Governor Polis announced that after April 26th, the Stay at Home order will be lifted and transitioned to “Safer at Home”. We are excited and grateful that in-person showings will be allowed again on April 27th! Hallelujah! It’s so encouraging to see that other businesses will be able to start their operations again!
A question we are getting frequently is “How is the real estate market now?”
Overall, I’m happy to report that our real estate market is doing very well. There were contracts that fell apart due to COVID-19 issues, but by and large - values are staying strong and buyers are buying and sellers are selling.
The last two weeks allowed for virtual showings only until the property was under contract, proving once again that you better hire an agent with an outstanding marketing plan. We had a new listing go live on April 15th and only virtual showings were allowed. With a great team effort by our Sellers and implementing our awesome marketing plan, we were grateful to secure multiple offers above asking price with only virtual showings.
Resuming in person showings will ramp up the market activity. We project a v-shaped recovery in the economy and a robust summer market. NoCo is a desirable place to live with many different employment sectors, wonderful recreational opportunities, great schools and sunny skies! Seeing the stock market tumble and fluctuate so frequently is a good reminder that diversifying your investment portfolio to include Northern Colorado real estate is a solid strategy. This is not a housing crisis, it is a health crisis that caused devastation to our economy, people’s health and day to day lives.
We are heartbroken to see businesses and employees financially wrecked by this shutdown. We want to be a resource to you, if your business (whether self-employed, small business, S Corp) has been negatively affected by COVID-19, there are programs available through the SBA (Small Business Administration). The PPP loan program is an incredible option for payroll assistance. The program ran out of money within the first two weeks but Congress passed a bill to add another $310 billion to the program. Contact your local SBA approved bank and file your application NOW - our bank has done an amazing job working through these applications. Please reach out to us if you would like more information or our recommendation for a great SBA approved bank.
Interest rates remain insanely low, around 3.75% and we expect inventory to increase now and into May. This will be a great market to buy and sell. After being forced at home for a few weeks, I imagine some of you have found that you either love your home or are ready for a change - lol! We are here for you!
This time has been tough, we have had phone calls with clients who are in tears trying to figure out how to pay their employees and their bills. Families have been missing birthdays, graduations, weddings and funerals - there are so many milestones and important life events that have been so altered in this time.
In all of this, our hearts are heavy BUT we have great hope. Our faith is our anchor and we have seen good things and good people rise to the occasion. We believe that in all circumstances, light will overcome the darkness.
If we can help you - please let us know! If you need a grocery delivery, a face mask (our neighbor sews them), help with the PPP loan program or if you have a question about a property, we are here for you!
Our best to you all!
