As of last week, restrictions on real estate activity in Denver Metro markets have been lessened. This reduction of limitations illustrates how vital real estate is as an industry to the general public with homes being more important now than ever.
One of the most important facets of these lifted restrictions is the reintroduction of in-person showings, which were temporarily prohibited by state officials on March 26th. Of course, the repeal of the showings ban comes with new rules for ensuring the safety of all parties involved, including a limit of two clients and one broker per showing, mandatory use of gloves and masks, and cleaning of high-touch surfaces after the showing.
With many homebuyers excited to finally resume traditional shopping methods, the seven-county Denver Metro area can expect to see a dramatic influx of showings in the coming weeks and months. In fact, on Monday, April 27th, which was the first day that in-person showings were permitted again, Denver Metro saw the most showings on a Monday in 2020, totaling 3,441 showings. Excited consumers couldn’t wait to take a tour of the homes they had their eyes on for the last six weeks. Pent up demand for homes will be the fuel that powers an eruption of real estate activity in this highly sought-after Colorado community.
And while there is an expected increase in activity in the marketplace, motivated buyers continued to pursue their search for the perfect home even during this time of social distancing with the use of technology. The quick adoption of virtual solutions from real estate brokerages, such as LIV Sotheby’s International Realty (LIV SIR), enabled buyers to proceed with their buying journey from the safety of their houses.
Technology has been instrumental in selling homes during this period of social distancing. More homebuyers are using online tools like real estate websites as well as virtual, video, and 3D tours to replace the in-person walk-throughs they typically would have done. LIV SIR reported a 24.4% increase in the number of visitors using its website in April as compared to March, and a 7% increase in the amount of time those visitors spent on the site.
LIV SIR brokers are seeing first-hand how technology and a growing need to find a home is creating success for their clients. LIV SIR broker, Kathy Staiano has been utilizing virtual tour offerings, especially 3D tours, to showcase her listings. In one case, she was able to attract buyers through an entirely virtual marketing experience. “We had lots of pictures taken and added a 3-D Virtual tour for a particular listing. There were a substantial number of potential buyers who viewed the photos and 3-D tour online,” explained Staiano. “The property went under contract in less than 48 hours with a buyer who had never stepped foot inside the property.” In this case, the buyers were able to tour the home shortly after going under contract which solidified their love for the house and confirmed that this was the property for them.
The transition of homebuying from discretionary to necessary buying has also influenced the resilience in the Denver Metro marketplace. Joy Castillo, a LIV SIR broker, has remained busy with her clients over the last six weeks, even during the stay-at-home mandate with several home sales and bringing a handful of homes onto the market. When asked what is motivating her clients to continue to buy and sell during this time Castillo said “Right now, ‘home’ is more critical than ever. People are going through a reprioritization of values and having a space that meets their needs is very important to my clients and many consumers at this time.”
With real estate operations beginning transition not back to “normal” but instead to this “new normal” that combines in-person and digital homebuying strategies, using virtual offerings to narrow down a selection of listings before touring them may become a regular practice for buyers in order to reduce potential exposure to germs. Either way, Denver Metro’s real estate market has a lot to look forward to in the near future.
To learn more about your local real estate market or to create a plan for achieving your real estate goals this year, contact your LIV Sotheby’s International Realty broker or reach out to our team of real estate professionals by calling 303.893.3200 or visiting livsothebysrealty.com.