I am already working on a newsletter I plan to get out sometime next week that will have some great information with the real estate market going forward, but I thought it would be timely to get this part out now in an attempt to start calming fears over the COVID-19 situation especially as it relates to the real estate market.
We all have a part in helping to get this situation under control so our lives can somewhat go back to normal. Observing the social distancing and good hygiene will be important components to that, but life will go on and we WILL get through this. Personally, the panic driven by the media has not helped this situation and we can all help in mitigating the hysteria they’ve hugely amplified by using common sense and seriously reduce our intake of the 24 hour news coverage.
While this COVID-19 situation will undoubtedly temper the Denver market to some degree, people will still need to sell a home, buy a home, or a combination of both as real estate is an essential part of our economy. With the recent news coverage that Denver will be on lock down with the exception of essential services as announced by the Mayor on March 23rd, it’s important to note that real estate is considered an essential service as outlined by the Denver Metro Association of Realtors (DMAR) yesterday afternoon:
“We are pleased to share ‘real estate’ was added by the Mayor’s office under the qualified list of ‘essential professional services’ in a recent update to their original order. Therefore, real estate services are exempt from the stay-at-home directive so long as individuals involved in the real estate transaction comply with physical distancing requirements mandated by the City and County of Denver. “
For people who are in a situation where they may need to sell their home sooner than later or have a home on the market currently, showing homes will still be available for agents and clients as long as we abide by the social distancing mandate. The same goes for buyers who are looking, but may be pausing with the current situation at hand. Lending will continue and the Federal Reserve has taken major steps to help ensure that the markets remain liquid and available for a wide array of activities including mortgage financing. This current situation is not financial in nature, so this could very well be a great time to take a look at the stock market as well.
As we all sit back and take in everything that has been happening, I think it’s extremely important to remind ourselves that this will pass and life will go on. While we may be taking a moment to pause, we should not let our lives come to a complete stand still and at least have the conversation if you were considering making a move with any real estate transactions this year. I feel I’m a great resource to use as I have a vast background with investments and finance in addition to real estate, so I’m very well versed in these matters and will make a great resource for you or anyone you know looking for any real estate needs. Thanks for taking the time to read this and I hope it helps!