With the coronavirus (COVID-19) outbreak wreaking havoc on U.S. health care and the economy, several sectors are facing an inevitable downturn. But the real estate market in Pueblo, Colorado is pushing through amid the pandemic.
According to real estate agents in the area, the Pueblo real estate market is still in high demand with a tight inventory. While COVID-19 concerns have affected a few aspects of real estate as we know it, the local industry is still going strong in terms of overall performance. This means that if you are looking for a place in Pueblo, these updates will be crucial to your quest to find your dream home.
Virtual Tours Are a Great Help Through This Time
With the state of Colorado prohibiting physical showings and open houses, realtors in Pueblo are turning to technology to fulfill crucial steps of entertaining homebuyers and sellers alike. Instead of putting homebuyers at risk to see a listing that they might not even be interested in, realtors are holding virtual tours to let them take an initial yet detailed look at the property.
Since these virtual showings can be held any way the realtors want, the Pueblo real estate market is currently filled with 360 degree photographic tours that let buyers take an in-depth initial look at the property of their choice. This filters out homebuyers and the level of interest they hold towards a listing. As a result, only those homebuyers who are interested could hold physical visits and inspections before closing on a home.
As a homebuyer, this gives you the option to either close on a completely virtual basis with minimal visits, or hold a traditional inspection to make sure you are getting a good deal.
Shrinking Inventory is Fueling High Demands
According to local realtors, some homebuyers find virtual showings and follow-up inquiry calls with professionals to be enough to close on a property. Whereas, others still want to visit the house in person and get it inspected thoroughly. While Colorado stay at home orders allow for this to happen, this stage comes with another challenge.
Amid concerns regarding the novel coronavirus and its spread, not many sellers are comfortable with letting other people into their property. Those who are all in let potential buyers visit the property and hold inspections before an eventual closing. Whereas, those sellers who are wary of entertaining physical visits of any kind are pulling their listings off the Pueblo real estate market.
This is resulting in a shrinking inventory, where existing listings are closing at a steady pace and new listings are getting scarce to find. While this creates a competitive space for sellers looking to close and buyers finding an affordable price, it is also hiking up the demand in the local market.
What does this mean for you? As a buyer, it gives you the opportunity to find the perfect listing before it gets nabbed by other hopefuls later; as a seller, it allows for the chance to benefit from market conditions and close on your asking price.
Local Realtors Are Looking Forward to Strong Momentum
The current shortage of inventory is increasing the demand within the local market, making a way for asking prices to hold up. While this is creating a sense of urgency among buyers to close on their dream home, it is also encouraging sellers to put their listing on the market to take advantage of its current status.
Local realtors are also hoping for the momentum to stay in place once the COVID-19 concerns have dispersed. For now, the current conditions of the Pueblo real estate market make it an ideal space to both sell and buy properties of all sizes.
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