Dramatic shift in real estate since March.
Real estate in metro Denver, Fort Collins and the Front Range was primed to be one of the strongest on record at the beginning of March, but took a swift turn later in month due to the impacts of the pandemic. Stemming from Colorado Governor Jared Polis “Stay-at-Home” Executive Order for the entire state on March 25, real estate was classified as an essential service – and the way real estate is transacted has changed significantly.
As a company, Kentwood Real Estate has identified ways to safely comply with the order while facilitating transactions that really need to happen – and help clients who very much need guidance right now.
Virtual tools are being leveraged and they have proved to work well for homebuyers and sellers today, such as listing photography, virtual tours, e-signatures on contracts and contact-free closings. There are even new components of a contract, like the COVID-19 Addendum that allows a transaction to be extended in the case a homebuyer or seller is exposed or quarantined. These changes are necessary to keep our community safe, and ultimately the health and safety of our fellow neighbors is the most important factor when considering how to responsibly serve homebuyers and sellers.
As elements of the executive order begin to be lifted, these virtual tools will remain common practice and will continue to be necessary to maintain the safety of our community.
The real estate market throughout Colorado is in a healthy position to come out of this unprecedented situation with strength. There remains a lack of supply and high demand, and that is what keeps prices stabilized and even increasing. While the second half of March notably saw a significant number of homes taken off of the market, they will begin to come back on the market in the near future. The pent-up demand will be evident over the summer, and anyone thinking of selling in the next few months will be able to successfully do so.