96 Weeks

Mortgage rates have been below 4% for 96 weeks in a row.

 

Today, the average 30-year fixed mortgage rate sits at 3.17%.

 

This is 0.5% lower than January and exactly 1.0% lower than March 2020.

 

Rates recently ended a 31-week streak of being under 3%.

 

Over the last 5 years, rates have averaged 3.8%.

 

Most experts believe that rates will continue to creep higher as the year goes on.

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Working with a Buyer’s Agent

What is a Buyer’s Agent?

A typical real estate transaction involves a buyer’s agent representing the buyer and a listing agent representing the seller. A buyer’s agent helps the buyer identify potential homes to pursue, advises them on negotiations, and helps navigate any hurdles during the buying process. Once they are under contract, the buyer’s agent will work to close the sale, monitoring all the key dates and deadlines along the way. Once the transaction is complete, buyer’s agents split the commission of the sale with the listing agent.

 

Advantages of Working with a Buyer’s Agent

Find the right home

A buyer’s agent not only possesses expert knowledge of local market conditions, but they also have access to tools that will help their clients see the widest array of available homes, and eventually, find the right home. By exploring the Multiple Listing Service (MLS), they can access the vastest network of available listings, and receive up-to-date alerts on open houses. They are usually the first to know when a home hits the market and are sometimes aware of homes that are scheduled to list in the near term.  Buyer’s agents can advise their clients on how a home’s outstanding repairs and improvements could affect their decision to purchase, whether the home is in need of an inspection, and discuss the necessity of a home warranty.

 

Save time

Buying a home takes time, but a buyer’s agent will help streamline the buying process. This includes paying close attention to their client’s budget and preferences in order to focus their home search to only those listings that match their needs. Buyers can then decide which homes they would like to view in-person and their agent will contact the corresponding listing agent to set up showings. Buyer’s agents are founts of knowledge, able to provide or track down information a buyer may not be able to readily access on their own. Additionally, they are connected to a network of professionals and can produce references for mortgage brokers, real estate attorneys, inspectors, and more as needed.

 

Making an Offer

Once you’re ready to make an offer on a home, the importance of working with a buyer’s agent kicks into high gear. There are many different elements that impact an offer’s success, and this is where a good buyer’s agent’s specialty lies. Through their expertise, they can help their clients craft a more competitive offer and negotiate as needed. Sometimes the most competitive offers are not just about the price. Offers can win when a buyer’s agent has researched the seller’s needs and pulled together an offer that speaks to those needs. Any advantage buyers can gain to make their offer stand out will strengthen their case. This is especially important in competitive markets when multiple competing offers are on the table.

Throughout the process of making an offer on a home, a buyer’s agent is there to answer any questions that may arise and pore over the details so that nothing goes unnoticed. This is critical since sellers will likely toss aside any offers that come in with missing documents, errors in the contract, and other inconsistencies. When buying a home, buyers often fear that they will miss something during the buying process, that they are going to pay too much, that there will be something wrong with the house after they buy it, or that they’ll lose the home to another buyer. Buyer’s agents help to alleviate these stresses and make sure the buying process runs smoothly.

 

When determining which agent to work with, it’s important to ask questions to gain an understanding of their expertise, see their personality, and get a gauge of how well they understand what you’re looking for in a home. If you would like some help connecting with an agent, you can get started here: Connect with An Agent

The post Working with a Buyer’s Agent appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Working with a Buyer’s Agent

What is a Buyer’s Agent?

A typical real estate transaction involves a buyer’s agent representing the buyer and a listing agent representing the seller. A buyer’s agent helps the buyer identify potential homes to pursue, advises them on negotiations, and helps navigate any hurdles during the buying process. Once they are under contract, the buyer’s agent will work to close the sale, monitoring all the key dates and deadlines along the way. Once the transaction is complete, buyer’s agents split the commission of the sale with the listing agent.

 

Advantages of Working with a Buyer’s Agent

Find the right home

A buyer’s agent not only possesses expert knowledge of local market conditions, but they also have access to tools that will help their clients see the widest array of available homes, and eventually, find the right home. By exploring the Multiple Listing Service (MLS), they can access the vastest network of available listings, and receive up-to-date alerts on open houses. They are usually the first to know when a home hits the market and are sometimes aware of homes that are scheduled to list in the near term.  Buyer’s agents can advise their clients on how a home’s outstanding repairs and improvements could affect their decision to purchase, whether the home is in need of an inspection, and discuss the necessity of a home warranty.

 

Save time

Buying a home takes time, but a buyer’s agent will help streamline the buying process. This includes paying close attention to their client’s budget and preferences in order to focus their home search to only those listings that match their needs. Buyers can then decide which homes they would like to view in-person and their agent will contact the corresponding listing agent to set up showings. Buyer’s agents are founts of knowledge, able to provide or track down information a buyer may not be able to readily access on their own. Additionally, they are connected to a network of professionals and can produce references for mortgage brokers, real estate attorneys, inspectors, and more as needed.

 

Making an Offer

Once you’re ready to make an offer on a home, the importance of working with a buyer’s agent kicks into high gear. There are many different elements that impact an offer’s success, and this is where a good buyer’s agent’s specialty lies. Through their expertise, they can help their clients craft a more competitive offer and negotiate as needed. Sometimes the most competitive offers are not just about the price. Offers can win when a buyer’s agent has researched the seller’s needs and pulled together an offer that speaks to those needs. Any advantage buyers can gain to make their offer stand out will strengthen their case. This is especially important in competitive markets when multiple competing offers are on the table.

Throughout the process of making an offer on a home, a buyer’s agent is there to answer any questions that may arise and pore over the details so that nothing goes unnoticed. This is critical since sellers will likely toss aside any offers that come in with missing documents, errors in the contract, and other inconsistencies. When buying a home, buyers often fear that they will miss something during the buying process, that they are going to pay too much, that there will be something wrong with the house after they buy it, or that they’ll lose the home to another buyer. Buyer’s agents help to alleviate these stresses and make sure the buying process runs smoothly.

 

When determining which agent to work with, it’s important to ask questions to gain an understanding of their expertise, see their personality, and get a gauge of how well they understand what you’re looking for in a home. If you would like some help connecting with an agent, you can get started here: Connect with An Agent

The post Working with a Buyer’s Agent appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

107 Straight

According to research from the National Association of Realtors, home prices have appreciated for 107 straight months.

 

The median price in the U.S. is now $309,000.

 

The U.S. region with the highest median price is the West at $461,800. The lowest is in the South at $263,300.

 

All regions showed double-digit price appreciation from one year ago.

 

While prices are going up all across the U.S., inventory is going down. The number of properties for sale has declined for 20 straight months.

 

Low inventory and high demand are causing properties to sell quickly. It now takes an average of 21 days for a property to go under contract compared to 43 days one year ago.

 

So, the dynamics we notice locally are also occurring nationally.

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The Benefits of a Pre-Listing Inspection

Pre-listing inspections can help sellers better understand the condition of their home before putting it on the market. They can also strengthen a home’s appeal to potential buyers and help to streamline the offer process, which is especially important in competitive markets. However, pre-listing inspections can also open sellers up to added liability. Talk to your Windermere agent to understand if conducting a pre-listing inspection is right for your home.

 

What is a Home Inspection?

Conducted by a licensed home inspector, a home inspection is a detailed review of the condition of a home and property. Inspectors examine everything from a home’s electrical work and sewage to its heating and cooling systems, searching for any evidence of damage or structural issues that may affect its value. By having your home inspected before you sell, you’ll have the chance to discover whether it needs any repairs or upgrades.

 

Pre-Listing Inspections

Pre-listing inspections not only help identify repairs, but they can also make the selling process more efficient. A pre-listing inspection discloses a home’s condition to buyers up front and gives them confidence that the seller is being transparent about any possible issues. This can save significant time for both buyers and sellers, especially in competitive markets where there are multiple offers on the table.

Something for sellers to keep in mind is that if a home in a competitive market does not provide a pre-inspection report, buyers may be hesitant to make an offer knowing the time it takes to perform an inspection and the fact that they are likely competing against several other buyers who are willing to waive this step.

 

The Benefits of a Pre-Listing Inspection

Home inspections give a good baseline of your home’s condition. The information gathered during this process is exactly the kind of in-depth knowledge that buyers want to know when considering placing an offer on a home.

Since buyers will know right away what repairs are needed, they can factor them into their initial offer, as opposed to discovering them during the inspection contingency and getting entangled in negotiations. Being forthcoming about your home also reduces the chances of an offer falling through and the buyer walking away.

An added benefit of a pre-listing inspection is that it helps your real estate agent more accurately price the home and enables them to market it with the knowledge that everything is being presented in the most transparent way possible.

 

If you have any questions about home inspections or any of the steps in the selling process, we’re happy to connect you with a Windermere agent here: Connect with an agent

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Yes is the Answer

It turns out that ‘yes’ is the answer to the most common questions we hear right now about the market…

Do you think more properties will come on the market this Spring?  Yes, the normal pattern in our market is for new listings to be 40% to 70% higher in April versus January.  The peak month for new listings is typically June.

Do you think buyer demand will grow even more as time goes on?  Yes, for two main reasons.  Buyer activity, just like listing activity, increases significantly in the Spring and Summer.  Plus, we expect the economy to open up even more as the COVID vaccine gets rolled out over the course of the year.

Do you think interest rates will go up?  Yes, all of the trusted forecasters and economists expect rates to be slightly higher by the end of the year.  Our own Chief Economist sees rates at 3.07% by year-end.

Do you think prices will keep rising?  Yes, because of the simple economic forces of supply and demand.  Supply is at historic lows.  The number of properties for sale today is roughly 80% below the average.  Demand is being fueled not only by the low-interest rates, but also a rebounding local job market that is poised to rebound even more.  Plus, the new work-from-home dynamic positions the Front Range as a sought after place to live.

The post Yes is the Answer appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Yes is the Answer

It turns out that ‘yes’ is the answer to the most common questions we hear right now about the market…

Do you think more properties will come on the market this Spring?  Yes, the normal pattern in our market is for new listings to be 40% to 70% higher in April versus January.  The peak month for new listings is typically June.

Do you think buyer demand will grow even more as time goes on?  Yes, for two main reasons.  Buyer activity, just like listing activity, increases significantly in the Spring and Summer.  Plus, we expect the economy to open up even more as the COVID vaccine gets rolled out over the course of the year.

Do you think interest rates will go up?  Yes, all of the trusted forecasters and economists expect rates to be slightly higher by the end of the year.  Our own Chief Economist sees rates at 3.07% by year-end.

Do you think prices will keep rising?  Yes, because of the simple economic forces of supply and demand.  Supply is at historic lows.  The number of properties for sale today is roughly 80% below the average.  Demand is being fueled not only by the low-interest rates, but also a rebounding local job market that is poised to rebound even more.  Plus, the new work-from-home dynamic positions the Front Range as a sought after place to live.

The post Yes is the Answer appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Latest Ranking

CoreLogic produces one of the most respected and widely-used home price index reports in the United States.

They track home price appreciation in the largest markets across the Country.

Here are the highlights from their most recent report:

  • Home prices are up 9.2% Nationally
  • This is the highest increase since February, 2014
  • Denver ranks fourth among the largest 10 cities
  • Denver’s appreciation was 8.8% over the last year
  • Phoenix was first at 13.7%

 

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

Latest Ranking

CoreLogic produces one of the most respected and widely-used home price index reports in the United States.

They track home price appreciation in the largest markets across the Country.

Here are the highlights from their most recent report:

  • Home prices are up 9.2% Nationally
  • This is the highest increase since February, 2014
  • Denver ranks fourth among the largest 10 cities
  • Denver’s appreciation was 8.8% over the last year
  • Phoenix was first at 13.7%

 

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

Inverted

Home for Sale

Typically, in the Front Range Market, the number of new listings will exceed the number of closings on a monthly basis.

Meaning, the amount of properties that hit the market in a given month will be higher than the amount of properties that sell in that month.

It is normal to have the ‘inflow’ exceed the ‘outflow’ because some properties never sell for a variety of reasons.

As a result, the market remains stocked with inventory.

Starting about 5 years ago, we saw months where the number of new listings was roughly the same as the number of closings.

Then, in late 2020, these numbers inverted.  Closings started to exceed new listings.

This culminated in December 2020 when we saw the most drastic difference we have ever seen.

Here are the specific numbers for December:

  • Larimer County = 267 New Listings / 426 Closings
  • Weld County = 293 New Listings / 530 Closings
  • Metro Denver = 3028 New Listings / 4807 Closings

What this means is the market needs new listings.  This also means that your home is likely worth more than you might think.  If you want to see your home’s current value, even if you aren’t thinking of selling soon, we would be happy to show you.

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