The Votes Are In

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate buyers made their voices heard last month and made a clear choice for…  higher-end properties!

One of the interesting dynamics of our current market is the significantly- increased activity in higher price ranges.

The combination of high equity and low-interest rates is clearly causing people to move up.  They are able to purchase the home that has the features they have always wanted whether it be size, finishes, or location.

The considerable equity growth that has occurred for homeowners over the last 7 years is allowing them to have sizable down payments on their ‘move up’ property plus today’s rates keep their monthly payments lower than expected.

Here are the numbers we researched which demonstrate this trend.

Compared to October of 2019, sales of properties priced over $750,000 last month were up:

  • 176% in Larimer County
  • 375% in Weld County
  • 96% in Metro Denver

Properties in the $550,000 to $750,000 range also saw a large jump:

  • 57% in Larimer County
  • 63% in Weld County
  • 83% in Metro Denver

This is a unique time in history for people to move up and own a home they have always dreamed about.

The post The Votes Are In appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

The Votes Are In

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate buyers made their voices heard last month and made a clear choice for…  higher-end properties!

One of the interesting dynamics of our current market is the significantly- increased activity in higher price ranges.

The combination of high equity and low-interest rates is clearly causing people to move up.  They are able to purchase the home that has the features they have always wanted whether it be size, finishes, or location.

The considerable equity growth that has occurred for homeowners over the last 7 years is allowing them to have sizable down payments on their ‘move up’ property plus today’s rates keep their monthly payments lower than expected.

Here are the numbers we researched which demonstrate this trend.

Compared to October of 2019, sales of properties priced over $750,000 last month were up:

  • 176% in Larimer County
  • 375% in Weld County
  • 96% in Metro Denver

Properties in the $550,000 to $750,000 range also saw a large jump:

  • 57% in Larimer County
  • 63% in Weld County
  • 83% in Metro Denver

This is a unique time in history for people to move up and own a home they have always dreamed about.

The post The Votes Are In appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Brand New Market Report

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

Housing Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The latest quarterly report from our Chief Economist Matthew Gardner is now available.  Here is a quote from the report with his take on the Front Range economy:

What a difference a quarter makes! Following the massive job losses Colorado experienced starting in February—the state shed over 342,000 positions between February and April—the turnaround has been palpable.

Through August, Colorado has recovered 178,000 of the jobs lost due to COVID-19, adding 107,500 jobs over the past three months, an increase of 4.2%.

All regions saw a significant number of jobs returning. The most prominent was in the Denver metropolitan service area (MSA), where 78,800 jobs returned in the quarter.

Although employment in all markets is recovering, there is still a way to go to get back to pre-pandemic employment levels.

The recovery in jobs has naturally led the unemployment rate to drop: the state is now at a respectable 6.7%, down from a peak of 12.2%.

Regionally, all areas continue to see their unemployment rates contract. I would note that the Fort Collins and Boulder MSA unemployment rates are now below 6%.

Cases of COVID-19 continue to rise, which is troubling, but rising rates have only slowed—not stopped—the economic recovery. Moreover, it has had no noticeable impact on the state’s housing market.

To receive a complimentary copy of the latest Gardner Report, simply reach out to us and we will send it to you right away.

The post Brand New Market Report appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Supporting Our Communities

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

Wildfire

 

 

 

 

 

 

 

 

 

Our heart goes out to all the people affected by the wildfires along the Front Range and in our mountain communities.

We are also so appreciative of the brave men and women who are helping protect people and property from the fires.

We want to help and we want to ask for your help.

Through the Windermere Foundation we have set up a fund to benefit the Northern Colorado Chapter of the Red Cross and the Wildland Firefighters Foundation.

The Red Cross is of course helping people displaced by the fires.  The Wildland Firefighters Foundation helps firefighters and their families.

The $10,000 fund will match, dollar-for-dollar, any contribution made by our associates, clients and friends.

Please help us reach our goal of contributing $20,000 to these two worthy places.

To contribute simply click HERE.

Thank you for your support!

The post Supporting Our Communities appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Million Plussing

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

Luxury

The luxury market is very active right now.  Buyers in the high-end are taking advantage of low interest rates and the equity they have built in their prior homes.

Closings of million-plus single family homes are up significantly along the Front Range.

When compared to this same time last year, sales of properties in this price range are up:

  • 87% in Metro Denver
  • 150% in Larimer County
  • 67% in Weld County

Windermere Real Estate in Colorado recently hosted a private online event for our clients with our very own Chief Economist Matthew Gardner.  We would be happy to send you the recording if you would like.

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

Re Bubble

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

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

Re Bubble

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

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

6 Million

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

The National real estate market just hit a massive milestone.

 

Based on the numbers through August, we are now on pace to sell 6 million homes.  This is the highest pace we have seen in 14 years.

 

The 6 million threshold is a big deal in the real estate brokerage world.

 

Each month, as they have for a long time, the National Association of Realtors tracks the sales and then calculates the annualized rate of residential closings.

 

For many, many years this number has bounced around 5.5 million.  The fact that it just jumped to 6 million speaks to many factors especially the effect of today’s interest rates.

running

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

The post 6 Million appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Pendings are Popping

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

Temperatures may be cooling off but the Front Range real estate market is not.

 

Typically the market starts to slow down a bit in the Fall after a hot Spring and Summer.

 

Not this year.

 

The indicator we use to measure future closed sales is current pending sales.

 

Simply, we look at the number of properties under contract and scheduled to close versus the same time last year.

 

Current pending sales are way up along the Front Range when measured against 2019:

 

Metro Denver up 34.1%

Larimer County up 48.6%

Weld County up 50.2%

Based on these numbers, closed sales numbers over the next 60 days will be very strong.

bubbles

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

The post Pendings are Popping appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Forbearance Falls

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

The number of loans in forbearance just fell to their lowest level since mid-April.

 

This is good news for the real estate market.

 

Less and less people are seeking payment relief on their mortgages.

 

The number of loans currently in forbearance stands at 7.16%.

 

This news coincides with the U.S. Unemployment Rate falling to it’s lowest level in 5 months as more people are getting their jobs back.

 

The economy has added back roughly half of the 22.2 million jobs that were lost in March and April of this year.

waterfall

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

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