Above Water

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A dynamic that gives us even more confidence about the housing market is the amount of equity that homeowners have in their property.

Equity is of course the difference between the value of the property and the amount that is owed against it.

In Larimer County, 53% of homeowners have at least 50% equity in their homes. In Weld County, the number is 38%.

It is interesting to note that Nationally, only 1.8% of homeowners are ‘underwater,’ meaning that the value is lower than what is owed against the property.

In 2009, 26% of homeowners were underwater.

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With a “T”

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One of the reasons we are so confident about the long-term health of the market is because of the equity that exists in peoples’ homes today.

Because there is so much equity, there are very few homeowners who are ‘underwater’ with a loan that is more than the actual value of the property.

According to the latest ‘Homeowner Equity Insights’ report from CoreLogic, only 2.3% of all homes are ‘underwater’ with negative equity.

To put that in perspective, in the fourth quarter of 2009, 26% of all mortgaged properties had negative equity.

Nationally, homeowner equity has increased by $2.9 Trillion during the last 12 months (that’s Trillion with a ‘T’)!

Locally, only 1.4% of Colorado mortgage holders have negative equity, which is one of the lowest rates in the Country.

What this all means is very, very few distressed sales and overall health in the real estate market.

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Tax Confusion

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Did you know the value of your property according to the County Assessor is not the value of your property today?

Property owners up and down the Front Range recently received a postcard from their local County Assessor’s office with their new valuation.

Colorado properties are reappraised every two years on odd years.  The updated valuations determine how much property tax is paid.

Each County has their own unique processes and models for valuation, however…

All Counties must only consider comparable properties that sold between July 1, 2018 and June 30, 2020.

The value on your postcard is what your County thinks your property was worth almost a year ago.

As you are likely aware, the market today is significantly different than it was 11 months ago.  It’s actually quite different than it was 11 weeks ago!

The postcards with the new valuations tend to prompt very reasonable questions like:

  • What do I do if I don’t agree with the Assessor?
  • What is my property really worth?

We are happy to help you with either of these questions.

Our team is well-versed in the tax protest process, can help you research comparable properties and can also show you what your home is worth today. Just reach out to us if we can help you. The deadline to protest your value is June 1st.

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The Question of the Day

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As we are helping people understand their new property assessments and putting together information so that they may protest their new valuation, here is the most common question we hear…

Did my property really go up that much?

Here are some stats that will help you answer that question.

First, you need to know that property assessments are done by the County every two years. So, as you look at how much your property increased in value according to the County, keep in mind that this increase is over a two-year period.

 

Next, it will help you to know how much our markets increased, on average, over the last two years. This data comes from our most trusted source, the Federal Housing Finance Authority.

Two Year Appreciation:

• Metro Denver = 18.65%
• Larimer County = 17.60%
• Weld County = 22.31%
• Boulder County = 16.28%

If you have questions about your new valuation or how to protest your property’s assessment, we would be happy to help. Just reach out and let us know.

 

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