What’s Starting?

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Here are some interesting stats from our friends at Metro Study who study new home activity along the Front Range.

• New home starts are up 14% compared to last year – this is really good news and is helping to relieve the shortage of housing inventory

• Every product type saw an increase in starts compared to last year (single family, town-home and condominium)

• Condominiums saw the largest increase in starts by a long shot, up 112% over last year- this is excellent news for first time buyers and those looking for product in lower price ranges.

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Keeping Up with the Joneses: The Great Paint Debate

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A few weeks back, Jenn and I decided to finally pull the trigger on painting our home. The vinyl siding of the 1942 Seattle Cape Cod fixer we purchased nine months ago had been sun bleached to the point of resembling a kind of soft lemon chiffon yellow you’d see on a cake your grandmother baked. Great for dessert, bad for today’s exterior home color.  We wanted a charming, warm and inviting new exterior home color but were fearful about what it would cost to have a professional do it. We had saved between 10-15k by renovating our bathroom ourselves.  Couldn’t we just pick up some paint and make a Saturday of it?

 

Pro tip: In Seattle, painting outside competes with the weather. Make sure you have a runway of at least a week of good weather to ensure you can paint the house in its entirety while leaving time for it to dry.

Seeing as the summer season was pretty much over (say it ain’t so!) and the wet Seattle fall was nearly upon us, we figured we had only a week or two left to get the job done. I’m the kind of person who jumps on a new project… and maybe sometimes I put the horse before the cart. *Cue Jenn’s pursed-lips smirk* So once Jenn and I agreed we were going through with the project, I had three different painters bid out the job and booked the least expensive (but experienced) professional within two days. I scheduled him to arrive the following day.

 

Good Husband Tip: Don’t give your wife 12 hours to decide what color to paint your house.

 

Pro Tip: Don’t feel bad about shopping for the best price with home professionals. They bid homes out every day and won’t be offended. Most of the time, they present a bid with room for negotiation. It never hurts to get a second bid or ask for a cheaper price.

With the pressure of our painter showing up the next day, we scarfed down dinner and took a trip to the paint store.  (I tried to convince my wife this was an opportunity for us to bond as a family unit.  “We could make it educational! Teach Addie about hues and shades!  C’mon, honey… it’ll be fun!” *Cue Jenn’s pursed-lips smirk*) We knew we had to get special paint for our vinyl siding so that narrowed it down to about 20 options.  And we wanted a sort of dark blue so we picked out two colors that looked promising and headed home to test them out.

Pro Tip: When testing paint, make sure you let it dry before you decide which color to go with.  Paint a few different swatches on various sides of the house and watch how it looks during different times of the day.

One test swatch (on the right, called “Prime Time”) was a little purplely/blue grey and the other was a slightly lighter blue (on the left, called “Stone Cold).  Those are two seriously stellar wrestler names, amiright?

 

With our painter arriving that evening, the pressure was on for us to choose. We’re Millennials so we did the only logical thing you can do when making a big decision. We asked our friends on Facebook. 76 comments later, there was still no clear answer.

Mid-debate, our dear friend Kim Gorsline of Kimberlee Marie Interior Design called us up with some highly insightful information.  First of all, a paint store has pre-mixed vinyl siding paint but they can actually make ANY color into vinyl siding paint.  Which means we had a lot more choices (which left me feeling excited and gave Jenn heartburn).  More importantly, Kim pointed out that the two options we had might not be exactly what we hoped for.  She suggested a few colors that had more grey tones and in much deeper shades.  She promised us that we’d still get the blue house of our dreams even if the colors looked dark grey on the swatches.

Pro tip: You can get small paper swatches for free or pay a few bucks for a large paper square but nothing will compare to a sample of real paint on your surface.  We spent $59.34 on paint samples and it was worth every penny.

Back to the paint store we went, grabbing three more options to test.  Our painter began taping off the trim as we took a few steps back to assess the swatches… BOOM! We had our answer… Britannia Blue by Benjamin Moore. Not the best wrestler name but a nice blue nonetheless.

We trust Kim’s vision and design talent wholeheartedly and as the days went on and the paint went up, we couldn’t have been more pleased.  I installed some new lights fixtures and house numbers that Jenn picked out.  Only this time, I gave her three days of lead time *Cue Jenn’s pursed-lips smirk*

 

Tyler Davis Jones is a Windermere Real Estate agent in Seattle who, with his wife Jenn, recently traded in their in-city condo for a 1940s fixer-upper. Tyler and Jenn, along with the help of some very generous friends and family members, are taking on all the renovations themselves. You can follow the transformation process on the Windermere Blog or on Tyler’s website and Instagram. 

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Yard Sale Success

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Yard sale season has arrived! Many people shy away from the idea of having a yard sale, but do you truly need that broken down accordion or the 80’s styled prom dress? A yard sale is a great way to get out with the old and make room for the new. Here are some tips to help make your yard sale a success …

1. If you haven’t used it in more than a year you most likely won’t use it in the next year. Sell it.

 2. Get the community involved. Contact your neighbors and coordinate having one large neighborhood sale on the same day. This will give consumers a greater incentive to come.

    • Helpful Hint: Have each participating household pitch in a few bucks for directional signs or an advertisement in the local paper.

 3. Get your whole family involved. Set up a lemonade stand or have a small bake sale for your kids to run.

 4. Promote yourself through your favorite social networking site … for free.

    •  Create a facebook event page and invite all your friends
    •  Tweet about it. Create a fun Twitter hashtag and offer a prize to those who Tweet about your sale.

5. Offer an incentive. Give away a free grab-bag to your tenth customer.

6. Price slightly higher than you’re willing to sell that way, there is room for negotiation.

7. After your sale is over, do not, I repeat, DO NOT put the leftovers back in your house, garage, or storage. Immediately donate them to your local thrift store, so there is no chance of procrastination or keeping things you do not need.

We would love to hear your tips when it comes to yard sale success!

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Transforming Your House from a Summer Home to a Winter Hideaway

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None of us want to admit it, but Winter is Coming. The new season of Game of Thrones might not be until 2019, but your home will need preparation before then. As the days shorten, you can mitigate many mid-winter headaches with some preemptive prep. Proper weatherizing can help protect your investment from preventable damage, save money on energy costs, and, most importantly, keep your home safe and warm for you and your loved ones throughout the winter season. Here is a useful checklist to manage your weatherization project. Setting aside some time on a couple Sundays should be more than enough to knock this out:

Getting started: Check your toolbox to make sure you have all the materials you need for home maintenance in one place. This NY Times article provides a good list of the tools you’ll really need to maintain your home. After your toolbox is put together, you can confidently begin the maintenance on your home.

Insulation: Insulating a home can reduce your energy bill by up to 50%. For the best results, your home should be properly insulated from the ceilings to the basement. By starting in your attic and progressively adding insulation to other areas of your home over time, you will avoid spending a large sum of money up-front.

Cracks & Leaks: Do a run-through of your entire house for cracks and leaks, from your roof to your baseboards. Winter weather is unpredictable. Whether your area gets rain, wind or snow, cracks in your house can lead to cold drafts or leaks that cause water damage. Depending on your house type, most cracks can be easily filled with supplies from your local hardware store in a do-it-yourself fashion. Use caulk to seal any cracks in the permanent building materials.

Windows & Doors: Another common place for heat leakage is in your windows and exterior doorways. Make sure seals are tight and no leaks exist. If you have storm windows, make sure you put them on before the cold season begins. Don’t underestimate the difference some weatherstrips and a door sweep can provide in preventing drafts and keeping the heat in.

Rain Gutters: Clean your rain gutters of any debris. In colder climates, buildup will cause gutters to freeze with ice, crack and then leak. Once you have removed the residue from the drains, test them by running hose water to make sure cracks and leaks have not already formed. Even in warmer locales, the buildup can put undue stress on your roof and home.

Pipes: Pipes are a number one risk in winter climates. A burst pipe can become a winter disaster in a matter of seconds. Remember to turn off your exterior water source and take in your hose. Internally, wrapping your pipes is a recommended precaution to take.

Heating System: What’s one thing gas fireplaces, wood burning stoves, and central air heating systems all have in common? They all need to be cleaned and maintained. Annual checks of are vital in avoiding dangers such as house fires. If you use an old-fashioned wood stove, make sure there are no leaks and that all soot build up or nests are removed. If a furnace is what you have, remember to change the filters as recommended or clean out your reusable filters.

Fireplace & Wood burning stoves: Make sure to have chimneys and air vents cleaned early in the season if you are planning on warming your home with a wood-burning source. When your fireplace is not in use make sure to close the damper, some resources estimate an open damper can increase energy consumption by as much as 30%.

Outside: As we mentioned before, make sure you bring your patio furniture inside (or cover) for the winter- but don’t forget other, smaller items such as your tools, including a hose and small planting pot. Clear out any piles around the side of your house, checking for cracks as you go so to avoid providing shelter for unwelcome guests over the cold season. If your property has large trees check for loose branches and call someone to trim back any items that may fall in your yard, on your roof or even damage a window.

Emergency Kit: Lastly, make sure your emergency kit is up-to-date with provisions, batteries, fresh water, food for animals, entertainment for kids, etc- especially if you live in an area prone to power outages.

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Fantastic Cottage Home in Fort Collins!

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This fantastic cottage home located at 5162 Cinquefoil Ln  in the popular Observatory Village is just steps from the pool and neighborhood park. Open floor plan includes main floor office, vaulted ceilings, wood floors, finished basement, and a rec room. The master bedroom is spacious with a remodeled custom shower and walk in closet. Enjoy the private fenced patio w/trek decking and stamped concrete. Low maintenance-HOA maintains yard, trash, and snow removal. Close to schools, shopping, entertainment and the freeway. Contact Kelly Swift for your private showing at 970-310-4876 for more information or click the link below for more details. 

http://windermerenoco.com/listing/86149162

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How to Acquire the Right Appraisal for Your Home

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Appraisals are designed to protect buyers, sellers, and lending institutions. They provide a reliable, independent valuation of a tract of land and the structure on it, whether it’s a house or a skyscraper. Below, you will find information about the appraisal process, what goes into them, their benefits and some tips on how to help make an appraisal go smoothly and efficiently.

Appraised value vs. market value

The appraised value of a property is what the bank thinks it’s worth, and that amount is determined by a professional, third-party appraiser. The appraiser’s valuation is based on a combination of comparative market sales and inspection of the property.

Market value, on the other hand, is what a buyer is willing to pay for a home or what homes of comparable value are selling for. A home’s appraised value and its market value are typically not the same. In fact, sometimes the appraised value is very different. An appraisal provides you with an invaluable reality check.

If you are in the process of setting the price of your home, you can gain some peace-of-mind by consulting an independent appraiser. Show him comparative values for your neighborhood, relevant documents, and give him a tour of your home, just as you would show it to a prospective buyer.

What information goes into an appraisal?

Professional appraisers consult a range of information sources, including multiple listing services, county tax assessor records, county courthouse records, and appraisal data records, in addition to talking to local real estate professionals.

They also conduct an inspection. Typically an appraiser’s inspection focuses on:

  • The condition of the property and home, inside and out
  • The home’s layout and features
  • Home updates
  • Overall quality of construction
  • Estimate of the home’s square footage (the gross living area “GLA”; garages and unfinished basements are estimated separately)
  • Permanent fixtures (for example, in-ground pools, as opposed to above-ground pools)

After considering all such information, the appraiser arrives at three different dollar amounts – one for the value of the land, one for the value of the structure, and one for their combined value. In many cases, the land will be worth more than the structure.

One thing to bear in mind is that an appraisal is not a substitute for a home inspection. An appraiser does a cursory assessment of a house and property. For a more detailed inspection, consult with a home inspector and/or a specialist in the area of concern.

Who pays and how long does it take?

The buyer usually pays for the appraisal unless they have negotiated otherwise. Depending on the lender, the appraisal may be paid in advance or incorporated into the application fee; some are due on delivery and some are billed at closing. Typical costs range from $275-$600, but this can vary from region to region.

An inspection usually takes anywhere from 15 minutes to several hours, depending on the size and complexity of your property. In addition, the appraiser spends time pulling up county records for the values of the houses around you. A full report comes to your loan officer, a real estate agent or lender within about a week.

If you are the seller, you won’t get a copy of an appraisal ordered by a buyer. Under the Equal Credit Opportunity Act, however, the buyer has the right to get a copy of the appraisal, but they must request it. Typically the requested appraisal is provided at closing.

What if the appraisal is too low?

If your appraisal comes in too low it can be a problem. Usually, the seller’s and the buyer’s real estate agents respond by looking for recent and pending sales of comparable homes. Sometimes this can influence the appraisal. If the final appraisal is well below what you have agreed to pay, you can renegotiate the contract or cancel it.

Where do you find a qualified appraiser?

Your bank or lending institution will find and hire an appraiser; Federal regulatory guidelines do not allow borrowers to order and provide an appraisal to a bank for lending purposes. If you want an appraisal for your own personal reasons and not to secure a mortgage or buy a homeowner’s insurance policy, you can do the hiring yourself. You can contact your lending institution and they can recommend qualified appraisers and you can choose one yourself or you can call your local Windermere Real Estate agent and they can make a recommendation for you. Once you have the name of some appraisers you can verify their status on the Federal Appraisal Subcommittee website.

Tips for hassle-free appraisals:

  • What can you do to make the appraisal process as smooth and efficient as possible? Make sure you provide your appraiser with the information he or she needs to get the job done. Get out your important documents and start checking off a list that includes the following:
  • A brief explanation of why you’re getting an appraisal
  • The date you’d like your appraisal to be completed
  • A copy of your deed, survey, purchase agreement, or other papers that pertain to the property
  • If you have a mortgage, your lender, the year you got your mortgage, the amount, the type of mortgage (FHA, VA, etc.), your interest rate, and any additional financing you have
  • A copy of your current real estate tax bill, statement of special assessments, balance owing and on what (for example, sewer, water)
  • Tell your appraiser if your property is listed for sale and if so, your asking price and listing agency
  • Any personal property that is included
  • If you’re selling an income-producing property, a breakdown of income and expenses for the last year or two and a copy of leases
  • A copy of the original house plans and specifications
  • A list of recent improvements and their costs
  • Any other information you feel may be relevant

By doing your homework, compiling the information your appraiser needs, and providing it at the beginning of the process, you can minimize unnecessary phone calls and delays and get the information you need quickly and satisfactorily!

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Fall Perspectives 2018: Our Pledge To You

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Change is afoot. We suppose it always is, but doesn’t it all seem to come at us so much faster in today’s world? We see change all around us. Just consider, for a moment, how much technology has changed our lives thanks to innovators like Uber, Google, and Apple, to name a few. Technology has also changed the way we do real estate.

The real estate world is a complex environment that most of us only travel once every 10 years. This infrequency, coupled with the ever-changing laws and emotional toll, makes it very hard for most of us to navigate. That’s why we rely on a professional. Even those of us who live and breathe real estate every day use a Windermere agent to conduct our personal transactions.

Thanks to technology, certain aspects of the real estate process that were once difficult are now very easy, like searching for a home. Within minutes of a property being listed, it’s fed to websites all over the world for potential buyers to see. Information about neighborhoods, schools, and home values are also readily available online to help buyers make smart decisions.

There’s no doubt that real estate will continue to benefit from technology, but we’re concerned about the companies that are beginning to look at consumers less as people and more as data that can be generated and shared for monetary gain.

At Windermere, our agents don’t treat their clients like data points being fed into an algorithm; they know them on a personal level. They help buyers make one of the biggest financial and emotional decisions of their lives. They help sellers understand the nuances of the market so they can get top dollar for their home. They are experts in neighborhoods, market trends, contracts, and negotiations. They treat their clients with respect and compassion. And they care deeply about their local community.

As the saying goes, the more things change, the more they stay the same. Real estate is the perfect example of that. Technology will continue to change and improve how people buy and sell homes, but our pledge to you is that it will never replace what has always mattered most to us: relationships.

 

– OB JACOBI, JILL JACOBI WOOD, AND GEOFF WOOD

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How We Rank

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Here’s how the largest Colorado cities rank on the most recent Federal Housing Finance Authority’s quarterly report.  They study the appreciation rate in 245 metropolitan areas all over the country.

City                        Rank                Appreciation

Boulder                        65th                   8.76%

Colorado Springs      15th                    11.54%

Denver                        30th                    10.16%

Fort Collins                85th                    7.51%

Grand Junction         58th                   9.01%

Greeley                        45th                    9.51%

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5 Reasons Rising Interest Rates Won’t Wreck the Housing Market

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Interest rates have been trending higher since the fall of 2017, and I fully expect they will continue in that direction – albeit relatively slowly – as we move through the balance of the year and into 2019. So what does this mean for the US housing market?

It might come as a surprise to learn that I really don’t think rising interest rates will have a major impact on the housing market. Here is my reasoning:

1. First Time Home Buyers 

As interest rates rise, I expect more buyers to get off the fence and into the market; specifically, first time buyers who, according to Freddie Mac, made up nearly half of new mortgages in the first quarter of this year. First-time buyers are critical to the overall health of the housing market because of the subsequent chain reaction of sales that result so this is actually a positive outcome of rising rates.

2. Easing Credit Standards

Rising interest rates may actually push some lenders to modestly ease credit standards. I know this statement will cause some people to think that easing credit will immediately send us back to the days of sub-prime lending and housing bubbles, but I don’t see this happening. Even a very modest easing of credit will allow for more than one million new home buyers to qualify for a mortgage.

3. Low Unemployment 

We stand today in a country with very low unemployment (currently 4.0% and likely to get close to 3.5% by year’s end). Low unemployment rates encourage employers to raise wages to keep existing talent, as well as to recruit new talent. Wage growth can, to a degree, offset increasing interest rates because, as wages rise, buyers can afford higher mortgage payments.

4. Supply

There is a clear relationship between housing supply, home prices, and interest rates. We’re already seeing a shift in inventory levels with more homes coming on the market, and I fully expect this trend to continue for the foreseeable future. This increase in supply is, in part, a result of homeowners looking to cash in on their home’s appreciation before interest rates rise too far. This, on its own, will help ease the growth of home prices and offset rising interest rates. Furthermore, if we start to see more new construction activity at the lower end of the market, this too will help.

National versus Local

Up until this point, I’ve looked at how rising interest rates might impact the housing market on a national level, but as we all know, real estate is local, and different markets react to shifts in different ways. For example, rising interest rates will be felt more in expensive housing markets, such as San Francisco, New York, Los Angeles, and Orange County, but I expect to see less impact in areas like Cleveland, Philadelphia, Pittsburg, and Detroit, where buyers spend a lower percentage of their incomes on housing. The exception to this would be if interest rates continue to rise for a prolonged period; in that case, we might see demand start to taper off, especially in the less expensive housing markets where buyers are more price sensitive.

For more than seven years, home buyers and real estate professionals alike have grown very accustomed to historically low interest rates. We always knew the time would come when they would begin to rise again, but that doesn’t mean the outlook for housing is doom and gloom. On the contrary, I believe rising interest rates will help bring us closer to a more balanced real estate market, something that is sorely needed in many markets across the country.

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Making a Rental Feel Like Home

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Stylizing your own home can be a daunting but rewarding challenge. When you own your living space, it’s easy to feel a sense of ownership over every piece of your design. But for renters, the challenge is a bit different. Despite limitations, it’s no less important to one’s well-being for a residence to convey a sense of ownership and self. To make a rental unit feel a bit more like home, we took down a few ways to imbue your abode with your own spirit, without leaving a permanent mark in the space or your wallet.

Storage – Let’s be honest, rentals often lack sufficient storage place, and since custom cabinetry isn’t usually an option for renters, investing in some added storage is key. Add some simple shelves, bookshelves, baskets, or under the bed storage.

Blinds – Vertical blinds may be the ultimate decorating sin. No one likes feeling as if they’re living in a motel room. We suggest you either take them down or hide them under curtains. Just don’t throw them out or you may not get your security deposit back!

Accessorize – Pillows, throws, candles, books, light fixtures… the only way to get a truly genuine space. This is by far the easiest and a MUST.

Wall Art – Those pesky holes might keep you from hanging art or photos on your walls, but when it comes down to it, they’ll only take a few minutes to patch up when it comes time to move out. This doesn’t mean you have to hang an entire art gallery, but hanging one statement piece and placing the rest of the photos on a mantel or shelf should do the trick.

Rugs – Last but not least, rugs: the peanut butter to your rental jelly. If there are scratched hardwood floors or stained carpets, you can cover those up easily with a throw rug. Not only that, a rug is a great investment piece that will add your personal flavor to any space. And they absorb noise and make a room feel comfy.

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