The State of Colorado Real Estate – May 2020 COVID Update
*This post is not to be construed as advice. Guidelines with COVID 19 change so rapidly that all statements in this post should be verified for current accuracy. This is not an exhaustive list of COVID regulations, guidelines, rules or restrictions. Check post publish date. Contact Paul for up to the moment details. This is not medical advice. This is not legal advice.
How Much Did “Stay at Home” Affect Northern Colorado Real Estate?
During the Stay at Home period, real estate didn’t come to a screeching halt. How much it affected Fort Collins and Colorado real estate will probably become more evident in months and years to come. Part of this is because of the time it takes to close a real estate deal.
It takes about 30-45 days to close the average real estate deal. April’s accepted offers become May and June’s closings. The number of properties that didn’t go under contract during April won’t become clear until we see what closes in May or June, and then we compare those numbers to past years and any projections we had for this year.
We should be able to get a picture of any dip that occurred when comparing May and June of this year to previous years. Check post publish date, it’s early May, so right now we have some indicators, but there are some things we just don’t know.
Back to Showings, Not Back To Normal
April 27 was the day real estate agents were allowed to start showing properties again.
Honestly, it felt great to be back out there. It’s not back to normal though. Not by a stretch.
Changes You Can Expect in Colorado Real Estate
- New Professional Protocols
- Final Walk Throughs
- Inspeciton Attendance
- Drop Off/Pick Up
- Pre-Showing Questionairres
- Limits on who can attend
- Masks, gloves, sanitary practices
- Hands to yourself
- Wipe anything you touch
- REGULATIONS AND STANDARDS SUBJECT TO CHANGE
New Professional Protocols
*Rules, regulations, guidelines, protocols and procedures subject to vary and change. Contact Paul or a real estate professional for current details.
Closings – Curbside closings, signing before the closings, electronic signatures and many other methods are being more regularly employed to deal with COVID.
Final Walk Throughs and Property Inspections – There are limitations on how many people can attend. For my clients, I’ve been either ready by the phone for any questions, or have been conferenced in on video chat.
Drop Off/Pick Up – With people working from home, dropping off things like Earnest Money, etc just takes a couple of extra phone calls beforehand to make sure things get where they need to be.
Signings – I’ve always used an email program for signatures. This is nothing new.
This practice has been pretty painless thus far. Before showings, I have to have buyers answer a questionairre. I have been emailing it to them.
It asks if they’ve traveled recently? Do they have COVID? Have they had or been exposed to COVID? Do they have a fever? It asks these among other things.
I’m having other brokerages ask me and my clients to fill one out as well, so it shouldn’t be shocking if you have to fill out two questionairres, one for each brokerage, especially if the listing brokerage is different from the buyer’s brokerage.
I think it’s a good practice if all the concerned parties are working to keep you informed.
*This is not legal or medical advice. Consult a professional.
Masks and Other Sanitary Practices
Wearing masks and gloves and following sanitary practices for putting them on, taking them off and disposing of them is happening with showings right now. Visitors are being asked to keep their hands to themselves whenever possible.
Visitors are being asked to clean any surfaces they touch, so I’ve gotten pretty good at simulaneously cleaning light switches as I turn the lights off (I’ve come up with a pretty smooth off-on-off flow with a wipe touching the whole surface). The lock boxes in this town have probably never been so clean.
Limits On Who Can Attend
Only interested parties, aka, those who will have an interest on the title or may be on the mortgage are expected to attend.
Children and parties who will not be a part of the deal are discouraged from attending. This is a big change, as showings were often family affairs as buyers value their loved ones input on such a big step.
Inventory – Homes for Sale in Northern Colorado
Data on the number of homes for sale through the month of April is either inconclusive, has not been affected that dramatically (possibly because we’ve been a low inventory market for years), or it’s too early to tell. I have a strong inclination to believe the latter coud be true and we’ll get a clearer picture in months/years to come.
For what it’s worth, here is a real time chart showing number of homes for sale for Fort Collins, Loveland, Windsor, and the Entire MLS area (roughly Wyoming border to Boulder, and Red Feather/Estes Park to east Greeley/Eaton/Ault/Pierce, Colorado.
Data from IRES MLS
IRES stands for Information Real Estate Services. It is the offical MLS of Northern Colorado, and all the data in the charts above comes from them and Infosparks. SCROLL OVER OR TAP chart lines for time specific data!
MOBILE — USERS – Chart size may be bigger than your screen. Slide it to see the entire thing.
Data and chart expire. Check post publish date. Contact Paul for current information.
This appears to be the first April in a few years that has had less closings than the March before it. March, April and May are the usually the time when Colorado real estate starts moving at break-neck speed. During this time of year, the line on that chart has always been on its way up.
This year, it is down.
*This piece is not to be construed as advice. Rules and regulations with COVID 19 change so rapidly that all statements in this post should be verified for current accuracy. This is not an exhaustive list of COVID regulations, guidelines, rules or restrictions. Check post publish date. Contact Paul for up to the moment details. This is not medical advice. This is not legal advice.
Realtor® Paul Wozniak
Realtor® | Associate Broker | RE/MAX Alliance Fort Collins
Realtor® Paul Wozniak serves in Colorado, helping people buy and sell residential real estate, land and commercial property.
Paul specializes in communication and helping his clients make sound decisions with regards to real estate.