Days of Inventory

In the residential real estate industry, inventory is typically measured in months.

 

For example, the definition of a “sellers’ market” is when there is less than 4 months of inventory on the market.  Meaning, at the current pace of sales, it would take less than four months to sell all the homes currently for sale.

 

Today it makes more sense to measure inventory in days instead of months.

 

Here is the number of residential properties currently listed for sale in each market:

 

  • Larimer County = 255
  • Weld County = 261
  • Metro Denver = 1,645

 

Here is the current pace of sales in each market:

  • Larimer County = 10/day
  • Weld County = 10/day
  • Metro Denver = 112/day

 

So, at the current pace of sales, this is how long it would take to sell all the residential properties currently for sale in each market:

  • Larimer County = 26 days
  • Weld County = 27 days

Metro Denver = 15 days

measuring

 

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

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The Importance of Pre-Approval

To set yourself up for a smooth and successful home purchase, getting pre-approved is perhaps the most productive first step you can take. It strengthens your buying credibility, informs your home search, and speeds up the closing process.

The Pre-Approval Process 

There is an important distinction to made between two important steps of your mortgage application process: pre-qualification and pre-approval. They are similar in that they both help to inform your financial standing, but there are key differences between the two.

Pre-qualification

Pre-qualification is the first step in your mortgage application process. It will help you to understand the approximate loan amount you can expect to qualify for. You’ll begin by sharing your financial information—debt, income, assets, etc.—with you bank or lender. After reviewing the information, the bank or lender will give a loan estimate. The process is relatively simple, only taking a few business days to process.

Pre-approval

The pre-approval process is more involved than pre-qualification. After submitting a mortgage application, your lender will require all the necessary info to conduct a thorough credit history check and review of your financial health. Getting pre-approved will give you a better idea of how much you can borrow, estimated monthly costs, and what interest rates you can expect on your loans. Mortgage pre-approvals are typically valid for 60 to 90 days.

 

Benefits of Pre-Approval

Credibility

The truth is, each home on the market can only go to one buyer. To maximize the chance that your offer is accepted, sellers need to know that your offer is serious. Getting pre-approved shows that you are financially prepared and, in the event that your offer is accepted, there will be no hold ups in obtaining your mortgage. This assurance is what sellers want to know about their potential buyers, especially in a seller’s market.

Home search

Not only does pre-approval help to bolster your case as a buyer, but it also Indicates your affordable price range. By knowing your budget, you will be able to hone your home search and start preparing offers, eliminating any potential wasted time looking at houses you can’t afford.

Closing process

Once your offer is accepted, you’ll be counting down the days to move-in. Unfortunately, the closing process can often drag on, leaving buyers feeling like they’re in post-purchase limbo. Pre-approval will speed up the closing process, since the mortgage approvals have already been taken care of, allowing you to focus on next steps like appraisals and inspections.

 

When to Get Pre-Approved

Being financially prepared for a home purchase is a solid indicator that you’re ready to go about getting pre-approved, but what does that look like? Buying a house means taking on serious debt, so it’s important to either have your remaining debt paid off or have a clear path to becoming debt-free before getting pre-approved. Having adequate savings for a down payment is a sign that you’re ready to make your offer. For any questions about the pre-approval process and to get connected to a mortgage professional, contact your Windermere agent.

Writing

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Contemporary Ranch!

Showings to start 2/26/21 after 10:30am. 524 Polaris Circle in Erie is a luxurious and large contemporary ranch that will take your breath away. Showhome condition. Spectacular flooring. Free-flowing light, bright & open modern floor plan. Gorgeous counters in the chef’s kitchen with tons of cabinet space. Fabulous large functional Island with eating space. Stainless Steel Appliances. Great office space for working from home. This home also has endless ideas for growth with a wide-open, full unfinished walk-out basement. Enjoy your morning coffee from the balcony with mountain views. Contact Philip Cooper at (970) 673-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126526575

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Lake View Oasis!

Incredibly rare opportunity to own a stunning home with unparalleled views of the lake and the Colorado Foothills. A grand layout welcomes you at 6351 Cottonwood Shores Dr Wellington, CO. The scenic views from the kitchen, living room & tranquil master suite are breathtaking. A large balcony extends the entertainment space outdoors. A dual hardwood staircase leads to the spacious walkout basement which boasts an exercise room, 4 bedrooms, 4 bathrooms, a wine cellar & full wet bar. Enjoy the resort-like backyard with outdoor kitchen, in-ground saltwater pool, hot tub, gazebo, lanai, putting green & sand volleyball court. This beautiful home includes a lower-level casita with full kitchen, bath and separate entrance. For multi-generational living or use as a caretaker’s area another full living area is built above the attached garage. A separate 2400 sq ft detached garage/outbuilding, creates a place to showcase your collection.4+acre lot is fully fenced and the property is gated. Contact Maria Dellota at (970) 215-1013 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126318169

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Lake View Oasis!

Incredibly rare opportunity to own a stunning home with unparalleled views of the lake and the Colorado Foothills. A grand layout welcomes you at 6351 Cottonwood Shores Dr Wellington, CO. The scenic views from the kitchen, living room & tranquil master suite are breathtaking. A large balcony extends the entertainment space outdoors. A dual hardwood staircase leads to the spacious walkout basement which boasts an exercise room, 4 bedrooms, 4 bathrooms, a wine cellar & full wet bar. Enjoy the resort-like backyard with outdoor kitchen, in-ground saltwater pool, hot tub, gazebo, lanai, putting green & sand volleyball court. This beautiful home includes a lower-level casita with full kitchen, bath and separate entrance. For multi-generational living or use as a caretaker’s area another full living area is built above the attached garage. A separate 2400 sq ft detached garage/outbuilding, creates a place to showcase your collection.4+acre lot is fully fenced and the property is gated. Contact Maria Dellota at (970) 215-1013 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126318169

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Upgraded Beauty!

121 Ibiza Court is a pristine 2 story home in Water Valley. Home backs to green space with views of Eagle Lake and Park. 4 bedroom, 4 bath home has so much to offer, you will not be disappointed. The chef’s kitchen is a dream with stainless steel appliances, granite and gorgeous finishes. The bonus room upstairs is perfect for a game room or simply relaxing enjoying the serene views. The 3 car garage has plenty of room for your toys! Finish your day relaxing in hot tub gazing at the stars. Walk to the lake and park from home or cruise on your golf cart to the clubhouse! Resort Living at its Best! Contact Rondi duPont at (970) 401-0123 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126320973

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Double Lumber

The price of lumber has doubled in three months.

 

Lumber is just one of several examples of skyrocketing materials costs which are impacting both home builders and home buyers.

 

The cost of lumber is now at a record-level $1000 per 1000 board feet.

 

These rising costs not only add to the sales price of a home but also add to the inventory shortage issue.  Some large, publicly-traded home building companies are slowing production in hopes of building costs dropping over the next few months.

 

Many people expected lumber prices to drop, or at least level off, when the tariff on Canadian lumber changed in December.

 

However, because demand has been so high from both building and remodeling, lumber costs continue to climb.

Construction

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Stunning Townhome!

This bright and immaculate, townhome-style condo, gives you everything that Fort Collins has to offer. 1221 E Prospect Rd B-3 is low maintenance and conveniently located by shopping, food, breweries, and Genesis health club, this home is perfect for the on-the-go buyer. Only steps away from Spring Creek Trail which takes you to nearby Edora Park. Pride of ownership can easily be seen by how meticulously cared for and upgraded this home is. No detail was spared with quartz kitchen countertops, maple hardwood floors and striking backsplash. Schedule soon, this won’t last! Contact Jared Foster at (970) 690-5707 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126301079

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Fort Collins Charmer!

Brick Miller Brothers Ranch style home in GREAT shape! 1048 Briarwood Rd Fort Collins, CO is host to a new roof, HVAC, radon system, sprinkler system, and sewer line make this home a worry-free investment or home to move into today! Wood floors under the carpet in the living room, and granite countertops in the updated kitchen make it a turnkey home. See broker comments for deadlines on offers. Come take a look today! Contact Paul Hunter at (970) 673-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126281751

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Fort Collins Charmer!

Brick Miller Brothers Ranch style home in GREAT shape! 1048 Briarwood Rd Fort Collins, CO is host to a new roof, HVAC, radon system, sprinkler system, and sewer line make this home a worry-free investment or home to move into today! Wood floors under the carpet in the living room, and granite countertops in the updated kitchen make it a turnkey home. See broker comments for deadlines on offers. Come take a look today! Contact Paul Hunter at (970) 673-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/126281751

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