

For many, the need to create a true home-office (or two) has become a necessity. Others have a need to better accommodate parents or older children in a larger home. Some of the reasons may be due to financial considerations, family lifestyle changes, or perhaps people genuinely just want to better enjoy and appreciate their home environment. Other emerging priorities include improved and more inviting outdoor spaces, appealing spaces to watch TV and movies, and a designated room (or flex-space) that is adaptable for exercise.
Based on the last recession, it is reasonable to wonder whether another wave of foreclosures might occur during this COVID-19-caused recession. Such an outcome is highly improbable. Foreclosure is a two-pronged event, requiring both an adverse economic state of conditions, and an insufficient level of home equity in properties. Today, Denver homeowners benefit from eight solid years of values increasing from 7.5% to 10.5% annually. Thus, Metro Denver homeowners can tap into their home’s equity through either a mortgage refinance or through a sale. Currently, even in the midst of this pandemic, Metro Denver values are rising at a rate more than 7%, over this time last year.
The Colorado Association of Realtors reported 10,771 single-family homes went under contract in July, a one-month record, and 21% higher than July 2019. In Summit County, 387 homes were placed under contract in July, more than eclipsing the 210 under contracts in July 2019. Nearly every Colorado mountain resort community from Vail to Telluride, and Breckenridge to Crested Butte, is experiencing record-breaking interest and sales. Much of the activity comes from the Front Range; however, contracts are coming from Texas, Oklahoma, and California, with surprising interest from Chicago, Florida, and the East coast.
There are a variety of factors that are spurring homes sales during this pandemic. Smart homebuyers … and sellers … can take this opportunity to enhance their lifestyle and make a solid economic decision.