Millennial Buyers

Millennials often get a bad rap.  One of the myths about Millennials is that they don’t own homes and will be renters forever.

Not true!  Especially on the Front Range of Colorado.

Based on research by our very own Chief Economist, Matthew Gardner, Millennials make up a significant percentage of all home buyers in Metro Denver and Colorado.

In Metro Denver, 50% of all buyers last year were in the Millennial demographic.

In Northern Colorado, the number is 41%.

It turns out that Millennials, as they move into their mid to late 30’s, see the value of home ownership and are at the point in their lives where it makes sense to own instead of rent.

Posted on January 17, 2020 at 6:10 pm
Jon Holsten | Category: Buying, Fort Collins Real Estate, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , , ,

Vital Signs

Here are the vital signs for the Northern Colorado market.

First, Larimer County:

  • Average prices are up 2.4%
  • Number of transactions is down 2.5%
  • Inventory is up 11.9%
  • Days on market is up 4.1%

Now, Weld County:

  • Average prices are up 4.3%
  • Number of transactions is up 3.6%
  • Inventory is up 12.9%
  • Days on market is flat (same as last year)

What this means is prices are still going up, just not as fast as they were a couple of years ago.  More inventory is coming on the market which is great news for buyers.

 

Posted on December 27, 2019 at 8:00 am
Jon Holsten | Category: Buying, Homes for Sale, Housing Trends, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , , ,

The 12 Facts of Real Estate

  • 1 is the ranking Colorado owns for long-term home price appreciation versus all other states
  • 2.6% unemployment rate in Colorado right now
  • 3.73% mortgage rate for a 30-year mortgage which is about half of the long term average
  • 4.7% apartment vacancy rate in Metro Denver, the lowest since 2015
  • 5.5% is the long-term average for yearly home price appreciation along the Front Range
  • 6,000,000 live in Colorado
  • 7,000 residential properties are for sale in Metro Denver right now and the average for this time of year is 14,700
  • 80,000 is the number of people that is added to our state’s population each year
  • 9 homes are for sale in Larimer and Weld County priced over $2,500,000
  • -10% is the decrease in new home construction in Larimer County compared to last year while Weld County grew by 17%
  • 11 times in the last 40 years home prices have gone up at least 8% along the Front Range
  • $1,202,488 is the average price for a single-family home in the City of Boulder

Posted on December 25, 2019 at 8:00 am
Jon Holsten | Category: Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , , ,

County by County

Metrostudy, who in our opinion is the leader in new home research, recently did a study on the average price of a new home in each of the Front Range Counties.

Here are some interesting takeaways…

 

If you want to find the least expensive new home on the Front Range, the places to look are Weld County and El Paso County.

 

·         Weld County Average New Home Price  = $411,269

·         El Paso County Average New Home Price = $427,361

 

The most expensive place for a new home is in Boulder County (no surprise) at $698,208.

 

Jefferson County has the largest difference between the average price of a new home and the average price of a resale home:  $664,600 vs. $510,003.

 

Here’s the County by County breakdown of the average price of a new single-family home:

·         Boulder = $698,208

·         Jefferson = $664,600

·         Douglas = $624,315

·         Broomfield = $612,779

·         Denver = $581,480

·         Arapahoe = $545,943

·         Larimer = $507,105

·         Adams = $480,464

·         El Paso = $427,361

·         Weld = $411,269

Posted on December 23, 2019 at 8:00 am
Jon Holsten | Category: Buying, Homes for Sale, Housing Trends, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , ,

Job News

There is an abundance of great news when it comes to employment in Colorado.

The unemployment rate is incredibly low at 2.7% which is almost a full percentage point lower than the U.S. average.

According to the Bureau of Labor Statistics, Metro Denver added 28,300 jobs over the last year which ranks 15th out of all metropolitan areas nation-wide, many of which have much larger populations than Denver.

While this is positive news, what is even more remarkable is what is happening in the other, smaller cities along the Front Range.

Anytime job growth exceeds 2.0% per year, it is a sign of a very healthy economy.

Here is what the other Cities have seen in terms of job growth over the last 12 months.

• Fort Collins 2.6%

• Greeley 2.5

• Colorado Springs 1.9%

Posted on December 9, 2019 at 8:00 am
Jon Holsten | Category: Buying, Fort Collins Real Estate, Greeley Real Estate, Housing Trends, Johnstown Real Estate, Living, Loveland Real Estate, Northern Colorado Real Estate, Timnath Real Estate, Wellington Real Estate, Windermere Real Estate, Windsor Real Estate | Tagged , , , , , , , ,

Remodel for the Most Resale Value

What’s the best remodeling project for your home? The answer, in part, depends on where you live. Every year, Remodeling Magazine evaluates which projects bring the most return at resale in different markets around the country in their “Cost vs. Value” report.  For the purposes of this blog, we are focusing on the Pacific states (WA, OR, CA, AL) and the Mountain states (MT, ID, UT, CO, NV).

According to Remodeling Magazine, these are the six top projects in those two regions that currently have the best return on your investment when it comes time to sell. To see the full report, click here.

 

Garage Door Replacement

The project with the most return from Washington State to Nevada? A new garage door.

In the Pacific States, replacing your garage door will cost an average $3,785, but will increase your resale value by $4,686, recouping 123.8 percent of what you paid for it. Homes in the Mountain States will also benefit from a garage door replacement, recouping 98.6 percent of their costs.

Due to its size, a garage door can have a big impact on a home’s curb appeal.  But adding to your home’s aesthetic is only one advantage; the warranty that comes with the new garage door is also a selling point for potential buyers who can trust that they likely won’t have to deal with any maintenance issues in the near term.

 

Manufactured Stone Veneer

As long as the new stone veneer is consistent with your neighborhood’s overall look, this siding is the second-best project across the Pacific and Mountain states.

Stone veneer can replace your home’s existing siding, adding a fresh, modern look that conjures a cozy vibe all the way from the street, before buyers ever step foot inside. Along the West Coast, it can recoup 110.4 percent of the cost when you sell, and Mountain states will recoup 96.5 percent of the cost.

 

Wood Deck Addition

While building a deck might seem like a big undertaking, it’s actually a pretty cost-effective way to positively impact your home’s resale value. Pacific states can expect to pay around $15,000 and Mountain states just above $13,000, but they’ll see 87.8 percent and 74.3 percent recouped respectively when they sell.

Adding a deck extends the living space of your home and provides even more area for entertaining, relaxing, and enjoying the outdoors.  Whether you choose a natural wood deck or a low-maintenance composite deck, you can pick from a variety of styles based on the lay of your land and the areas of your backyard you wish to highlight.

 

Minor Kitchen Remodel

No need to move walls or appliances around, a minor kitchen remodel will do the trick to recoup 87.1 percent of the cost in the Pacific states, and 80.3 percent in the Mountain states.

An outdated kitchen can go from drab to fab and become a focal point with a fresh palette. Replace the cabinet doors with new shaker-style wood panels and metal or metal-looking hardware. Switch out the old counter tops with laminate that matches the new look. Think about adding a resilient flooring option, then finish the project with a fresh coat of paint to the walls, trim, and ceiling.

 

Grand Entrance

Looking to improve your curb appeal and create an entrance that guests and homebuyers won’t soon forget? Add a fiberglass grand entrance. This project involves replacing a standard-sized front door with a larger opening with dual sidelights (glass panels). Typically costing around $8,000, Pacific states will see 85.1 percent of that recouped in the sale, and Mountain states will see 71 percent.

 

Siding Replacement

Depending on the size of your home, replacing the siding can be an expensive undertaking. However, it’s a project that comes with high returns. For Mountain states, sellers can expect 75.4 percent of the costs recouped, and Pacific sellers will see 84.3 percent.

Not only is siding one of the first things a buyer sees, but it also serves as an indicator of the overall health of the home. Broken or damaged siding could mean that there are other problems with the home, such as pests and rot. Replacing old siding is a cost-effective way to boost your home’s curb appeal and ensure buyers are going to walk through your front door.

Posted on December 6, 2019 at 8:00 am
Jon Holsten | Category: Home Maintenance, Housing Trends, Landscape, Living, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , , , , , , , , , , , ,

So you bought an investment property, now what?

Investing in a home is a great way to build passive income but earning from your investment will take a little groundwork to become a well-oiled machine. This is your beginner’s guide to owning an investment property so you can set up that foundation properly to avoid future headaches.

 

Make sure it’s livable

It’s important to start with your home inspection before you start making plans. Use the inspection report to prioritize the maintenance issues.

Before a tenant moves in, make sure the home is livable. Handle the important items that affect the livability of the property, either now or in the near future. If the inspector noticed a leak in the roof or holes that could lead to infestation, take care of those first. Other maintenance issues to prioritize are the fuel and the hot water source.

If your city has inspection and registration requirements, be sure to cross check those inspection checklists with your current property. If the property wouldn’t pass now, make sure it will pass by the time the city sees it.

 

Upgrade the space

Once your property is in livable condition, it’s time to upgrade. If you have any left-over budget after the necessities are handled, consider adding a bedroom or a bathroom where you can find the space. These rooms heavily impact the rental price, and the more you have the higher the price. If there’s no space for another bed or bath, think about finishing the basement or upgrading some of the appliances to make the property more attractive to potential tenants.

Use similar properties in your neighborhood as your inspiration. These units are your competition, think about what you can add, or even take away, that would help you compete. Ask yourself what about your home is unique and in what ways does that affect your rentability? If every unit in your area has hardwoods, how can you make your carpeted home appealing? Maybe new carpet? Or is switching to hardwoods, or vinyl laminate that looks like wood, worth it?

 

Market it to future tenants

You need two things in your listing: 1) Great Photos 2) An Amazing Description

After you’ve perfected the property, it’s time to tell potential tenants that it’s available. Creating the listing is essential in drawing eyes on the unit so you can show it to as many people as possible.

Renters looking to move are quick to make their first impression of a property with thumbnail photos on a map. So, take lots of great, bright, photos of the entire place to showcase the amenities and show potential tenants what it looks like, then choose the best photo to be the first in the lineup. Remember to get the lighting is just right to show every corner of the listing. Dark photos scare tenants away, making them think the unit is dingy and dirty. Light and bright photos show a clean home that’s move-in ready. They can imagine themselves living there a lot easier than in dark and cramped looking units.

Next, they’ll read the description. This is again where other listings in your area can help you.

Read other listings to structure your description and to draw inspiration on what tenants might think is important. Find the selling points and emphasize those above the unique features, especially if those unique features are obvious in the photos.

Posted on December 2, 2019 at 8:00 am
Jon Holsten | Category: Buying, Fort Collins Real Estate, Housing Trends, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , ,

Time for New

 

Here is a fact…

If you have ever thought about owning a new home, the last two months of the year are usually the best time to make that happen.

Here’s why…

Many builders have year-end goals and sales quotas to hit.  If they have a “standing inventory” of homes that are completed but not sold, they are typically motivated to sell these homes by the end of the year.

This dynamic can be especially true for publicly-traded builders who are even more motivated to hit year-end sales numbers.

Up and down the Front Range there are beautiful new homes in fantastic neighborhoods.  The builders of these homes may be happy to make concessions and provide incentives as long as you close by year-end.

We just recently helped a buyer with a very compelling incentive package from a builder which included a lower price, additional landscaping and window coverings.

If you would like more details about these kinds of opportunities, reach out and we can help.

Posted on November 29, 2019 at 8:00 am
Jon Holsten | Category: Buying, Fort Collins Real Estate, Housing Trends, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , ,

Two Tales

 

This is a Tale of Two Counties.

When it comes to new home activity, there is a big difference between Larimer and Weld Counties.

Larimer County’s new home starts are down 10% and new home closings are down 15% compared to last year.

Weld County’s new home starts are up 18% and new home closings are up 8% compared to last year.

This is all according to the new home research experts and Metrostudy.

So why the difference?  It comes down to price and availability.

There is more land available for new home development in Weld County.

Plus, the land tends to be less-expensive than Larimer which means that builders can deliver a lower-priced product and reach a larger pool of buyers.

The average price of a new home in Larimer County is $507,105 while the average new home price in Weld is $411,269.

 

Continue reading

Posted on November 27, 2019 at 8:00 am
Jon Holsten | Category: Buying, Homes for Sale, Housing Trends, Loveland Real Estate, Northern Colorado Real Estate, Selling, Timnath Real Estate, Wellington Real Estate, Windermere Real Estate, Windsor Real Estate | Tagged , , , , , , , ,

All Time High

 

Home Builder’s confidence in Baby Boomer buyers is at an all time high.

The National Association of Home Builders (NAHB) surveys their members each quarter to discover what they expect of future sales.

 

The builders base a large part of their answer on how many people are visiting their sales centers and model homes versus the same time last year.

 

The results in their most recent survey show that builders have never been more confident about buyers who are 55 and older.

 

The confidence index for this age group is actually double of what it was in 2012.  The NAHB sites low interest rates and strong job growth as the reasons for the high confidence.

Posted on November 25, 2019 at 8:00 am
Jon Holsten | Category: Buying, Homes for Sale, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , , , ,