Remodeling Impact

Remodel

Americans spend $400 billion per year remodeling their homes.

So, which remodeling investment gives the best return when it comes to resale value?

It should come as no surprise, especially leading up to Thanksgiving, that the best money to spend upgrading your home is in the kitchen.

It’s the place where most homeowners spend most of their waking hours.

According to the research from the National Association of Realtors, it’s where remodelers will see the biggest return on investment.

Here is the ranking of various projects in terms of the value it adds to the home:

  1. Complete kitchen remodel
  2. Kitchen upgrade
  3. HVAC replacement
  4. Owner’s suite renovation
  5. Bathroom renovation
  6. Finishing a basement
  7. Adding a bathroom

Posted on November 30, 2020 at 3:29 pm
Tammy Fisher | Posted in Building Equity, Remodeling, Remodeling Adds Value | Tagged , ,

A Little Perspective

House

Here’s a little perspective on the inventory of homes for sale in today’s market…

First we’ll look at Metro Denver:

  • The average number of residential listings for sale at this time of year is 15,577
  • The highest-ever for this time of year is 29,722 which occurred in 2006
  • The number of listings right now is 4,821
  • So, inventory in Metro Denver is roughly one-third of the average and 25,000 fewer than the highest-ever.
  • DMAR is the source of the stats listed above

 

Now, Northern Colorado:

  • Larimer County has 802 active listings today
  • Based on 10 years of data, this is the lowest it has ever been
  • The high in Larimer County occurred in 2010 with 2608 listings so today’s inventory is one-third of what it was 10 years ago.
  • Inventory today in Weld County is 727 which isn’t the lowest-ever.
  • The lowest during the last 10 years was 2017.

The highest was 2010 with 1791 properties so today there are roughly 1,000 fewer properties to choose from.


Posted on November 13, 2020 at 11:54 pm
Tammy Fisher | Posted in Larimer County Real Estate, Northern Colorado Real Estate, Real Estate Market | Tagged , ,

The Votes Are In

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.


Posted on November 6, 2020 at 6:39 pm
Tammy Fisher | Posted in Buying a Home, Loveland Real Estate, Loveland Real Estate Agent, Mortgage Rates | Tagged , ,

Brand New Market Report

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.


Posted on November 1, 2020 at 2:13 pm
Tammy Fisher | Posted in Fort Collins Real Estate, Housing Market, Loveland Real Estate, Loveland Real Estate Agent, Northern Colorado Real Estate | Tagged , ,

10 Steps to Selling Your Home

 

 

Navigating everything involved with selling your home can seem intimidating. Breaking the process down step by step will keep you organized and ready to work with your agent toward a successful home sale.

 

1. Choose an agent

A lot goes into choosing the right agent. If you’re unsure where to start, get referrals from trusted friends, family, and neighbors. Although the ultimate goal is the sale, think about your compatibility outside of the transaction. Their ability to connect with you on a human level through the ups and downs of a home sale is just as important as their expertise and knowledge of the market.
2. Set a timeline 
Depending on your local housing market conditions, your timeline for selling your home may vary. However, a timeline is valuable in that it will keep you organized throughout the selling process and allows you to adjust if circumstances change. Your agent will work with you to build the ideal timeline.
3. What is your home worth? 
The key to selling quickly is correctly pricing your home from the first day it hits the market. In particular, overpricing can lead to serious complications in the selling process. Your agent can provide you with a Comparative Market Analysis (CMA) to better determine the best price of your home. CMAs provide information on comparable home sales in your area, both pending and sold, within the past six months.
While an agent will always have the best information, you can also try our automated value estimate tool as a starting point. Our seller page features home values and market information about what buyers are looking for in your area.
4. Repair & upgrade
Now it’s time to get to work on the house! This is the perfect time to tackle any and all outstanding projects or repairs. Create a list separating which repairs can be done yourself and which need professional attention. This is the time to consider a pre-sale home inspection to identify structural and mechanical problems before your home is on the market.
5. Make the best first impression
Making an impactful first impression goes a long way in the minds of buyers, so roll up your sleeves and prepare to check off that to-do-list. Start by cleaning up the garden and lawn, clearing out gutters, and adding color to your flower beds. Apply a fresh coat of paint anywhere you spot peeling or cracked paint. A great way to make an impact is by staging your home, with the goal of making each room feel as spacious and welcoming as possible.
6. Show your home 
Your local pandemic-era regulations will dictate the ability for agents to conduct in-person showings and open houses. Discuss virtual home tour options with your agent and other ways to generate maximum buyer interest. For in-person showings, it’s best that you leave the premises so the buyer can freely ask their agent questions and visualize the home as their own.
7. Offers & negotiation 
If you are in a seller’s market—defined by low inventory and high buyer competition—it is likely that you will receive offers at – or above – asking price. You can respond to an offer by a) accepting the offer, b) making a counteroffer, or c) rejecting the offer. Counteroffers should always be made in writing and provide a short window of time for the potential buyer to respond. If you are selling in a buyer’s market, you may have to be more open to negotiation. Discuss negotiation strategies with your agent to work toward a satisfying final price.
8. Prepare for closing costs
There are costs throughout the selling process, and as the close date approaches, that remains true. Be sure to budget for your real estate agent’s commission, and other common seller’s costs like title insurance, recording fees, and government transfer tax, among others.
9. Home inspection
Buyer offers are usually contingent upon a professional home inspection. Ask your agent for a home inspection checklist, so you know what the inspector is looking for ahead of time. They typically inspect the home’s foundation, structure, roof, plumbing and electrical systems, floors, windows, doors, and more for signs of damage and weathering.
10. Closing time
Congratulations! Your home is sold, but there are still some final steps before the deal is done. This is the time to ask the buyer to release any contingencies, sign the title, and close escrow before handing over the keys. Consult your real estate agent for any questions about legal documentation and settlement costs.
If you’d like more information about selling your home, an experienced Windermere Real Estate agent is ready to help.

Posted on November 1, 2020 at 6:00 am
Tammy Fisher | Posted in closing costs, Loveland Real Estate Agent, Real Estate Agent, Selling Your Home | Tagged , ,

The Remote Worker’s Home Buying Process

The pandemic’s influences on home life are far-ranging, prompting buyers to look at home ownership through a new lens. Remote work has created a paradigm shift in the wants and needs of homebuyers. Here’s what the remote worker should keep in mind when looking to buy.

Location

The location, location, location cliché has taken on new meaning for homebuyers who work from home. Because remote work gives us the opportunity to work from anywhere, home searches are expanding. Work commute times typically play a significant role in the home buying process; however, many buyers now have the option to view homes further away from their places of work.

 

Those who previously dreamed of the quiet life, but didn’t want the commute that came with it, are now able to make a move toward a more suburban environment. If you prefer to be away from the hustle and bustle of a downtown area but don’t want to feel isolated, search for properties in the suburbs with active town centers.

The proper space

When COVID-19 began sending workers home in the early months of 2020, homeowners worldwide discovered their varied level of preparedness for remote work. Some had spacious home offices and were able to make the transition easily. Others had to create makeshift workspaces out of living rooms or bedrooms. What we have learned is that a dedicated workspace is paramount to productive remote work, its importance emphasized by the unknown timeline of a return to working in-person in many parts of the country.

Before you buy: 
  • When searching for homes, understand that a home office situated in an open floor plan is more prone to distraction.
  • Look for features such as an additional bedroom, finished basement, or bonus room that offer ample space to create your remote work environment.
  • Having a designated space you can associate solely with work will not only drive your focus but helps to balance your home and work life. It allows you to wrap up the workday, leave your home office, and easily transition back into the goings on of your household.

 

After you buy: 
  • Light it up: You’ll want plenty of light in your home office to stay fresh throughout the work week. If you are next to a window, let in as much natural light as possible. Add in desk and floor lamps to brighten your space.
  • Work comfortably: While working at home, it’s easy to sit in one place for hours on end. Shop for comfortable desk chairs that provide proper lumbar support. Explore alternatives to desk chairs like yoga balls and standing desks.
  • Personalize: Adding personal touches will help to make your home office feel comfortable. Inspirational quotes, your favorite artwork, and pictures of loved ones are all types of décor that will keep you inspired in your remote work.

 

For all these considerations and more, talk with your Windermere agent about how your remote work is shifting where you’re looking for a home and what you’re looking for when it’s time to move there.


Posted on October 29, 2020 at 6:00 am
Tammy Fisher | Posted in Buying a Home, Loveland Real Estate, Loveland Real Estate Agent, Northern Colorado Real Estate | Tagged , , ,

House vs. Townhouse vs. Condo

Deciding between a house, townhouse, and condominium can be a difficult process. Knowing how their characteristics align with your life and goals as a homeowner will help guide you to the right choice.

 

What differentiates houses, townhouses, and condominiums? 
House: 
  • Detached houses offer the most freedom and privacy of the three housing options. They provide the opportunity to personalize your home as desired, without rules from a governing body like HOA. Houses don’t share walls like townhouses or condos, and typically offer larger outdoor spaces as well.

 

  • Situated on their own lots, owning a house leaves the responsibility of maintaining and improving the structure and accompanying land to the homeowner. Between a down payment, closing costs, and other homeowner fees, the upfront costs of owning a house can be significantly higher than a townhouse or a condominium.
Townhouse: 
  • A townhouse is typically a narrow, multileveled structure connected to others in a row or block, typically with a small parcel of property in front of or behind the home. Somewhere between a house and condo, townhouses may be the best of both of worlds for some homeowners.

 

  • Like a house, townhouse owners are responsible for exterior (roof and siding) maintenance and repair. Most townhouses tend to have a small footprint and modern upgrades, with lower HOA fees than condos due to a lesser focus on shared amenities.
Condominium:
  • Condominiums are divided, individually owned units of a larger structure. Due to their smaller size and because they come with no land, condos are typically less expensive than a townhouse or a house. However, HOA fees combined with a monthly mortgage payment can increase the cost of condominium living, depending on the amenities offered in a building. Unique to condo ownership, the exterior of the units is considered a common area with ownership shared among the condo owners in the building.

 

  • As a condo owner, you are only responsible for the inside of your unit. With this decreased maintenance comes less exclusivity and privacy. Condo owners live in close proximity and typically share amenities like gym and pool access, laundry, and other facilities.

 

How does your home align with your life?
House: 
  • For homeowners looking at their property as an investment in their financial future, houses are a strong choice. Houses allow homeowners to plan long-term with the knowledge that their home will build equity over time.

 

  • If you are planning on putting down roots and starting a family, houses provide the best opportunity to grow into your future and are better suited to handle significant life changes.
Townhouse: 
  • For people looking for more space than a condo but are not quite ready to make the jump to a single-family home, townhouses are the perfect fit. They present a great steppingstone for first time home buyers or buyers who simply don’t want the responsibility of taking care of a larger, standalone home and yard.

 

  • Townhouses are often located in residential neighborhoods. They are fitting for those looking to graduate from rented dwellings in city centers or metropolitan areas yet maintain greater ownership flexibility than a single-family house.
Condominium:
  • Condominiums appeal strongly to homeowners looking for a low-maintenance residence, with access to shared amenities amongst a community. Condos are usually found in denser areas closer to downtown centers, shopping, and entertainment.

 

  • They are a better fit for buyers seeking metropolitan surroundings than a detached home, which is typically found in a more suburban or rural environment. Given their proximity to city/town centers and mass transit, condos present the opportunity of a shorter commute for those who work in downtown areas.

 

After all the research, do what feels right. Whether it’s a house, townhouse, or a condo, work with your Windermere agent to find the best option for you and your future.


Posted on October 28, 2020 at 2:36 pm
Tammy Fisher | Posted in Condo, Condominium Living, Investment Property, Northern Colorado Real Estate, Real Estate Agent | Tagged , ,

Supporting Our Communities

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!


Posted on October 24, 2020 at 3:00 pm
Tammy Fisher | Posted in Give Thanks, Grateful Realtor, Gratefulness | Tagged , , ,

Why Pricing Your Home Right Matters This Fall

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.
  • To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.
  • Reach out to a local real estate professional today to make sure you have the guidance you need to price your home right this fall.

https://www.keepingcurrentmatters.com/2020/09/25/why-pricing-your-home-right-matters-this-fall-infographic/


Posted on October 14, 2020 at 6:00 am
Tammy Fisher | Posted in Home Prices, Selling in Northern Colorado, Selling Your Home | Tagged , ,

Home Builder Confidence Hits All-Time Record

Home Builder Confidence Hits All-Time Record

Last week, the National Association of Home Builders (NAHB) reported their Housing Market Index (HMI) hit an all-time high in the 35-year history of the series with a score of 83. The index gauges builder perceptions of current single-family home sales and sale expectations for the next six months, as well as the traffic of prospective buyers of new homes.

As the following chart shows, confidence dropped dramatically when stay-in-place orders were originally mandated earlier this year. Since then, it has soared back.Home Builder Confidence Hits All-Time Record | Keeping Current MattersLooking at the three-month moving averages for HMI scores, confidence increased in every region of the country:

  • The Northeast increased 11 points to 76
  • The Midwest jumped 9 points to 72
  • The South rose 8 points to 79
  • The West increased 7 points to 85

Confidence Is Validated by the Numbers

This confidence is definitely warranted. According to a recent NAHB report, single-family housing starts increased 4.1% to a 1.02 million annual rate, and single-family permits increased 6% to a 1.04 million unit rate, meaning newly constructed homes are on the rise.

A separate report from the Mortgage Bankers Association (MBA) shows mortgage applications for new home purchases increased by 33.3% compared to a year ago. Joel Kan, Associate Vice President of Economic and Industry Forecasting at MBA, commented on the numbers:

“The housing market continued to exceed expectations in August, as housing demand for new homes stayed strong and the job market continued to recover…The new home market has maintained its path of recovery throughout the summer, and record-low mortgage rates and households seeking more space will likely continue to drive demand into the fall.”

Bottom Line

If you’re thinking about putting your house on the market but are afraid you may not find a home to buy, speak with your local real estate professional about new construction opportunities in your area.

https://www.keepingcurrentmatters.com/2020/09/23/home-builder-confidence-hits-all-time-record/


Posted on October 14, 2020 at 3:56 am
Tammy Fisher | Posted in builder confidence, Ecomony, New Home, New Home Developments | Tagged , , ,