Equity Insights

The real estate research firm Core Logic just produced their latest Homeowner Equity Insights report.

 

 

 

 

 

 

 

 

 

 

Some interesting tidbits:

·         63% of all properties nationally have a mortgage

·         Homeowners with mortgages collective realized a $428 billion rise in equity over last year, an increase of 4.8%

·         Only 3.8% of all mortgaged properties have negative equity (where the loan is greater than the value of the home)

·         10 years ago 26% of all mortgaged properties had negative equity

 


If you want to see even more insights about the Colorado market so that you can make really good decisions about your real estate, you are welcome to watch this complimentary webinar, just click HERE.

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5 Deal Breakers That Can Blindside Home Buyers

 

Purchasing a home can be a complex endeavor for even the most well-prepared home buyer.  You’ve diligently saved for your down payment, followed the market, researched agents and now you are ready to make an offer on your dream home.  Don’t let these 5 “Deal Breakers” come between you and your new home.

 

    1. Big Purchases on Credit. It is tempting to buy the furniture for your new home or a new car for the garage before the sale closes. Take care if you are making these purchases on credit. Large purchases on credit can have a major impact on your credit profile which effects your mortgage application. It’s a better plan to wait until after closing or pay cash for these transactions or you may be putting that furniture in a different living room than you originally picked them out for.

 

    1. Overpaying. Before your bank will approve your mortgage they will appraise the home you are purchasing.  If they feel you are overpaying they are likely to decline your mortgage application. If you find yourself in this situation consult with your agent on renegotiating your offer to be more in line with the bank’s appraised value.

 

    1. Purchasing too close to Foreclosure. If you are making an offer on a house which is facing foreclosure be sure to have a closing date set before the foreclosure date. Have your agent work with the lender to structure closing before the house goes back to the bank and into foreclosure.

 

    1. IRS liens. You’ve heard the old saying “Death and Taxes”.  Back taxes and liens can derail your attempts to get financing for a mortgage so be sure to have your books in order before filing your loan application.

 

    1. Comprehensive Loss Underwriting Exchange (CLUE). CLUE is a database of insurance claims for both people and property.  Your home insurance rates are determined by the information about you and the property you plan to purchase which is contained in this report. Past claims for water damage, falling trees and even dog bites from present and past owners can multiply your insurance rates. Consult your agent about the CLUE report for your future home as soon as possible once your home purchase offer is accepted.

 

    When purchasing a home there will be challenges which you can plan for and the unexpected hurdles.  By educating yourself as a consumer and choosing a well trained real estate agent you can avoid many of the pitfalls of 21st century home ownership.

     

    What about you? Tell us if you have had any “deal breaker” experiences.

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    Reduced

    Some fascinating research from the Denver Metro Association of Realtors…

    37% of properties that sold last month along the Front Range had a price reduction at some point during the listing period.

    Property owners who have to reduce their price take an average of 58 days to receive an offer.

    Those who don’t have to reduce their price only take 13 days.

    This stat obviously speaks to the importance of pricing your property right on day one.

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    10 Tips to Minimize Stress When Selling Your Home

     

    When I was growing up, my family must have moved a dozen times. After the first few moves, we had it down to a science: timed out, scheduled, down to the last box. Despite our best efforts, plans would change, move-out and move-in days would shift, and the experience would stress the entire family out. Despite the stress, we always managed to settle in our new home and sell our old one before the start of school.

     

    With a lot of planning and scheduling, you can minimize the stress of selling your house and moving. Here are some tips:

    Plan Ahead

    Know when you want to be moved out and into your new home and have a backup plan in case it falls through. Before you sell your home, familiarize yourself with local and state laws about selling a home so you’re not caught by surprise if you forget something important.

    Lists and schedules are going to be your new best friend through the process. Have a timetable for when you want to sell your house when you have appraisers, realtors, movers, etc. over. Also, keep one for when your things need to be packed and when you need to be moved into the new place. I suggest keeping it on an Excel sheet so you can easily update it as the timeline changes (and it will – stuff happens).

    Use Resources

    First time selling a house? Check out some great resources on what you need to know. US News has excellent, step-by-step guides on what you need to know to sell. Appraisers and realtors can also be good resources, and since you’ll be working with them through the process, be sure to ask them questions or have them point you to resources.

    Appraisal

    Have your house appraised before you sell so you know your budget for your new home. This will help you look for an affordable home that meets your family’s needs. It will also help you maximize the amount you can receive for your old home. You can also learn useful information from an appraisal, such as which repairs need to be made, if any.

    Repairs

    Does your house need repairs before you move? If so, figure out whether you’ll be covering them, or whether your buyers will (this will be a part of price negotiations, so factor it in with your home budget). Will you need to make repairs in your new house, or will that be covered? Either way, make sure you know which repairs need to be made – and either be upfront with buyers about them or make them before you sell.

    Prepare to Move

    If you’re moving to a new town or a new state, you need to prepare more than just a new home. Research doctors and dentists, places to eat, and what to do for fun. If you have school-aged children, look at the local school district or private school options – not only to learn how to enroll your kids, but also to get a feel for the school culture, see what extracurricular activities your kids can do, what standards/learning methods your kids’ new school will implement, etc.

    Packing

    Think: how soon are you moving, what will you need to use before you move, what can get boxed and what needs to stay out?  The sooner you’re moving out, the sooner you need to pack, but if you have time, just take a day per weekend to organize a room, pack what you want to take and arrange to donate what you want to get rid of.

    Downsizing

    Moves are a great time to purge old, unwanted and unused stuff from your home. Sometimes, it’s necessary if you’re moving into a smaller space. Either way, as you pack each room, think about whether you use what you’re packing to take with you. If you do, pack it to go. If not, put it in a separate box to go to your local donations place. You can also call some organizations to have your unwanted things picked up, no hassle.

    If You Have Kids

    Moving with kids can be extra stressful. Be sure to include them in the process. This is a wonderful opportunity to teach younger children about moving and prepare them for the changes it brings. Older children can help out with responsibilities, like packing their room or researching their new town.

    Your New Place

    Moving into a new place takes some planning as well. Once you’ve bought your new home or condo, design at least a basic outline for where your stuff will be set up. Make necessary repairs and decorate (painting, for example) before you unpack. Ideally, you should have some time to do these things before, but if you don’t, don’t be in a hurry to unpack everything – it can be a hassle to paint if you have all your furniture and bookshelves up!

    Staying In Touch and Making New Friends

    Finally, moving can mean good-byes with family and/or friends. Social media is a great way to keep in touch with people after you’ve moved, but distance can still weaken these old relationships. Make some time to call or message your old friends to keep in touch. Pair that work with a concerted effort to meet new people. See what hobbies or groups are in your new area and start there. It doesn’t seem like a lot, but it can make your new house a home and make your new town a community you can enjoy.

    The post 10 Tips to Minimize Stress When Selling Your Home appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

    Big Bounce

    Seventy-five major metro markets have seen home prices bounce back to above their pre-recession peaks.

    Metro Denver has seen the biggest bounce with home values 91% above its previous high in 2007 , according to the Home Price Recovery Index from HSH.com.

    “Aside from routinely strong home price appreciation, it’s important to know that the Denver metro’s housing ‘bust’ in 2008 was relatively short and shallow,” said Keith Gumbinger, the report’s author.

    The peak-to-trough for home values was only three years long and the total decline in value was just under 8 percent in Metro Denver, he said.

    By contrast, a half-dozen large metros have seen home prices more than double from their lows and still not reach the old highs. On that list are Las Vegas, Sacramento, Calif, and Cape Coral, Fla.

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    Windermere is Now on 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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    You’ve Moved into Your New Home. Now What?

    Congratulations on your new home! You made it through the arduous process that is buying a new home. Now it’s time to take on the task of moving in.

    You did your research about the neighborhood and you feel like you know the home like the back of your hand. However, there are some things to do as you move in to protect your newest investment, and yourself, from the unknown variables in and around your home.

     

    Change the locks garage door codes

    Previous owners might have changed the locks, but they may not know who all has a key or a code to open your garage, especially neighbors who they trusted to watch their place while they were away. Changing the codes and locks on all the doors ensures that you have complete control over entry to your home

     

    Check or Install Fire and Carbon Monoxide Detectors

    If the home already has fire and carbon monoxide devices, make sure they are in working order by testing each one with the tester button. Keep a note of when to replace them as well.

    If they don’t have them, install a device in each sleeping room, as well as common areas like the living room or kitchen. Hallways are a great place to cover multiple rooms with one detector as well.

     

    Install a security system

    Enjoy total peace of mind with a new security system. Meet with a consultant on the best ways to protect your home for a system that works best for you and your lifestyle.

    There are also app-connected systems that you can set up yourself that notify you of movement on the cameras or doors and windows opening.

     

    Meet the neighbors

    Build a sense of community and get to know the lay of the land by knocking on neighbors’ doors to get to know them. Bring a small gift as a “thank you” for dealing with the moving trucks. This is a great initial step for figuring out who you can trust to watch things while you’re away should you need a helping hand in the near future.

     

    These are just a few ideas on what you should do as soon as you move in. What are some things you do, or suggest to friends and clients on move-in day?

    The post You’ve Moved into Your New Home. Now What? appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

    Rate Bounce

    Rates hit near-historic lows this week and are now at 3.49% for a 30-year mortgage.

    There have only been two other times in history when rates have been this low- April 2013 and October 2016.

    It’s interesting to see what happened soon after bottoming out these last two times.

    In April of 2013 rates hit 3.41%. By August 2013 they had jumped to 4.40%.

    Rates bottomed again in October 2016 at 3.42%. Just two months later in December 2016 they were 4.32%.

    Each time the increase was nearly 1% within just a few months.

    So, if history proves itself as a guide, we can’t expect these rates to last for long.

    The post Rate Bounce appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

    Windermere Living Fall Issue

    Dear Readers,

    Welcome to the fall issue of Windermere Living! Are you a foodie who loves to travel? Inside this issue is an article about interesting destinations where you can enjoy edible, immersive experiences like making your own coffee on the Kona coast of Hawaii, or diving for clams in Cabo and cooking them with an executive chef.

    If you’ve ever undergone a major home remodel, you know all too well how important it is to partner with the right architect. We explore that topic in this issue, along with some pro tips on how to match yourself up with the perfect architect for your project, a process that isn’t that different from dating.

    Last but not least, there are more than 70 pages filled with homes for sale throughout the Western U.S. Whether you’re in the market for a country farmhouse or a high-rise condo, there’s a little something for everyone.

    This is just a sampling of what you’ll find in this issue of Windermere Living; we hope you enjoy it!

    Read the Fall Issue of Windermere Living.

    The post Windermere Living Fall Issue appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

    Ranked!

    The latest report from the Federal Housing Finance Authority is hot off the press. They rank 241 major metropolitan areas across the U.S. for yearly home price appreciation.

    They show that, nationally, home prices have gone up 4.99% over the last 12 months.
    Here’s how the major cities rank in Colorado among the 241:
     
    #22 Greeley = 7.94%
    #27 Colorado Springs = 7.64%
    #63 Fort Collins = 6.34%
    #133 Denver = 4.83%
    #188 Boulder = 3.41%
     
    ** Interesting fun fact: In the WORST economy of our lifetime (2008 recession), home appreciation in Fort Collins only went down 2.2%. Compare that to places like Las Vegas that went down by over 35%! Now that’s a stable economy.**

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