CRYSTAL BALL
With the recent state-wide shelter-in-place order from Governor Polis, we expect a substantial decline in Denver metro real estate activity. Likely, fewer homes will come on the market, fewer buyers will be out searching for homes and fewer people will be writing offers on properties.
The charts and graphs we send in the coming weeks may appear staggering. However, we should be careful not to jump to conclusions about what this change in activity means, even over the short term.
Governor Polis classified real estate as an essential business.
As such, activity in the real estate market will not stop.
With a likely two trillion-dollar stimulus package, low interest rates, arguably the strongest real estate market in America and one of the top local economies in the country, Denver is poised (as well as anywhere) for sustainability and potentially even growth in the coming months.
Yes, we all have questions:
- How long will shelter-in-place orders last?
- How many jobs will be lost?
- How big might the economic rebound be, as predicted by many top economists?
No one really knows at the moment.
What we do continue to see however, is active buyers and sellers.
Buyers who are comfortable in their jobs, have good money in reserve and want to capitalize on low interest rates are searching for homes and writing contracts.
With inventory levels historically low, sellers who properly prepare their home to sell are likely to see competitive offers. They must be patient, however, as buyer-activity will decline with the shelter-in-place order.
Each person’s situation is unique. What’s important is consultation about your specific needs and together, devising a strategy that helps you accomplish what’s best for you.
Please reply to this email or call me if you have questions. I’m here to help.