These signs indicate we’ll see a short surge in transactions:
- The market has slowed enormously. If we look at a graph of showings in Colorado, we can see that around March 11, showings started to dive toward zero. The state has relaxed some restrictions, but most metro area counties are still under “stay at home” orders. Despite this, showings have increased in the past few days.
- Interest in new homes has been on the rise during the past few days, which also shows pent up demand.
- Interest rates are still very low, which makes buying a home now attractive.
- Sellers withdrew a record number of homes from the market. Once these homes are for sale again, buyers will have more to choose from, which makes buying more appealing.
- Finally, very simply, buyers who wanted to move last month couldn’t go see homes or couldn’t find a home they wanted because so many homes were withdrawn from the market, so stopped looking.
Once all the counties in metro Denver move from “Stay at Home” to “Safer at Home,” we expect to see a short rush to buy and sell. If you’re thinking of selling, we believe you should get your home ready now, so when the economy opens throughout the metro area, you’ll be ready for showings and offers. After the surge, there’s no telling what will happen.
Questions? Give us a call.
Reach David and Tom at The Principal Team at 720-408-7409.