Staying organized while uprooting your life and moving from one home to another can feel impossible. Not only are you trying to get the best financial return on your investment, but you might also be working on a tight deadline. There’s also the pressure to keep your home clean and organized at all times for prospective buyers. However, one thing you can be sure of when selling your home is that there will be strangers entering your space, so it’s important for you and your agent to take certain safety precautions. Like so many things in life, they can feel more manageable once written down, so we made this handy checklist.
- Go through your medicine cabinets and remove all prescription medications.
- Remove or lock up precious belongings and personal information. You will want to store your jewelry, family heirlooms, and personal/financial information in a secure location to keep them from getting misplaced or stolen.
- Remove family photos. We recommend removing your family photos during the staging process so potential buyers can see themselves living in the home. It’s also a good way to protect your privacy.
- Check your windows and doors for secure closings before and after showings. If someone is looking to get back into your home following a showing or an open house, they will look for weak locks or they might unlock a window or door.
- Consider extra security measures such as an alarm system or other monitoring tools like cameras.
- Don’t show your own home! If someone you don’t know walks up to your home asking for a showing, don’t let them in. You want to have an agent present to show your home at all times. Agents should have screening precautions to keep you and them safe from potential danger.
Talk to your agent about the following safety precautions:
- Do a walk-through with your agent to make sure you have identified everything that needs to be removed or secured, such as medications, belongings, and photos.
- Go over your agent’s screening process:
- Phone screening prior to showing the home
- Process for identifying and qualifying buyers for showings
- Their personal safety during showings and open houses
- Lockboxes to secure your keys for showings should be up to date. Electronic lockboxes actually track who has had access to your home.
- Work with your agent on an open house checklist:
- Do they collect contact information of everyone entering the home?
- Do they work with a partner to ensure their personal safety?
- Go through your home’s entrances and exits and share important household information so your agent can advise how to secure your property while it’s on the market.
Job growth is critical to the health of the housing market, so on this week’s episode of “Mondays with Matthew,” Windermere Chief Economist Matthew Gardner analyzes the effect of COVID-19 on employment and what we can expect for the duration of the year.
We notice a very interesting dynamic in the market right now.
There was clearly a pent-up real estate demand created during the recent time when in-person showings were not allowed. The numbers back it up.
First, a little background. During a portion of “Shelter in Place,” all in-person viewing of properties ceased. Instead, buyers spent time online viewing virtual tours and 3-D photography.
Even though clients could view homes virtually, purchase activity did slow down.
Today, showings are allowed again as long as clear protocols are followed. We’ve implemented a Safe Showings program to keep our clients protected.
Now, to the numbers.
Through the first two weeks of May 2020, the number of closed properties is down compared to the same time period in 2019.
In most cases these closed properties are a result of purchase agreements that were written in April- a time when in-person showings were restricted.
So, a decrease in closings was expected.
However, the number of new written contracts so far this month is up considerably compared to the same time frame last year.
- Metro Denver closed properties down 47%
- Metro Denver new contracts up 6%
- Northern Colorado closed properties down 41%
- Northern Colorado new contracts up 19%
So, buyer activity is up compared to last year, even in our current environment.
This speaks to the resiliency of our market and the effect of low interest rates.
So far the tailwind of historically-low mortgage rates are prevailing over Wall Street and COVID-19 concerns.
Buyers are still active. Properties are still closing. Moving trucks are still showing up at people’s homes.
Open house traffic has declined, but we notice plenty of buyers looking for property. (one of our open houses last weekend had over 40 visitors)
For many, the interest rates are just too good to pass up.
We even see instances of multiple-offer situations for properties priced right in high-demand locations.
Rates today, compared to 4%, equate to not only a monthly savings for those refinancing but also equates to tens of thousands in additional purchase power.
For the average price of a home on the Front Range, the savings is $171 per month and the increased purchase power is $35,811.
Here’s what we expect to happen over the coming months. Listing inventory and transaction volume will both decline. We will no doubt see lower activity compared to a year ago.
But thoughts of the market “coming to a screeching halt” can’t be validated because of the historical performance of our market and because of the inherent fundamentals in place.
We will continue to track the numbers and communicate the facts so that you remain well-informed.
It is a seemingly simple question. However, discovering the worth of your home is more complicated than it might seem. Sites like Zillow, Redfin, Eppraisal, and others have built-in home valuation tools that make it seem easy, but how accurate are they? And if you get three different answers, which one do you believe? Online valuation tools have become a pivotal part of the home buying and selling process, but they’ve proven to be highly unreliable in certain instances. What these valuation tools have made clear is that real estate agents are as vital to the process of pricing a home as they ever were—and maybe even more so now.
Every online valuation tool has its limitations. Most are readily acknowledged by their providers, such as “Zestimate” from Zillow, which clearly states that it offers a median error rate of 4.5%. That may not sound like a lot, but keep in mind that 4.5% amounts to a difference of about $31,500 for a $700,000 home. For Redfin and Trulia, there are similar variances. When you dig deeper into these valuation tools, it’s no wonder that there are discrepancies. They rely on a range of different sources for information, some more reliable than others.
Redfin’s tool pulls information directly from multiple listing services (MLSs) across the country. Others negotiate limited data-sharing deals with those same services, relying on public and homeowners’ records alike. This can lead to gaps in coverage. These tools can serve as helpful pieces of the puzzle when buying or selling a home, but the acknowledged error rate is a reminder of how dangerous a heavy reliance on them can be.
Nothing compares to the level of detail and knowledge a professional real estate agent offers when pricing a home. An algorithm can’t possibly know about the unique characteristics of neither a home nor its neighborhood. Curious about what improvements you can make to get top dollar or how buyer behaviors are shaping the market? They cannot provide an answer there, either. That can only be delivered by a trusted professional whose number one priority is getting you the best price in a time frame that meets your needs.
If you’re curious about your home’s value, Windermere offers a tool that provides a series of evaluations on your property and the surrounding market. And once you’re ready, we’re happy to connect you with a Windermere agent who can clarify this information and perform a Comparative Market Analysis to get an even more accurate estimate of what your home could fetch in today’s market.
Sleek, sustainable design, open concept floor plans, minimalism, and eco-conscious thinking are defining characteristics of modern architecture. Recently, modern design concepts in home building have become more popular, and the resurgence of interest in modern real estate has followed suit.
These characteristics are what define Contemporary Architecture:
Clean geometric lines: At the heart of modernist values lies 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.
Smaller, multifunctional spaces: With the Tiny House subculture consistently on the rise, and the new generation of homeowners expressing a desire to move away from the sprawling dwellings of the past, multifunctional living spaces are a must for modern homes. Built-in storage is commonly used to reflect this multi-purpose; space-saving feel.
Eco-conscious: Modern homes are well–suited for technological and green upgrades, as well as eco-friendly building materials and energy-efficient practices, and flat roofs to accommodate solar power. A new trend is to bring nature into each room for a calming, soothing effect. Large windows are abundant in modern architecture, allowing light to fill and expand the interior space, bringing the natural world indoors.
Post-and-beam structure: Exposed wood posts and ceiling beams are classic elements in modern architecture. This style of building has been around for thousands of years; however, modern homes significantly emphasize the structure, rather than hiding the bones behind drywall. In new modern homes, the post-and-beam structure can be made of concrete, iron or other materials. The visible horizontal and vertical beams reinforce the clean geometric lines of the space.
Open concept: Modern design strives to “open” the space by eliminating enclosed rooms. A common tactic is to open the kitchen and dining room into an open living space, allowing the spaces to flow into one another.
Minimalism: With open and connected modernist spaces, careful curation of furniture, adornments, and household objects is paramount to incorporating 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 encourage few household items that serve both form and function, which work well within this design and architectural style.
Every component of your home has a lifespan. Common questions asked by homeowners include when to replace the flooring or how long to expect their siding to last. This information can help when budgeting for improvements or deciding between repairing and replacing when the time comes. We’re all familiar with the cliché: They just don’t build things like they used to. And while this may be true when it comes to brick siding or slate roofing, lifespans of other household components have increased in recent years. Here are the life expectancies of the most common household items (courtesy of NAHB):
Appliances: Among major appliances, gas ranges have a longer life expectancy than things like dishwashers and microwaves.
|Oil-burning Furnace||20 years|
|Heat Pump||16 years|
|Gas Range||15 years|
|Electric range / Refrigerator / Dryer||13 years|
|Electric / Gas Water Heater||10 years|
|Garbage disposal||10 years|
|Dishwasher / Microwave / Mini Fridge||9 years|
Kitchen & Bath: When choosing your countertops, factor in the life expectancies of different materials.
|Kitchen / Bath Item||Life Expectancy|
|Wood / Tile / Natural Stone Countertops||Lifetime|
|Toilets (parts will require maintenance)||50+ years|
|Stainless steel sink||30+ years|
|Bathroom faucet||20+ years|
|Cultured marble countertops||20 years|
|Kitchen faucet||15 years|
Flooring: If you’re looking for longevity, wood floors are the way to go. Certain rooms in your home will be better suited for carpeting, but you can expect they’ll need replacing within a decade.
|Flooring Material||Life Expectancy|
|Wood / Bamboo||Lifetime|
|Brick Pavers / Granite / Marble / Slate||100+ years|
|Carpet||8 – 10 years|
Siding & Roofing: When choosing roofing and siding for your home, climate and maintenance level factor into the life expectancy of the material. However, brick siding and slate roofing are known to be dependable for decades.
|Siding / Roofing Material||Life Expectancy|
|Brick Siding||100+ years|
|Aluminum Siding||80 years|
|Slate / Tile Roofing||50+ years|
|Wood Shingles||30 years|
|Wood Siding||10 – 100 years (depending on climate)|
Are extended warranties warranted?
Extended warranties, also known as service contracts or service agreements, are sold for all types of household items from appliances to electronics. They cover service calls and repairs for a specified time beyond the manufacturer’s standard warranty.
You will have to consider whether the cost is worth it to you. For some, it brings a much-needed peace of mind when making such a large purchase. Also consider if the cost outweighs the value of the item. In some cases, it may be less expensive to replace a broken appliance than to pay for insurance or a warranty.
Most of us tend to think of air pollution as something that occurs outdoors where car exhaust and factory fumes proliferate, but there’s such a thing as indoor air pollution, too. Since the 1950s, the number of synthetic chemicals used in home products have increased drastically, while homes have become much tighter and better insulated. As a result, the EPA estimates that Americans, on average, spend approximately 90 percent of their time indoors, where the concentrations of some pollutants are often two to five times higher than typical outdoor concentrations.
Luckily, there are many ways to reduce indoor air pollution. We all know that buying organic and natural home materials and cleaning supplies can improve the air quality in our homes, but there are several other measures you can take as well.
How pollutants get into our homes
Potentially toxic ingredients are found in many materials throughout the home, and they leach out into the air as Volatile Organic Compounds, or VOCs. If you open a can of paint, you can probably smell those VOCs. Mold is a VOC that can build up in the dampest parts of your home like the laundry room or crawl spaces. Another example is the “new car smell” that seems to dissipate after a while, but VOCs can “off-gas” for a long time, even after a noticeable smell is gone.
Many materials used to build a home contain chemicals like formaldehyde, toluene, xylene, ethanol, and acetone, and even lead. VOCs can also be in the form of pet dander or dust. Fortunately, VOCs from building materials dissipate over time. For that reason, the highest levels of VOCs are usually found in new homes or remodels. If you are concerned about VOCs, there are several products you can buy that are either low- or no-VOC. You can also have your home professionally tested.
How to reduce VOCs in your home
Choose your building materials wisely
- – Use tile or solid wood for flooring—hardwood, bamboo, or cork
- – Choose solid wood or outdoor-quality plywood that uses a less toxic form of formaldehyde.
- – Choose low-VOC or VOC-free paints and finishes
Purify the air
- – Make sure your rooms have adequate ventilation, air out newly renovated areas for at least a week
- – Clean ductwork and furnace filters regularly
- – Install air cleaners if needed
- – Use only environmentally responsible cleaning chemicals
- – Plants are a natural solution to help clean the air
- – Air out freshly dry-cleaned clothes or choose a “green” cleaner
Pick the right carpet
- – Choose “Green Label” carpeting or a natural fiber such as wool or sisal
- – Use nails instead of glue to secure carpet
- – Install carpet LAST after completing painting projects or wall coverings
- – Air out newly carpeted areas before using
- – Use a HEPA vacuum or a central vac system that vents outdoors
- – Clean up water leaks fast
- – Keep humidity below 60 percent, using dehumidifiers if necessary
- – Refrain from carpeting rooms that stay damp
- – Insulate pipes, crawl spaces, and windows to eliminate condensation
- – Use one-half cup of bleach per gallon of water to kill mold in its early stages
If you would like to learn more about VOCs and indoor air quality, please visit http://www.epa.gov/iaq/.
We are watching close to see where the real estate market is headed. Anecdotally we can tell you that the vast majority of transactions that are under contract are still closing. We have seen very few transactions cancel because of employment issues or the wild swings of the stock market.
An interesting leading indicator was announced this week that sheds some light as to where the market is headed. Each week the Mortgage Bankers Association releases their index which tracks new mortgage applications.
They track both purchase applications and refinance applications. To no one’s surprise, the index was down this week but not as much as you may have guessed.
New purchase applications were down 11% compared to the same week this last year. Refinance activity fell more sharply, down 34%.
This is a statistic we will watch closely as time goes on.
As the situation develops with the COVID-19 pandemic, Windermere Real Estate is dedicated to taking steps to reduce the spread of the virus while continuing to work with home buyers. To help with this process, here are some ways you as a home buyer can keep yourself and others safe during the buying process.
WHEN TOURING HOMES
❱ Only tour the property if you feel healthy.
❱ Ask your Windermere agent to show you the property instead of attending an open house.
❱ Drive separately from your agent to the property.
❱ Be considerate of the seller’s home and wash or sanitize your hands before entry, touching as little as necessary. While many sellers will likely provide it, bring your own hand sanitizer and use before and after you tour the home. You might also consider wearing disposable gloves for further safety.
❱ Ask your agent to confirm with the seller’s agent that they have not recently been sick or in contact with someone suspected of having COVID-19.
❱ Sellers often ask you to take off your shoes when you tour their home or wear protective booties that have been provided. Consider bringing your own booties and throwing them away when you’ve finished touring.
❱ Be mindful of how much you touch things in the home and minimize contact with doors and hand railings.
❱ Reduce the amount of time spent with other people in the same room. This “social distancing” practice can curb person-to-person spread.
DO NOT TOUR HOMES IF
❱ If you are currently self-quarantined because of illness or other reasons, you should not tour homes in person. Ask your Windermere agent to video chat with you while they tour the home so you can see it virtually.
❱ Do not view homes when you’re sick, feeling like you’re about to be sick, or getting over an illness.
❱ We do not recommend touring homes after returning from international travel or travel that exposed you to a large group of people in close quarters, like large events.