Most Active

What is the most active price range in Northern Colorado?  Take a guess…

  • $300,000 to $400,000
  • $400,000 to $500,000
  • $500,000 to $750,000
  • $750,000 and above

By far, the most active price range is $300,000 to $400,000 with 60% more closed transactions than the $400,000 to $500,000 range and 400% more than homes priced $750,000 and above.

However, this lower price range does not have the most inventory.  The price range with the greatest selection of homes is $500,000 to $750,000.


Posted on October 28, 2019 at 8:00 am
Kailee Harvey | Posted in Economics 101 | Tagged , , , , , , ,

Colorado Real Estate Market Update

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere real estate agent. 

ECONOMIC OVERVIEW

Colorado’s economy picked up, adding 64,900 new non-agricultural jobs over the past 12 months — a growth rate of 2.4%. Over the past three months, the state added an impressive 28,300 new jobs.

In August, the state unemployment rate was 2.8%, down from 3.4% a year ago. Unemployment rates in all the counties contained in this report were lower than a year ago. It is fair to say that all markets are now at full employment.

HOME SALES

  • In the third quarter of 2019, 17,562 homes sold. This is an increase of 5.1% compared to the third quarter of 2018 but 1.6% lower than the second quarter (which can be attributed to seasonality). Pending sales — a sign of future closings —rose 9.7%, suggesting that closings in the final quarter of 2019 are likely to show further improvement.
  • Seven counties contained in this report saw sales growth, while four saw sales activity drop. I am not concerned about this because all the markets that experienced slowing are relatively small and, therefore, subject to significant swings.
  • I was pleased to see an ongoing increase in the number of homes for sale (+16.9%), which means home buyers have more choice and feel less urgency.
  • Inventory levels are moving higher, and demand for housing appears to be quite strong. As I predicted last quarter, home sales rose in the third quarter compared to a year ago.

 

HOME PRICES

  • Home prices continue to trend higher, with the average home price in the region rising 3.8% year-over-year to $477,776.
  • Interest rates are at very competitive levels and are likely to remain below 4% for the balance of the year. As a result, prices will continue to rise but at a more modest pace.
  • Appreciation was again strongest in Park County, where prices rose 7.8%. We also saw strong growth in Weld County, which rose 7.4%. Home prices dropped in Clear Creek County, but, as mentioned earlier, this is a small market so I don’t believe this is indicative of an ongoing trend.
  • Affordability remains an issue in many Colorado markets and this will act as a modest headwind to ongoing price growth
    .

 

 

 

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the markets contained in this report rose seven days compared to the third quarter of 2018.
  • The amount of time it took to sell a home rose in all counties compared to the third quarter of 2018.
  • It took an average of 30 days to sell a home in the region — an increase of 1 day compared to the second quarter of this year.
  • The Colorado housing market is still performing well, and the modest increase in the length of time it took to sell a home is a function of greater choice in homes for sale and buyers taking a little longer to choose a home.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the third quarter of 2019, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I continue to closely monitor listing activity to see if we get any major bumps above the traditional increase because that may further slow home price growth. However, the trend for 2019 will continue to be a move toward a more balanced market.

 

 

 

ABOUT MATTHEW GARDNER

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.


Posted on October 25, 2019 at 7:45 am
Kailee Harvey | Posted in Colorado Living, Economics 101 | Tagged , , , , , ,

Equity Insights

The real estate research firm Core Logic just produced their latest Homeowner Equity Insights report.

Some interesting tidbits:

· 63% of all properties nationally have a mortgage

· Homeowners with mortgages collective realized a $428 billion rise in equity over last year, an increase of 4.8%

· Only 3.8% of all mortgaged properties have negative equity (where the loan is greater than the value of the home)

· 10 years ago 26% of all mortgaged properties had negative equity


Posted on October 18, 2019 at 3:26 pm
Kailee Harvey | Posted in Economics 101 | Tagged , , , ,

Reduced

Some fascinating research from the Denver Metro Association of Realtors…

37% of properties that sold last month along the Front Range had a price reduction at some point during the listing period.

Property owners who have to reduce their price take an average of 58 days to receive an offer.

Those who don’t have to reduce their price only take 13 days.

This stat obviously speaks to the importance of pricing your property right on day one.


Posted on October 4, 2019 at 12:08 pm
Kailee Harvey | Posted in Home Selling Tips | Tagged , , , , ,

How’s The Market?

If you are curious to know the current stats, trends, and dynamics in our market, this online workshop is for you!

See exactly what is happening in our real estate market today so you are clear about where it is going.

The questions we will answer for you:

– Are prices still going up?
– Is there a housing bubble?
– Will interest rates ever go up?
– Is now a good time to buy or sell?
– Where are all these people coming from?

Please reach out to me today if you have any additional questions or wish to receive a complimentary home pricing analysis.


Posted on September 13, 2019 at 10:10 am
Kailee Harvey | Posted in Colorado Living, Economics 101 | Tagged , , , ,

Ranked!

The latest report from the Federal Housing Finance Authority is hot off the press. They rank 241 major metropolitan areas across the U.S. for yearly home price appreciation.

They show that, nationally, home prices have gone up 4.99% over the last 12 months.
Here’s how the major cities rank in Colorado among the 241:
 
#22 Greeley = 7.94%
#27 Colorado Springs = 7.64%
#63 Fort Collins = 6.34%
#133 Denver = 4.83%
#188 Boulder = 3.41%
 
** Interesting fun fact: In the WORST economy of our lifetime (2008 recession), home appreciation in Fort Collins only went down 2.2%. Compare that to places like Las Vegas that went down by over 35%! Now that’s a stable economy.**

Posted on September 6, 2019 at 9:03 am
Kailee Harvey | Posted in Colorado Living, Economics 101 | Tagged , , , , , , ,

Prepare For and Prevent Damage This Wildfire Season Before It Happens

After last year’s wildfires, some of the largest and deadliest in recent memory, spread along the west coast, homeowners are on edge as to what this fire season will bring. The questions of whether their home will be burnt, or if they will be affected by poor air quality, hang in the air much like the smoke of a nearby fire. Accompanied by heatwaves hitting much of the U.S. these fears can turn into realities just as quick as a spark in brush. Luckily there are ways to prevent damage and to prepare for anything coming your way.

Be prepared with fire insurance

Are you currently protected in case of a fire? Make sure to talk with your insurance agent and work on a plan to insure your home.

Questions to ask them are:

  • What is covered should our home be destroyed in a fire?
  • What kinds of documentation do we need to do in order to get the full benefit of the insurance?
    • It’s usually a great idea to keep a log of what is in your home and how much it costs. Keep receipts and invoices if possible.
  • Who at the company should we contact in case of emergency?

Be prepared with an emergency kit

Cal Fire has a comprehensive guide to all things wildfire preparedness. Here they suggest putting together an emergency kit that’s always ready in case of sudden evacuations. They recommend including:

  • Map marked with at least two evacuation routes
  • Non-perishable foods to last three days
  • Prescriptions and medications. Also, eyeglasses or contact lenses.
  • Change of clothes
  • Toiletries and sanitation supplies
  • And extra set of car keys, as well as credit cards, cash or traveler’s checks
  • First aid kit
  • Flashlight and batteries
  • Copies of important documents like birth certificates and passports
  • Food and water for your pet
  • Chargers for cell phones and other devices

Some other items you might consider having close by are easily carried valuables, sentimental items like family photos, and computers or hard drives. Keep a sturdy pair of shoes and a flashlight near your bed for any evacuations at night.

Prevent damage by fortifying the building

Fire-Safe Landscaping

You don’t have to re-do the entire garden to slow the fire down. Home Advisor recommends you create a balance of aesthetically pleasing flora and slow-burning plants that are less likely to ignite.

Additionally, keep your garden and property free of dry materials that are ideal for kindling either in your bonfire or for a wildfire. Not only does creating this barrier protect your home, it also gives firefighters a safe area to work from as they work to control the fire.

To see what plants to use and other ways to fireproof your property, visit HomeAdvisor.

Build or remodel with flame-resistant materials

Materials like brick, stucco, metal, or concrete are great exteriors that can prevent the fire from taking hold of your home, at least initially. If your home is already built with one of these materials, the weak points might lie in your extremities like your deck or porch. Consider re-building these with fire-proof materials or add a coating to protect them.

Additionally, protect the most vulnerable areas of your home, like your windows and any air vents. Add retractable fireproof panels to your windows or replace the glass with wire glass or fire-proof safety glass. Don’t forget your skylights or windows on your doors.


Posted on August 27, 2019 at 12:05 pm
Kailee Harvey | Posted in Colorado Living, Homeowners | Tagged , , , , , , , ,

A Closing Window

Most people know that the Spring and Summer are the most active months for real estate and that activity trails off into the Fall and Winter.

Here are the specific numbers behind this…

The number of homes sold along the Front Range in November tends to be between 15% and 29% lower than September.

That means the best window of time for current sellers to obtain a contract from a buyer and close by the end of the year will occur over the next 45 days.

For sellers who have homes on the market today, it is time to ensure that:

  • The home is priced right versus the competition
  • All of the marketing elements are in place
  • It is easy for a buyer to make an offer on the home

Posted on August 23, 2019 at 4:20 pm
Kailee Harvey | Posted in For Buyers & Sellers, Selling | Tagged , , , , , , , , , , , , ,

Designing the Perfect Home Office to Work From Home In Style

Working from home is an aspiration for many of us, but to do so effectively takes work. 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 to rise and grind and get into work mode.

Having a designated workspace is quite possibly the most important piece to the work-from-home pie. 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 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.
  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 November 14, 2018 at 4:14 pm
Kailee Harvey | Posted in Uncategorized |

What is Modern?


Sleek design, open floor plans, and great natural lighting are all appealing characteristics of modern architecture. Over the years, modern design concepts in home building have become more popular, as is the resurgence of interest in modern real estate. More companies, like 360 modern, are specializing in modern properties. Modern homes vary greatly in style; however, they have some unifying qualities that distinguish them from other properties built over the last 60 years. Here are some characteristics often found in modern homes:

Clean geometric lines: The core of modernist values is the simplification of form. Modernist homes have a very ‘linear’ feel with straight lines and exposed building materials. Furnishings and adornment reflect this value, incorporating vibrant, geometric and abstract designs.

Modern materials: Large windows are abundant in modern architecture, allowing light to fill and expand the interior space, bringing the natural world indoors. Generally all exposed building materials are kept close to their natural state, including exposed wood beams, poured concrete floors or counter tops, stone walls and stainless steel.

Modern homes are well suited for technological and green upgrades, as well including eco-friendly building materials and energy efficient practices. Flat roofs accommodate solar power. Energy efficient appliances work with the aesthetics of modern homes. Modernist landscaping need not require water-thirsty lawns, but instead can reflect local flora.

Post-and-beam structure: One classic element in modern architecture is the exposed wood posts and ceiling beams. This style of building has been around for thousands of years; however, modern homes really emphasize the structure, rather than hiding the bones behind drywall. In new modern homes the post-and-beam structure can be made out of concrete, iron or other materials. The highly visible horizontal and vertical beams reinforce the clean geometric lines of the space.

Low-pitched gable or shed roof: One of the most differential characteristics of modern homes than more traditional home design is the shape of the roof. Classic modern homes on the west coast generally have a flat or low-pitched roof, highly influenced by architect Joseph Eichler. New urban homes also leverage roof tops for outdoor entertaining space.

Open floor plan: Modern design strives to “open” the space by eliminating enclosed rooms. For example opening the kitchen and dining room into an open living space, allowing the ‘rooms’ to flow into one another.

Large windows: Natural light and the incorporation of natural elements are important aspects of modern home design. Large, floor-to-ceiling windows illuminate the open space and highlight the natural landscape. Some new modern homes have adjusted the large windows to open, diminishing the barrier between the indoors and out.

Incorporation of outdoor elements: Frank Lloyd Wright, one of the pioneering modernist architects, incorporated the natural setting into his architecture, most famously with Falling Water. Outdoor elements are incorporated into modern architecture in many ways; through large windows, landscaped terraces, and patios, and through use of natural and organic materials in building including stone walls, and more.

Minimalism: With open and connected modernist spaces, careful curation of furniture, adornments, and household objects is important to preserving the modernist aesthetic. Generally, modernist homes have art and furniture that reflects the clean geometric lines and the natural materials of the architecture, leaving less space for clutter. Minimalist philosophies of few household items that serve both form and function work well within this design and architectural style.

 


Posted on November 13, 2018 at 10:37 am
Kailee Harvey | Posted in Housing Trends | Tagged , ,