A report from 5280 in Colorado. "Well, Denver: It’s been quite a journey. Over the past decade, we’ve experienced what just might be the metro area’s most volatile period of growth ever and a record-setting real estate market. The ride hasn’t been smooth, but this past winter it felt like we were due to catch our breath and figure out what the heck just happened. 'We’ve never experienced a run-up like that,' says Kerron Stokes with Re/Max Leaders. 'We’ve had a decade with no punctuation.'"

"But then March came—and it brought with it so many question marks. Buyers are tired of Denver’s boom, and they’re taking their frustrations out by being a lot pickier about putting in offers. Appraisers gather prices from nearby sales (“comps,” in real estate parlance) to estimate a house’s value. But they typically use data less than six months old, which means the maximum sale prices we saw in 2018 are no longer relevant."

"'There are a lot of people who didn’t catch up to the fact that the market was different last year, and they were pricing incorrectly,' says Jill Schafer, chair of the Denver Metro Association of Realtors’ market trends committee. 'They were trying to top the last sale when you needed to be slightly under it.'"

"I love, love, love this house. Should I write a letter to the sellers about why? The short answer is no. We know it was all the rage for a while, so let us explain: Would you ever write a note to a used car salesman explaining why he must, must, must sell you that 2017 Subaru because you dream of summiting all the state’s fourteeners (with attached photos of your yellow Lab to win him over)? Of course not; it’s a business transaction."

The Spectrum in Utah. "Businesses are closed and unemployment is skyrocketing due to the coronavirus pandemic. Southern Utah’s economic future is uncertain. Houses in the $350,000 range are still in high demand, according to Washington County Board of Realtors president Chantel Markel. Demand for higher-end housing in St. George is declining though, Markel said. Markel said these buyers are being more 'cautious.' Overall, Markel said she isn’t seeing many people trying to get rid of their homes by dropping the prices drastically. Her advice to those that are trying to sell at this time? Wait it out."

"'Those that are getting nervous because they don’t know what will happen are tending to drop their prices. Where there are still some who will want to just ride this out and it will be fine,' Markel said. 'The people aren’t dropping them as much as you would think.'"

From The Oklahoman. "By all accounts, sales were strong and on the increase right up untll the coronavirus hit Oklahoma City in mid-March. 'The third week we saw a slight downward motion, but by fourth week of March and especially the first week of April, we saw a 23% spiral downward. The most significant decrease is $150,000 and under. These are most likely the investors and the service individuals who have lost their jobs,' said Linda Tracy, a real estate agent."

"'I expect as I pull the numbers for the second and third week in April that $150,000-$300,000 will have a sharper decline. The problem is if this continues on for another month or two and people in that under-$150,000 group cannot make their mortgage payments, investors will quit buying those government-backed loans, and Federal Housing Administration and U.S. Department of Agriculture (backed loans) will shut down,' said Tracy. 'Then we are going to be in a world of hurt because that will affect the investments the higher-price customer has that they depend on.'"

The Press Democrat in California. "Ten years ago, Michael Wolff started his Santa Rosa homebuilding firm during the throes of the Great Recession, which sent the construction sector into a spiral, wiping out half of the jobs in the industry statewide over two years.But the economic shock caused by the novel coronavirus has taken the struggle to survive to another level for contractors. 'It’s damn near strangling the life out of me right now,'said Wolf."

"He laid off some employees and forced two framing crews to burn vacation time because of the diminishing work. One saving grace has been home rebuilding from the 2017 fires is permitted and lenders have largely financed those projects. That stable work, however, is no longer a sure thing. A house rebuild job Wolf was supposed to do soon for Christopherson Builders — whose homes typically sell for more than $1 million — has been put on hold by a skittish couple. 'It was a sure thing … that will hopefully still be a sure thing, but we are waiting,' Wolff said."

"John Farrow is a developer and partner in a planned 153-room Reverb Hotel project in Cotati. But Poppy Bank recently pulled the financing and no local bank has filled the void. An apartment complex in Petaluma and a plan for single-family homes in the posh Fountaingrove area of Santa Rosa he wanted to develop also have been placed on hold. 'When I put my developer hat on, this is a problem,' Farrow said of construction investors and lenders in retreat."

"Another big concern that could put contractors in further jeopardy is the potential for more homeowners to start defaulting on their mortgages like they did 10 years ago. That would force lenders to repossess houses and trigger a retraction in the homebuilding market, Farrow said."

The Real Deal on California. "Maximus Real Estate Partners has requested debt forbearance on a $955 million loan for its massive Parkmerced residential development in San Francisco, the latest casualty of the coronavirus crisis. KeyBank is the master servicer of the loan, and Maximus is making the request because of hardships related to the pandemic, according to Kroll."

"The complex is the largest multifamily property in San Francisco and the second largest multifamily property west of the Mississippi River, according to Kroll. San Francisco has issued a moratorium on evictions for any reasons except violence, health and safety issues until June 21. Maximus expects that will impact its rent collection, according to Kroll. It has assigned the Parkmerced loan an outlook of 'underperform.'"

"Maximus paid its debt service in full for April and has no immediate plans to seek forbearance, according to Parkmerced spokesman PJ Johnston. 'Like virtually every other capitalized business in the United States, we have been forced to discuss a wide array of pending issues with our lenders, given the coronavirus pandemic and its impacts on our business,' he said in a statement. The San Francisco Bay Area has an extremely tight housing market, but the pandemic has put a dent in it, with sales dropping by 35 percent year over year."

From Tap Into Clark on New Jersey. "It's looking like we will look back on 2020 as the year that things got very weird. The luxury market (homes priced at more than $2,000,000) will continue to be in a strong buyer’s market. In some high-end markets if no new homes came on the market it would take more than 2 years to sell off the current inventory."

"For the short term, if you don’t NEED to sell, you should stay where you are. You’ll likely make more selling a year or two down the road. If you sell your home between now and the end of the year, you will be selling it anywhere between 3% and 12% less than what you could get by waiting. If you need to make a move, be prepared to discount your price. You will likely find that it will take longer than what we’ve been experiencing the last couple of years and you may only get offers significantly lower than you would have gotten three months ago. Even if prices fall 5%, buyer’s offers will likely be 1.5 times the drop in price. So if your home was worth $500,000, it’s now worth $475,000 and buyers will be offering about 7.5% less around $462,500."

"If your home is currently on the market, you’ll most likely need to drop your price. Overpriced homes take a long time to sell and when they do they will sell for less than what they would have if the home was priced right when it first went on the market. We promote a strategy to price your home 3-5% less than current market value."

From Queens News in New York. "Before the pandemic went into full force, real estate prices in New York City began to fall while rental prices continued to soar. However, in the last two weeks of the quarter, the impact of coronavirus on the New York City market was greater than anyone expected. 'Economic uncertainty is causing understandable hesitation from buyers, sellers, and renters,' says StreetEasy Economist Nancy Wu. 'If coronavirus does in fact trigger a global recession, we could see prices and buyer activity levels mimic what happened during the 2008 financial crisis.'"

"According to the report, during the first quarter of 2020 Manhattan saw its price index drop 3.2% to $1,073,104, a six-year low for the borough."

From Curbed New York. "Leading up to the pandemic’s rapid spread throughout the city, New York sales prices entered their third year of slowdown. The median recorded sales price in many neighborhoods across the city fluctuated wildly between the first quarters of 2019 and 2020. The steepest drop in year-over-year median recorded sales price occurred in Midtown South, where prices dropped 62.8 percent to $795,000. Central Park South trailed with a 50.2 percent decrease in median recorded sales price to $1.23 million. Carroll Gardens saw a 38.7 percent decrease to $1.475 million."