Northern Colorado Real Estate Corona Virus Update
Corona Virus is Affecting All Aspects of Life
It’s hit everyone hard, and some harder than others. My prayers and well wishes go out to all. This is a very challenging situaiton, and I truly hope it ends soon.
When it comes to real estate, we are continuing to do business, but the rate at which it is being done and the way it is being done has changed in many ways.
Minute by Minute
Though news might not be changing quite that fast, it is changing fast enough that the best way to figure out if your real estate move is a good move is to call me.
Because, in what is a bit of surprise, homes are still selling, deals are still closing, and people are still putting new inventory onto the market.
I expect the inventory will be lower than usual this time of year, and showings have gone down sharply. That is good news. I believe we need to respect the Stay at Home and Social Distancing guidelines, so, in light of the seriousness of Corona Virus, showings should be down. And they are.
Anecdotal evidence is information gleaned from what has happened to me. I share this because many of the official numbers and servcies don’t release numbers until after months end. The week between March 14 and 21 was slower. In the last week of March, it really changed.
But, it’s hard to talk numbers and what they mean when there are so many variables that affect those numbers.
The way trends are affected by COVID-19 is hard to quantify because it started in the middle of the month. Through March 14, 2020, much of the real estate market was business as usual.
So, here is my experience. I put a listing on the market on Saturday March 28. It was under contract by Sunday.
Similarly, one of my colleagues had a listing go on the market earlier in the week. It was under contract in less than two days.
Analyzing the Anecdotal
What does this mean? Nothing. Everything. The best thing I can say is that it’s case by case. Is it a good time to go on the market? I’ll give you an answer for yes and no.
YES – People are stuck in their homes. They need something to look at. They might be spending more time looking at homes, so if you go on the market now, they could be looking at your home, even if they probably won’t go and see it right now. With any listing, when it sits on the market for too long, we often think that buyers will look at it and wonder “What’s wrong with it? Why hasn’t it sold?” Given the current climate, that question may not be asked in the same way. Come May 1, when everything is (hopefully) getting back to normal, they’ll know that it sat on the market because of COVID-19.
NO – If you put it on the market, there is a chance that someone will want to see it. Showings are greatly discouraged right now, but you may find the person who still wants to see it. Will you want them walking through your property?
If they can’t view it in person, do you want to put it on the market?
My best answer for whether or not you should put your home on the market now is “It depends.” Give me a call. We’ll figure it out.
Two Sides of the Anecdotal Coin
For every success story, there is a story of a deal that crumbled. Some people are losing their jobs and losing their financing with which they would have bought homes they had under contract. I heard a story in the meeting this morning about a Others are plugging along, I guess my point is that deals can still happen, but they can also fall apart.
Preparation, communication and solid planning will be required to make it work.
Showing are just going to be very tough to accomplish, and frankly, not very advisable until after the Stay at Home situation has changed and things are back to more of a sense of normal. For up to the minute information on showings, please give me a call, text or email.
Showing Data March 16 to March 29, 2020
Between Monday March 16, 2020 and Sunday March 29, 2020 there were 626 showings in Fort Collins, Colorado. They were booked through Showing Time, a service that is used by our IRES (Information Real Estate Services), our local Multiple Listing Service.
I want to help. It will be good to hear from you. Your situation is probably very different from all other situations. The best thing we can do is communicate and see what can be done for your situation.
This is a tough time. The best way for us to get through it is TOGETHER!