COVID-19 and Real Estate

Real estate values have seen many up and downs over the years, but with this pandemic, what's next for the real estate market is not an easy answer.

To start, this is nothing like the 2008 real estate crash. This is a health crisis and not a housing crisis. But, real estate will be affected. The housing market doesn’t always contract during a recession but with 70% of the economy being Personal Consumption, much of that is on hold.

Today, much of the real estate market is also on hold. Real estate is deemed “essential” but Colorado is not allowing showings currently so video and 3D virtual tours is the business.   There are still closings taking place, even some properties going under contract. We had many transactions terminate with the onset of the virus, and many properties were withdrawn from the market. We had a record start to the year but right now, there is very little activity. And yes, we’re starting to see price reductions. What's next?

Regards,

Charlie

Want to learn more? Check out the links below for more insight into the Steamboat Real Estate Market.

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Charlie Dresen 970-846-6435 or Charlie@SteamboatsMyHome.com
#COVID-19 #realestate #steamboatsprings

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