COVID-19'S IMPACTS ON VAIL VALLEY REAL ESTATE March numbers indicate some impacts, but the Vail market remains strong home order, but potential buyers can view properties, virtually or online, thanks to virtual tours, videos, and 30 waikthrough technology. "Rs not business as usual, however with advancements in technology, we're stil able to get things done," Laughin said. "hspectors and appraisers are allowed to enter homes and conduct business, so they have not been stifled under the current situation." By Lauren Glendenning Brought to you by the Vall Board of REALTORS Over the last month, the nation's economy as a whole has seen a significant impact due to the coronavirus. The Val Board of Realtorse is supporting our members of the real estate community by providing education and tools to get them through a chalenging time and prepare for the future. As we look to helping each other and the community. the question of how the market is doing Not like the last recession The Great Recession trom 2007 to 2009 was due to the sutprime mortgage crisis. It devastated financial markets, banking, and real estate, but the current economic situation is much diferent. "Alter a run-up in housing prices in the early part of the decade, home prices may have been able to afford a home might now be able plummeted, and thousands of borrowers couldnt atford to pay their loans, which was what caused the recession last time." Laughin said. "Colorado overall, and especiallyand selling real estate right now, there are some great the resort areas, remain attractive locations for real estate opportunties for everyone," Laughin said. investment. We should all try to remain calm and positive" comes up to afford a home now. "t you are comfortable with the new virtual way of buying "People are still buying and selling real estate' "The Vail MLS March indicators prove that uncertairty telating to the coronavirus has impacted Vail Valley real estate," Betsy Laughin, Vail Board of Realtors® Past Chair, said. "The reports for April and May wil be more toling in terms of the bigper picture impact. We're stll seeing properties come onto the market daily - people are stil buying and seling" The March indicators for Eagle County real estate show decines in boh pending and closed sales. However, an increase in new istings is a promising indicator for the local market. A slowdown in the market was expected with the recent coronavirus pandemic. Real estate transactions the coronavirus rather than koeping the isting active only were postponed in the short term, but many Realtorse beleve buyers and selers will retum to the market soon. "Local supply has been low over the past few years and has become the new normal before the coronavinus Sellers Sellers who removed listings in March are likety in a tomporany holding pattem to soe what happens not with For example, there were bwo recent listings in Eagleva to accumulate days on the market. Laughlin has selers that went under contract in less than a week. Two large units at he Four Seasons went under contract in March - one priced at $16.9 milion and the other at $8.2 milion. "People stil believe in Vail," Laughin said. who are koeping their istings on the market for online exposure. "We're in a transitional or shifting market, and time wil tell depending on how long this pandemic last- whether we'll see an adjustment on pricing and an Laughlin. "There could be a pandemic-related surge of increase in inventory." Laughin said. "Typicaly, this is a time when you'd see homeowners list their homes to gear tis point," Laughlin said. up for summer marketng, yet we haven't seena flood of properties come on the market," pandemic dosed Colorado ski resorts in mid-March," said listings in the coming months. It's al uncharted waters at Compared to March of last year, transactions in Eagle County were down almost 24 percent, but sales prices were up 1 percent. Total dollar volume was down 25 percent, but the average price per square foot went up 134 percent. "Home is where the heart is" In this time of uncertainty, homes have become so much more than they have ever been. They are not only shelter, they are now also offices and schools. The real estate community is following the stay-at-home work orders mountains. Laughin expects a similar impact from the and taking precautions for buyers and sellers and the community as a whole. We will oet through this together. * you have questions regarding the market, contact a Realtore who wil help guide you during this time: Buyers Ater the recession, there was an infux of buyers tom urban areas who decided to ditch the city lMestyle for the Immediate impacts "Since March 15, 88 properties in the county were either withdrawn from the market or had contracts canceled. Homes coming ott the market are most ikely seller-initated, especialy e the homes are occupied, said Laughin. Realtors® aren't allowed to host in-person showings or conduct open houses during the stay-at coronavinus. "Peopie want to experience the resort ifestyle." she said. "Not every sector has been shut down, and there are buyers out there looking online for the right home. Historically low-interest rates are also positive for buyers, Visit vbcnet for additional information about Val which can help increase their buying power. Someone who Valley real estate and to find a local Realtore. WE ARE ALL NEIGHBORS NOW. Thank you Essential Workers for your service to our community! We salute you. Please stay safe! THAT'S WHO WE VBR REALTORS" are members of the National Association of REALTORS REALTOF COVID-19'S IMPACTS ON VAIL VALLEY REAL ESTATE March numbers indicate some impacts, but the Vail market remains strong home order, but potential buyers can view properties, virtually or online, thanks to virtual tours, videos, and 30 waikthrough technology. "Rs not business as usual, however with advancements in technology, we're stil able to get things done," Laughin said. "hspectors and appraisers are allowed to enter homes and conduct business, so they have not been stifled under the current situation." By Lauren Glendenning Brought to you by the Vall Board of REALTORS Over the last month, the nation's economy as a whole has seen a significant impact due to the coronavirus. The Val Board of Realtorse is supporting our members of the real estate community by providing education and tools to get them through a chalenging time and prepare for the future. As we look to helping each other and the community. the question of how the market is doing Not like the last recession The Great Recession trom 2007 to 2009 was due to the sutprime mortgage crisis. It devastated financial markets, banking, and real estate, but the current economic situation is much diferent. "Alter a run-up in housing prices in the early part of the decade, home prices may have been able to afford a home might now be able plummeted, and thousands of borrowers couldnt atford to pay their loans, which was what caused the recession last time." Laughin said. "Colorado overall, and especiallyand selling real estate right now, there are some great the resort areas, remain attractive locations for real estate opportunties for everyone," Laughin said. investment. We should all try to remain calm and positive" comes up to afford a home now. "t you are comfortable with the new virtual way of buying "People are still buying and selling real estate' "The Vail MLS March indicators prove that uncertairty telating to the coronavirus has impacted Vail Valley real estate," Betsy Laughin, Vail Board of Realtors® Past Chair, said. "The reports for April and May wil be more toling in terms of the bigper picture impact. We're stll seeing properties come onto the market daily - people are stil buying and seling" The March indicators for Eagle County real estate show decines in boh pending and closed sales. However, an increase in new istings is a promising indicator for the local market. A slowdown in the market was expected with the recent coronavirus pandemic. Real estate transactions the coronavirus rather than koeping the isting active only were postponed in the short term, but many Realtorse beleve buyers and selers will retum to the market soon. "Local supply has been low over the past few years and has become the new normal before the coronavinus Sellers Sellers who removed listings in March are likety in a tomporany holding pattem to soe what happens not with For example, there were bwo recent listings in Eagleva to accumulate days on the market. Laughlin has selers that went under contract in less than a week. Two large units at he Four Seasons went under contract in March - one priced at $16.9 milion and the other at $8.2 milion. "People stil believe in Vail," Laughin said. who are koeping their istings on the market for online exposure. "We're in a transitional or shifting market, and time wil tell depending on how long this pandemic last- whether we'll see an adjustment on pricing and an Laughlin. "There could be a pandemic-related surge of increase in inventory." Laughin said. "Typicaly, this is a time when you'd see homeowners list their homes to gear tis point," Laughlin said. up for summer marketng, yet we haven't seena flood of properties come on the market," pandemic dosed Colorado ski resorts in mid-March," said listings in the coming months. It's al uncharted waters at Compared to March of last year, transactions in Eagle County were down almost 24 percent, but sales prices were up 1 percent. Total dollar volume was down 25 percent, but the average price per square foot went up 134 percent. "Home is where the heart is" In this time of uncertainty, homes have become so much more than they have ever been. They are not only shelter, they are now also offices and schools. The real estate community is following the stay-at-home work orders mountains. Laughin expects a similar impact from the and taking precautions for buyers and sellers and the community as a whole. We will oet through this together. * you have questions regarding the market, contact a Realtore who wil help guide you during this time: Buyers Ater the recession, there was an infux of buyers tom urban areas who decided to ditch the city lMestyle for the Immediate impacts "Since March 15, 88 properties in the county were either withdrawn from the market or had contracts canceled. Homes coming ott the market are most ikely seller-initated, especialy e the homes are occupied, said Laughin. Realtors® aren't allowed to host in-person showings or conduct open houses during the stay-at coronavinus. "Peopie want to experience the resort ifestyle." she said. "Not every sector has been shut down, and there are buyers out there looking online for the right home. Historically low-interest rates are also positive for buyers, Visit vbcnet for additional information about Val which can help increase their buying power. Someone who Valley real estate and to find a local Realtore. WE ARE ALL NEIGHBORS NOW. Thank you Essential Workers for your service to our community! We salute you. Please stay safe! THAT'S WHO WE VBR REALTORS" are members of the National Association of REALTORS REALTOF