Did COVID-19 cool the market?

In Homeowners by Doug Phelps

For nearly a decade, the Denver metro real estate market has been a wild ride of record-setting activity. This year with COVID-19, this is even more true. We are here to help you prepare for what’s ahead.

Since March, home is probably something you have spent a lot of time in and thinking about. Maybe your dreaming of more space. Perhaps the thoughts are about downsizing. Or life has simply shifted priorities.

Maybe you are thinking about selling or buying.

If you are, it’s rather impossible to completely predict what is next in the next few months of 2020. Or even 2021 and beyond. This much we know — for years sellers have been in charge thanks to extremely low inventories of available homes. This forced buyers to compete against multiple offers at almost every price point.

As you think about what your future holds, what questions should you be asking? This blog series will explore several questions from both the seller and buyer points of view.

Buyer Question:

Did COVID-19 cool the market?

Answer from Doug:

It did. For only a very short time, though. Primarily because the rules and processes for showings and being under contract fluctuated over several weeks. Sellers and their listing agents, buyers and their buying agents, didn’t know what to do.

Most aspects of a real estate transaction were deemed essential, with some improvising along the way. Once all this was figured out, the market quickly returned to normal. Albeit a new normal.