Big Shift in Real Estate?
April 10, 2020 | Market Trends
April 10, 2020 | Market Trends
We are seeing aspects of the market understandably respond to job loss, the shelter-in-place order and economic challenges. At the same time, we are seeing signs of consumer adaptation and continued strong market activity fueled by positive aspects of the Denver economy and real estate market.
So has there been a BIG shift?
No, not just yet.
Relatively speaking, activity remains strong in the Denver market. Buyers are capitalizing on low interest rates and many sellers are seeing strong offers due to low inventory. We’ve seen modest shifts in inventory levels and a more marked decline in the volume of homes going under contract, but the market seems poised for a solid rebound, pending variables of when the Colorado shelter in place order will be lifted and how that restarts the local economy in the face of US economic challenges.
The biggest shift we have seen in the Denver market is in buyer and seller behavior. The number of buyers and sellers active in the market remains very strong, but through adaptive methodology.
Buyers are spending more time researching and planning through online viewing of homes and neighborhoods, narrowing down properties, looking critically at things like schools, trails and other neighborhood and geographic amenities.
More sellers are showing their homes virtually and being flexible to the nature of offers received by buyers, which includes longer time frames for inspections, appraisals and other contingencies.
We have a complete suite of digital marketing resources and virtual showing capabilities. If you have real estate needs now and are wondering if you can gain proper access to homes or get effective exposure when selling, let your agent walk you through the options to set your mind at ease.
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