Greetings to all during these strange times we fine ourselves in. I hope you and your loved ones are getting through this well. It has been a confusing time in the real estate world with the picture changing daily. I wanted therefore to give a Real Estate Market update for Platt Park, Washington Park and the greater Denver area based on the most current information as of Monday April 27th
There is a very much on-going debate as to where the real estate field stands in relation to the Governors declaration of moving us from a ‘Stay at Home’ position to a ‘Safer at Home’ position, which begins today. The Governor’s intent, as you know, is to slowly start opening the economy. The new position has a lot of grey area in it probably by intent. To further muddle the waters, many local governments on the City/County level have put in place their own directives. Stay at Home orders have been extended till May 8th in Adams, Arapahoe, Boulder, Broomfield, Denver, Gilpin, and Jefferson Counties (basically the entire Denver Metro area)
I listened to the general counsel for the Colorado Association of Realtors (CAR) this morning who was trying to interpret the directives for us all. In short he didn’t have a clear picture of what we as realtors are supposed to do (or not do). The specific question most asked is whether in-person showings are allowed or not? The real estate market staying in or coming out of its temporary coma hinges on that question. If we can’t start showing homes then the market is pretty much at a stand-still. My takeaway from the CAR lawyer is we are not expressly prohibited from in person showings nor clearly authorized to do so. The lawyer said we are probably okay to do so but if enough complaints are heard and concerns raised then the authorities will clarify their position and clearly put the stop to it.
So what does that mean? I think for Denver sellers and buyers we are still pretty much in a holding pattern. Between now and May 8th we might see a bit of an uptick in activity but I don’t expect it to be dramatic. Until we move out of this grey area I think the market will continue to be more or less dormant.
The silver lining to all this is demand will continue to grow. Interest rates for buyers are ridiculously low right now sitting at 3.33% for a 30-year fixed loan. That alone is going to create some eager buyers hungry to get out there. When the market gets rolling again–probably mid to later May–I expect it to be pretty strong as that pent up demand is unleashed. We’ll see. I’m watching all this everyday and will keep you posted.
Stay safe and healthy.
See you around the neighborhood (eventually)