Incentivized

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More than 75% of all new home builders are using interest rate buydowns as a way to attract buyers to their communities.This is according to new research by John Burns Real Estate Consulting.Builders are fronting several thousand dollars on behalf of their buyers so these buyers can have a lower rate for the first few years of the loan, or in some cases the whole life of the 30 year loan. New home builders with completed homes or ‘standing inventory’ are especially motivated as this type of inventory is costly for the builder to carry.This kind of product offers a terrific opportunity for buyers looking to move soon and who desire a lower interest rate.

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Incentivized

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More than 75% of all new home builders are using interest rate buydowns as a way to attract buyers to their communities.This is according to new research by John Burns Real Estate Consulting.Builders are fronting several thousand dollars on behalf of their buyers so these buyers can have a lower rate for the first few years of the loan, or in some cases the whole life of the 30 year loan. New home builders with completed homes or ‘standing inventory’ are especially motivated as this type of inventory is costly for the builder to carry.This kind of product offers a terrific opportunity for buyers looking to move soon and who desire a lower interest rate.

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Way Under

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The Nation’s real estate market is significantly under-supplied.According to the most recent research from Freddie Mac, the United States has a housing supply deficit of 3.8 million units.The available inventory today is lower than it has ever been in the last 40 years and is 3.5x lower than the peak of 2008.The reason why available inventory is so low, is the low amount of new home starts that have occurred over the last 15 years.Builders have faced many obstacles trying to keep up with housing demand including supply chain issues, labor supply, land availability, water availability, and stricter approval processes.Fewer new homes were built in the decade ending 2018 than any other decade since the 1960’s.The reality is, the obstacles builders face are unlikely to change significantly in the foreseeable future.Low inventory is likely to persist.An under-supplied market is a key reason leading economists do not expect home prices to crash even while the market cools off.

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Mis-Led

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The most misleading stat about the housing market is increase in inventory. The number of properties for sale is up significantly compared to last year.  In most locations along the Front Range, inventory has doubled.This is obviously great news for buyers because they now have more choice.This is obviously meaningful for sellers because they now have more competition.But, it does not mean there is a glut of inventory.  It does not mean that we are now, all of a sudden, over-supplied.Quite the contrary.  The market is still undersupplied.  There would need to be at least double the amount of homes for sale for Front Range real estate to begin to be balanced.The increase in inventory, being so large, gets a lot of attention in the media and can sometimes be taken the wrong way.Yes, inventory has doubled.  But, it has doubled compared to all time lows.Freddie Mac reports that Nationally, the market is undersupplied by 3.8 million housing units.So, the increase in homes for sale is a good thing for the market and is nothing like a glut of inventory.

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New Listings November 2022

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Looking for a home in a great location with a little extra elbow room? This is it! 6739 Brittany Drive is a beautiful 3 bedroom 2 bathroom home located in Provincetown. Situated on a approximately 1/4 acre corner lot and mature landscaping, the back yard boasts built in garden beds with irrigation, a compost bin and storage shed perfect for the gardener in the home! The home has an open floor plan and LVP flooring on the main floor ideal for entertaining. The primary bedroom has a full bathroom and a walk in closet. The one car attached garage has a loft and work bench included for the owner that likes to tinker! Seller is offering a $5000 credit to help with rate buy down and a First American 1 year home warranty. Call (970) 401-0123 to schedule a private tour or click here for more information.

Rondi duPont | MLS# 978194

Don’t miss this rare opportunity to live in a highly desirable location just outside of Windsor! 32593 Stagecoach Road is situated on nearly 3 acres in a quiet neighborhood, this well-maintained, exceptionally built home is for you. As soon as you walk in the front door, you’ll love the open floor plan with high ceilings and wood floors. This home boasts a huge primary bedroom with a 5-piece bath, 3 additional bedrooms, and a loft! The updated kitchen with granite countertops is perfect for entertaining. You will enjoy beautiful mountain views from the peaceful back deck. In addition to the oversized 3-car garage, you’ll love the large shop with wood burning stove, 220v, sliding doors, built-in air compressor line, and loft for storage. Up to 3 horses allowed on property. Non-potable water included in HOA fee. Listing agent is related to the seller. Call (970) 420-2199 to schedule a private tour or click here for more information. 

Cameron Rutz | MLS# 978241

42 Tracy Trail Road is a well-maintained home on 2.24 Acres with an oversized, attached 2 car garage and ample opportunity still to build upon. There is plenty of level property to put up a large outbuilding for all your toy storage. Fully fenced back yard with a nicely covered deck to enjoy all the beauty of the Big Thompson Canyon from. Inside there is a fireplace in the living room and a wood stove in the study as well as forced air heating to keep you warm in the winters. This home and property have been very well cared for and it’s just outside the flood plain (according to IRES map’s overlay). The house has not suffered from flood damage. Call (970) 215-1573 to schedule a private tour or click here for more information.

Brandon Bidwell | MLS# 978187

VIEWS VIEWS VIEWS! 0 Dory Hill Road Lot 46 is a gorgeous lot with stunning views in Aspen Springs! Build your dream home and enjoy your privacy just outside of Black Hawk with easy road access. Only 10 minutes to downtown Black Hawk and 25 minutes to I-70. There are no utilities. Licensed real estate agent to accompany buyers on all showings, no sign at property. Call (970) 541-4802 to schedule a private tour or click here for more information.

Natalie Parsons | MLS# 978530

4538 Quest Drive is a beautiful home in the Sunflower active adult community on a corner lot with an inviting private backyard patio. This home has wood floors in the kitchen & living area which enhance the open floorplan. Enjoy the large kitchen with stainless steel appliances and a ton of cabinet space. The master bedroom is spacious with dual closets. The secondary full bathroom includes a walk-in tub! The backyard is low maintenance with a large covered patio, a gardening bed and beautiful stone pathways. Call (970) 646-3035 to schedule a private tour or click here for more information.

Aaron Pearson | MLS# 978542

2518 Fairplay Drive is a large mid-1970’s contemporary, brick ranch-style home in the popular Park Hill subdivision with NO HOA. The home sits on a large, 8,300 SF lot with a large shed for extra storage. The main floor boasts beautiful hickory floors with three bedrooms and two baths, large living room, den, dining room and kitchen with breakfast nook area. The basement is just over 85% complete with a sizable family room, office space, and a third bathroom. Also included is a non-conforming bedroom that could be perfect as a workout area/gym, craft room or den. The crawl space has recently been fully encapsulated. This home’s classic structure and great bones are just waiting for new owners to bring their ideas. Brand new Navien boiler and tankless hot water system installed November 2022. Call (970) 691-0056 to schedule a private tour or click here for more information.

Meagan Griesel | MLS# 978343

Welcome home to 921 Emerald Drive, a real ‘gem’ right in the heart of Windsor and just minutes from the growing downtown, restaurants, schools, the new Future Legends sports complex and more! Be sure to check out this amazing opportunity to own a five bed, three bath ranch in Cornerstone subdivision with no metro district and a great chance to make this your own. The main level features a welcoming living room with a fireplace and hardwood floors throughout, a skylight and an open floor plan as well as three bedrooms two bathrooms and one of two laundry rooms. Step downstairs into the finished basement where you will find a spacious rec room, a bathroom, two additional bedrooms and a second laundry room (previously used for salon hair services). This home features great outdoor spaces with covered patios and sprinkler systems (already blown out for winter) in both the front and back! The front patio is ready for you to hang a nice front porch swing and the covered back patio ready for year-round enjoyment. Call (970) 497-9045 to schedule a private tour or click here for more information.

Meaghan Nicholl & Mike Halloran | MLS# 978854

227 Egyptian Court is a BEAUTIFULLY remodeled home in south Fort Collins! Upgrades throughout include full kitchen and bathroom upgrades, wood floors, and radiant heat in the master bathroom. Lighting and plumbing fixtures updated. Cozy living room with fireplace, and open floorplan. Grand two-story ceilings in the front family room welcome you to your own private sanctuary. The backyard is immaculately landscaped with private hot tub for relaxing. This gorgeous home is available for you to move into today! Call (970) 673-7285 to schedule a private tour or click here for more information.

Paul Hunter | MLS# 978846

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Bargaining Power

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Buyers (finally) have more bargaining power.  For many, many months sellers had the distinct upper-hand and commanded above-list price offers.  Bidding wars were the norm.  Buyers had virtually no negotiating power.The numbers show that the dynamic has absolutely changed.The ratio of the final sales price to the list price is now at 98.1%.From April 2020 to July 2022, the ratio was at or higher than 100%.The peak was in April 2022 at 104.3%.In the span of just a few months, sellers have gone from multiple, over-list price offers to expecting to come off their list price.

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Bargaining Power

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Buyers (finally) have more bargaining power.  For many, many months sellers had the distinct upper-hand and commanded above-list price offers.  Bidding wars were the norm.  Buyers had virtually no negotiating power.The numbers show that the dynamic has absolutely changed.The ratio of the final sales price to the list price is now at 98.1%.From April 2020 to July 2022, the ratio was at or higher than 100%.The peak was in April 2022 at 104.3%.In the span of just a few months, sellers have gone from multiple, over-list price offers to expecting to come off their list price.

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Inflation and Housing

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Yesterday’s Consumer Price Index report for October showed a lower-than-expected increase in inflation.  Many believe, based on the numbers, that inflation rates may have peaked.  Investors cheered and the stock market showed its biggest increase since bouncing back from the pandemic-caused bear market in 2020.So, what does yesterday’s news mean for housing in the short term?
  • Higher real estate consumer confidence as fears of inflation will likely subside and people will feel wealthier as their investment accounts rebound
  • Lower mortgage rates because they track the yield on the 10-year treasury which has fallen over 8% since Friday 
Yesterday’s news certainly is a positive for Front Range real estate.

The post Inflation and Housing appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Inflation and Housing

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Yesterday’s Consumer Price Index report for October showed a lower-than-expected increase in inflation.  Many believe, based on the numbers, that inflation rates may have peaked.  Investors cheered and the stock market showed its biggest increase since bouncing back from the pandemic-caused bear market in 2020.So, what does yesterday’s news mean for housing in the short term?
  • Higher real estate consumer confidence as fears of inflation will likely subside and people will feel wealthier as their investment accounts rebound
  • Lower mortgage rates because they track the yield on the 10-year treasury which has fallen over 8% since Friday 
Yesterday’s news certainly is a positive for Front Range real estate.

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A Numbers Game

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Here’s a fun fact. Generally speaking, a Seller should expect to have between 8 and 13 showings before receiving an offer.

The exact number of course depends on price point and location.

So, how quickly a property sells depends upon how quickly those showings are generated.

The old adage of ‘it’s just a numbers game’ is true.

A certain number of people need to look at a home before someone makes an offer.

If a home isn’t generating showings, it is usually because the property is priced too aggressively, isn’t being marketed professionally, or both.

For a Seller to have a property sell along the Front Range, their simple mission can be to generate 8 to 13 showings.

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