The last two months have been packed tightly with real estate news due to the rapid spread of COVID-19. Stay-at-Home orders and social distancing measures have greatly influenced the market in a way that we will continue to feel for several months. Catch up on the most noteworthy news and headlines in this Golden Lenders monthly wrap up.
Main Takeaways from April
Seller’s Market (Except in the Luxury Market)
At the end of April, homes priced between $300,000 and $399,999 were reported to have less than one month of remaining inventory. Because of this low supply and high demand, buyers should not expect to find breakthrough lowball deals on real estate properties at this time.
The luxury market has been affected more significantly. Lender reluctance to sign jumbo loans and economic uncertainty has led to the rapid availability of 7 months of inventory.
Mortgage Applications are on the Rise
Amidst unpredictable conditions, it is promising to see that mortgage applications remain on the rise. Year over year, March mortgage applications were up by. 6%. Nationwide, there was an 11.6% increase in mortgage applications in April. This speaks volumes to the current large demand from buyers that we’ve felt throughout the pandemic thus far.
Safer-At-Home Order is Making Waves in Real Estate
On April 27th, Colorado’s Safer-at-Home order went into effect. It did not take long for this to impact the real estate landscape. In fact, 3,500 showings were scheduled that same day. Showings have only continued to increase since then. This is very promising as we head into May. While extreme caution and social distancing remain very important, these looser restrictions may nudge hesitant sellers to list their house and encourage buyers to attend showings.
Stay Updated on Colorado Real Estate with Golden Lenders
Golden Lenders helps home buyers in Colorado, Florida and California understand the different types of mortgages that are available and provides loans to help people achieve the dream of homeownership. Since the specifics of which mortgage to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (303) 482-2361, or you can send us a message.