Colorado Real Estate Market Update

/in , , , , , , , , /by

Posted in Colorado Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate 

 

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park counties) is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

Colorado’s economy continues to grow with the addition of 44,800 new non-agricultural jobs over the past 12 months. This represents a reasonable growth rate of 1.7%. As stated in last quarter’s Gardner Report, we continue to see a modest slowdown in employment gains, but that’s to be expected at this stage of the business cycle. I predict that employment growth in Colorado will pick back up as we move through the year, adding a total of 70,000 new jobs in 2019, which represents a growth rate of 2.6%.

In February, the state unemployment rate was 3.7%, up from 2.9% a year ago. The increase is essentially due to labor force growth, which rose by more than 84,000 people over the past year. On a seasonally adjusted basis, unemployment rates in all the markets contained in this report haven’t moved much in the past year, but Boulder saw a modest drop (2.7%), and the balance of the state either remained at the same level as a year ago or rose very modestly.

 

HOME SALES

  • In the first quarter of 2019, 11,164 homes sold — a drop of 3% compared to the first quarter of 2018 and down 13.5% from the fourth quarter of last year. Pending sales in the quarter were a mixed bag. Five counties saw an increase, but five showed signs of slowing.
  • The only market that had sales growth was Adams, which rose 4.9%. The rest of the counties contained in this report saw sales decline, with a significant drop in the small Park County area.
  • I believe the drop in the number of home sales is partially due to the significant increase in listings (+45.6%), which has given would-be home buyers more choice and less need to act quickly.
  • As mentioned above, inventory growth in the quarter was significant, but I continue to believe that the market will see sales rise. I expect the second half of the year to perform better than the first.

 

 

HOME PRICES

  • Home prices continue to trend higher, but the rate of growth is tapering. The average home price in the region rose just 2.1% year-over-year to $456,243. Home prices were .3% higher than in the fourth quarter of 2018.
  • I anticipate that the drop in interest rates early in the year will likely get more buyers off the fence and this will allow prices to rise.
  • Appreciation was again strongest in Park County, where prices rose 21.9%. We still attribute this rapid increase to it being a small market. Only Clear Creek County experienced a drop in average home price. Similar to Park County, this is due to it being a very small market, making it more prone to significant swings.
  • Affordability remains an issue in many Colorado markets but that may be offset by the drop in interest rates.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in Colorado rose five days compared to the first quarter of 2018.
  • The amount of time it took to sell a home dropped in two counties — Gilpin and Park — compared to the first quarter of 2018. The rest of the counties in this report saw days-on-market rise modestly with the exception of the small Clear Creek market, which rose by 26 days.
  • In the first quarter of 2019, it took an average of 42 days to sell a home in the region, an increase of four days compared to the final quarter of 2018.
  • Job growth drives housing demand, but buyers are faced with more choice and are far less frantic than they were over the past few years. That said, I anticipate the late spring will bring more activity and sales.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the first quarter of 2019, I have moved the needle a little more in favor of buyers. I am watching listing activity closely to see if we get any major bumps above the traditional increase because that may further slow home price growth; however, the trend for 2019 will continue towards a more balanced market.

 

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Colorado Real Estate Market Update appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Colorado Real Estate Market Update

/in , , , , , , , , , /by

 

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park Counties) is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

The Colorado economy continues to grow, adding 69,100 new non-agricultural jobs over the past 12 months, which represents a solid growth rate of 2.6%. That said, we are continuing to see a modest slowdown in employment gains, but that is to be expected at this stage of the business cycle. My latest forecast suggests that Colorado will add a total of 65,000 new jobs in 2019, representing a growth rate of 2.3%.
In November, the state unemployment rate was 3.3%, up from 3% a year ago. The increase is essentially due to an increase in the labor force, which rose by 77,279 people. On an un-seasonally adjusted basis, unemployment rates in all the markets contained in this report dropped between November 2017 and November 2018. The highest rate was in Grand Junction, but that was still a very respectable 4%. Fort Collins and Boulder had the lowest unemployment rate of 2.9%. All the regions contained in this report are essentially at full employment.

 

HOME SALES ACTIVITY

  • In the fourth quarter of 2018, 12,911 homes sold — a drop of 13.8% compared to the last quarter of 2017 and down 22% from the third quarter.​
  • The only market that saw growth in sales was Clear Creek, which rose by 3.8%. This is a small market, however, and is prone to rapid swings in price as well as sales. There was a significant drop in sales in the Denver market. I will be watching closely to see if this is an anomaly or a longer-term trend. At this time, I believe the former to be true.​
  • Interestingly, this decline in sales in Denver came as inventory levels rose by 37%. For now, I attribute this to seasonality and expect to see sales growth return in the spring.
  • Inventory growth continues to give buyers more choice, allowing them to be far more selective — and patient — before making an offer on a home. That said, well-positioned and well-priced homes are selling relatively quickly.

 

 

HOME PRICES

  • Despite the rapid rise in listings and slowing home sales, prices continue to trend higher, though the rate of growth is slowing. The average home price in the region rose 6% year-over-year to $454,903. Home prices were 2% higher than in the third quarter.
  • In all, the data was not very surprising. As with many markets across the country, affordability is starting to become an issue. However, the recent drop in interest rates likely stimulated buyers at the end of 2018 and I expect to see good price growth in the first quarter of 2019.
  • Appreciation was strongest in Park County, where prices rose 28.2%. We can attribute this rapid increase to it being a small market. Only Gilpin County saw a drop in average home price. Though this, too, is due to it being a very small market, making it more prone to significant swings.
  • As mentioned, affordability is becoming an issue in many Colorado markets and I anticipate that we will see some cooling in home price appreciation as we move through late 2019.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in Colorado rose by one day compared to the final quarter of 2017.
  • The amount of time it took to sell a home dropped in four counties: Boulder, Larimer, Gilpin, and Park. The rest of the counties in this report saw days on market rise relatively modestly with the exception of the small Clear Creek market, which rose by 20 days.
  • In the fourth quarter of 2018, it took an average of 38 days to sell a home in the region, but it took less than a month to sell a home in five of the eleven counties contained in this report.
  • Housing demand is still there, but buyers appear to have taken a little breather. I anticipate, however, that the spring will bring more activity and rising sales.

 

 

CONCLUSIONS

The speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the fourth quarter of 2018, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I will be closely watching listing activity in the spring to see if we get any major bumps above the traditional increase because that may further slow home price growth — something that would-be buyers appear to be waiting for.

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governor’s Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Colorado Real Estate Market Update appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

What You Need To Know About Buying a Bank Owned Home

/in , , , , , , , , , /by

SalePriceRecently, news about how to purchase a real-estate owned (REO/bank owned) home, foreclosure property or short sale is everywhere. Bank owned homes are sold directly from the lender after the foreclosure process is complete, and while you may save quite a bit of money by choosing to go for this type of home, it is not without trials and tribulations. The process of purchasing a home directly from a lender can be long and arduous, but could very well be worth it in the end.
If you have your sights on a particular home or are looking to find a deal on your first, working directly with the lender may be your only option. Purchasing a bank owned home is not for the faint of heart, here are some tips for negotiating the REO process:

1. Be prepared: The condition of bank owned properties is usually poor and hard to show. Past owners may have left angry and left the home in bad condition with foul smells, missing appliances, wires taken from breakers, gas fireplaces gone, even bathrooms without toilets and sinks.

2. Understand the costs: Maintenance or repairs may be necessary, since these homes have been vacant for an unknown period of time–sometimes months or years. Keep in mind, when they were occupied the owners could have been under a financial hardship, preventing them from doing regular seasonal care or repairs when needed. Remember as well that the bank is trying to sell the house immediately, so you will receive a financial break in the price rather than a willingness to negotiate on the maintenance and repair issues.

3. Accept the unknown: In traditional real estate transactions, homeowners fill out Form 17 regarding important information about the history of the house. A bank owned home is either exempt or marked with “I don’t know” throughout the document. Not having the accuracy of this 5 page disclosure form could leave you with a lot of unanswered questions on the history of the home.

4. Know what is non-negotiable: The pricing on the house may not get much lower. Some of these properties can be “a dream come true” if you get them at an amazing price, or they could be your worst nightmare. Do your due diligence researching any property, and conduct all necessary inspections to safeguard yourself. Some major repairs may be negotiable, but will likely not reduce the home price.

5. Make a clean offer: The higher the price you can offer, the better. Include your earnest money, keep contingencies to a minimum, and suggest a reasonable closing date. The simpler your offer is, the higher chance you have of the bank accepting your offer or countering in a reasonable time period.

6. Be patient: Consult with a professional who handles bank owned home purchases to help you negotiate the pathway to homeownership. The process of purchasing a bank owned, foreclosed or short-sale home is typically longer than a typical real estate sale.

What do you want to know about purchasing bank owned, foreclosure and short-sale properties?

Tonya Brobeck is a Broker at Windermere Lake Stevens. She has a total of 17 years combined residential real estate and worldwide resort sales & marketing experience.

The post What You Need To Know About Buying a Bank Owned Home appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Weatherizing your home: protecting your investment through the harsh winter months

/in , , , , , , , , , , , , , , , , , , , , , , /by

Posted in Living by Windermere Guest Author 

200133977-001It seems the winter is settling in early through much of the West Coast this year, with October frost and early winter warnings. Last week The Seattle Times reported, “This year will bring the most intense La Niña conditions since 1955 … Meteorologists say more rain, colder temperatures and bigger snowstorms are likely.” Whether the meteorologists are right this year or not, now is the time to do some home repair so you can enjoy the winter inside your warm house.

Weatherizing your home should be more than just packing in your patio furniture, checking your furnace and cleaning out your rain gutters, though these make a big difference in preparing your home and avoiding December disasters. Weatherizing your home–especially in light of harsh warnings–will protect your investment from preventable damage, save money on energy costs and, most importantly, keep your home safe and warm for you and your loved ones throughout the winter season. Here is a useful checklist to manage your weatherization project.

Getting started: Check your toolbox to make sure you have all the materials you need for home maintenance in one place. This NY Times article provides a good list of the tools you’ll really need to maintain your home. After your toolbox is put together, you can confidently begin the maintenance on your home.

Insulation: According to the Sustainable Energy Info Fact Sheet “Insulating a home can save 45-55% of heating and cooling energy”. For the best results, your home should be properly insulated from the ceilings to the basement. However, if insulating your complete home is not in your budget, the U.S. Department of Energy states, “one of the most cost-effective ways to make your home more comfortable year-round is to add insulation to your attic.” By starting in your attic and progressively adding insulation to other areas of your home over time, you will avoid spending a large sum of money up-front.

Cracks & Leaks: Do a run-through of your entire house for cracks and leaks, from your roof to your baseboards. Winter weather is unpredictable. Whether your area gets rain, wind or snow, cracks in your house can lead to cold drafts or leaks that cause water damage. Do-it-Yourself.com reports, “The average house, even when well-insulated, contains cracks and gaps between building materials that add up to a hole about 14 inches square. All year long, a leaky house not only wastes energy, but can lead to water damage and provide a path for insects”.  Depending on your house type, most cracks can be easily filled with supplies from your local hardware store in a do-it-yourself fashion. Use caulk to seal any cracks in the permanent building materials.

Windows & Doors: Another common place for heat leakage is in your windows and exterior doorways. Make sure seals are tight and no leaks exist. If you have storm windows, make sure you put them on before the cold season begins. This 5 minute video, How to Caulk Windows & Doors, demonstrates how to find leaks, pick the correct tools to use, and fill in the leaks. Don’t underestimate the difference some weather strips and a door sweep can provide in preventing drafts and keeping the heat in.

Rain Gutters: Clean your rain gutters of any debris. Buildup will cause gutters to freeze with ice, crack and then leak. Once you have removed the residue from the drains, test them by running hose water to make sure cracks and leaks have not already formed.

Pipes: Pipes are a number one risk in winter climates. A burst pipe can become a winter disaster in a matter of seconds. Remember to turn off your exterior water source and take in your hose. Internally, wrapping your pipes is a recommended precaution to take. This article from Insights, Natural Hazard Mitigation advises, “Vulnerable pipes that are accessible should be fitted with insulated sleeves or wrappings, the more insulation the better”.

Heating System: What is one thing gas fireplaces, wood burning stoves, and central air heating systems all have in common? They all need to be cleaned and maintained. Check and clean your indoor heating system thoroughly. This is important to avoid dangers such as house fires. If you use an old fashioned wood stove, make sure there is no leaks and that all soot build up or nests are removed. If a furnace is what you have remember to change the filters as recommended or clean out your reusable filters.

Fireplace & Wood burning stoves: Make sure to have chimneys and air vents cleaned early in the season if you are planning on warming your home with a wood-burning source. When your fireplace is not in use make sure to close the damper, some resources estimate an open damper can increase energy consumption as much as 30%.

Outside: As we mentioned before make sure you bring your patio furniture inside (or cover) for the winter- but don’t forget other, smaller items such as your tools, including a hose and small planting pot. These items can be damaged or broken in extreme cold. Clear out any piles around the side of your house, checking for cracks as you go so to avoid providing shelter for unwelcomed guests over the cold season.

If your property has large trees check for loose branches and call someone to trim back any items that may fall in your yard, on your roof or even damage a window.

Emergency Kit: Make sure your emergency kit is up-to-date with provisions, batteries, fresh water, food for animals, entertainment for kids, etc- especially if you live in an area prone to power outages.

When it comes to protecting our investments and our families’ safety “an ounce of prevention is worth a pound of cure” is a good philosophy. Your winter preparedness plan will fit your property, schedule and needs. What are some tips you have for preparing for winter? What are some of your favorite activities to do at home over the winter while weathering out a storm?

By Brittany Lockwood

You may know Brittany as the helpful voice behind the Marketing Solutions Help Desk. She grew up in Cheney, Washington so she knows a thing or two about harsh winters.

The post Weatherizing your home: protecting your investment through the harsh winter months appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Open Your Home With the Right Tone and a Welcome Mat

/in , , , , , , , , , , , /by

Posted in Living by John Trupin 

Right before the guests ring the doorbell or give the front door an old-fashioned knock, they step on your welcome mat. This mat serves two purposes: catching debris and adding style. Here are some ideas for how to give this entry detail a refresh.

 

Welcome Mat 1: Caela McKeever, original photo on Houzz

 

Say Hello

A lettered mat can help you say exactly what you want to say when someone comes to your door. Obviously, nothing says hello more than the word “hello.”

The simple greeting might also draw visitors’ eyes to the ground and remind them to take off their shoes before they step inside.

 

Coordinate Colors

If you have a colorful front door, use that as doormat inspiration. If your door lacks color, maybe it’s time to paint it.

Door paint: Scarlet Ribbons, Dulux

 

Welcome Mat 2: Zack | de Vito Architecture + Construction

 

The whole mat doesn’t need to match the door. This striped mat draws on other colors found on the home’s exterior.

 

Welcome Mat 3: Rustic Porch, original photo

 

Think Outside the Rectangle

Many front doors feature rectangular doormats, but other options exist. The semicircle mat in the photo works nicely with the rustic rockers, porch swing, and shutters.

 

Welcome Mat 4: Garrison Hullinger Interior Design Inc.

 

Roll Out a Rug

A big, bold rug in front of the door adds color and life to this home’s entry, designed by Garrison Hullinger.

A large porch rug can also make the space feel like another room of the house. If you add a few chairs, people can stop, relax, and enjoy the outdoors. Plus, more rug means more chances for it to pick up any water or dirt from the shoes of incoming guests.

 

Welcome Mat 5: Seattle Staged to Sell and Design LLC

 

Keep It Natural

If the entry is already bursting with details, such as eye-catching hardware and light fixtures, a neutral mat will help keep the attention on them. Natural doesn’t have to mean boring.

 

Welcome Mat 6: Grandin Road, original photo on Houzz

 

Personalize the Space

This contemporary monogrammed mat is hard to miss. “Don’t be afraid to choose a doormat with personality, says Kate Beebe of Grandin Road. “Work some wit and whimsy into your entrance, and choose something that will put a smile on your guests’ faces.”

She also recommends picking a mat that covers at least three-quarters of the entrance’s width and allows the door to open easily.

 

Change With the Seasons

While you are changing the front porch decor, swap a plain doormat for a festive option.After the holidays, clean off your seasonal doormat and store it until the following year.

 

Make It Feel Like Home

Doormat options are pretty much endless, so it shouldn’t be hard to find one that works for you.

The post Open Your Home With the Right Tone and a Welcome Mat appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Beautiful Inside & Out – Timber Interiors for a Timber Frame Home

/in , , , , , , , , , , , , , , , , , /by

Posted in Living by Guest Author 

Photo Credit: Hamill Creek

 

A home that exudes beauty from the inside and the outside is also a true reflection of its owner. Today, homes are not just mere living spaces that are filled up with furniture – every home has a character, design theme, and personality of its own, characterized largely by the material used to build it, the color scheme on the inside and outside, and also the accents and hues of every element that goes into it.

 

One such building material is Timber, which truly brings out the class and beauty in a home. Timber frame houses have many positive attributes to them and are rightfully becoming one of the most popular choices for home building material. Let’s look at some of the pros of using timber for your home:

 

  1. Look and feel

Timber is one of the classiest looking building materials, with a sleek finish and a light but sturdy build. Timber, being a natural material, also has a natural feel to it, of course without compromising on reliability. Timber both on the inside and the outside looks amazing and is also quite easy to work with in terms of designing and color palettes. Timber comes in a number of finishes and colors. You could go for a smooth and sleek finish it even a textured look for a more rustic feel. There’s also distressed timber which gives a home a vintage and retro look and comes in a darker shade.

  1. Heat and cold

Timber framing and construction allows you to enjoy the benefits of its insulating properties. Not just that, it also retains heat and maintains a conducive temperature and atmosphere inside the home. Timber is one of those materials that would sustain you in both hot and cold climatic conditions, and you wouldn’t have to spend too much on HVAC solutions either.

  1. Longevity and ease of use

Timber is surely one of the most durable materials for constructing a home, especially the new age timber frames which go through special treatment to make the material is stronger, more resistant and also durable. The best part is that timber is also such an easy and convenient material to work with. The build time for a timber frame home is significantly lesser than most other traditional materials. Erecting a timber frame home can be done with ease, and it also does not require any extensive concrete footings, hence the quickness of construction.

  1. Versatility outdoors and indoors

There are umpteen options for you to choose from, where timber can be used to add-on to the beauty of your home both internally and externally. Outdoor kitchens, pergolas, gazebos, picnic shelters, covered decks, bridges and so much more can be done to the external area of your home.

 

 

For the interiors as well, timber can be used for frame accents, staircases, and beautiful railings, and complete timber frame kits and packages come with everything you’d need, including door, window, roof and wall enclosure systems that provide the support your timber frame home needs. Imagine a spacious timber frame home with an open, gourmet kitchen and a dramatic winding staircase? Or even floor to ceiling windows that allow ample natural light to encompass the home. All of this and more is very much possible with timber as the main material.

 

  1. Space utilization

 

Want to make the most of every inch of space you have for your home? Timber framing is one of the best ways to do this! A timber frame floor plan is so flexible and dynamic, and you can add absolutely anything you want, as long as you include it into the final plan. Want to add an extra room? Opt for bigger doors and windows? Or maybe use the extra roof space to create a handy loft? All of this and more is quite easy to do with a timber frame home, and that’s what makes your home uniquely yours in both design and functionality.
Bottom Line
Costs are usually a concern while building a new home or re-doing an existing one, but timber is one material that gives you total value for the money you spend. A regular brick and mortar home is expensive as is and doesn’t provide you with any additional benefits. Timber, on the other hand, gives you all the above-mentioned benefits and more, so in terms of cost to value ratio, is a much smarter and more sensible option to go for. So, to create a uniform look and feel both inside and outside, timber is the ideal material to bring out the true beauty of your abode!

 

Our Guest Author is Tyler of Hamill Creek Timber Homes.

The post Beautiful Inside & Out – Timber Interiors for a Timber Frame Home appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Colorado Real Estate Market Update

/in , , , /by

Posted in Colorado Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate 

 

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park Counties) is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

The Colorado economy continues to grow, adding 69,100 new non-agricultural jobs over the past 12 months, which represents a solid growth rate of 2.6%. That said, we are continuing to see a modest slowdown in employment gains, but that is to be expected at this stage of the business cycle. My latest forecast suggests that Colorado will add a total of 65,000 new jobs in 2019, representing a growth rate of 2.3%.
In November, the state unemployment rate was 3.3%, up from 3% a year ago. The increase is essentially due to an increase in the labor force, which rose by 77,279 people. On an un-seasonally adjusted basis, unemployment rates in all the markets contained in this report dropped between November 2017 and November 2018. The highest rate was in Grand Junction, but that was still a very respectable 4%. Fort Collins and Boulder had the lowest unemployment rate of 2.9%. All the regions contained in this report are essentially at full employment.

 

HOME SALES ACTIVITY

  • In the fourth quarter of 2018, 12,911 homes sold — a drop of 13.8% compared to the last quarter of 2017 and down 22% from the third quarter.​
  • The only market that saw growth in sales was Clear Creek, which rose by 3.8%. This is a small market, however, and is prone to rapid swings in price as well as sales. There was a significant drop in sales in the Denver market. I will be watching closely to see if this is an anomaly or a longer-term trend. At this time, I believe the former to be true.​
  • Interestingly, this decline in sales in Denver came as inventory levels rose by 37%. For now, I attribute this to seasonality and expect to see sales growth return in the spring.
  • Inventory growth continues to give buyers more choice, allowing them to be far more selective — and patient — before making an offer on a home. That said, well-positioned and well-priced homes are selling relatively quickly.

 

 

HOME PRICES

  • Despite the rapid rise in listings and slowing home sales, prices continue to trend higher, though the rate of growth is slowing. The average home price in the region rose 6% year-over-year to $454,903. Home prices were 2% higher than in the third quarter.
  • In all, the data was not very surprising. As with many markets across the country, affordability is starting to become an issue. However, the recent drop in interest rates likely stimulated buyers at the end of 2018 and I expect to see good price growth in the first quarter of 2019.
  • Appreciation was strongest in Park County, where prices rose 28.2%. We can attribute this rapid increase to it being a small market. Only Gilpin County saw a drop in average home price. Though this, too, is due to it being a very small market, making it more prone to significant swings.
  • As mentioned, affordability is becoming an issue in many Colorado markets and I anticipate that we will see some cooling in home price appreciation as we move through late 2019.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in Colorado rose by one day compared to the final quarter of 2017.
  • The amount of time it took to sell a home dropped in four counties: Boulder, Larimer, Gilpin, and Park. The rest of the counties in this report saw days on market rise relatively modestly with the exception of the small Clear Creek market, which rose by 20 days.
  • In the fourth quarter of 2018, it took an average of 38 days to sell a home in the region, but it took less than a month to sell a home in five of the eleven counties contained in this report.
  • Housing demand is still there, but buyers appear to have taken a little breather. I anticipate, however, that the spring will bring more activity and rising sales.

 

 

CONCLUSIONS

The speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the fourth quarter of 2018, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I will be closely watching listing activity in the spring to see if we get any major bumps above the traditional increase because that may further slow home price growth — something that would-be buyers appear to be waiting for.

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governor’s Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Colorado Real Estate Market Update appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Tips for Moving Into a Smaller Home as a Senior

/in , , , , /by

By Michael Longsdon

For many seniors, there comes a time when the expense and upkeep of a big home no longer seem realistic. All of your kids have moved out, and suddenly, your multi-bedroom house feels excessively large and empty. Plus, it may be difficult to keep up with mortgage payments if you’re expecting a lower income during retirement. Whether downsizing is a financial necessity or an emotional decision, here’s how to tackle the process without getting overwhelmed.

Do Online Research

Before you start looking at houses in person, narrow down your options by doing some research online. Search the local housing market on sites such as Redfin to get a feel for house prices in your desired area. For example, homes in Seattle, Washington have sold for an average of $685,000during the past month. Explore listings in your preferred size range and location so you can come up with a realistic budget for your new home.

Think far ahead as you look at homes, considering the possibility that the needs of you and your spouse may change over time. One-story homes can be much more accessible for you and your friends down the line. You should also take time to research the neighborhood and pay attention to the house’s proximity to grocery stores, leisure centers, and public transportation.

Plan for Your Storage Needs

If you’re moving to an apartment or condo, you may not have the attic, basement, or even the closet space that you’re used to. Look for a nearby for an affordable self-storage unit so you aren’t left crowding boxes and furniture into your new home. Some simple online research can help you find the best deals in your area. In the last 180 days, for instance, self-storage units in Seattle, Washington cost an average of $88.45 per month.

Go Through Your Possessions Methodically

One of the hardest parts about downsizing is getting rid of things you’ve had for decades. Apartment Guide recommends looking at pictures of clutter-free rooms in magazines for inspiration before starting your own purge. This will mentally prepare you for getting rid of all the stuff you don’t need cluttering up your new, smaller space.

As you declutter, go room by room and sort items into no more than five piles: keep, donate, sell, gift, and throw away. Don’t be afraid to let go of things that are useful but not particularly necessary in your own life. Likewise, don’t keep things out of obligation or feelings of guilt. While you’re cutting the clutter, keep a floor plan of your new home nearby so you can plan out your rooms and ensure your furniture will fit. If you’re worried about accurately measuring your space, you can hire a professional to help you out.

Pack Like a Pro

Protect your items during your move and make them easier to unpack later by trying out some expert packing tips. For example, socks make great padding for glasses and mugs, while oven mitts are perfect for transporting knives a little more safely. Secure entire desk drawers and kitchen storage trays with plastic wrap for much faster unpacking later. Also, keep your clothing on hangers and simply slip a garbage bag over them for protection. Remember to pack an essentials box of everything you need during your first day and night in your new house.

Follow a Moving Checklist

There is a lot to remember to do before moving day. For example, you need to update your mailing address with the post office, find a new doctor, and transfer your utilities. Follow a moving checklist (or hire a senior move manager for around $316 per day) to avoid forgetting important tasks. One of your moving tasks should involve researching moving companies at least two months before your move. This gives you plenty of time to find the help you need within your budget. Learn about how to spot rogue moving companies so you can avoid being scammed, especially if you’re moving long distance.

Moving is exhausting for anyone. But moving into a smaller home can be especially emotional as you say goodbye to personal objects that have surrounded you for much of your life. For this reason, it’s important to take things slow while you sort through your possessions and search for the perfect place to spend your golden years.

 

Mr. Longsdon provides advice to seniors on downsizing and aging in place and can discuss concerns like tackling home accessibility modifications, how to find a great contractor, the benefits of aging in place, and more.​

The post Tips for Moving Into a Smaller Home as a Senior appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Beautiful Craftsman Home in Fort Collins!

/in , , , , , , , , , , , , , , , , , , , , , , , , , , /by

This beautiful Craftsman home at 2138 Yearling Dr near Jessup Farm in Bucking Horse comes with 4 bedrooms, 3 bathrooms, an office, 3 car tandem garage + 220 service, and a full unfinished walk-out basement. The kitchen includes 42 inch cabinets, SS appliances, walk-in pantry and pot filler. Upgraded hardwoods and gas fireplace in great room. Sitting area in master bedroom in addition to a spacious loft, Jack and Jill bath between 2nd and 3rd upstairs bedrooms. Plantation shutters, upscale lighting and hardware throughout. Enjoy the pool and ideal access to trails! Contact Tricia Muraguri for your private showing at (970) 217-6345 for more information or click the link below for more details.

http://windermerenoco.com/listing/88710031

The post Beautiful Craftsman Home in Fort Collins! appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

5 Home Improvements That Will Boost Your Property Value

/in , , , , , /by

A home is the largest investment most people will make in their lifetime, so when it comes time to sell, homeowners often wonder what they can do to get the most return on their investment. Many have the misconception that remodeling is the way to go, but that isn’t always the case. Rather than going all-in on upgrading your home, you should know which home improvements are worth it, and which ones aren’t.

We’ve sifted through the research and come up with a quick list of five home improvements that’ll help buyers fall in love with your home when it comes time to sell.

1. Add a little curb appeal 

Curb appeal is critical. As the name suggests, it’s the first thing buyers see when pulling up to the front of any home so it needs to be in nearly pristine condition. Start with the garage door for the most immediate return. According to Remodeling Magazine’s 2018 Cost vs. Value report and Money.com, the cost of updating your worn builder-grade garage door with an upscale steel model is about $3,470, and it’ll boost your home’s value by 98.3 percent of the installation price, which means you’ll lose about $60 when it’s all said and done.

Landscaping can also go along way for a minimal upfront investment. Six rounds of fertilizer and weed control will set you back about $330, but when it comes time to sell, you’ll see an ROI of about $1,000 according to a survey by the National Association of Realtors.

Other improvements you can easily make to your curb appeal include:

  • Pressure wash the exterior
  • Liven up your front door with a fresh coat of paint
  • Replace hardware such as doorknobs and knockers
  • Install updated house numbers
  • Make your walkways pop with new greenery or flowers
  • Plant a succulent garden
  • Update your porch lights
  • Add a little charm with window flower boxes
  • Stage your porch

 

2. Install hardwood floors 

Installing or upgrading hardwood floors is pretty failsafe as most buyers love it. Ninety-nine percent of real estate agents agree that homes with hardwood floors are easier to sell, and 90 percent of agents say that they sell for a higher sale price, according to the National Wood Flooring Association. Similarly, research from the National Association of Realtors shows that 54 percent of homebuyers are willing to shell out extra cash for homes with hardwood.

As for your return on investment, NAR’s 2017 Remodeling Impact Report projects that homes that already have hardwood floors will likely see 100 percent return. On the flip side, installing hardwood flooring pays off almost as well with a 91 percent return on investment. It can cost about $5,500 to install, and it’s projected to add about $5,000 to the home value. These estimates may vary depending on the type of flooring you install.

 

3. Upgrade your kitchen

According to the National Association of Realtors, real estate agents believe that complete kitchen renovations, kitchen upgrades, and bathroom renovations will add the most resale value to a home (in that order). However, complete kitchen renovations can be costly and unnecessary. In fact, kitchen remodels have some of the worst return on investment stats. Remodeling Magazine’s 2017 Cost Vs. Value report found that a mid-range kitchen remodel cost exceeds its resale value by more than $21,000, and that number more than doubles in an upscale remodel. Rather than spend a ton of cash and weeks (or months) on renovating, put a little elbow grease and a small budget into it.

Instead of doing a full renovation, focus on these smaller updates:

  • Clean
    • Organize your pantry
    • Use a little Murphy Oil Soap and hot water on all of your cabinets
      • Polish cabinets with Howard Feed-In-Wax
      • Tighten all hinges
    • Clean grout and tiles
    • Shine your sinks and hardware until you can see your face in it
    • Deep clean your stove
  • Give your kitchen a fresh coat of neutral paint
  • Update lighting fixtures, and replace light bulbs
  • Spring for a new cabinet and door hardware
  • Make your countertops look new
  • Upgrade your appliances

 

4. Go green

Today’s younger generations are embracing eco-friendly living, and millennials are leading the pack. According to the National Association of Realtors’ 2018 Home Buyer and Seller Generational Trends Report, millennials make up the largest segment of buyers, holding strong at 34 percent of all buyers.

When it comes to attracting buyers who are willing to pay top dollar, going green makes sense. A Nielson study found that, of more than 30,000 millennials surveyed,66 percent are willing to shell out more cash for conservation-conscious, sustainable products. Depending on where you live, consider installing solar panels, wind turbines, and eco-friendly water systems.

No matter where you live, attic insulation replacement and weather stripping are safe bets. Attic insulation replacement was a top home improvement upgrade last year, and homeowners saw a 107.7 percent return on the investment. Weather stripping, a fairly inexpensive DIY project, costs, on average, about $168 nationally.

 

5. Create a summer retreat

Homes with pools can fetch a higher selling price if done properly. There are in-ground pools and above-ground pools. To truly add value, you’d want to go with an in-ground pool. It’s a permanent investment that costs more upfront, but above-ground pools don’t really add anything to a home other than a nice personal oasis from hot weather.

Pools cost about $1,000 on average to maintain between the seasonal openings and closings, necessary upkeep and utility bills, according to Houselogic.com and financial consultant Dave Ramsey’s website. Some buyers might not be up for that cost. However, pools can help sell a home especially when you live in a higher-end neighborhood where everyone has pools and in warmer climates like Florida, Arizona or Hawaii.

Ramsey wrote that a well-marketed in-ground pool can boost a home’s value as much as 7 percent, but he stresses the importance of making sure the style of the pool matches the house and surrounding property. Be sure that any pool doesn’t completely consume the outdoor space. Pools that make sense locationally and complement the property are the best. If the pool is just an expensive eyesore, it’s probably better to remove it.

With these upgrades, your home will surely see a higher price tag when you go to sell because, as the numbers show, buyers swoon for an outdoor retreat, a like-new kitchen, classic hardwood flooring, and green upgrades.

 

Our guest author is Sarah Stilo, the Content Marketing Coordinator for HomeLight, which helps pair homebuyers with agents. They can be found at HomeLight.Com.

The post 5 Home Improvements That Will Boost Your Property Value appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.