So Kelsea, should I be buying right now? Keep reading to see how covid-19 is changing the Denver real estate market.
👉 We have seen showings decrease by 50% from this time last year. Showings down by close to two-thirds for homes at higher price points. So what does that mean? It means more buyers are opting not to look at homes during this time. We still see inventory added to our market along with a good number of under contracts. There is still have a high demand from buyers and a lack of inventory that leads to the supply and demand that Denver has been experiencing over the past several years. 👍 With so much uncertainty, it is hard to say precisely what will happen in the coming months.
Denver is nowhere close to being in the same situation as when the market collapsed in 2008. Before the market could slide into a recession, there needs to be an equal amount of opportunity for both buyers and sellers.
A recession does not always equate to a housing crisis. We are still a very heavy seller’s market based on supply and demand. Denver continuously sees more buyers than there are sellers, which results in 📈 driving the price up.
Now, with covid-19, some buyers feel uncertain about what will shake out. On April 6th, the Attorney General and Governor mandated that all in-person showings are no longer allowed. What does this mean? It means in the coming weeks we will likely see a sharp decrease in homes going on the market and under contract. If you feel comfortable enough submitting an offer without physically seeing the house, you can still work through that process with social distancing guidelines.
For buyers who need homes, this is an interesting time. We are hopeful to hear in the next day or two as to what in-person showings will look like moving forward.
So, if you are in a position that allows you to feel comfortable buying, NOW IS YOUR TIME!!!! As it might not be the right time for everyone, interest rates are still at a historically low, and properties that are coming on the market could experience less of a bidding war due to fewer buyers actively looking.
💃🏻Stay healthy. Stay safe. And know that this too shall pass! ❤️