The COVID-19 pandemic has forced governments globally to ask citizens to limit movement. The impact on the residential housing market has been a deal for some and no deal for others.
Specifically, states have implemented their own rules for “Essential Businesses.” While commercial tenants have more or less had to close retail operations, residential services – including those dealing with one’s home have been mostly allowed to transact. Up through April 9, Colorado was allowing buyers and sellers to transact, if their contracts were already in place. Governor Polis, (D-Colorado), revised the state’s rules on marketing real estate as non-essential. This has sidelined many agents and brokerages across the state in the name of “Public Health.” Polis was able to counter the Secretary of State’s order directing all showings to halt.
Individual agents and brokerages have been discouraging actual showings unless a buyer is willing to make a formal offer that is accepted by the seller. In these cases, the contract allows proper inspection and funding deadlines to ensure the buyer and seller are in full agreement of the legal requirements of the contract. By working with a knowledgeable agent and firm, the choppy waters for real estate can be navigated in a methodical and legal way. Alternatives to in-person showings and meetings have been established and used, including virtual showings and tours and remote closing services with title.
As the following article in Bloomberg indicated, the national housing market is essentially “Frozen.” Those needing to buy and those needing to sell are the active players in the market currently. Finding a deal with a seller needing to transact is what the COVID-19 pandemic is unraveling daily.
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