How Will The Coronavirus Impact The Housing Market?

Hey Dave….. These are crazy times.  We currently have our home on the market and are wanting to downsize.  We listed our house about 6 weeks ago and the showings started strong and have dwindled to near nothing the past 2 weeks.  What should we do?  Should we keep it on the market?  Are prices going to go up or go down?  I guess, overall, how do you think this Coronavirus will impact the housing market here in Grand Junction. 

Judy, Grand Junction

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Judy,

Wow!  You are right!  These are crazy times and the only sure bet is that nobody knows how this will ultimately play out.  Your current experience mirrors most everybody’s experience over the past 6 weeks and the speed that this has happened is hard to fathom.  Two weeks ago homes were being shown and contracts being presented and as of today, there are very few showings and even fewer contracts.  So take some solace in the fact that you are not alone.   I know that not being the only one is not very comforting, but there is some comfort in the fact that there is little you can do right now to change the number of showings you are getting on your home. 

I would suggest holding the line for now and staying the course.  As far as I am concerned, the data sample we currently have is too small to make important decisions.   The real estate market has slowed over the past few weeks, but prior to Coronavirus our team was already on pace to shatter our best year ever and we were only 2 months in!  Things have changed and I am prayerful they can change fast again!  We need to see how the stimulus package falls out and what support that provides to workers and small business owners.  We need to see how long the shelter in place remains in effect, and if in fact, it ends April 11, how fast does the interest in real estate regain its momentum.  What happens with interest rates? Interest rates are all over the board, up one day, down the next.  There are too many blurry angles to get a real clear picture of what lies ahead, but I am confident in Mesa County’s short and long term future.  I think prices will remain fairly solid as inventory is still low and demand will once again be high after the fog lifts.  Mesa County needs more homes, as I believe demand will grow from this Coronavirus as people realize that living on top of one another in urban settings is not as appealing as it was pre-pandemic.  There are going to be many silver linings to these events, but may not be completely visible yet.  A certain level of faith is the name of the game moving forward.

There are so many variables that are far above my pay grade that I am taking the outlook of controlling the things I can control and letting go of the things I can’t!  Take a deep breath and come to the realization that this is a global issue and the bumpy road ahead will spare very few.  I can remember my mom saying, “we are all in this together” and I would think, yeah we are in this together because you are making me be “all in this together”, but in this case, we really are ALL in this together!  I am prayerful that each and every one of us can put aside our politics, religion, sexual identity, and economic status and band together moving forward.  Maybe a pandemic is what was needed to bring us all back together!   It's hard to see the light when you just enter the tunnel, but as you keep walking the light will appear and hopefully keep getting brighter!  I hope that helps.

Dave Kimbrough

The Kimbrough Team

What Size Trees Should We Plant In Our Yard?

Dear Dave,

I have been out shopping at the local nurseries trying to get some ideas on landscaping materials. My home is about 7 years old and doesn’t have many established trees in the yard. There are different sizes of trees throughout the neighborhood. I want to know what you think is better to do - plant only a couple of large trees (due to the price) or plant about 3 times as many smaller trees (due to the price)?? My wife has one opinion and I have another - I won’t tell you which so you can give your honest opinion!

Thanks-

Lee and Jenni, Fruita

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Lee and Jenni,

Ok, this is an easy one for me and I will be honest!  Go with the larger trees.  Planting saplings in the yard and waiting 7 more years for them to become trees is for sure one of my pet peeves.  We are currently planting some trees at my own home and my wife and I banter this issue back and forth virtually every day the tree planting topic comes up. 

She says, in a few years they will mature out etc… and I say that I would prefer them to look somewhat mature now I don’t want to wait years to enjoy them.   I won’t tell you who will win at my house, but at your home I hope the bigger tree vote wins! In my opinion this is one instance where bigger really is better! J  Happy planting.

Dave Kimbrough

The Kimbrough Team

Should We Test For Radon Before We Purchase Our Home?

Dave,

Our question is not as much a question as it is to get your opinion.  We recently purchased a new home and during our inspection process we asked our agent about getting a Radon Test and she told us there really was not any radon in the valley and we did not need one.  Well we are from the Midwest where there is Radon, so we insisted.  We got a Radon test done and much to ours and our agents surprise there was radon that registered above acceptable levels and thus had a radon remediation system installed prior to closing.  Was this a “one in a million” finding or is Radon something you see in Grand Junction.  Really more curious about your thoughts, than anything.  Thanks for your time.

Ralph & Cheryl, Grand Junction

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Ralph and Cheryl,

Great question.  First, let me say that I am not a Radon expert, but I will say from my experience your finding of Radon was not “one in a million” and the presence of Radon in the Valley is more prevalent than most people realize, but by no means does it exist in unsafe levels in every home tested.  It is my experience that the majority of homes are safe and do not have an elevated radon level and need no remediation done at all, but overall state and local numbers say there is statistically a 50/50 chance a home will have unsafe levels of Radon.   Of course, if you are concerned about Radon, it is still a great idea to have it checked so you can be confident you are not living in an unsafe environment. 

For those who are not familiar with Radon or know what risks it poses, Radon is an odorless, colorless and tasteless gas.  Underground Uranium decays into radium and radium’s decay product is radon that escapes from the ground in the form of gas.  Radon enters a home through the lowest level in the home that is in contact with open ground, which are typically cracks in foundations, cracks in walls, gaps in suspended floors etc.   Once radon has entered into your home it is easily inhaled into the lungs and has been shown to increase the risk of lung cancer.  According to the United States EPA, radon is the second most frequent cause of lung cancer and is completely preventable, if remediated properly.

According to a local Radon expert Cory Lindbo at Western Slope Home Inspectors and Radon Service, radonreserve.com, the good news is a radon problem can be completely and permanently resolved for as little as $1500-$2500 and most mitigation jobs can be completed in as little as 1 day.  A radon test generally takes 2 days, but the home needs to be closed down with as little outside air transfer as possible.  This means that you need to close all windows and doors and keep traffic inside and outside to a minimum during the test period.  This will allow for a proper reading where you do not get a lot of air transfer from outside.  If you cool your home by evaporative cooler a test can be very difficult to do during the summer months.  National Radon month is January, as the winter is the easiest time to do a radon test because most homes have very little air exchange during the winter months. 

Radon is no doubt something to be aware of and in most instances, you should test for it, but feel confident that if there is an unsafe presence of radon in your home there is no need to panic, the fix is not a bank buster and can be solved quickly and professionally.  In this case, the solution to radon is as easy as knowing it is there and hiring a professional to again make your home environment safe. 

Dave Kimbrough

The Kimbrough Team