Real Estate Market Update
Hot or Not?
The last few weeks have been difficult for everyone, and Denver’s real estate market seems to be changing day by day. As we navigate the ongoing global health crisis, you might be wondering if it’s still possible to buy or sell your home.
As of late April, Colorado remains under a strict stay-at-home order, but agents can continue to serve their clients as long as they follow social distancing measures. That means in-person showings (unless absolutely necessary), open houses, and gatherings of more than 10 people aren’t allowed until further notice. Additionally, volatile mortgage rates, a high number of withdrawn properties, and the plummeting stock market have caused both buyers and sellers to question the state of the market.
However, there’s a small silver lining in all of these negative changes. Real estate is still thriving in the Denver metro area—in fact, we closed 12% more sales this month, and homes are selling almost 24% faster compared to last month!
Did You Know?
Believe it or not, the entire closing process is now easier than ever before. New social distancing policies allow both buyers and sellers to close on their homes remotely, and these changes could stick around even after things return to normal.
Wondering how it works? Most of your closing paperwork can now be e-signed, and some title companies are even offering virtual mail-out options, as well as drive-thru or curbside no-contact closings. On March 30th, Colorado temporarily authorized remote online notarization services until further notice.
While it’s hard to predict whether or not these changes will last, they’re certainly helpful to buyers, sellers, and agents alike!
Buy Now or Later?
If you’re feeling overwhelmed or uncertain about the market, you’re not alone—and we’re here to answer any questions you might have. Although it might seem impossible to buy or sell during these tough times, transactions are still happening throughout the Denver metro area.
Surprisingly, home prices remain steady, and it took 30.7% fewer showings to produce a contact in the last week of March than it did the week prior. The average closing price for all home types also surpassed the half million mark, which is a first for the Denver metro market.
Based on current data, it’s still a good time to list your home—but if you aren’t an extremely motivated buyer, you may want to reevaluate your strategy. If you’d like to discuss your own unique situation, Brick & Main is always here for you. Just reach out to us if you’d like to chat about your real estate goals!
What’s Happening in Denver?
Unfortunately, all events in Denver have been cancelled until further notice, and Denver County has issued an order to shelter in place.E ven though a statewide shelter in place order has been issued, enjoying our parks, trails, and wonderful outdoors is highly encouraged!
Looking to get out of the house? Golden features plenty of greenways for you to explore, such as Clear Creek Trail, the White Ranch Sunset Loop, and the North Table Mountain Trail.
For more details on local closures and shelter in place orders, consult this resource from the Denver Post: https://www.denverpost.com/2020/03/24/coronavirus-stay-at-home-orders-colorado/