Hello There! The gradual plan to reopen Denver’s economy includes Realtors as an essential service. We’ll be taking this day by day and doing everything to keep ourselves, our clients, and the greater Denver public safe. I have been trying to get Virtual Tours to catch on for years but they are really taking off right now! Right now, where we sit is that there are no in person showings allowed. So, that is the biggest piece that changes next week with the Safer at Home Order allowing in person showings again starting April 27th.
What Showings Look Like?
Now this does not mean business as usual. If you have looked at a home online up, down, and sideways and believe it is THE ONE…as of April 27th you’ll be allowed to go and tour it in person. Yea! Home buying is an emotional experience and a lot of that comes down to how a home feels and if it fits your needs. My listings are being cleaned, sanitized and only allowing one showing at a time. All safety protocols are strongly encouraged with masks, gloves, and antibacterial measures. All of my listings are Vacant which I believe makes Buyers more comfortable during showings too.
What Listings Look Like?
A discussion among Realtors is what will the market look like in the coming months? In a usual year this is the busiest season. So, will the Spring Market push back a couple months? Will lots of homes be listed following April 27th? We really don’t know but I’m always watching Supply and Demand to see what might be…Since quarantine was enacted 1,354 homes were pulled off of the market- and another 904 homes expired. So- if all 2,258 properties go on the market and demand returns to pre-covid levels we would have approximately 4 months of inventory which is still a Seller’s market. In this chart below it shows about 3,719 listings on the market but it would take 19,680 for a balanced market. It remains yet to be seen what impacts unemployment or stock market decline will have on Buyer demand.
The blue bar represents listings we have on the market and the red bar
represents listings we would need to satisfy the demand.
The chart below shows the traditional list price to sale price ratios. 2020 Started out on pace with this cycle, pre COVID-19 so we’ll have to wait and continue collecting this data. You can see that this time of the year traditionally has the strongest sale price. The Buyers out looking will largely be those who have to move and less of those who just want to move. But because of that we are seeing more serious Buyers which was demonstrated by less showings on each listing going under contract. It’s wonderful to see Buyers utilizing digital tools to critically observe properties to see if it’s the right one to look at. Sellers need to understand this is an unusual time and be patient with market conditions, showings, and be flexible regarding the current environment. This is one of those wait and see categories but just know I’m going to be using every virtual tool I have to be getting listings maximum exposure.
Looking Forward:
- Technology is amazing! It allows us to respect social distancing while still being able to market listings and give clients access to properties. One day, real estate might look like this…You become my client and to signify this I send you some virtual goggles. You tour 10 homes and we see 2 in person. Now, that’s the leap forward I have been looking for!
- Virtual Tour & Open Houses: It is my hope that Sellers will value listing agents who are tech savvy and able to integrate new marketing techniques quickly with this changing landscape. It is also my hope that Buyers take these virtual viewing techniques as the new norm. I had a terrific time doing a virtual open house at my listing back when one at a time showings were allowed. Having 190 views this was very successful and better attended than any in person open house! Attendees were able to ask live questions and I could go back to that area of the home or answer their questions. So, be looking for more virtual options from me soon!
- Getting Your Ducks in a Row: There is a lot a home buyer and home seller can do before entering the market. I’d be happy to meet with you virtually to get the ball rolling. Then, you can be ready to buy or sell at the best time.
I’d Love to Hear From You! What questions do you have? I’m happy to answer them as transparently and honestly as I can. Yes, sometimes for your most burning question the answer is going to be we’ll have wait to see or collect more information. I just don’t want to have to put my foot in my mouth if things shift again. But, I usually have some information or helpful resources on any questions you bring my way. Please reach out with your questions!
