• Client Info
  • Realtor Info
  • Seller Login
  • Contact

Boulder Property Network

Boulder Property Network

Boulder County Real Estate

  • Home
  • Search Real Estate Listings
  • Duane’s Timely Topics
  • Results Count
    • Why We Work by Referral
    • Testimonials
  • Our Team
    • Duane Duggan
    • Timmy Duggan
    • Barb Passalacqua
    • Kelsey Jensen
  • Blog & Podcasts
    • Weekly Video Podcast
    • Boulder Real Estate Blog
    • YouTube Videos
You are here: Home / Boulder Market Reports / At Home During the Coronavirus Crisis and What’s To Come When It’s Over

At Home During the Coronavirus Crisis and What’s To Come When It’s Over

April 14, 2020 by The Boulder Property Network

In time of crisis, the one place that people go to for their safe haven is their home. Now homes are places of business as well. (Photo: Paige Code, Unsplash).

Everyone needs to do their part to stop the spread of the coronavirus. Right now, home is the safest place to be. Sheltering-in-place at home for an undetermined period will make for an ideal time to get some of those home projects done, which will leave you with plenty of free time after this all this blows over.

Just six months ago, we were living in an entirely different world. Even on Leap Day, Feb. 29th, all economic indicators were very strong. With the spread of COVID-19, those indicators will be quite different for March.

This week I had the privilege of listening to an interview entitled “This Too Shall Pass,” between Dr. Lawrence Yun, chief economist for the National Association of Realtors (NAR), and Brian Buffini, founder and chairman of Buffini and Company, a leading international real estate coaching and training company. They discussed the effect of COVID-19 on the real estate industry.

Buffini pointed out, “In this time of crisis, the one place that people had to go to for their safe haven was their home. Their homes became their shelter, their comfort, their lifeboat.”

Now, companies have quickly adapted to make their employees’ homes their places of business as well. Over the past weekend, Colorado Governor Jared Polis mandated that Colorado employers reduce employee density immediately, creating further urgency in transitioning to work-from-home. Now many people are discovering that it’s not only possible to work from home, but more preferable, and it will be interesting to see how many people continue to work from home when the crisis is over. In fact, Dr. Yun commented, “there will probably be so many new ‘work-from-homers’, they will all start looking for a new home that meets the needs of that new lifestyle.”

Working from home is just one of the various ways we’re social distancing. The more social distance we have, the more quickly this public health crisis will be over. In fact, if the coronavirus is contained shortly, Dr. Yun thinks that “real estate will bounce back quickly. The slowdown in spring buying might cause a spring-like surge in activity in August. The more buyers who delay a spring purchase will create pent up demand in the later part of the year.” Dr. Yun further explained that “real estate is staged to stay strong after the coronavirus crisis is over. The main reason is that there is still an inventory shortage across the country. Inventory remains short because the building industry needed to be building about 1.5 million homes a year just to keep up with population. For over a decade, the production level has only averaged about 1 million homes a year.”

Buffini said that, “the banking industry is a completely different place than before the recession of 2007 to 2012. During the eight years prior to the coronavirus crisis, lenders were making higher-quality mortgage loans, not the easy financing that created many problems during the recession. Prudent mortgage lending has prevented many people from getting in over their heads, making it easier for them to weather the storm. “

Dr. Yun elaborated that, “we are in a very accommodating monetary policy period. That means mortgage interest rates are likely to remain at an historic low, and maybe will even go lower. Most clients are attracted to low rates. Interest rates are more important than the loss of value in the stock market. Half of America doesn’t own stock and the stock market doesn’t affect them.” If one feels that their job is secure, and many jobs are, Dr. Yun advises to take advantage of the record-low mortgage rates. He also said, “Maybe there are less buyers out in the market during the crisis, which means there’s less competition and better price negotiation potential.”

In summary, Dr. Yun said, “It’s going to pass. This short-term coronavirus negative impact will pass… Even if it takes a little longer to contain it, there is such solid fundamentals for the real estate market, things will play out very well over the long haul. People who are planning for the future long term in real estate, they will do well.”

Buffini concluded with, “When you have a bit of a longer-term perspective, it seems to take you out of the short-term panic.”

By Duane Duggan. Duane has been a Realtor for RE/MAX of Boulder in Colorado since 1982 and has facilitated over 2,500 transactions over his career, the vast majority from repeat and referred clients. He has been awarded two of the highest honors bestowed by RE/MAX International: The Lifetime Achievement Award and the Circle of Legends Award. Living the life of a Realtor and being immersed in real estate led to the inception of his book, Realtor for Life. For questions, e-mail DuaneDuggan@boulderco.com, call 303.441.5611 or visit BoulderPropertyNetwork.com.

Filed Under: Boulder Market Reports, Boulder Real Estate Blog Tagged With: #bouldercountyhousingmarket, #bouldercountyrealestate, #Coronavirus, #covid19

Contact Us

  • This field is for validation purposes and should be left unchanged.

Blog Archives

Featured Listings

$389,700Just Listed!3100 Ridge RdNederland, CO 80466View Listing
$798,000For Sale!705 Club Pl.Louisville, CO 80027View Listing

See all of our listings.

Recently Sold Properties

$649,700Sold347 S. Jackson St.Nederland, CO 80466View Listing
$332,000Sold1601 Great Western i7Longmont, CO 80501View Listing
$280,000Sold3009 Madison AveBoulder, CO 80303View Listing
$863,000SOLD4634 Harwich StBoulder, CO 80301View Listing
$549,000Sold11950 Katherine AveLakewood, CO 80401View Listing
$999,000Sold2185 Floral DrBoulder, CO 80304View Listing
$1,599,000Sold6293 Red Hill RdBoulder, CO 80302View Listing
$499,700Sold2274 Spruce St Unit BBoulder, CO 80302View Listing
$865,000Sold4892 Darwin Ct.Boulder, CO 80301View Listing
$824,700Sold133 High Country TrailLafayette, CO 80026View Listing

Tweets by BoulderPropNet

Download our App

Boulder Property Network AppGet the Boulder Property Network mobile app to start your search for a new home right from your phone or other mobile device!

Download it here >>

Neighborhood News Report

How's the market? We can provide you with accurate information on the real estate market activity (Listings , Sales & more) in the area you are most interested in!

Get your Neighborhood News here >

Free Home Valuation

Free Market ReportBoulder Property Network can provide you with the information that you need to make a plan for your real estate purchase or sale.

Get your home valuation >>

Looking to Sell?

Looking to Buy?

Information for Investors

Recommended Reading for REALTORS®

REALTOR® for Life

by Duane Duggan

realtor-for-lifeWhat does it take to be a REALTOR® for life? This book provides first hand knowledge from one of the most distinguished and active careers in real estate. Duane Discusses his newly published book here.

Purchase on Amazon

© 2022 Boulder Property Network • RE/MAX of Boulder Inc.
2425 Canyon Blvd. #110, Boulder, CO 80302
800-825-7000 x611

Boulder Property Network on FacebookBoulder Property Network on TwitterDuane Duggan on LinkedinOur listings on YouTubeDownload our Listings App
Site Map

Posting....