2022 Forecast

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Yesterday we held the annual Real Estate Market Forecast with our Chief Economist, Matthew Gardner.

To get the recording of the full presentation, please reach out to your Windermere real estate broker.

Here are some of the big takeaways from Matthew:

  • The national economy is very strong and the rate of inflation is expected to slow during 2022
  • There are many millions more open jobs available versus the number of unemployed people looking for work
  • Mortgage interest rates are expected to reach 3.85% by the end of the year
  • Home price appreciation along the Front Range will again be in the double-digits this year due to high demand, low supply and low interest rates
  • Home price appreciation is not expected to sustain the current pace over the next few years, but no price declines are expected

The post 2022 Forecast appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

2022 Forecast

/in , , , , , , , , , , , , , , , , /by

Yesterday we held the annual Real Estate Market Forecast with our Chief Economist, Matthew Gardner.

To get the recording of the full presentation, please reach out to your Windermere real estate broker.

Here are some of the big takeaways from Matthew:

  • The national economy is very strong and the rate of inflation is expected to slow during 2022
  • There are many millions more open jobs available versus the number of unemployed people looking for work
  • Mortgage interest rates are expected to reach 3.85% by the end of the year
  • Home price appreciation along the Front Range will again be in the double-digits this year due to high demand, low supply and low interest rates
  • Home price appreciation is not expected to sustain the current pace over the next few years, but no price declines are expected

The post 2022 Forecast appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

New Listings January 2022

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3015 Hudson Drive, Loveland, Co 80538

Listing Agent: Jon Holsten

MLS 956876

Fantastic 4 bedroom home on a corner lot in popular west Loveland! Your new home features a main-level 5 piece primary suite and wide-open floor plan with great room concept. High vaulted ceilings let the natural light flow in — with the beautiful wood floors and gas fireplace accentuating a place you can truly relax. The large kitchen with tons of counter space and storage, along with the nearby separate dining room is a chef’s delight! Upstairs, you’ll find more hardwood floors and three additional bedrooms. The large unfinished basement is perfect for future expansion. Relax or entertain on the back deck overlooking the fully fenced and landscaped back yard. Oversized two car garage. Close to the foothills, great outdoor recreation, schools, and all this great community has to offer! An excellent home and awesome value! Call (970) 237-2752 to schedule your private tour or click here for more information.

 

1600 W Mountain Avenue, Fort Collins, CO 80521

Listing Agent: Jon Holsten

MLS 956986

Fantastic three bedroom home on beautiful W. Mountain Avenue in Fort Collins! Set on a corner lot just steps from City Park and the trolly line, your new home boasts an updated kitchen with new countertops, upgraded cabinets, large pantry and dual pull-out dishwashers! Separate living and dining areas. Relax or entertain on the covered back porch, accentuated by the sprawling deck and low-maintenance back yard. Large shade trees! Newer roof and fully-automated sprinkler system. Oversized detached two car garage with covered exterior storage on one side. Close to Old Town Fort Collins, CSU and everything else this great community has to offer. A terrific home and great value! Call (970) 237-2752 to schedule your private tour or click here for more information.

 

614 Prichett Court, Fort Collins, CO 80525

Listing Agent: Brandon Bidwell

MLS 957032

Well maintained and updated home nicely situated on a cul-de-sac near the neighborhood park, swimming pool and Coyote Ridge Elementary School. The kitchen features Quartz Countertops, Tharp Cabinets and recessed lighting. The primary 5 piece bathroom and the secondary full bathroom have both been tastefully remodeled. Other features include newer paint (exterior & interior), newer furnace & A/C (with humidifier), whole house fan, radon mitigation, Finished Garage plumbed with gas for heating. Call (970) 215-1573 to schedule your private tour or click here for more information.

 

42260 Waterford Hill Way, Fort Collins, CO 80524

Listing Agent: Paul Hunter & Pete Jordan

MLS 957115

Two and a half acre lot in a gated subdivision 8 minutes to I-25 and only 15 minutes to Old Town Fort Collins! AMAZING mountain and foothills views. Come build your custom dream home, seller has info on a home that could be built there, but bring your own builder or plans to enjoy the space and privacy of a neighborhood with only 8 homes with the convenience of a location near Fort Collins. Call (970) 673-7285 to schedule your private tour or click here for more information.

 

4339 Shepardscress Drive, Johnstown, CO 80534

Listing Agent: Reba Tipton

MLS 957350

4339 Shepardscress Drive is an immaculate Johnstown ranch-style home in conveniently located Thompson Crossing II that has all the things! The cheery front entry is a welcoming prelude to the gorgeous interior. Spacious and refined, this home boasts a split floorplan and retreat-like primary suite. The kitchen is a chef’s delight with elegant knotty alder cabinets, corner pantry, and center island. The light, bright garden level basement has 2 more bedrooms, a bathroom, a massive recreation/ family room and generous storage. The 746 sq ft 3-car garage is a welcome bonus, along with the spacious and manicured lot; 0.21 acres, backing to private farm land. Get in line to see this beauty nestled near tons of shops, restaurants w/ paved trails right behind the I-25/ Hwy. 34 corridor. Call (970) 215-6768 to schedule your private tour or click here to view the virtual tour. 

 

2333 W 11th Street Road, Greeley, CO 80631

Listing Agent: Ben Barnhart

MLS 957380

Flexible spaces and great location in the heart of Greeley – and NO HOA! Backing up to open space. Near shopping, Banner Health and UNC. You are welcomed by a large, covered entry, which could be easily enclosed. The main level of the home features the recently renovated bathroom, plenty of natural light from the south-facing picture window, and genuine hardwood flooring in the living and bedrooms. A barn door in the master bedroom lets you create one larger bedroom or two smaller rooms. The basement offers a separate entrance from the backyard and into a foyer. The basement is fully finished with updated LVP flooring, a huge living area, bedroom/bath and separate kitchen area. Enjoy the large, private, fenced yard including water feature- perfect for summer barbeques. New roof in 2019, New Furnace 2017 and new interior paint. Call (970) 534-5440 to schedule your private tour or click here for more information. 

 

2617 Mathews Street, Fort Collins, CO 80525

Listing Agent: Brandon Bidwell

MLS 957032

Move-in-ready on 1/3 Acre in Mid-Town Ft Collins. Huge fenced in RV/Boat Parking area fits a 35′ RV AND a 20′ Boat! With the oversized 2 car garage you’ll have room for all your toys. Inside you’ll enjoy the nicely remodeled kitchen, open living room and all the natural light. Other features include a well updated primary bathroom, Sun Room and Fireplace in the lower level family room. New Driveway and Roof with class 4 shingles in 2018. New Furnace and A/C 2017. New Garage Door, Gutters & Fence in 2013. New Carpet, New Toilet, the list goes on! Call (970) 215-1573 to schedule your private tour or click here for more information.

 

39483 Ridge Park Drive, Severance, CO 80610

MLS 957637

Listing Agent: Paul Hunter

is a beautiful custom ranch home with a walkout basement. This property even offers views from Longs Peak to Pikes Peak! Gated community, and over 4 acres of space to enjoy privacy. Spend time in the large kitchen opening to a big open living room, or downstairs in the enormous family room with wet bar opening out to a walkout patio with amazing views. 3 fireplaces including a double sided one in the master bedroom/bathroom. Professionally landscaped backyard area in addition to the rest of the acreage. This home is ready to be moved in to today! Call (970) 673-7285 to schedule your private tour or click here for more information.

 

3367 Butternut Lane, Johnstown, CO 80534

MLS 957680

Listing Agent: Brooke Kern

This very well maintained home that has much to offer! Perfect for a growing family in the popular Clearview subdivision. The new elementary school is within walking distance as well as parks and walking trails! Inside you will find an open floor plan great for entertaining! The upper level consists of 3 bedrooms and 2 full bathrooms including the Primary suite! In the basement, you will find a guest suite complete with a private 3/4 bathroom! No Metro taxes and low HOA make this home a must see! Call (970) 980-8349 to schedule your private tour or click here for more information. 

 

 

594 Boxwood Drive, Windsor, CO 80550

MLS 957806

Listing Agent: Alexis Foster

Incredible WATERFRONT home with Breathtaking Mountain Views. If that doesn’t check off all your boxes you will love that this home also has open space in front of the home as well for even more privacy. This 5 bed 4 bath home features an additional flex space that can be used as an office or dining area. You will love the wood floors that are throughout the entire main level. The kitchen boasts granite countertops with a private butler’s pantry. 3 car front-facing garage. Master suite w/ 5-piece bath & walk-in closet and its own double-sided gas fireplace. Fully finished basement with a large family rec room. Close to Windsor Lake and downtown. You will fall in LOVE with the view from your backyard! This home has it all! Call (970) 310-6999 to schedule a private tour or click here for more information. 

 

2133 Chelsea Drive, Loveland, CO 80538

MLS 957806

Listing Agent: Alexis Foster

Step inside and fall in love. Once you walk in you will see all the work these sellers have put into this home including a complete kitchen remodel with new countertops, SS appliances, a pantry, and a coffee station with additional cabinets. This home also has had all new interior paint, carpet baseboards, doors, and lighting to name a few. Enjoy the large and private backyard with a new concrete patio, sprinkler system, and shed. An additional 3rd parking spot has also been added to the front-drive. Great location close to I-25, walking distance to Boyd Lake, Hospitals, Restaurants & Shopping. This home is a must-see! Call (970) 310-6999 to schedule a private tour or click here for more information.

 

1809 Orchard Place, Fort Collins, CO 80521

MLS 957635

Listing Agent: Paul Hunter

Don’t miss out on this charming ranch style home close to CSU, with a full basement. This fantastic property has four bedrooms, two bathrooms and a one car attached garage. Currently rented for $2,000 per month through July 2022. Call (970) 673-7285 to schedule your private tour or click here for more information.

 

615 Oak Street, Windsor, CO 80550

MLS 958047

Listing Agent: Elizabeth Dolton

Welcome home to idyllic Mid-Century Modern living! EXPERTLY RENOVATED with modern lines and historic charm, this turn-key property has it all- Open Floor Plan, Fireplace, and a Gorgeous Kitchen perfect for entertaining. The OVERSIZED LOT and huge yard provides plenty of space to play! Nestled in the heart of Windsor near schools, parks, library and downtown. Alley access/ NO HOA/Approved for an accessory dwelling in backyard. This gem won’t last long! Come check it out! Call (970) 396-7233 to schedule your private tour or click here for more information.

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Steady Stream

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Despite the extraordinarily low amount of standing inventory, it is important to understand there is still a steady stream of new inventory hitting the market.

Inventory is low. That is a reality.

New inventory is coming on the market at essentially the same pace as compared to the last few years. That is also a reality.

Because demand is so high, the inventory doesn’t stay on the market very long.  Residential listings go from ‘Active’ to ‘Pending’ very quickly (assuming they are priced correctly).

Over the course of 2021, there were 66,308 new residential listings that hit the market in Metro Denver.  That is only 5% less than 2020.

Larimer County had 8,342 which is 7% less than 2020.

Weld County had 8,499 which is 5% less than 2020.

While standing inventory is near 50% lower than last year, the stream of new inventory is fairly consistent.

It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner. This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.

You can register at www.ColoradoForecast.com

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Should I Remodel or Sell My Home As Is?

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Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you won’t spend as much money putting your home on the market, but the concern is whether you’re leaving money on the table.

Should I Remodel or Sell My Home As Is?

To answer this question, it’s important to understand the factors that could influence your decision and to work closely with your agent throughout the process.

Cost Analysis: Home Remodel vs. Selling Your Home As Is

Home Remodel

When you remodel your home before selling, you’re basically making a commitment to spend money to make money. So, it’s important to consider the kind of ROI you can expect from different remodeling projects and how much money you’re willing to spend. Start by discussing these questions with your agent. They can provide you with information on what kinds of remodels other sellers in your area are making and the returns they’re seeing as a result of those upgrades. This will help you determine the price of your home once your remodel is complete.

Then, there’s the question of whether you can complete you remodeling projects DIY or if you’ll need to hire a contractor. If hiring a contractor seems expensive, know that those costs come with the assurance that they will perform quality work and that they have the skill required to complete highly technical projects. 

According to the Remodeling 2021 Cost vs. Value Report (www.costvsvalue.com1), on average, homeowners paid roughly $24,000 for a midrange bathroom remodel and about $26,000 for a minor kitchen remodel nationwide, with a 60.1% and 72.2% ROI respectively. This data shows that, for these projects, you can recoup a chunk of your costs, but they may not be the most cost-effective for you. A more budget-friendly approach to upgrading these spaces may look like repainting your kitchen cabinets, swapping out your old kitchen backsplash for a new one, refinishing your bathroom tub, or installing a new showerhead. Other high-ROI remodeling projects may allow you to get more bang for your buck, such as a garage door replacement or installing stone veneer. To appeal to sustainable-minded buyers, consider these 5 Green Upgrades that Increase Your Home Value. 

 

A man and woman look at blueprint plans with a contractor inside a room that’s being remodeled.

Image Source: Getty Images – Image Source: stevecoleimages

 

Selling Your Home As Is

Deciding not to remodel your home will come with its own pros and cons. By selling as is, you may sell your home for less, but you also won’t incur the cost and headache of dealing with a remodel. And since you’ve decided to sell, you won’t be able to enjoy the fruits of the remodel, anyway. If you sell your home without remodeling, you may forego the ability to pay down the costs of buying a new home with the extra money you would have made from making those upgrades.

Market Conditions: Home Remodel vs. Selling Your Home As Is

Local market conditions may influence your decision of whether to remodel before selling your home. If you live in a seller’s market, there will be high competition amongst buyers due to a lack of inventory. You may want to capitalize on the status of the market by selling before investing time in a remodel since prices are being driven up, anyway. If you take this approach, you’ll want to strategize with your agent, since your home may lack certain features that buyers can find in comparable listings. In a seller’s market, it is still important to make necessary repairs and to stage your home.

In a buyer’s market, there are more homes on the market than active buyers. If you live in a buyer’s market, you may be more inclined to remodel your home before selling to help it stand out amongst the competition.

Timing: Home Remodel vs. Selling Your Home As Is

Don’t forget that there is a third option: to wait. For all the number crunching and market analysis, it simply may not be the right time to sell your home. Knowing that you’ll sell your home at some point in the future—but not right now—will allow you to plan your remodeling projects with more time on your hands which could make it more financially feasible to complete them.

For more information on how you can prepare to sell your home, connect with a local Windermere Real Estate agent below:

 

 

  1. “© 2021 Hanley Wood, Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”

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Standing Low

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The standing inventory of residential properties currently for sale is staggeringly low.

The number of active properties for sale is almost 90% below the average for this time of year.

In Metro Denver, there are 1,144 residential properties for sale today.

In Larimer County, there are 136 and in Weld County there are 174. 

Current inventory along the Front Range is essentially half of what it was one year ago.

The low standing inventory bolsters our belief that nothing resembling a decline in housing prices is on the horizon.  The low supply will continue to put upward pressure on prices.

It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner.  This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.

You can register at www.ColoradoForecast.com

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Housing Inventory

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Many of our clients wonder if the current pace of price growth can continue.  Some even ask if prices will decline this year. 

Based on researching the Case-Shiller Home Price index and the National Association of Realtors home inventory data, there must be at least 6 months of inventory in a market for prices to have any chance of declining. We wrapped up 2021 with about 2 weeks of inventory across Larimer County, Weld County and Metro Denver. This marks a 43%-46% decrease in inventory as compared to December 2020.

The dwindling supply and the rising prices have led to a lot of questions about the future of the housing market. Is there a market crash on the horizon? Is there a housing bubble that’s about the burst? The answer is no. Although it is unlikely that the market can continue at this pace indefinitely, all signs point to a healthy housing market in 2022.

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Lumber Back Up

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The price of lumber has jumped back up again and is adding to the cost of new home construction.

Over the past four months, lumber prices have nearly tripled, causing the price of an average new single-family home to increase by more than $18,600.

According to Random Lengths, as of the end of December, the price of framing lumber topped $1,000 per thousand board feet — a 167% increase since late August.

This most recent lumber price upsurge is due to a number of factors, including:

  • Ongoing supply chain disruptions
  • A doubling of tariffs on Canadian lumber imports into the U.S. market that increased price volatility
  • An unusually strong summer wildfire season in the western United States and British Columbia

Predictions on what lumber prices will do during 2022 are mostly pointing to even higher costs for home builders and ultimately, new home buyers.

The post Lumber Back Up appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Lumber Back Up

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The price of lumber has jumped back up again and is adding to the cost of new home construction.

Over the past four months, lumber prices have nearly tripled, causing the price of an average new single-family home to increase by more than $18,600.

According to Random Lengths, as of the end of December, the price of framing lumber topped $1,000 per thousand board feet — a 167% increase since late August.

This most recent lumber price upsurge is due to a number of factors, including:

  • Ongoing supply chain disruptions
  • A doubling of tariffs on Canadian lumber imports into the U.S. market that increased price volatility
  • An unusually strong summer wildfire season in the western United States and British Columbia

Predictions on what lumber prices will do during 2022 are mostly pointing to even higher costs for home builders and ultimately, new home buyers.

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The Fire’s Impact

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Our heart goes out to all of the people impacted by the Marshall Fire in Boulder County.  

If you would like to give your support, we have set up a special fund through the Windermere Foundation where we will match any donation you make up to $5000.

You can make that donation HERE.

This devastating event will have significant impacts on the real estate market both short term and medium term.

There are some interesting things to consider related to the fire:

  1. This will be the costliest wildfire in Colorado history, by far.  The total losses will probably approach $800 million.  The most expensive wildfire up until now was last year’s East Troublesome fire at just over $500 million.
  2. It’s likely that the vast majority of the residential property owners who lost their homes were underinsured.   Given the recent rise in both property values and construction costs, these homeowners may find that their insurance won’t cover their actual loss.  We encourage everyone to check in on their own property insurance versus actual replacement costs.
  3. Nearly 1000 households are now in need of housing.  Today there are only 161 residential properties for sale in Boulder County.  In addition, the rental market also has low supply.  We expect that many of the people impacted will consider housing alternatives outside of Boulder County simply out of necessity.
  4. The homebuilding industry is currently challenged with both labor and material shortages.  It may take long time to replace the properties that were destroyed by the fire.

Again, we are so sad for the people who were impacted.  We are also encouraged to see all the different ways that our community has stepped up to help.

We are all committed to help these people get back on their feet and replace what they lost.

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