Denver’s Stay-at-Home order was in place for the entire month of April which, according to the Denver Metro Association of Realtors (DMAR), had a negative impact on the Denver Metro Area housing market. Below are some key data points and a look ahead.
- According to ShowingTime, showings declined as much as 92.2% year over year.
- Homeowners are adjusting to life with COVID-19. Realtor.com CMO, Nate Johnson, reported that 19% of homeowners wanted more space, 13% wanted an updated kitchen and 11% wanted a home gym. Homeowners also say they have taken on both big and small house projects during the pandemic.
- According to DMAR, most lenders are requiring a “day of closing” employment verification compared to the previous verification that often took place a couple week prior to closing.
- First Quarter GDP estimate is published at -4.8% and the 2nd Quarter is expected to drop to -20%.
Although this news sounds grim, there are a few glimmers of hope looking forward towards May.
- As of April 27th, in home showings are allowed which should increase the number of pending sales in May.
- Interest Rates are at an all time low and, according to The Federal Reserve Chair, Jerome Powell, the Fed will use its full range of tools to support the economy as well as maintain the 0-0.25 % Fed Rate until the economy has weathered recent events and inflation returns to the 2% target. Federal Reserve