#theWKway started as a way to remind us to truly live each day with professionalism, integrity and innovation. When we chose this as our company theme for 2020, we had no idea what was in store for the world, how we would all be tested. Now #theWKway has become a beacon of hope and a moral compass for us. It reminds us to be adaptable, to be flexible and constantly confirm that we're doing the right thing, not only for our clients, but for our community around us. We'll be strong together, we'll uplift and help each other as a team. It's #theWKway.
Some Good News
Property Tax Payment Changes!
Due to an executive order by Governor Polis, the Boulder County Treasurer schedule and policy for property tax payments is temporarily changed. Property taxes were originally due March 2nd. As of today, taxpayers have the option to pay their taxes in 2 installments, the first half by April 20th and the remainder by June 15th, without interest or penalty. There are a few caveats, so check Boulder County’s website for more details, but this should provide some temporary relief to many area homeowners. Click HERE for more information.
Star Bright, Star Light!
The Boulder Chamber and City of Boulder have illuminated the Boulder Star on Flagstaff Mountain as a symbol of hope and unity for our community. It is normally lit only during the December holidays. The goal is to foster resilience in our community, and they intend the star to stay lit until such time as area residents resume normal activities. Be sure to take a look if you happen to be out after dark!
Market Insights
Our Local Market Is Still Strong
Looking at market activity in Boulder County for the month of March to date in 2020 compared to 2019, common indicators still point to a strong market. The number of closed units is UP over 4% for single family homes, and over 25% for attached dwellings. Similary total sales volume is up over 10% for single family and almost 63% for attached. Average prices have increased as well.
It Will Get Better.
Predictions from Chief Economist of Leading Real Estate Companies of the World®, Dr. Marci Rossell, are positive about the state of the upcoming real estate market.
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What's happening now is most likely a real estate “pause” – we’ll see a temporary slowdown as people practice social distancing protocol and wait to see how their job situation changes over the next few weeks. This will most likely create pent up demand for when the crisis ends (and it will end!).
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People may wait to sell or buy a property, but the need won't go away. People will take action when things return to normal.
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Historical trends indicate that stock market volatility often leads people to invest more in real estate as they diversify their portfolios.
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After being cooped up at home with family for an extended period of time, people may look to upgrade to a bigger home. People may also look for additional home office space if their employer decides to continue with a remote workforce after the pandemic concludes.
It's Not A Repeat of 2008.
Many people are concerned that the current correction in the stock market is a sign that home values are about to tumble similar to 2006-2008, but experts are saying otherwise. The last economic slowdown was caused by the collapse of the real estate market and meltdown of the mortgage market. This time an outside event (the coronavirus) is causing the stock market correction, with no connection to the housing industry. For a more in depth look at the difference, click HERE.
How to Help from Home
Donations Needed
Support Bridge House and give back to your community! Since WK Real Estate can no longer hold our quarterly community volunteer activity, our firm’s leadership, staff, and associates will be fundraising for this amazing local organization. Bridge House provides a range of programs and services to help adults experiencing homelessness have access to the resources they need for a better future. Click HERE for more information about Bridge House and click HERE to donate.
Dine Local & Support Our Restaurants
The Great American Takeout is ON and many of our local restaurants need our help. Consider ordering take out for your family or buy meals for our hard working health care and other essential workers! Here's a list of restaurants still open for take out business.
Staying Connected & Exploring Options
Homesnap
Stay in tune with local real estate market conditions from home and download the Homesnap app. This app allows you to search for properties, explore neighborhoods, and stay in easy communication with your agent. It’s free to use and receives information directly from the MLS, so it's always accurate and reliable. Find the Homesnapp app in your Apple or Andriod App Store!
Market Updates
Ask your agent about our detailed property market updates. Based on a geographic radius around a specific address, or other criteria specific to you, this report can be emailed to you on a regular basis to keep you informed about real estate activity in your area of interest. The report can include active, under contract, and sold property information.
