Coronavirus and the Colorado Springs Real Estate Market
The live stream press regarding the coronavirus is causing us to pause, then to act, then to pause again, then to wonder (and fear) over and over again about one of these perplexing questions, when does social distancing actually start and finish? As of this blog, we should already be on Day #10 of self-containment, yet it seems as if the clock on this process is being rewound over and over again. In effect, we haven’t even started the strict phase of self-quarantine and all of the toilet paper, and paper towels, and meats and vegetables are very difficult to acquire.
The facts remain. We all have to try to reduce the amount of fear in our lives and take each day at a time. By the time you watch this video, there are probably going to be some unexpected changes with the progress of the coronavirus, and how we’re supposed to respond to its devastating spread on our public health, as well as to our overall economy.
What is still happening is this? I am getting several phone calls and texts from clients about the Colorado Springs Real Estate Market. Questions, such as, what is the market doing? Is this 2008 all over again? Can we expect to spiral downward into a recession? All legitimate questions that are very complex, yet I will try to answer only those questions for which I presently have some professional insight.
Presently, I am seeing both ends of the spectrum when it comes to Colorado Springs Real Estate sales. Shockingly, there still remains a positive trend with sales transactions for those listings that are already listed on the market. And on the other hand, I have clients who are “pumping the brakes” on getting their homes listed during the uncertainty of the coronavirus and our plummeting stock market. Furthermore, my sets of buyers are exercising great caution about trying to currently buy a Colorado Springs Home right at this moment.
Regarding the condition of the market, this differs greatly from 2008. We do not have faulty mortgage-backed securities, as well as a high inventory of properties that are going into short sale default and/or foreclosure. This Colorado Springs Real Estate market is dealing with the adverse effects of the virus, plus low housing inventory. I venture to say that I do not believe the market is going to nosedive with actual home pricing. This part of the equation will likely remain fairly stable. What I do believe is that there is a constipation in the market that will probably take three to six months to regain economic momentum.
No matter what, Colorado Springs is a hotbed for new industry, and droves of people are continually moving into our area. The future remains bright, in terms of the economic indicators for Colorado Springs.
Of great concern, I highly advise that you do not make any real estate decisions from the position of fear and panic. It is better to make a sound decision from strength and from the advice of a few wise counselors. This crisis should not manipulate you into poor decision-making. Not all of the problems during this course of the virus pandemic can actually be solved right now. Better to wait and to re-evaluate your strategy for real estate, as well as resetting your lifestyle priorities.
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