Whether you live in Colorado or like to visit our sunny state, we're all facing a winter full of unknown possibilities.
It is now October 23rd and we have been wading through the thick fog of this pandemic for 8+ months now. Let's face it. The world is agitated, frustrated, suffering, struggling, and outright ready to be done with Coronavirus. As we near 2020 election day and head into winter, there is increasing fear and uncertainty among Americans. People are wondering if our country will shut down again as cold and flu season begins to envelop communities. People have found a way to interact, engage and be active in the warmth of summer, and are now worried about being stuck indoors, socially isolated for the next 5-6 months.
In Colorado, ski resorts are making big efforts to provide an outdoor activity that is safe regardless of Covid-19, but the potential for closure again this year is in the back of every passholder's mind. So what does all of this mean for Colorado? What will happen with the real estate market?
What we know, is that many companies have elected not to have employees return to an in-person work space for the foreseeable future (anywhere from January - June of 2021 and beyond). Many Americans have reached a point at which they're ready to really get out of the house, get away! This, combined with airlines and travel companies safety claims and adjusted procedures indicates that we may have an even bigger influx of tourists and second homeowners in our state this season than we have in past years.
Home purchases in Colorado have been booming ever since the start of this pandemic. Vacationers have decided to buy instead of rent in places like Vail, Aspen, Summit County and Crested Butte and more. Others are still in the process of attempting to secure real estate purchases and rentals for this upcoming winter. With the ability to work from home and the flexibility this affords people who would otherwise be stuck in office buildings, we are likely to see more city-dwellers and out-of-state residents taking up longer term stays in Colorado this winter. Perhaps deciding to move here permanently, looking for larger lot sizes, mountain properties or 'socially distanced neighborhoods'.
We have seen the effects of our deferred real estate 'selling season' earlier this year. A surge of pent up demand flooded the market over the summer months and has held through this fall. A strong case can be made that this high buyer-demand will continue through the winter months as people grasp at any opportunity to spend time outside the home, with friends & family, being active. In Colorado, these things are still an option in the winter.
If you or anyone you know is considering buying a home, condo, investment property or any type of real estate here in Colorado, give us a call or shoot us a note! As always, thank you for reading :)
The Baldwin Bain Group | natalie@boulderco.com | 802-343-2531