Colorado Sun: Why Colorado’s Housing Market Looks So Hot Even Though Coronavirus Is Ravaging the Economy
The Colorado Sun reported on the state’s strong housing market at a time when COVID-19 has devastated other sectors of the economy. One way the pandemic has affected housing is increased buyer interest in single family homes over condos.
According to Denver-area REALTOR Matthew Leprino, buyers are seeing the value of having a house with more space to spread out.
“A buyer who was looking for a property last August may have said, ‘I’m only in my property so often. I don’t care if I buy a one- or two-bedroom condo. I’m only there to sleep and watch some Netflix and then I leave and go to work the next morning or I’m out with friends all weekend,’” Leprino said. “In August 2020, that property needs to be so much more: the gym, the office, the studio. And I think people are willing to pay a little bit more, so that could have something to do with how on fire our market is.”
Leprino added that only one prospective buyer had looked at a client’s downtown loft which likely would have sold quickly prior to COVID-19.
“I just had a conversation with my clients and said, ‘Hey guys, the demand isn’t there right now. I don’t want you guys to waste days on market. Let’s revisit this in the fall. Let’s see if people are coming back to the city,’” he said. “That would not be the case with a single-family home anywhere in the metro area.”