As an industry, we are finding ways to conduct business in a reduced, yet responsible manner. Here are a few of the actions I have seen implemented in the past week:
- Real estate attorneys at the Bar Association quickly created an addendum related to the uncertainty of current business environment. It provides automatic extensions if transactions are interrupted because of outside factors.
- The State of Colorado approved use of “remote notary” standards.
- Listing agents have instituted strict showing protocols including: questions about health and travel; strict time frames on showings (time in house and time between showings); instructions on using provided disinfectant and sanitizer, etc.
- The use of 3D and other virtual tours have been utilized in order to enhance the online experience.
- Title companies have instituted closing procedures that include “curbside” closings, where the title officers go to the clients cars to get signatures. As much as possible is being done in advance electronically.
We are all adapting while trying to adhere to the ‘spirit’ of the stay at home directives as well as social distancing. I’m so thankful that so much can be done electronically these days! We are still able to keep transactions moving forward and to help those clients who really have a deadline in terms of housing.
As far as the market is concerned, it is obviously much slower than normal. But there are still new listings coming on the market (still over 100 new listings last week in Boulder County), showings taking place (about 1/6 of our normal amount this time of year) and contracts being written (this past week had about half as many as were written during the same week a year ago). The graphs below tell a good story about the activity in the market there is a brief caption below each graph.
I hope everyone is adapting and doing fine. It’s certainly a new experience for all of us! I have appreciated the opportunity to get some projects done on my website and for upcoming listings, that I have been on my ‘to-do’ list. I’ve also been able to get some home projects completed. I’ve appreciated the steady stream of walkers and bikers traveling behind my house on the multi-use trail. Many of these neighbors I haven’t seen before. I’ve also appreciated the quiet at night when I take my dog for a walk before going to bed. Maybe some of these new patterns and activities will remain with us and become a positive in our lives when we get more back to normal. Stay well, productive and active!