While our collective conscience turns to the health and welfare of not only our loved ones but to those suffering across the globe, the current state of the Colorado Real Estate Market feels like a minor footnote. That being the case, we won’t be sending out our usual graphs and charts this month, as many of us have been looking at too many of those of late.
What we can tell you in this short update, is that the real estate market has proven to have sustained momentum in Denver. We are seeing new listings hit the market and go under contract. For our company, we expect the number of homes sold in March to be down only 15% year over year. We do believe that the upper end of the market may slow further in the coming months as often the luxury segment is not driven by necessity.
Adjusted Business Practices To Stay Safe
Given the continued demand for our services, the agents at the New Era Group have had to adjust business practices to protect the safety of all involved. For our Sellers, we are limiting showings to one group of Buyers at a time and screening the Buyers in advance of approving showings to make sure they have serious interest and are qualified. When we do go in the field with Buyers, we practice social distancing and use gloves and hand sanitizer. Additionally, we are using new contract language that allows for delays should a mortgage provider or title company close for a period of time, the contract can automatically extend to adjust for the unexpected.
We Are Here For You
While we continue to work responsibly in this strange new normal, we promise to do all we can to help slow the spread of the virus and support others in their time of need. Life continues on and housing needs change during times of turmoil. If you are in a situation where you are going to be needing to make a move, please reach out and let us help you make a plan.