At Least List

Periodically we track a stat which we find to be quite interesting.

 

It answers this question – how many properties are selling for at least list price (asking price or higher)?

 

This stat tells us how active the market is and helps our buyers to realize that, in some cases, they will be in a competitive situation.

 

When we look at single-family home sales so far this month, this is what we find:

  • 57% of properties in Larimer County sell for at least list price
  • 62% of properties in Weld County sell for at least list price

So, in well over half of the transactions, buyers need to offer list price or higher to acquire the property.

 

The data gets even more interesting when this information is broken out by price range.

 

To no one’s surprise, the percentage increases for properties priced under $400,000:

  • 81% in Larimer County
  • 70% in Weld County

We find that for properties over $400,000 the percentages still tell a story of a very active market:

  • 47% in Larimer County
  • 56% in Weld County

Bottom line, in most locations and price ranges we see a strong sellers’ market where buyers need to be prepared to make a strong offer and to also compete.

tug of war

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.

POSTED ON AUGUST 14, 2020 AT 9:42 AM

Posted on August 14, 2020 at 3:53 pm
Tammy Fisher | Posted in Colorado, Home Prices, Loveland Real Estate, Selling in Northern Colorado | Tagged , , , ,

Homebuyers Are in the Mood to Buy Today

Homebuyers Are in the Mood to Buy Today

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what FreddieMac is identifying as the buying mood:

“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”

There’s no doubt that even though buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below):Homebuyers Are in the Mood to Buy Today | Keeping Current Matters

What does this mean for buyers?

Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well. Getting pre-approved now will help you gain a competitive advantage and accelerate the homebuying process, so you’re ready to go when you find that perfect home you’d like to buy. Working quickly and efficiently with a trusted real estate professional will help put you in a position to act fast when you’re ready to make your move.

What does this mean for sellers?

If you’re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today. Selling now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.

Bottom Line

Whether you’re looking to buy or sell, there’s great motivation to be in the housing market, especially with mortgage rates hovering at this historic all-time low. Reach out to a local real estate professional today to make sure you’re ready to make your move.

https://www.keepingcurrentmatters.com/2020/06/22/homebuyers-are-in-the-mood-to-buy-today/

 


Posted on July 8, 2020 at 3:49 pm
Tammy Fisher | Posted in Colorado, Home Buyers, Housing Market, Loveland Real Estate, Real Estate Market | Tagged , , ,

Rate Meaning

Mortgage interest rates have hit another record low this week.

 

Mortgage applications for purchases just hit an 11-year high.

 

Rates are at a level that many people could never have imagined.

 

Here’s something that is surprising to many people…

 

Rates are 1.5% lower than they were just two years ago.

 

Here’s what that means for buyers…

 

Pretend someone is looking at a $500,000 home and they will have a 20% down payment.

 

The difference in monthly payment is $320 between two years ago and today.

 

Obviously that is a significant amount of money.

 

Imagine what a person could do with $320 per month.

 

The fact that rates are at record lows is one of many reasons that the market is so strong right now and prices continue to appreciate at healthy levels.

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.


Posted on June 24, 2020 at 7:00 am
Tammy Fisher | Posted in Colorado, Loveland Real Estate, Loveland Real Estate Agent, Real Estate Market | Tagged , , ,

Why This Summer Is the 2020 Real Estate Season

Why This Summer Is the 2020 Real Estate Season

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel KanEconomist at The Mortgage Bankers Association (MBA) notes:

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”

With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.

Bottom Line

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Reach out to a local real estate professional today to make sure you can get your house in on the action this summer.

https://www.keepingcurrentmatters.com/2020/05/27/why-this-summer-is-the-2020-real-estate-season/


Posted on June 9, 2020 at 6:00 am
Tammy Fisher | Posted in Buying a Home, Colorado, Home Buyers, Loveland Real Estate, Loveland Real Estate Agent, Real Estate Agent | Tagged ,

How Interest Rates Can Impact Your Monthly Housing Payments

How Interest Rates Can Impact Your Monthly Housing Payments

Spring is right around the corner, so flowers are starting to bloom, and many potential homebuyers are getting ready to step into the market. If you’re thinking of buying this season, here’s how mortgage interest rates are working in your favor.

Freddie Mac explains:

If you’re in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971…

Mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close — all to your advantage.”

To put this in perspective, the following chart from the same article shows how average mortgage rates by decade have impacted the approximate monthly payment of a $200,000 home over time:How Interest Rates Can Impact Your Monthly Housing Payments | Keeping Current MattersClearly, when rates are low – like they are today – qualified buyers can benefit significantly over time.

Keep in mind, if interest rates go up, this can push many potential homebuyers out of the market. The National Association of Home Builders (NAHB) notes:

“Prospective home buyers are also adversely affected when interest rates rise. NAHB’s priced-out estimates show that, depending on the starting rate, a quarter-point increase in the rate of 3.75% on a 30-year fixed rate mortgage can price over 1.3 million U.S. households out of the market for the median-priced new home.”

Bottom Line

You certainly don’t want to be priced out of the market this year, and waiting may mean a significant change in your potential mortgage payment should rates start to rise. If your financial situation allows, now may be a great time to lock in at a low mortgage rate to benefit greatly over the lifetime of your loan.

https://www.keepingcurrentmatters.com/2020/03/03/how-interest-rates-can-impact-your-monthly-housing-payments/


Posted on March 27, 2020 at 7:00 am
Tammy Fisher | Posted in Colorado, Home Buying, Loveland Real Estate, Mortgage Rates | Tagged , , ,

How Much “Housing Wealth” Can You Build in a Decade?

How Much “Housing Wealth” Can You Build in a Decade?

Earlier this month, the National Association of Realtors (NAR) released a special study titled Single-Family Home Price Gains by Years of Tenure. The study estimates median home price appreciation over the last 30 years based on the length of homeownership.

Below are three graphs depicting the most important data revealed in the study.

How much have home prices increased?

One of the first measures of the financial benefits of homeownership is the net worth (in the form of equity) an owner can build over time. The study showed the average increase in home values based on how long homeowners stayed in a home.How Much “Housing Wealth” Can You Build in a Decade? | Keeping Current Matters

What was the percentage of appreciation?

Another way to look at this is by the percentage increase in value over time, called appreciation:How Much “Housing Wealth” Can You Build in a Decade? | Keeping Current Matters

Was this appreciation consistent throughout the country?

Today, when we think of markets that have done well over the last decade, we have a tendency to think about San Francisco, San Diego, Seattle, and other West Coast cities. Though it is true the West Region showed the highest price growth over the last three decades, we can see how every region of the country did quite well in ten-year increments:How Much “Housing Wealth” Can You Build in a Decade? | Keeping Current MattersThis data validates the claim that homeownership is great for building wealth. The importance of this information was highlighted in the study’s first sentence:

“Homeownership is an important source of wealth creation, enabling current homeowners and succeeding generations to move up the economic ladder.”

Bottom Line

Homeownership has many financial and non-financial benefits. The accumulation of “housing wealth” through increased equity is a major one. If you’re thinking of buying a home for the first time or moving up to your dream home, the sooner you make the move, the sooner your net worth will begin to grow.

 

https://www.keepingcurrentmatters.com/2020/02/27/how-much-housing-wealth-can-you-build-in-a-decade/


Posted on March 20, 2020 at 7:00 am
Tammy Fisher | Posted in Building Equity, Colorado, Home Ownership, investment, Loveland Real Estate | Tagged , , , ,

A History Lesson

With the stock market on a wild ride and the Dow Jones dropping nearly 1,000 points yesterday, it makes some people wonder if the local real estate market might also crash or at least “correct.”

A little history lesson is in order.

Over the last 40 years, the real estate market along the Front Range has averaged 5.5% appreciation per year.

The highest appreciation in one year was 15.9% in 1994.

The lowest ever was -4.0% in 1982.

The last time Wall Street was in turmoil and the stock market was plummeting was 2008.  This was, for many reasons, the worst economy of our lifetime.

That year real estate along the Front Range dropped 2.2%.

Meanwhile that year the Dow Jones fell 33.8%.

Bottom line, our market has no history of crashing or even experiencing a major correction.

Why is that?

The answer is fundamentals.

Our local economy has inherent fundamentals that insulate it from big downturns.

We have an incredibly diverse economy which is not reliant upon a single industry.  We have all the way from health care, to technology, agriculture, oil and gas, major universities, and financial services (just to name a few).

We are a global destination with a major international airport.

Oh, and the quality of life here isn’t too shabby.

Prices of real estate, just like prices of anything, come down to basic economic principles of supply and demand.

Because of our diverse economy and desirable quality of life, there has been strong, consistent demand for housing along the Front Range.

While there may be little bumps along the way, over the long term our market has proven that it performs.


Posted on March 12, 2020 at 7:00 am
Tammy Fisher | Posted in Colorado, Larimer County Real Estate, New Buyers, Northern Colorado Real Estate, Real Estate Market | Tagged , , , ,

Designing Your Home Office

Image Source: Canva

Working from home is an aspiration for many of us, but to do so effectively takes effort. A disorganized space at home can be just as troublesome as a hectic office. The most disciplined telecommuters will tell you that you need a structured routine and organization in order to be successful.

Having a designated workspace is one of the most important elements to your success when you make the switch to telecommuting. Even if you live in a small space, you need to find a balance between home and office. People who work from home often have a difficult time separating their work hours from their non-work hours because it’s so easy to keep at it late into the night. But maintaining a balance and shutting down the computer is important for overall wellbeing. What are some other must-haves for a successful home office? Here are the top five:

 

  1. Natural Light – Study upon study tells us that natural light is needed to boost productivity and mood. Make sure to set your desk up as close to a window as you can. If being near a window isn’t an option, a natural light lamp is the next best thing. It helps balance your body clock and leaves you feeling rested and refreshed.
  2. To-Do List or Planner – Start each day off by making a to-do list outlining what you need to get done before the end of the workday. Make sure to set a realistic time frame in which all of that should be completed, so you can check each one off the list and feel immense accomplishment once you’ve completed them all.
  3. Storage – If you have a big enough space, put in a large bookshelf where you can organize everything (think storage boxes). It reduces clutter and looks stylish. Using your walls and cabinetry is the most efficient use of space.
  4. Calendar – Many people tend to rely on digital calendars these days because of their convenience. When all of your devices sync together and pop up with reminders, you never have to worry about missing an appointment. However, many people find that it helps to keep a paper calendar handy too so you can easily view your whole month at a glance. Choose which options works best for you by playing with both options, or something in between and see which one lets you be more productive with the least amount of stress.
  5. Space for Inspiration – It doesn’t matter what field you work in, having a source of inspiration in your workspace is essential. Whether it’s a photo of your family, your dream car, or that vacation you’ve been dying to take, having that inspiration right in front of you provides a constant reminder of why you do what you do.

Posted on March 6, 2020 at 7:00 am
Tammy Fisher | Posted in Colorado, Loveland Real Estate, Northern Colorado Real Estate, Remodeling, Remodeling Adds Value | Tagged , , , ,

Sweetheart Festival

ABOUT THE FESTIVAL

When: February 14  from 5 – 9 PM and February 15 from 2 – 9 PM

Where: Downtown Loveland at The Foundry 

Spend Valentine’s Day in the nation’s Sweetheart City at the free Loveland Sweetheart Festival Feb. 14-15, 2020. Held in the new Foundry Plaza, the festival is an extension of Loveland’s 74+ year history embracing sweethearts near and far and invites families and lovers across the world to gather in downtown Loveland to celebrate valentine season with free fun for the entire family.

2020 Photo Gallery

EVENT HIGHLIGHTS

  • Lock your love on Loveland’s 2nd edition Love Lock Sculpture, new to downtown Loveland
  • Special Effects Laser Light Show
  • LIVE entertainment including Saturday Headliner Nathan and the Zydeco Cha Chas
  • Palace of Sweets featuring local candy and dessert makers
  • For the Love of Beer Tent featuring Loveland craft beer and the official Loveland Valentine beer
  • Kids Street with rides and activities
  • Tunnel of Love – 12, 8-foot-tall arches decorated with lights
  • Community Art Projects
  • Sweetheart Classic 4-miler
  • Little Miss Valentine and Little Mr. Cupid contest at the Rialto.

SCHEDULE

Kids zone, beer/wine garden, Palace of Sweets, food court/food trucks, LOVE Locks sculpture,  community art installation projects and more will be open when the festival opens both days unless otherwise noted. 

FRIDAY, FEBRUARY 14

5:00 PM: Festival Opens
9:00 PM: Festival Closes

 

SATURDAY, FEBRUARY 15

2:00 PM: Festival opens
2:00 PMLittle Miss Valentine and Mr. Cupid Contest (Participants check in at 1:00pm in the Rialto Theater)
3:30 PM: Sweetheart Classic 4 Miler awards ceremony

9:00 PM: Festival closes

BEER AND WINE GARDEN

On-site vendors in the beer and wine garden:

  • To be announced!

PALACE OF SWEETS

The Palace of Sweets will be inside the state’s largest inflatable igloo and the following vendors will be present:

  • Rocky Mountain Chocolate Factory
  • B Sweet Cupcakes
  • Heaven’s Popcorn
  • Starlight Dessert Bar
  • Colorado Candy Company

FOOD VENDORS

The following food vendors will be on-site for the duration of the festival:

  • To be announced.

INTERACTIVE ART INSTALLATIONS

  • To be announced!

ART GALLERY WALK

Take in Loveland art scene with shows, tours and demos on this winter art gallery walk. At the heart of the festival, the 4th Street gallery will feature the “Love in a Steampunk World” art show coordinated by the Artists Collective. Other participating shows and galleries are:

  • To be announced!

KID’S ZONE

On-site activities in the Children’s Play Area include:

  • Princesses meet and greets/photos (free, photos additional cost)
    • Friday
      • Time to be announced
    • Saturday
      • 2:00 – 5:00 PM: Princess Beauty & Ice Princess

CHILDREN’S CONTEST

Children up to age 4 can participate in the Little Miss Valentine and Little Mr. Cupid contest. There are two age groups: 0-2 and 3-4.  Parents: please ONLY dress up the child. No props allowed. There is no cost to participate, and the winner will receive a grand prize. All participants will receive a small gift.

CLICK HERE TO SIGN UP!

 

SWEETHEART CLASSIC 4-MILER

Sweetheart City Racing’s 4-mile race starts and ends at the Loveland Sweetheart Festival stage. Singles and couple registrations are available. The first 200 registrants get a complimentary love lock. Register online at SweetheartCityRacing.com.

FESTIVAL MAP 

SPONSORS

This event would not be possible without these amazing sponsors.


Posted on January 22, 2020 at 3:43 pm
Tammy Fisher | Posted in Colorado, Loveland, Loveland Real Estate | Tagged , , , , , , ,