The Votes Are In

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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 , ,

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 , , ,

Homes Across the Country Are Selling Fast

Homes Across the Country Are Selling Fast [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • Buyers are actively searching for and purchasing homes at a record-breaking pace. According to the latest report from the National Association of Realtors (NAR), in July, 68% of homes were on the market for less than a month.
  • With homes moving from listing day to pending sale in an average of just 22 days, it’s a great time to sell a house.
  • Reach out to a local real estate professional today so you can make your move while buyers are scooping homes up faster than they’re coming to market.

https://www.keepingcurrentmatters.com/2020/09/18/homes-across-the-country-are-selling-fast-infographic-2/


Posted on October 6, 2020 at 3:38 am
Tammy Fisher | Posted in Buying a Home, Fort Collins Real Estate, Housing Market, Loveland Real Estate | Tagged , , ,

Two New Surveys Indicate Urban to Suburban Lean

Two New Surveys Indicate Urban to Suburban Lean

There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”

NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:

  • 47% suburban/subdivision
  • 39% rural area
  • 25% small town
  • 14% urban area/central city
  • 13% resort community/recreational area

According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.

Real Estate Brokers and Owners Agree

Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:Two New Surveys Indicate Urban to Suburban Lean | Keeping Current Matters

Bottom Line

No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.

https://www.keepingcurrentmatters.com/2020/09/14/two-new-surveys-indicate-urban-to-suburban-lean/


Posted on September 30, 2020 at 2:35 pm
Tammy Fisher | Posted in Buying a Home, Larimer County Real Estate, Loveland Real Estate, Owning a Home, Purchasing a Home, Real Estate Market | Tagged , , ,

The 2020 Homebuyer Wish List

The 2020 Homebuyer Wish List [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.
  • From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes.
  • Reach out to a local real estate professional today if your needs have changed and your wish list is expanding too.

Posted on September 17, 2020 at 6:00 am
Tammy Fisher | Posted in Buying a Home, Fort Collins Real Estate, Home Buying | Tagged , , ,

Should You Buy an Existing Home or New Construction?

Should You Buy an Existing Home or New Construction?

Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.

New Construction  

When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. With programs like ENERGY STAR, your home also helps protect the environment and reduces your carbon footprint.

Lower maintenance that comes with a newer home is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. With new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Another solid benefit to new construction is customization. Do you want a mudroom, stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.

Existing Home

When buying an existing home, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a builder. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.

For many families, having an established neighborhood is also important. Some buyers like to know the neighbors, if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold.

Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you’re buying and the region you’re in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.

Bottom Line

Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in your area, contact a local real estate professional today so you can feel confident making a decision about your next home.

https://www.keepingcurrentmatters.com/2020/08/26/should-you-buy-an-existing-home-or-new-construction/


Posted on September 10, 2020 at 6:00 am
Tammy Fisher | Posted in Buying a Home, investment, New Home, New Home Developments | Tagged , ,

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, reach out to a local real estate professional (who can also connect you with a trusted lender) before you start searching for a home.

https://www.keepingcurrentmatters.com/2020/08/27/why-is-it-so-important-to-be-pre-approved-in-the-homebuying-process/


Posted on September 8, 2020 at 6:00 am
Tammy Fisher | Posted in Buying a Home, Housing Market, Mortgage Rates | Tagged , ,

2020 Homebuyer Preferences

2020 Homebuyer Preferences [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • A recent study from HarrisX shows the current health crisis isn’t slowing down today’s homebuyers.
  • Many buyers are accelerating their timelines to take advantage of low mortgage rates, and staying home has enabled some to save more money to put toward a down payment.
  • Reach out to a local real estate professional today if your needs have recently changed and you’re ready to make a move this year.

https://www.keepingcurrentmatters.com/2020/08/07/2020-homebuyer-preferences-infographic/


Posted on August 24, 2020 at 7:41 pm
Tammy Fisher | Posted in Buying a Home, Home Buyers, Purchasing a Home, Real Estate Agent | Tagged , ,

Will We See a Surge of Homebuyers Moving to the Suburbs?

 

Will We See a Surge of Homebuyers Moving to the Suburbs?

As remote work continues on for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities? Spending extra time at home and dreaming of more indoor and outdoor space is certainly sparking some interest among homebuyers. Early data shows an initial trend in this direction of moving from urban to suburban communities, but the question is: will the trend continue?

According to recent data from Zillow, there is a current surge in urban high-end listings in some larger metro areas. The month-over-month increase in these homes going on the market indicates more urban homeowners may be ready to make a move out of the city, particularly at the upper end of the market (See graph below):Will We See a Surge of Homebuyers Moving to the Suburbs? | Keeping Current Matters

Why are people starting to move out of larger cities?

With the ongoing health crisis, it’s no surprise that many people are starting to consider this shift. A July survey from HomeLight notes the top reasons people are actually moving today:

  1. More interior space
  2. Desire to own
  3. Move from city to suburbs
  4. More outdoor space

More space, proximity to fewer people, and a desire to own at a more affordable price point are highly desirable features in this new era, so the list makes sense.

John Burns Consulting notes:

“The trend is accelerating faster than anyone could have predicted. The need for more space is driving suburban migration.”

In addition, Sheryl Palmer, CEO of Taylor Morrison, a home building company, indicates:

“Most recently, we’re really seeing a pickup in folks saying they want more rural or suburban locations. Initially, there was a lot of talk about that, but it’s really coming through our buyers today.”

The National Association of Home Builders (NAHB) also shares:

“New home demand is improving in lower density markets, including small metro areas, rural markets and large metro exurbs, as people seek out larger homes and anticipate more flexibility for telework in the years ahead. Flight to the suburbs is real.”

Will the shift pick up speed and continue on?

The question remains, will this interest in suburban and rural living continue? Some, like Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) think the possibility is there, but it is still quite early to tell for sure. Yun notes:

“Homebuyers considering a move to the suburbs is a growing possibility after a decade of urban downtown revival…Greater work-from-home options and flexibility will likely remain beyond the virus and any forthcoming vaccine.”

While much of the energy behind this trend has largely been accelerated by the current health crisis, monitoring the momentum over time is critically important. Businesses are discovering new and innovative ways to function in remote environments, so the shift has the potential to stick. Much like the economic recovery, however, the long-term impact may hinge largely on the health situation throughout this country.

Bottom Line

Early data is showing a shift from urban to suburban markets, but keeping an eye on this trend will help us understand how it will ultimately play out. It may just be a temporary swing in a new direction until Americans once again feel a sense of comfort in the cities they’ve grown to love.

https://www.keepingcurrentmatters.com/2020/07/30/will-we-see-a-surge-of-homebuyers-moving-to-the-suburbs/


Posted on August 17, 2020 at 11:11 pm
Tammy Fisher | Posted in Buying a Home, Home Buying, Real Estate Market | Tagged , , ,

A Real Estate Pro Is More Helpful Now Than Ever

A Real Estate Pro Is More Helpful Now than Ever | Keeping Current Matters

Some Highlights

  • A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever during the current health crisis.
  • Expertise and professionalism are highly valued and can save buyers and sellers time and effort along the way.
  • If you’re thinking of buying or selling a home this year, be sure you have a trusted professional on your side.

https://www.keepingcurrentmatters.com/2020/07/24/a-real-estate-pro-is-more-helpful-now-than-ever-infographic/


Posted on August 12, 2020 at 6:00 am
Tammy Fisher | Posted in Buying a Home, Grateful Realtor, Loveland Real Estate Agent, Real Estate Agent, Selling Your Home | Tagged , ,