Colorado EconomyEconomics 101 December 18, 2020

What the Experts Say

Small town suburbs

 Below are what two experts have to say about the 2021 real estate market.

Speaking of experts, it’s time to tell you that our annual Real Estate Market Forecast with our own Chief Economist Matthew Gardner will be January 14th from 11:30 to 1:00.  Be sure to join live so you can engage with the Q & A.  You can register for the online event at www.ColoradoForecast.com

Here’s what two other experts say:

Danielle Hale, realtor.com chief economist: 

We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels. While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates. High buyer demand and still-lagging supply will keep prices growing, but at a slower pace than 2020 as buyers contend with mortgage rate and price increases that create affordability challenges. 

While younger Millennial and Gen-Z buyers are expected to play a growing role in the housing market, fast-rising prices will create a bigger barrier to entry for the many first-time buyers in these generations who don’t have existing home equity to tap for down payment savings. Although supply is expected to lag, we do expect the declines to slow and potentially stop by the end of the year as sellers grow more comfortable with the market environment and new construction picks up. Single-family housing starts are expected to grow another 9 percent in 2021. On the whole, the market will remain seller-friendly, but buyers will still have relatively low mortgage rates and an eventually improving selection of homes for sale.

Robert Dietz, senior vice president and chief economist, National Association of Home Builders:

With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.

But supply-side headwinds will persist. Residential construction continues to face limiting factors, including higher costs and longer delivery times for building materials, an ongoing labor skills shortage, and concerns over regulatory cost burdens. For apartment construction, we will see some weakness for multifamily rental development particularly in high-density markets, while remodeling demand should remain strong and expand further.

Economics 101 December 4, 2020

Fourteener

For the 14th time this year, 30-year mortgage rates set a record and hit an all-time low.

Based on data just released by Freddie Mac, rates are now at 2.71%.  Their weekly survey of the 30-year mortgage rate dates back to 1971.

Just one year ago rates were at 3.68%.

So, what does this mean for buyers?

Based on a $400,000 loan, current rates result in a monthly payment that would be $212 less than one year ago.

 

 

Northern Colorado Real Estate November 27, 2019

Why You Should Buy a Home at the End of the Year

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.

Economics 101Fort Collins Real Estate October 27, 2019

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.

Fort Collins Real EstateVirtual Tour May 13, 2019

Charming 1940’s Ranch Bungalow in Fort Collins

This charming 1940’s ranch bungalow at  2806 Laporte Ave has quaint old town character and has loads of natural light, original hardwood floors throughout, built-in cabinets, large laundry room/mud room. Newer water heater, interior paint, roof and updated electrical. Convenient location with easy access to downtown, City Park, golf course, foothills and the CSU campus. Outside City limits, no HOA. First American Home Warranty included. Call for your private showing at (970) 310-4876 for more information or click the link below for more details.

http://kellyswifthomes.com/listing/95272866

Buying & Selling April 12, 2019

Which Market?

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.

Fort Collins Real EstateVirtual Tour September 25, 2018

Fantastic Cottage Home in Fort Collins!

This fantastic cottage home located at 5162 Cinquefoil Ln  in the popular Observatory Village is just steps from the pool and neighborhood park. Open floor plan includes main floor office, vaulted ceilings, wood floors, finished basement, and a rec room. The master bedroom is spacious with a remodeled custom shower and walk in closet. Enjoy the private fenced patio w/trek decking and stamped concrete. Low maintenance-HOA maintains yard, trash, and snow removal. Close to schools, shopping, entertainment and the freeway. Call for your private showing at 970-310-4876 for more information or click the link below for more details.

http://kellyswifthomes.com/listing/86149162

http://kellyswifthomes.com/listing/86149162

Fun FactsReal EstateReal Estate Fort Collins October 21, 2016

Top 5

A new report from Veros Real Estate Solutions, which works in enterprise risk management and collateral valuation services, shows the strongest and weakest markets for the next 12 months ending in Sept. 1, 2017.

Their Top 5 Markets:

  1. Denver
  2. Boulder
  3. Fort Collins
  4. Seattle
  5. Boise

At the bottom of their list is… Atlantic City.

Untitled design (5)

Fun FactsReal EstateReal Estate Fort CollinsReal Estate LovelandReal Estate Windsor August 30, 2016

Boom Town

Did you know that the population in Larimer County in 1970 was 43,000?

Today there are 335,000 people who live here.

Almost 300,000 more in 46 years!

Both Larimer and Weld County are ranked in the top 15 in the nation for population growth.

The Colorado State Demographer's office estimates that population in Larimer County will be just under 500,000 by 2040.

Almost 115,000 more in 24 years!smartphone-1445489_640