market until the Stay-at-Home Order is lifted by Gov. Polis at the end of April. Fresh Air will be here for you when you decide the time is right for you & your family to get moving!
Once we are allowed to return to work, rest assured Fresh Air Real Estate has incorporated numerous safe practices for Sellers & Buyers. These include: Online video tours of every listing for Buyers who are reluctant to leave their homes; Jackie providing hand sanitizer, disposable gloves & shoe covers with Buyer instructions for mandatory use at every listing (*subject to availability); elimination of open houses; limiting the number of people in the home at one time; and increased showing restrictions to ensure only serious Buyers are touring your home. We also have recommended procedures for Buyers when viewing properties, like using the hand sanitizer & disposable gloves Jackie provides (*subject to availability); ensuring Jackie is the only one turning on lights or opening doors in a home; having Jackie complete Facetime tours of homes when it’s allowed by a Seller; driving your own car; & leaving the kids at home or in the car whenever possible. When it comes to Closing on our listings, our partners at Stewart Title are likewise committed to your health & safety. Until further notice, Sellers & Buyers are asked to close separately & their Realtors are asked to stay home, Facetime with the Closing parties & sign necessary documents remotely.
Denver has historically been an extremely strong market & one of the first to rebound in hard times, as in after the 2008 market crash. The Federal Housing Finance Authority (FHFA) has measured Home Price Indices nationwide since 1986. Over the last 33 years, the average price appreciation for a home in Denver is 5.5%.That includes ALL market downturns. When you own real estate, you have an asset that appreciates over time! Colorado’s real estate market is amongst the strongest and safest in the country, with home price appreciation of 395% in Colorado since 1991 (2nd highest in the nation, behind Washington DC). Denver also has the nation’s #3 job market in the U.S. (Wall Street Journal).
Fresh Air has some exciting new listings coming as we head into a hopefully safer summer selling season, from a LoDo Loft & an Arvada home on a massive, park-like lot, to a charming Thornton starter & a lovely Lakewood tri-level. Thank you for your continued support of small businesses with your trusted referrals of family & friends. Fresh Air Real Estate remains Your Key to a Smart Move!