March Madness

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When things get crazy on Wall Street, it’s often good for real estate.

Uncertainty in the stock market attracts investors to the stability offered by Treasury Bonds.

Higher demand for bonds means lower interest rates which is obviously good for real estate buyers.

“Turbulence in the financial markets is putting significant downward pressure on rates” said Sam Khater, Freddie Mac’s chief economist.

After peaking at just over 7% at the end of October, rates have been trending down.

The current rate on a 30-year loan is 6.6%.  A year ago it was 4.16%.

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Equity Cushion

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You may remember the term “Home ATM” from the mid 2000’s. This term stemmed from the abundance of homeowners who pulled significant amounts of equity from their homes in the form of Home Equity Loans and Lines of Credit. Home values dropping in 2008, 2009 and 2010 caused many homeowners to be ‘underwater’ meaning that, all at once, their home was worth less than they owed.

Today, there are two big differences compared to the Home ATM years.

First, homeowners today have a lot of equity and very few homeowners are underwater. Of all the properties in the U.S. with mortgages, only 2.1% have negative equity. At the end of 2009, 24% of properties were underwater.

Second, homeowners are not pulling cash out of their homes like they were in the mid 2000’s. Net Equity Extraction is only 1.6% of disposable income compared to 8% during the housing bubble years.

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Equity Cushion

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You may remember the term “Home ATM” from the mid 2000’s. This term stemmed from the abundance of homeowners who pulled significant amounts of equity from their homes in the form of Home Equity Loans and Lines of Credit. Home values dropping in 2008, 2009 and 2010 caused many homeowners to be ‘underwater’ meaning that, all at once, their home was worth less than they owed.

Today, there are two big differences compared to the Home ATM years.

First, homeowners today have a lot of equity and very few homeowners are underwater. Of all the properties in the U.S. with mortgages, only 2.1% have negative equity. At the end of 2009, 24% of properties were underwater.

Second, homeowners are not pulling cash out of their homes like they were in the mid 2000’s. Net Equity Extraction is only 1.6% of disposable income compared to 8% during the housing bubble years.

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Small is the New Big

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The average size of new homes is dropping.  This is after a two-year period that saw size increase significantly.  This is according to the National Association of Home Builders’ Eye on Housing.The COVID-19 pandemic changed how much time people spent in their homes and also how they used their homes. Homeowners discovered a need for more residential space as work-from-home became more prevalent.  This caused a demand for larger space.Now, as housing affordability has become more important, that trend is reversing.  Median single-family square floor area fell to 2,203 square feet during the fourth quarter of 2022, and is now the lowest it has been since 2011.

The post Small is the New Big appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Small is the New Big

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The average size of new homes is dropping.  This is after a two-year period that saw size increase significantly.  This is according to the National Association of Home Builders’ Eye on Housing.The COVID-19 pandemic changed how much time people spent in their homes and also how they used their homes. Homeowners discovered a need for more residential space as work-from-home became more prevalent.  This caused a demand for larger space.Now, as housing affordability has become more important, that trend is reversing.  Median single-family square floor area fell to 2,203 square feet during the fourth quarter of 2022, and is now the lowest it has been since 2011.

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New Listings February 2023

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Welcome to stress-free, move-in ready living! Seller has owned 3143 20th Avenue Court less than a year and had NEW Plantation Shutters and Ceiling Fans installed planning to make this their family home for years to come. A work transfer put that dream to sleep and now you can benefit from all this home has to offer! Featuring 4 bedrooms, 2 full bathrooms and 2 separate living spaces this home’s interior touches include beautiful quartz countertops in the kitchen, plantation shutters throughout the home, ceiling fans in every bedroom and living space, Nest Thermostat, Nest Google Doorbell, plus a microwave and dishwasher that were installed in 2021. Head outdoors to the large deck and patio area to enjoy your fully fenced, sizable yard with easy access to the two-car garage. Breathe easy knowing the roof was replaced in 2022, gutters in 2021 and the cul-de-sac offers much less traffic in front of your new home. Conveniently located close to shopping and restaurants. Call (970) 214-9479 to schedule a private tour or click here for more information. 

Heather Patel | MLS# 981360

136 Beluga Drive is a beautiful 2 Story home in Water Valley South. This 3-bedroom home boasts an open floor plan with vaulted ceilings, granite countertops, and stainless steel appliances in the kitchen perfect for entertaining so everyone in the party is included. The main floor office has double doors for privacy or turn this room into a relaxing reading space. On a cold winter day, cozy up next to the fireplace in the living room or in the loft with a movie of choice. In the summer, enjoy the backyard with the large stamped concrete patio and wood privacy fence or on the covered front porch. The 3-car tandem garage allows for plenty of room for the golf cart and toys along with your cars. The unfinished basement leaves additional space for the buyers to customize to their liking. Take advantage of being only one block from Eagle Lake and Park. Bring paddle boards, kayaks, and fishing rods to enjoy everything the lake has to offer without paying waterfront prices! Call (970) 401-0123 to schedule a private tour or click here for more information. 

Rondi duPont | MLS# 981422

Welcome to 900 Bruce Drive, an amazing opportunity to be located in the desirable Berthoud, CO! This cozy home offers 3 bedrooms, 2 bathrooms, and a spacious living space. This recently remodeled home offers a kitchen with granite countertops, stainless steel appliances, and plenty of natural light. Not a stitch of carpet…so clean-up is a snap! There is also a large back deck/patio, perfect for entertaining family and friends. Enjoy small town living with plenty of restaurants, bars, shops, and grocery store within a short distance. This is an incredible opportunity to own an affordable home in an amazing town. Take a look and make 900 Bruce Drive yours today! Call (970) 690-5707 to schedule a private tour or click here for more information.

Jared Foster | MLS# 981933

Welcome to 3625 29th Street #2 in Greeley, CO 80634! This wonderful home is located just minutes from all your favorite attractions. Condo features 3 bedrooms, 2 1/2 bathrooms, cozy gas fireplace, open floor plan, new luxury vinyl flooring on the main level, stainless steel appliances included, beautiful cabinetry, large master bedroom, A/C, ceiling fans and a spacious 2 car attached garage! CASH, Conventional Financing, or Owner Occupied Only due to occupancy ratios. Call (970) 590-4841 to schedule a private showing or click here for more information.

Suzanne Ekeler | MLS# 982134

Welcome home to this beautiful move-ready-ranch in the desirable Prairie Star Neighborhood. Located just across from Heron Lakes and TCP Golf Course in Berthoud, 561 Ranchhand Drive is perfectly situated between reservoirs and mountains with easy access to Loveland, Fort Collins, and Berthoud. You will fall in love with this 3-bedroom, 2-bathroom home with an upgraded kitchen has granite countertops, stainless steel appliances, an oversized island, and gorgeous cabinets. Hard surface flooring throughout. The bedrooms are bright and spacious. The primary bedroom has an en suite bathroom and ample room in the walk-in closet. Enjoy all of the community amenities with several parks, playgrounds, trails, community gardening, sports courts, dog park, gardens & (and pool/gym available for a fee). Enjoy Summertime community events such as Weekly Volleyball games, Movies @ the park, and a free book exchange program (Free little library). Call (970) 310-6999 to schedule a private tour or click here for more information.

Alexis Foster | MLS# 982162

Don’t miss out on the potential of 3450 S Clay Street. This property already has water, sewer, and electric on site. Meters need to be installed. This is a great opportunity for an Accessory Dwelling Unit situation. The alley access creates good parking for such. For more info, please call (970) 420-4498.

Lindsey Crisanti | MLS# 982242

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A Little Perspective…

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Those of us in the real estate industry agree that the years 2020 to 2022 were anomalies.  During that time there were unique factors which drove abnormally high real estate activity. The number of transactions that occurred in those three years were at levels never seen before.It has become customary to compare the market in 2023 to the years 2016 to 2019 when looking at the number of closed transactions.Here’s what is interesting, while the number of closings so far this year is much less than last year, it is very close to what we saw in the more normal market of 2016 to 2019.Last month, 295 properties closed in Larimer County and 296 closed in Weld.The average January during 2016 to 2019 was 334 in Larimer and 303 in Weld.So, this year is only 12% lower than the average in Larimer County and 2% lower in Weld.

The post A Little Perspective… appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

A Little Perspective…

/in , , , , /by

Those of us in the real estate industry agree that the years 2020 to 2022 were anomalies.  During that time there were unique factors which drove abnormally high real estate activity. The number of transactions that occurred in those three years were at levels never seen before.It has become customary to compare the market in 2023 to the years 2016 to 2019 when looking at the number of closed transactions.Here’s what is interesting, while the number of closings so far this year is much less than last year, it is very close to what we saw in the more normal market of 2016 to 2019.Last month, 295 properties closed in Larimer County and 296 closed in Weld.The average January during 2016 to 2019 was 334 in Larimer and 303 in Weld.So, this year is only 12% lower than the average in Larimer County and 2% lower in Weld.

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Rate Prediction

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Our Chief Economist, Matthew Gardner predicts that interest rates will hit 5.4% by the end of 2023.

His prediction is aligned with most expert real estate economists.

While rates will continue to bounce up and down as the year goes on, the general trend will be lower rates.

This prediction is mainly based on the Fed tempering their increases as inflation starts to ease in the second half of the year.

Because of this prediction, we see housing demand increasing as rates decrease throughout the year.

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Jobs Bounce

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As the job market goes, so goes the housing market.  This is a fact about any primary housing market.

If employment is growing, the housing market will keep growing.

One of the many positive indicators of the healthy Northern Colorado economy is the fact that the jobs lost during the pandemic have bounced back.

Not only has employment recovered, it now exceeds pre-pandemic levels.

Northern Colorado unemployment is now down to 4.1%.

These facts were reported by our Chief Economist Matthew Gardner during our annual Market Forecast event.

If you would like to see any of the slides from the presentation, please let us know.

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