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Real estate goes viral

3/30/2020

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Good afternoon everybody, 
Today I’m hoping to offer something different: some normalcy.

Has real estate been affected by COVID-19? Not in the ways many believe. 

You probably heard the Federal Reserve cut the funds rate by 1.5%, with many click-baity headlines suggesting “Fed Slashes Rate to 0%”. The actual impact on current mortgage rates isn't much for consumers in terms of purchases and refinances. But it does mean those mortgages can be backed cheaply, which should keep rates low for a while. If the economy miraculously - and quickly - rebounds, expect them to go up a bit. However we can probably all agree that recovery will be slow. The bottom line: mortgage rates are still ridiculously low and probably will be through spring and summer.

What's in store for sellers during the typically busy spring season? Some panic-prone folk will leave their houses off the market, out of fear of: A) a lack of buyers, B) a tanking economy or C) just getting the heebie-jeebies from having strangers infect their homes. For the rest, let's be realistic and quickly look at the numbers. 

In Fort Collins, the average days on market has dropped by 10 days in the last couple of weeks, inventory is slightly down since January, and prices are up 5% IN THE LAST MONTH. In other words, it’s a seller’s market. Pretty much like it is every March. 

So things are normal, right? Well like I’ve said to many of you, perception can become reality and we simply can’t ignore what has changed. Most brokers are taking extra precautions at meetings and showings, and some listings offer sanitizer and signage urging people to use common sense. On the extreme end of things, a handful of sellers are relying on the 3D tours I’ve been using for years as their sole way of showing their home. More commonly, brief showing windows are offered if the house is occupied.

I do have one prediction for this year that I'd consider a lock. The post-4th of July lull won’t be as sharp as years past, if it happens at all. If you want my reasons, contact me.

The changes in how I’m conducting business? I’m relying on The Atoll high-five and prefer to meet at the property instead of chauffeuring. And I’m slightly cranky from movie popcorn withdrawal, but healthier for it. The term “exercising an abundance of caution” gets bandied about quite a little, and yes we’re doing it. Like you, I’m hoping to exorcise this abundance of caution ASAP.

So, please let me know if you are thinking of buying or selling - trust me, plenty of people are still benefiting from it every day. Cheers, Crip


*stats provided by Fidelity National Title

Originally published 3/18/2020



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    Author

    Crip Erickson, Owner/Managing Broker
    ​of Erickson Realty LLC

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Copyright © 2021 Erickson Realty LLC
  • Home
  • What's Your Home Worth?
    • Home Valuation
  • List With Us
    • 2344 Spruce Creek Dr
    • 815 40th St
    • 195 Carina Cir #104
    • 713 Countryside
    • 1412 15th Ave
    • 6708 Rose Creek Way #4
    • 1775 Twin Lake Cir
    • 1110 Fairfield Dr
    • 5620 Fossil Creek #12-304
    • 2025 Buena Vista
    • 3781 Mount Ouray
    • 3405 W 16th #O-70
    • 531 Walden
    • 2263 Adobe
    • Sold Listings
  • For Buyers
    • Upgrowing into Investment Property
    • Brown Farm
    • Centerra
    • Cottonwood
    • Fossil Lake
    • Fox Creek
    • Golden Meadows
    • Glacier View
    • Miramont
    • Mountain Shadows, Greeley
    • Nelson Farm
    • Old Town Fort Collins
    • Paragon Point
    • Pelican Ridge
    • P.O.E.T
    • Quail Hollow
    • South College Heights
    • South Meadowlark Heights
    • Table Mesa, Boulder
    • Taft Canyon
    • Vista Bonita
    • Warren Lake
    • Woodwest
    • Open Houses
  • Erickson Realty App
  • Property Search
    • Advanced Search
    • Search By Map
    • Basic Search
    • Search by MLS #s
    • Email Sign Up Custom Search
  • COVID-19 and Real Estate
  • Blog
  • About
  • Stats!
  • Careers
  • Privacy Policy