Re Bubble

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Bubble

 

The activity in the Front Range market is causing us to hear the bubble question again.

People are curious to know, based on recent growth in price appreciation, if we are in a housing bubble.

This question seems to crop up when prices go up.

While we do not believe that the current double-digit price appreciation is sustainable, we firmly believe we will not see prices crash or see any kind of a bubble bursting.

Here’s why we think that…

This past Tuesday we hosted a private online event for our clients which featured our Chief Economist Matthew Gardner.

Matthew is well-known and well-respected in the industry.  He is often quoted in leading real estate publications.

He sees four reasons why there is no real estate bubble that is about to pop in Colorado.

  1. Inventory is (incredibly) low.  The number of homes for sale is down over 40% compared to last year.  The market is drastically under-supplied.  Based on simple economic principles of supply and demand, inventory would need to grow significantly for prices to drop.
  2. Buyers’ credit scores are very high.  The average credit score for buyers last month, for example was 759.  So, by definition, average buyers today have excellent credit which means there is low risk of them walking away from their mortgage and causing a foreclosure crisis.
  3. Buyers have high down payments.  On average, buyers are putting 18% down on their purchases.  This means that prices would need to fall by a considerable amount in order for the average buyer to be ‘upside down’ on their mortgage.
  4. Owners are equity rich.  Well over a third of property owners along the Front Range have more than 50% equity in their homes.  This means that a severe economic downturn causing a slew of distressed properties to hit the market is highly unlikely.

Bottom line, as Matthew Gardner reminded us, what we are experiencing in the economy today is a health crisis not a housing crisis.

If you would like a recording of the private webinar we would be happy to send it to you.  Just reach out and let us know.

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Our Commitment to Change: A Message to Our Community

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For nearly 50 years Windermere has been deeply rooted in the communities where we do business. However, the resurgence of the Black Lives Matter movement has made us realize that our roots don’t extend as deep as we thought. It also made us realize that over the decades, the real estate industry has played a significant role in exacerbating systemic racism through redlining and steering, which has prevented many members of historically marginalized communities from building wealth through homeownership.
This summer, we began a robust diversity, equity, and inclusion journey supported by an organization called Moving Beyond that specializes in helping companies integrate and operationalize DEI. Next, we formed two internal workgroups, with a diverse makeup of Windermere franchise owners, managers, agents, and staff to guide and implement DEI efforts across our 10-state organization.
Following three months of collective conversations, we have identified several short- and long-term initiatives on which to focus – all with the aim of building a diverse organization that fosters a sense of belonging and provides equal opportunity across all aspects of homeownership for people of color. Some of these activities can be acted upon right away, as we develop a long-term strategic direction for our DEI efforts.
We’re committed and in it for the long haul, and believe transparency is a critical part of this journey, so here is an update about our goals and progress thus far:
● In August, we conducted an internal survey among our owners, managers, and staff, to create a benchmark of where we are as a company and help guide the direction that we need to take to advance our DEI initiatives. An agent survey is forthcoming in 2021.
● We are producing informational content related to CC&Rs to educate homeowners on how to remove racially restrictive language from their title reports in the 10 states where Windermere operates.
● We are working with an advertising agency that specializes in inclusive and future-forward marketing to evaluate our digital marketing products through a DEI lens.
● We have designated funds for a scholarship program that invests in people of color who want to work in real estate, and are designing training and mentoring programs to aid in their success.
● We are building internal DEI training and development programs, starting with franchise owners, managers, and staff, with plans to expand to agents in 2021.
● We are analyzing our hiring processes to ensure broader representation by people of color.
● We’re generating insights from all these efforts to help us develop a set of thematic pillars to guide our DEI goals and strategy over the long term.
● We’re planning on listening sessions this fall for the Windermere community to continue to have input in this process.
This is just the beginning of what we know will be a long-term journey of awareness and accountability. We are focused and determined to do our part to address discrimination, racism, and inequity within Windermere and the real estate industry. Our efforts stem from the recognition that there is a long history of housing discrimination in the United States and that the inequality in homeownership has deepened the racial divide. Through our work, we hope to play a role in finding ways to correct these inequalities. We realize we were late to this movement and should’ve spoken up sooner, but our eyes are open, and we are committed to leading the way towards positive change from here on out.

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Location, Location, Location!

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Ride your bike to work or school from this amazing location near the Spring Creek Trail! 1748 Springmeadows Court Unit B is a condo with large bedrooms, extra storage, and has a private front and back patio for entertaining, or relaxing. Exposed beams in the living room and bedrooms, with tall ceilings adds charm to this cozy condo! New hot water heater 9/2020. A rare opportunity to own a home under $250,000 in Fort Collins! Close to shopping, the Max bus system, Mallard’s Nest Natural Area, CSU, and I-25. This home has had a pre-inspection for the buyer’s peace of mind! Contact Tammy Fisher at (970) 218-3383 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/116008332

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Windermere is Now on Spotify!

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Spotify

Americans spend about 32 hours a week listening to music, and for Millennials that number is even higher. Since so many activities connected to our homes are enhanced by music, we want to fuel the joy and memories of those experiences through home-inspired playlists on our very own Spotify channel.

Check out Windermere’s new Spotify channel where you can find playlists for every aspect of what it means to be home. Cleaning house? Check. Hosting a dinner party? Check. Chilling on the front porch? We have tunes for that too, and more. We invite you to follow, share, and enjoy!

Start following the Windermere Spotify channel today!

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Timnath Ranch Beauty

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5960 Quarry St is a stunning four-bedroom ranch-style home on green space in the coveted Summerfields at Timnath Ranch neighborhood! Featuring a wide-open floor plan with tons of natural light – your new home boasts hardwood floors and classy finishes throughout, to include custom bookshelves and a decorative fireplace. Sprawling kitchen with granite countertops, stainless appliances and plenty of storage. Large 5-piece master suite with walk-in closet and direct access to the laundry room. The beautifully finished basement includes additional bedrooms, office, theatre room (currently used as a play space), a wet bar and more storage. New exterior paint with warranty. Great outdoor living space with patio and free-standing fireplace. Close to the community pool, clubhouse and exercise facility. Poudre School District. An amazing home and terrific value! Contact Jon Holsten at (970) 237-2752 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/116021212

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Stat of the Month

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Wooden Bridge Through Autumn Woods

We just completed a review of the September numbers in our market.

Here is the one number that is standing out to us – average price.

Prices are way up over last year.  Here are the specific average price increases in each of our markets compared to September 2019:

  • Metro Denver = 13.2%
  • Larimer County = 16.9%
  • Weld County = 7.4%

This change in prices has of course generated questions from our clients.

To help our clients answer questions about prices and other real estate topics, we have set up a private online event with our Chief Economist Matthew Gardner.

The event is set for Tuesday from 9:00 to 10:00.

Simply reach out to any Windermere broker to receive your registration link.

Matthew will be addressing these questions as well as many others:

  • What effect will the election have on the economy and on real estate?
  • How long can interest rates stay this low?
  • Can prices keep appreciating at their current pace?

This online event is for the clients and friends of Windermere.  If you would like to register, please connect with your Windermere broker.

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High Plains Village Beauty!

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Come see 4176 Lost Canyon Drive, an extremely rare find in the highly sought-after High Plains Village in Loveland, CO. What really sets this unique home apart from the others is the separate carriage house that has been rented for the past 5 years with 0% vacancy. Supplement your mortgage with the extra $1,150 that the apartment brings in every month or live in the apartment and rent the home out for $2,000 a month. Low maintenance xeriscaped yard. New exterior paint, flooring, and SS appliances. 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/115846947

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Economic Update with Matthew Gardner

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Event Invitation

Exclusive Invitation!!!

Tune in on Tuesday, October 6, 2020 at 9:00am to meet with Matthew Gardner, Windermere Real Estate’s Chief Economist LIVE and get your chance to ask him questions. He’ll be discussing the housing market, employment and the effects of COVID-19 on the local and national economy.

As one of the only real estate companies in the US that has a Chief Economist on staff, we have exclusive insights into the housing market, economy and government happenings. This is a one of a kind event for clients and friends of Windermere Real Estate in Colorado.

To sign up, please contact your Windermere Agent or message us to get the link. Seating is limited in digital meeting room so get your seat!

(If you can’t attend live, you can register to automatically get the recording.)

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Downtown Duplex!

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DUPLEX!! So many options! 500 S Whitcomb St legal, conforming over/under duplex has Old Town charm yet is fully updated. New interior/exterior paint, rewired & replumbed in 2010, updated baths in both units, gorgeous wood floors and tile on main, engineered wood floors and tile in lower level. This open floor plan also has a separate entrance to the lower unit with a spacious eat-in kitchen & large bonus room. Perfect for a business upstairs with a rental below, rent both levels or single family. The address for the second unit is 521 Mulberry St. Fort Collins. Each unit is metered separately. Contact Alexis Foster at (970) 310-6999 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/115751386

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Heart of Downtown Boulder!

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Don’t miss out on this opportunity to own a true two-bedroom condo unit in the heart of Downtown Boulder. 1360 Walnut St. Unit 310 is two blocks from the Pearl St. Mall and about a mile to CU campus. Condo features bamboo flooring throughout the unit along with an open kitchen with SS appliances, perfect for entertaining. You will also find cherry cabinets and built-in entertainment center with gas fireplace. One car underground parking and private storage unit included. Private balcony with side view of the foothills finish off this space. Schedule your showing today, you will not be disappointed. Contact Greg Rittner at (970) 682-3050 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/115046138

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