Greetings folks! If you’re wondering how real estate is functioning as an “essential service” in the midst of stay at home orders, I’ll try to describe it without destroying my keyboard with tears.
The restrictions of executive order 20-24, in regard to real estate, prohibit showings until at least April 26th, and the conventional wisdom is we’ll be going beyond that. There are a few of you who *may* use a real estate agent other than yours truly (hard to believe, I know) but I’m curious if your agent is abiding by this order. If they aren’t, they’re breaking the law.
With that said it is still possible to get into a house - and sell one - during this challenging period. Of course the showing limitations mean creative contract verbiage and a higher than average failure rate. In essence, we’re relying on 3D tours and photos to convey a property’s character. Anyone interested enough will then write an offer contingent on, typically, a 72 hour period in which they can inspect the property and do a walkthrough. The attorney general has clarified that real estate transactions - and any service or activity necessary to facilitate them - are covered as essential. In other words, the house has to be under contract in order for folks to travel to and from it.
So what’s the direct impact been? The quick answer is we’re about half the normal volume and dropping every day as the stories of fines and charges from the real estate commission grow, scaring my less esteemed colleagues. Some stats:
April 1st, 2020 to yesterday (April 16th) there were 171 single family residences listed in Fort Collins and Loveland. During this same period in 2019, 243 SFRs were listed, roughly 40% more.
In the last week, 73 SFRs were listed in FTC/Loveland. During the same period in 2019, 116 were listed - over 50% more.
It’s worth noting that of the 171 properties listed since April 1st, 50 of them are already under contract. Since our overall days on market is roughly 50, that’s a surprisingly high number for only 19 days. And they are 19 days where people aren’t supposed to be running about looking at houses.
I’ll end it there for now. Hope you all have a quaranterrific weekend and please give me a holler if you’d like to prepare for a purchase or sale. Now’s the time to get ready for the inevitable upward spin to all this. And if virtually buying a house is your thing, we can certainly give it a shot.