COVID-19 DENVER AND COLORADO SPRINGS REAL ESTATE

IMMEDIATE REAL ESTATE CHANGES IN DENVER + COLORADO SPRINGS

  • As of 5/12, Open Houses are not allowed, but showings with your agent are considered okay. 
  • Parties need to be 10 people or fewer.
  • Remote appraisals: Fannie and Freddie now allowing for some remote appraisals
  • Colorado Covid Addendum​
    • shutdown extension:
      • ​closings may be delayed if any government or third party agency necessary for the transaction closes or suspends activity​
    • quarantine extension:
      • extension allowed if either the buyer or the seller quarantines (voluntary or mandatory)​

COVID AND EVICTIONS + FORECLOSURES

Evictions

Foreclosures

COVID AND MORTGAGES

 

Mortgage Forbearance

No matter what you do, DO NOT JUST STOP MAKING PAYMENTS.

COVID AND AIRBNB, HOUSE HACKING AND MEDIUM-TERM RENTALS 
 

Airbnb

Medium-Term Rentals

Given that demand for short-term rentals has dramatically decreased, we recommend transitioning to a medium-term rental (30+ day) to ride out this downturn. You are likely to face higher competition in the days and weeks ahead as others make the same transition. So be diligent with your listing and your advertising:

House Hacking

House hacking in the time of coronavirus comes with some risks. Obviously, we're supposed to be social distancing right now. Sharing a house with four roommates makes that difficult. 

And for those who are doing a rent-by-the-room model, and one of your tenants is a medical professional, there is the risk that other tenants want to cancel their leases if that nurse or doctors tests positive for coronavirus.

There are no easy answers here.

TAXES

 

Link to Breakdown of Tax Topics by Local CPA. Linda Weygant. 

Note: her facebook page has multiple sections with Q&A covering the following:
Topic 1: Filing for US Residents and Expats
Topic 2: Contribution Deadlines for IRAs, SEPs and HSA accounts
Topic 3: Prior year payment plans and collections
Topic 4: Self employed sick leave credit (for self employed, gig workers, some AirBNB hosts)
Topic 5: For business owners with employees - paid sick leave payroll and tex credit. .
Topic 6: Small business loans
Topic 7: Individual Stimulus Plans - payment for everyone (sort of)
Topic 8: IRAs, 401ks and RMDs (Required Minimum Distributions)

LAST UPDATED: 5/12/20

How is coronavirus and Covid-19 affecting real estate in Denver and Colorado Springs? Having as much information as possible can help during uncertain times. We updating this page with resources about mortgages, the real estate markets, ways to protect you and your investments, and more.

We don’t own stocks or investments because we can time the market, we own because we think with time, things will get better.

DISCLAIMER

This is an unprecedented situation. This page provides national and local resources and opinions, but we are not attorneys or mortgage loan officers or economists and do not feel qualified or comfortable making predictions at this time. 

 

While Real Estate events are currently excluded from the stay-at-home-order issued March 26th, we very much want to flatten the curve and to support Colorado Gov. Jared Polis. We are taking on new clients and happy to help you, but with limits:

  • we are: listing and showing homes, hosting virtual classes, making phone calls, drafting contracts, running numbers, introducing you to lenders and other important professionals, pulling comps​, putting in offers, attending closes via video
     

HOW IS COVID-19 AFFECTING DENVER'S REAL ESTATE MARKET?

VIDEOS

Work we are willing to do v. not do currently

Mortgage and Foreclosures

Should I buy real estate right now?

What to do with your Airbnb Investment

Corona Virus Denver | Multi-Topic

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789 Clarkson St.

Denver, CO 80218

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1225 E. Platte Ave.

Colorado Springs, CO 80909

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ERIN SPRADLIN

719.491.4949

erin@erinandjamesrealestate.com

JAMES CARLSON

720.460.1770

james@erinandjamesrealestate.com