I have received a lot of questions lately regarding the real estate market. I don’t know about other areas, but it’s still quite brisk in CO and our local market. Based on articles I’ve read in the Wall Street Journal, I personally believe we will begin to see some larger demographic shifts in the next 5 years. This will be due mostly to the ability to telecommute. As more American workers can choose where to live but keep their job, many will choose to move from larger urban areas. Smaller towns can offer more affordable housing for one thing. I found this article very interesting regarding how many and why people are currently considering a move. I believe there will be more as people are able to return to work whether due to a layoff or new career.
Give me a call if you are interested in what your home may be worth or are considering a new home with the incredibly low interest rates.
Source: Apartment List
Moving, whether for opportunity or adventure, has long been cemented in the American psyche. It may be motivated by a pursuit of education, career advancement, a desire to own a home or start a family, or simply a change of pace. But while Americans have historically moved more frequently than those in many other countries, the U.S. mobility rate has actually been declining for the past 35 years. According to the Census Bureau, over 20 percent of Americans changed homes in 1985; by 2019, that rate had been cut in half.
Now, as the coronavirus pandemic continues to uproot daily life, there are many reasons to think American mobility will rebound. For one, a number of large companies are embracing remote work beyond the pandemic, meaning their workers are no longer tied to a particular location. Plus, months of sheltering in place has many urban dwellers thinking about greener (and more spacious) pastures. And at the same time, millions of Americans have recently lost their jobs, leaving them with no choice but to move in with family or find some other more affordable living situation. Lately there has been much anecdotal speculation on these trends. In this report we analyze recently collected survey data to get a more concrete idea of how the current pandemic will shape American mobility…Read More
“You are never too old to set another goal or to dream a new dream.” – C.S. Lewis
News to Know This Week
Colorado will move into “Protect Our Neighbors” county by county at the beginning of next month. This new phase is designed to be more flexible and sustainable than previous orders, with the caveat that if cases increase significantly, the state may move back to a safer-at-home or stay-at-home order for everyone. Protect Our Neighbors allows all businesses to be open to some extent and large gatherings of up to 500 people. In order to transition into this new phase, a county needs to meet a variety of standards such as the ability to handle intensive hospital care surges and conduct testing and effective case investigation.
According to Boulder-based global real estate analyst Mike DelPrete “The U.S. real estate market is in the midst of a recovery. Important lead indicators are up from their lows of the past several months, and nearly every graph is moving up and to the right.” And new listing activity does indeed look like the check-mark recovery that Mike predicted weeks ago. See full update
Restaurants Open for Dine-In
Colorado restaurants have been allowed to open for dine-in for several weeks now and more and more are doing so every day. Whether you’ve already ventured out or you’re just thinking about doing so now, check out this list of local options. Try something new, or revisit your favorite locations! See Guide
Many thought real estate sales would stall during the COVID pandemic, but statistics highlight a very brisk local and CO market. One of the largest home buying groups at this time are the Millennials. The guide attached has some interesting statistics and information. It may help you decide whether to move, remodel, downsize etc. Call me if you have any questions about real estate.
As we start to transition to “safer at home”, we begin to see some changes in your neighborhoods and towns. If you are thinking of buying or selling a home, I think you’ll find the charts below very encouraging. The local real estate market remains strong and quite brisk. While it’s still a slight Sellers’ market, there is more inventory available as we move into Safer at Home. Please let me know if I can help you or someone you know with any real estate questions or needs.
“Some people look for a beautiful place. Others make a place beautiful.”
This Week’s News to Know
As the holiday weekend approaches, buyers and sellers are returning to the market. Buyers are choosier about the homes they see in person, extensively exploring a property and location prior to booking a showing. This means the buyers who DO see a property are generally more serious about a home than in a pre-COVID market. A trend is also emerging with buyers seeking homes (or second homes) in less populated areas with more space. If you’re thinking along these lines and looking outside of the immediate area, I’m happy to make an introduction on your behalf through my extensive referral network.
Are the current market conditions normal? Not yet, but there are signs of normalcy as market activity resumes and our local economy begins to recover now that many restrictions are lifted. According to real estate industry expert Mike DelPrete, “The number of new listings coming to market is a key indicator of a healthy real estate marketplace, representing high-intent seller demand and available inventory.” See full update
The best way to enjoy the great outdoors while at home? A backyard camping trip! Pitch a tent, roast some marshmallows and gaze up at the beautiful starry night. Here’s a list of some things to do before curling up in your sleeping bag. See Guide
We are all hearing about businesses closed, some forever, and people being furloughed or laid off. It’s scary for all of us to hear this news. That said, I think the statistics and information in the article below is very helpful. I hope it helps you, too.
Source: Keeping Current Matters
Last Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report. It revealed that the economic shutdown made necessary by COVID-19 caused the unemployment rate to jump to 14.7%. Many anticipate that next month the percentage could be even higher. These numbers represent the extreme hardship so many families are experiencing right now. That pain should not be understated. However, the long-term toll the pandemic will cause should not be overstated either. There have been numerous headlines claiming the current disruption in the economy is akin to the Great Depression, and many of those articles are calling for total Armageddon. Some experts are stepping up to refute those claims. In a Wall Street Journal (WSJ) article this past weekend, Josh Zumbrun, a national economics correspondent for the Journal explained…Read More
Graph source: Keeping Current Matters
“One small positive thought in the morning can change your whole day.”
Viewing Homes During Safer-at-Home
As the final counties in Colorado move into a Safer-at-Home status on Saturday, buyers will once again have the opportunity to see a home in person before writing a contract, regardless of where the home is located. Sellers will be able to market their home with professional photos and other services. With the interest of everyone’s safety in mind, showings will adhere to new rules and regulations. Please keep in mind everyone’s situation is different and, although these are the general guidelines, some sellers or buyers may still prefer to operate on a “virtual only” basis.
April is historically one of the busiest months of the year for real estate, but nationwide new listings actually fell over 44% year-over-year. Over the course of the last week ending May 6th, new listing activity in Boulder and Broomfield counties was down only about 21% compared to the same week in 2019. This is an improvement over prior weeks when new listings were down as much as 72%. See full update
Create a Calming Space
Over the past few weeks, our homes have become our whole world. Sometimes that world can be intense, and we need a calm, soothing retreat to recharge and refocus. Here are some ideas to rework or refresh your space. See ideas
“Because each day can be better than the last…Because miracles surround us everywhere we go… Because dreams are worth fighting for with everything we’ve got… Because life is too short to hold grudges or to ever look back… Because some things are worth waiting for… Live your life to the fullest every day, in every possible way.”
Gov. Polis is shifting the stay-at-home order to safer-at-home on Monday. And while most real estate business will still be conducted in a virtual manner, property showings have been deemed appropriate to resume starting April 27th. If you’re interested in listing or buying a property, please give me a call for the latest safety guidelines and recommendations.
Global real estate tech strategist and scholar-in-residence at the University of Colorado, Boulder Mike DelPrete reported Tuesday of this week that the latest U.S market data indicates that the dip and recovery in real estate will actually have a checkmark shape. There will be an immediate drop, 3-4 weeks at the bottom, and a slow recovery period. This week’s local Boulder and Broomfield County market data implies we could have indeed already hit bottom and are recovering. See full update
Make Someone Smile!
Although we’re moving to a safer-at-home status starting on Monday, many people are still spending a majority of time at their home. Check out this list of ideas on how to make someone’s day a little brighter with small (or big) acts of kindness. See full list
Community Food Share distributed 48% more food in March 2020 compared to March 2019. With unemployment and schools out, the need for food security for many people is considerable. Consider donating to Community Food Share today!
“Stay positive no matter what. Life never gives us more than we can handle, and you are more than up to the task of facing every challenge. All these things will strengthen your spirit and help you out as you make your way into new adventures and stand up to adversities. There is nothing you can’t overcome with a little bit of courage.” – Ashley Rice
New This Week
An updated Public Health Order 20-24 issued in conjunction with the Stay at Home order (Executive Order D 2020 017) has deemed in-person showings for real estate no longer a critical business/service. Closings can still occur, following social distancing requirements. Virtual showings are also permissible. Talk with me about the latest guidelines if your need to buy is urgent.
The real estate market in our corner of Colorado is still strong but responding proportionally given the stay at home orders and newly announced restrictions on real estate practices in the State of Colorado. Most experts predict that the majority of US real estate markets will see a drop in activity and transaction volume to around 50% of “normal”. See full update
Unemployment & The Housing Market
Ten million Americans lost their jobs over the last two weeks. The next announced unemployment rate on May 8th is expected to be in the double digits. Because the health crisis brought the economy to a screeching halt, many are feeling a personal financial crisis. How do experts feel this will affect the housing market? See full article
Easter Activities for the Home
Easter might look a little different this year, but that doesn’t mean you can’t have just as much fun celebrating this holiday! We’ve curated a great list of activities that your kids will love without having to leave your house. Read More
Best Fitness Resources
Gyms and fitness classes are closed, but there are plenty of options for staying fit at home. Here is a curated list of the top fitness blogs, websites, apps, free online classes, and equipment to help keep you active and sane during the quarantine. See full list
Community Food Share Corporate Challenge
Will you join us and help us win the corporate challenge? Learn more here!
And then the whole world walked inside and shut their doors and said we will stop it all. Everything. To protect our weaker ones. Our sicker ones. Our older ones. And nothing, NOTHING in the history of humankind ever felt more like LOVE than this. (author unknown)
How Stay-at-Home Effects Real Estate
Last week the state of Colorado issued a “Stay-at-Home” public health order effective March 27th at 11:59pm through April 11th. As part of this order, financial and professional institutions have been declared “critical businesses” and include “real estate appraisals and transactions”. This means certain essential real estate functions can still be performed.
For Clients Under Contract
New This Week
Governor Polis has issued an executive order allowing temporary, remote notarization to be legal within the state. In real estate, this gives us additional options to conduct closings remotely without the need for clients and real estate agents to meet in a central location to finalize paperwork.
Looking at the number of new listings, under contract properties and withdrawn properties over the last 7 days gives a snapshot into how COVID-19 is affecting our local market. Experts do not think this is a repeat of the 2008 housing crisis,but do expect a significant slowing down of the real estate market until stay-at-home orders are lifted.
See full update.
If you have recently lost your job or have reduced hours and need to consider financial options right now, consider contacting your mortgage lender or mortgage provider if you own your home. Through the stimulus bill passed recently, you may be able to delay up to 12 months of mortgage payments with no penalties, interest or credit rating consequences. You may also have options to refinance or cash out on your home equity, depending on your current situation.
Does going out for groceries seem daunting right now? Here’s a list of alternative options for going into the store – whether that’s delivery services, farm stands or even local restaurants selling food boxes. Check out unique ways of getting groceries without going into the grocery store.
These are scary times. Many of my current clients have asked if I think there will be a slump in housing like the housing bubble in 2008. While I can’t read the future, I do have my own opinion. I think the attached article with graphs and charts helps explain the current housing situation very well. Please read the article. If you have questions about your real estate please don’t hesitate to contact me.
5 Simple Graphs Proving This Is NOT Like the Last Time
Source: Keeping Current Matters
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:
“With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”
There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences…Read More