Real Estate and COVID-19 - as of April 3rd

Real Estate and COVID-19 - Updates as of April 3rd

April 03, 2020

Real Estate and COVID-19 (Updated April 3rd)

To ,

After another week under a stay-at-home order, I hope this message finds you and your family in good health. Here is a brief update about the local real estate market and specific changes as of this week.Real Estate has been named a critical service but this has some limitations and ethical considerations. Contracts already in place are progressing and steps are in place for remote closings. Other situations for real estate work to continue might include a job relocation or change of income.We have been advised that casually looking at available homes should not be done at this time. Clients and agents should take advantage of the online tours available and include options for a late tour of the property. If you are interested in moving, let's talk about how to best work with the current health situation. 

Market Statistics

The following data is from Single Family Residential listings in the seven county Denver metro area through March 31, 2020. These comparisons are from March 2019 to March 2020 (Year over year).

  • Median Price for Sold Homes: 8.7% increase

  • Number of Active Listings: 12.1 decrease

  • Number of Sold Listings: 1.2% increase

  • Average Days on Market: 33% decrease (March 2020: 18 days)

As you can see, through the beginning of this economic and health crisis, housing continues to move at an above-average pace.

  Important Changes This Week

Agents, including myself, are utilizing virtual tours and video tours to allow buyers to 'tour' a home without entering the property.With Remote Online Notary, closings do not need to be completed in person. This allows sales to continue with the current public health requirements.Many mortgage lenders are now accepting Desktop or Exterior Only appraisals. This means that the appraiser might not need to enter the home.

Do You Have Additional Questions?

If you have any questions, please call, text,

at your convenience. I am also available to talk via Facetime or

. 

Best regards to you and your family,

Todd Holmes

RE/MAX Alliance

(303) 570-3419