The Impact of COVID-19 on The Steller Group and Denver Real Estate

Metro Denver

The Steller Group is still hard at work! Read below for more details on how we are continuing to serve our clients, work through our current transactions, and sell homes during this everchanging, uncertain, and anxious time.

How is COVID-19 impacting real estate in Metro Denver?

While homes are still selling, in many cases the real estate industry is taking a pause at this time to minimize interaction and exposure where possible.  While 1,300 homes came on the market during the last week, and more than 1,400 homes went under contract, 437 homes were actually withdrawn from the market.  People who do not need to move and have the flexibility to wait are encouraged to delay real estate activity while the stay-at-home order is in place.

After January and February sales saw price increases of 3-5% across our local market, in March the reality of COVID-19 settled in, and the market has calmed considerably.  That being said, the buying and selling of homes will go on as many moves are spurred by other stresses in life forcing a move, such as:  divorce, death in the family, job relocation, job loss, schools, etc.  To that end, the state deems real estate as an essential industry.  We are actively working with our clients and implementing systems and procedures to ensure we are not only protecting our clients and our community, but our agents and staff, too.

In response to the need for social distancing, the industry is implementing innovative ways to manage buying and selling real estate. The Steller Group is moving forward with the following protocols:

  • Our office building is open on a limited basis during regular business hours, but most of our agents and staff will be working out of their own homes and coming into the office on an as-needed basis.
  • We will be engaging with our clients via phone calls and video conferencing to limit our in-person contact as we answer questions, discuss the market, plan showings and listings, and review contracts.
  • We are conducting virtual tours of homes on behalf of clients.
  • All of our listings now include 3D tours making homes easier to view and “walk through” online.
  • We have stopped hosting open houses. Instead we will stagger private tours at listings, allowing one prospective buyer and their agent into the home at a time to limit interaction and maintain social distancing.
  • Real estate closings are shifting to “principal parties only” to limit the number of people together at any given time and allow for social distancing.
  • As of March 30, 2020, notaries are now authorized to notarize remotely, meaning people no longer have to be in the physical presence of a notary.  Systems are actively being developed to facilitate the use of remote notaries to better protect the public.
  • All tours of our new West Colfax Circa West condominium development are now by appointment only, and we no longer host open model hours.
  • All of our contracts and transaction management have been electronic for years, so our systems are and will continue to be streamlined, efficient, and safe.

Beyond those listed here, there are many other precautions we are taking, and our team is conscientious of the concerns surrounding COVID-19. We are actively following CDC guidelines to protect our community.

We wish all of you a safe and healthy spring and pray that this pandemic will end swiftly. Please feel free to call 720-593-9355 if we can be of any assistance.