Add to Your Net Worth!

It’s no surprise that for just about every homeowner, their real estate represents the largest portion of their net worth.

Check out these numbers from the Federal Reserve’s Survey of Consumer Finances:

  • Median Net Worth in the U.S. = $97,300
  • Median Net Worth of a Renter = $5,200
  • Median Net Worth of a Homeowner = $231,400
Posted on October 17, 2019 at 4:39 pm
Meagan Griesel | Category: Colorado Real Estate, Colorado Real Estate Market Update, Fun Facts | Tagged , , , ,

Rate Bounce

Rates hit near-historic lows this week and are now at 3.49% for a 30-year mortgage.

There have only been two other times in history when rates have been this low- April 2013 and October 2016.

It’s interesting to see what happened soon after bottoming out these last two times.

In April of 2013 rates hit 3.41%. By August 2013 they had jumped to 4.40%.

Rates bottomed again in October 2016 at 3.42%. Just two months later in December 2016 they were 4.32%.

Each time the increase was nearly 1% within just a few months.

So, if history proves itself as a guide, we can’t expect these rates to last for long.

Posted on September 13, 2019 at 5:32 pm
Meagan Griesel | Category: Colorado Real Estate, Fun Facts, Real Estate Tips | Tagged , , , ,

Prepping Your Home for Sale: The Rooms That Matter Most

 

When you’re selling your home, one of the most important jobs you have is to make your home more attractive to prospective buyers. According to MoneyWise, some of the biggest turnoffs for buyers are a messy, dirty, or smelly home. Thankfully, this is an area that you have complete control over, and with some helpful tips you can clean and stage your home to show off it’s beauty. All your spaces will be inspected during a showing, but there are a couple key rooms that are especially important to focus on to impress the buyers.

 

Kitchen: Clean and Free of Clutter

 

The kitchen in every home is a source of love and congregation, where food is prepared for the family and loved ones tend to gather. First, you want to thoroughly clean and organize the entire kitchen, including drawers, cabinets, and pantry. Don’t forget the appliances – clean all the refrigerator shelves, wipe out the microwave, and deep clean your oven. Next, you will need to stage your kitchen. Staging is decorating with the intention to increase attractiveness to the strangers surveying your home. The less you have on your counters the better, so put away all the small appliances and containers. Keep only a pretty bowl full of lemons or limes to add a pop of color. The kitchen can be a difficult area to keep clean while selling your home because you are still using it several times a day. In the coming weeks, take the time to completely clean up after every meal, even when you are in a hurry.

 

Living Room: Staged to Perfection

 

Your living room is likely the focal point of your home, as it is often the largest space and the one where most time is spent. According to House Beautiful, the living room will help you sell your home more than any other room in the house. As with all the other spaces in your home, you will need to deep clean thoroughly and keep it tidy as the home sits on the market. Most important for this particular room is flawless staging. Living rooms tend to be a home for beloved knick-knacks, family photos, and cozy collections of favorite blanket and pillows. All this personalization needs to go. If staging feels impossible to you, consider hiring a professional home stager to help out. A beautifully staged home will sell faster and at a higher cost than a home left in its original state.

 

Master Bedroom: Peaceful Retreat

 

Lastly, the master bedroom needs your attention. This is the place in your home that signals rest, a peaceful retreat from the busyness of life. In addition to a deep clean, you need to declutter and organize the space well. Take advantage of storage space underneath your bed, out of sight from prospective buyers. Utilize functional furniture like decorative trunks and storage ottomans to store your belongings and clear off surfaces. A decluttered space is the first step to creating a peaceful retreat. Next, paint your walls a calming neutral color like soft gray or pale blue, and replace heavy curtains with light sheer panels to allow natural light to shine through. With a few simple touches, your bedroom will be showroom-ready.

 

Of course, not everyone has time in their busy schedules to devote to cleaning on a regular basis. If you discover you’re having a difficult time making it all come together, look into hiring a housekeeping service, one that can help you keep your kitchen spotless, your bedrooms tidy, and your house ready for any potential last-minute showings.

 

By focusing on these three main rooms – your kitchen, living room, and master bedroom – you will have an easier time getting your home cleaned and staged. It is a stressful time putting your house on the market, but remember that it’s only temporary. In no time, your beautiful home will sell to the perfect buyer, and you will be able to move on to your next adventure.

 

Kris Louis is mom to two rambunctious boys. Her oldest is 10 and her youngest is 7. A former advertising copywriter, she recently created parentingwithkris.com, where she puts her skills to work writing about the trials and tribulations of parenting. Kris, her husband, and two boys live in Durham, NC.

Photo Credit: Pixabay

Posted on August 26, 2019 at 1:46 pm
Meagan Griesel | Category: Colorado Real Estate, Loveland Real Estate, Northern Colorado Real Estate, Real Estate Tips | Tagged , , , ,

How’s the Market in NOCO?

Here are some observations we have about the market right now:

  • Inventory is up, price reductions are up, the length of time to sell a home is up
  • Seller concessions are more prevalent
  • Sellers are more willing to accept contingent offers (especially in higher price ranges)
  • If a home doesn’t sell within a week, it often becomes stigmatized by the market and potential buyers assume there must be something wrong with it
  • Homes that likely would have sold within hours a year ago, are now sitting on the market
  • Condition is super-important as buyers become even more picky
  • Pricing a property correctly on day one is paramount
  • Sellers who over-price their property are finding themselves chasing the market

 

Posted on August 5, 2019 at 4:22 pm
Meagan Griesel | Category: Colorado Real Estate, Colorado Real Estate Market Update, Fun Facts, Northern Colorado Real Estate | Tagged , ,

Still appreciating – just slower

The Latest

Here’s the latest from the Federal Housing Finance Authority’s report on price appreciation.  They track 241 markets across the country.  These are the one-year price growth numbers for the Colorado cities on their list:

  • Boulder = 6.14%
  • Colorado Springs = 9.18%
  • Denver = 6.97%
  • Fort Collins = 6.43%
  • Greeley = 7.06%

So, even though the pace of sales is going down, prices overall are still going up.

Even in today’s growing market, we do notice that in certain price ranges, in certain locations, sellers are having to reduce their price to attract offers on their homes.

What we know is that all markets are local and there are trends that occur on a micro level that sometimes differ than the overall macro trends.

If you are curious to know what the value of your home is in today’s market, I’d be happy to show that to you.

Posted on June 7, 2019 at 1:18 pm
Meagan Griesel | Category: Colorado Real Estate, Colorado Real Estate Market Update, Fun Facts | Tagged , ,

313 Acres in New Raymer!

0 County Road 134 offers 1/2 section of dry pasture land with excellent grass. Currently enrolled in CPR which expires in 2021 and currently pays $8500 annually. Perfect for grazing animals and great potential for a ranch. Very nice typography on this property. Parcel is located at the South West corner of County Road 134 & County Road 135 – google calls it Raymer for the city. Actual photos coming! Call for your private showing at (970) 691-0056 for more information or click the link below for more details.

http://windermerenoco.com/listing/95514821

Posted on May 24, 2019 at 7:24 pm
Meagan Griesel | Category: Blog, Colorado Real Estate | Tagged , , , , , ,

Mortgage Rates are Down Again

Down Again

Mortgage rates dropped again for the fourth week in a row.

The average 30-year rate is now 4.06% which is the lowest it has been all year.

Rates today are actually the lowest they have been since early 2018.

The main factor driving rates down is the trade war with China.

Investors are shifting money from stocks into bonds which causes the yield on the 10-year Treasury to drop.

Mortgage rates are closely aligned with the 10-year Treasury.

At the beginning of the year, most experts believed that 2019 would have a trend of increasing mortgage rates eventually reaching 5.5%.

Instead, the opposite has happened which is good news for real estate.

Posted on May 24, 2019 at 1:14 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Colorado Real Estate Market Update, Fun Facts | Tagged

Property tax assessments 2019

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 me know.

Posted on May 17, 2019 at 6:33 pm
Meagan Griesel | Category: Colorado Real Estate, Colorado Real Estate Market Update, Fort Collins Real Estate, Fun Facts, Loveland Real Estate, Northern Colorado Real Estate | Tagged , ,

Colorado Real Estate Market Update Q1 2019

 

 

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park counties) 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 Meagan Griesel.

 

ECONOMIC OVERVIEW

Colorado’s economy continues to grow with the addition of 44,800 new non-agricultural jobs over the past 12 months. This represents a reasonable growth rate of 1.7%. As stated in last quarter’s Gardner Report, we continue to see a modest slowdown in employment gains, but that’s to be expected at this stage of the business cycle. I predict that employment growth in Colorado will pick back up as we move through the year, adding a total of 70,000 new jobs in 2019, which represents a growth rate of 2.6%.

In February, the state unemployment rate was 3.7%, up from 2.9% a year ago. The increase is essentially due to labor force growth, which rose by more than 84,000 people over the past year. On a seasonally adjusted basis, unemployment rates in all the markets contained in this report haven’t moved much in the past year, but Boulder saw a modest drop (2.7%), and the balance of the state either remained at the same level as a year ago or rose very modestly.

 

HOME SALES

  • In the first quarter of 2019, 11,164 homes sold — a drop of 3% compared to the first quarter of 2018 and down 13.5% from the fourth quarter of last year. Pending sales in the quarter were a mixed bag. Five counties saw an increase, but five showed signs of slowing.
  • The only market that had sales growth was Adams, which rose 4.9%. The rest of the counties contained in this report saw sales decline, with a significant drop in the small Park County area.
  • I believe the drop in the number of home sales is partially due to the significant increase in listings (+45.6%), which has given would-be home buyers more choice and less need to act quickly.
  • As mentioned above, inventory growth in the quarter was significant, but I continue to believe that the market will see sales rise. I expect the second half of the year to perform better than the first.

 

 

HOME PRICES

  • Home prices continue to trend higher, but the rate of growth is tapering. The average home price in the region rose just 2.1% year-over-year to $456,243. Home prices were .3% higher than in the fourth quarter of 2018.
  • I anticipate that the drop in interest rates early in the year will likely get more buyers off the fence and this will allow prices to rise.
  • Appreciation was again strongest in Park County, where prices rose 21.9%. We still attribute this rapid increase to it being a small market. Only Clear Creek County experienced a drop in average home price. Similar to Park County, this is due to it being a very small market, making it more prone to significant swings.
  • Affordability remains an issue in many Colorado markets but that may be offset by the drop in interest rates.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in Colorado rose five days compared to the first quarter of 2018.
  • The amount of time it took to sell a home dropped in two counties — Gilpin and Park — compared to the first quarter of 2018. The rest of the counties in this report saw days-on-market rise modestly with the exception of the small Clear Creek market, which rose by 26 days.
  • In the first quarter of 2019, it took an average of 42 days to sell a home in the region, an increase of four days compared to the final quarter of 2018.
  • Job growth drives housing demand, but buyers are faced with more choice and are far less frantic than they were over the past few years. That said, I anticipate the late spring will bring more activity and sales.

 

 

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 first quarter of 2019, I have moved the needle a little more in favor of buyers. I am watching listing activity closely 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 towards a more balanced market.

 

 

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 Governor’s 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 May 1, 2019 at 11:37 pm
Meagan Griesel | Category: Colorado Real Estate, Colorado Real Estate Market Update, Fort Collins Real Estate, Loveland Real Estate | Tagged , ,

Who’s market is it?

So, which is it? A buyer’s market or a seller’s market?

Well, it depends!

First, let’s define each market. According to research, a buyer’s market exists when there is more than 4-6 months of inventory on the market.

If it would take longer than 4-6 months to sell out all of the inventory currently for sale, then it is a buyer’s market.

This calculation is obviously a function of the amount of inventory on the market and the current pace of sales.

A seller’s market exists if it would take shorter than 4-6 months.

So, which is it?

It depends very much on the price range.

Here are the numbers for Northern Colorado:

• $300,000 to $400,000 = 0.9 months
• $400,000 to $500,000 = 1.9 months
• $500,000 to $750,000 = 2.3 months
• $750,000 and over = 5.8 months

So, most price ranges are a clear seller’s market. It’s not until $750,000 and over that the market starts to approach a more balanced state.


Here’s one more thing that might help you…

You probably don’t need a reminder that this is tax season.

Not only because tax returns are due in two weeks but also because you will soon receive your property tax notification in the mail.

Every two years your County re-assesses the value of your property and then sends that new value to you.

When this happens, many of our clients:

  • Don’t agree with the new assessed value
  • Aren’t sure what to do
  • Are confused by the process
  • Want to save money on property taxes

Good news! We have a webinar that will help you. On the webinar we will show you:

  • How to read the information from the County
  • What it means for you
  • How to protest the valuation if you want
  • How to get an accurate estimate of your property’s value

You can listen to the webinar live or get the recording. In any case, you can sign up at www.WindermereWorkshop.com

The webinar is April 17th at 10:00. If you can’t join live, go ahead and register so you can automatically receive the recording.

This is a complimentary online workshop for all of our clients. We hope you can join!

Posted on April 12, 2019 at 6:47 pm
Meagan Griesel | Category: Colorado Real Estate, Fun Facts, Northern Colorado Real Estate | Tagged , , , , , ,