Northern Colorado Real Estate: Strong and Resilient in 2020

Strong and resilient. While those words have been used to describe the housing market before, no year can be more qualifying of those adjectives than 2020. In January, the Northern Colorado real estate market had a great start to the year. Buyers were buying, sellers were getting close to their asking price, and the market was healthy. 

Then came Covid, and with it, restrictions on showing houses and about a two month pause on real estate. The effects of the virus pushed back the start of our traditional spring market. 

At the same time, we saw two important dynamics at play:

1. Working from home, school from home, everything from home! We had buyers wanting a devoted home office, parents wanting more land for their kids and dedicated learning spaces indoors, people wanting bigger kitchens as they get back into cooking. So many people just wanted more space and to find a home that suits their new normal.
2. Mortgage rates below 3%. Affordability is key and mortgage rates helped people “move up” when perhaps it wasn’t an option previously.

What about job losses as a result of Covid? After all, housing is driven by jobs. Areas with high job loss could expect to see an increase in short sales and foreclosures. The Boulder area has fared well with people as a whole having strong job security despite a pandemic. Landlords I know haven’t been experiencing issues with tenants not paying. There is the possibility for more inventory at lower price points, but there is plenty of demand. 

Some election years create a volatile real estate market, but 2020 is proving to be the exception in more ways than we can count. There is no sign this election will slow the real estate market; I expect it to be strong through the rest of the year. While some neighborhoods and price points have started to level off, the market is still hot. 

Real estate is hyper-local. Call us today at 303-442-5001 to answer your questions and see how we can help with your real estate needs!