Are you considering buying or selling real estate right now in Grand County, CO? Here are some things to contemplate whether the time is right for you.
- “Do you really need to buy or sell?” Meaning is this a means to a primary home? Do you need the money from a sale for something else RIGHT NOW?
- Consider the market. With fewer and fewer properties coming on the market and going under contract, that leads to the conclusion that most sellers and buyers are waiting until COVID-19 cases are declining.
- If you want to put your property on the market you have to make it available for “showings.” This means that it needs to be vacant. “Showings” right now consist of video conferencing between Realtors and their buyers or the use of virtual tours. Our office policy for virtual tours is that the property needs to be vacant for at least 3 days for our staff to go in and take the images. If you are a buyer, you need to be comfortable making an offer without physically going into the property. I have successfully helped buyers do this in the past simply because they live out of the area – and it works best if the buyer has already become familiar with the area and toured homes up here in the past.
When Winter Park Resort announced it was closing the evening of March 14th, that was the turning point for us to realize how serious this situation was and that it was going to affect us all. This is most evident with the highest number of properties coming back on the market the following week (Week 3 in this Graph.) New listings coming on the market and new under contracts have slowed in the last couple weeks. And the total number of properties on the market has stayed about the same. Typically, when the ski season starts to wind down we see an influx of new listings hit the market. We will continue to track these numbers to see what trends emerge. Without question COVID-19 will affect the real estate market, we are just not quite sure to what extent.