Caught Up

We’ve been waiting for June to catch up. It finally happened (almost).

Back in April, real estate activity was significantly limited and the showing of property was restricted which caused the number of closed properties in May and early June to be much lower than last year.

Bottom line, fewer properties going under contract in April caused fewer closings 30 to 45 days later.

Closed properties in May were down compared to 2019 by 44% in Northern Colorado and 43% in Metro Denver.

Then activity jumped significantly in May. The number of properties going under contract was way up compared to last year.

We’ve been wondering when we would see this sales activity reflected in the number of closed properties.

Well, it finally happened (almost).

The number of closings so far in June compared to the same time period through June of 2019 is only down 1.8% in Northern Colorado and 1.6% in Metro Denver.

In both markets, there are only a handful of closings separating activity in June 2020 versus June 2019.

By the end of the month, when all the transactions are tallied up, we expect that June of this year will out pace June of last year in terms of number of transactions.

This is significant not only because of COVID-19, but also because of the reduced inventory compared to last year. Quite simply, there are fewer homes to buy.
All of this speaks to the health and resiliency of the Front Range market.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on June 26, 2020 at 1:35 pm
Paul Hunter | Posted in About the area, Homes for Sale, Real Estate | Tagged , , , , , , ,

Rate Meaning

Mortgage interest rates have hit another record low this week.

Mortgage applications for purchases just hit an 11-year high.

Rates are at a level that many people could never have imagined.

Here’s something that is surprising to many people…

Rates are 1.5% lower than they were just two years ago.

Here’s what that means for buyers…

Pretend someone is looking at a $500,000 home and they will have a 20% down payment.

The difference in monthly payment is $320 between two years ago and today.

Obviously that is a significant amount of money.

Imagine what a person could do with $320 per month.

The fact that rates are at record lows is one of many reasons that the market is so strong right now and prices continue to appreciate at healthy levels.


Posted on June 19, 2020 at 12:24 pm
Paul Hunter | Posted in About the area, Buyer Tips, Friday Fun Facts, Homes for Sale, Real Estate | Tagged , , , , , ,

Tight Inventory

The numbers that we find to be most interesting right now are all related to inventory.

Long story short, inventory is tight.

It was already tight pre-coronavirus and now it’s even tighter.

Here are the numbers.

Active properties for sale versus one year ago are down:
11% in Larimer County
20% in Weld County
26% in Metro Denver

This low inventory is one of several reasons that prices are generally still up across the Front Range.
At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on June 12, 2020 at 12:55 pm
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Real Estate, Seller Tips | Tagged , , , , , ,

Terrific Two-Story Home in Fort Collins!

How about two master suites, a finished basement, and an amazing location at 257 Cajetan Street, Fort Collins in Old Town North for this price!? This home offers an upgraded kitchen, hardwood floors on the main level, and a fully finished basement for your entertainment/family room. Easy access on trails and just minutes to Old Town, along with the convenience of an attached two-car garage. Low maintenance back yard area allows you to focus on the Old Town lifestyle and not lawn maintenance every weekend. Come take a look at this beautiful home today! Call for your private showing at (970) 673-7285 for more information or click the link below for more details.

http://windermerenoco.com/listing/110440383


Posted on June 11, 2020 at 5:55 pm
Paul Hunter | Posted in Blog, Virtual Tours | Tagged , , , , , , , , , ,

Prices Still Up

It seems that COVID-19 did not cause prices to decrease and certainly didn’t cause them to crash.

Average prices are up compared to last year:
2.8% in Larimer County
5.4% in Weld County
3.3% in Metro Denver

Low supply, sustained demand, and incredibly low interest rates are all fueling the price growth.
At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on June 5, 2020 at 2:34 pm
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Investment, Seller Tips | Tagged , , , , ,

On Sale

On Sale

Money is on sale (again).

30-year mortgage rates now sit at 3.3%.

This is less than half of the long-term, 40-year average.

This is also almost a full percentage point lower than they were one year ago (which was still very low).

Let’s put this in real numbers.

A $300,000 loan at today’s rates has a $1,313 monthly principal and interest payment.

One year ago, that same loan would be $1,432 per month.

That’s a 8.3% difference in monthly payment.

The fact that money is on sale is one of many reasons that the housing market remains very strong right now.
At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on May 29, 2020 at 1:16 pm
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Real Estate, Seller Tips | Tagged , , , , ,

Faster

 

Here’s something true about today’s market. Properties are selling fast.

Compared to one year ago, the number of days it takes for a property to sell is significantly lower.

The industry term is “Days on Market” or DOM.

DOM is way down.

Here is the comparison of May 2020 versus May 2019:

• Metro Denver down 22%
• Larimer County down 19%
• Weld County down 16%

Initially, this may seem counter-intuitive. How could homes be selling faster in today’s environment?

Here’s the deal. The buyers and sellers who are active in today’s market are serious.

There really aren’t ‘tire-kicker’ buyers out looking at properties just for the fun of it.

There really aren’t sellers testing the market to ‘see what they can get.’

For the most part, buyers and sellers are on a specific mission and this mindset is showing up in the numbers.

For sellers especially, this is no time to test the market and be overly aggressive on price.

Properties that are priced right and in good condition are selling and often selling fast.

 

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on May 22, 2020 at 12:50 pm
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Real Estate, Seller Tips | Tagged , , , , , , ,

Terrific Two Story Home in Greeley!

Better than new! Beautiful two-story home at 505 56th Ave in Greeley with a finished basement. Patio and backyard area has been upgraded to allow for wonderful indoor/outdoor living to enjoy these Colorado summers. Upgraded finishes throughout, including a wet bar in the basement! Located on a cul de sac, and close to breweries, shopping, restaurants, and UC Health. Upgraded hail resistant roof shingles and many more high-end features make this the perfect place to call your next home! Call for your private showing at (970) 637-7285 for more information or click the link below for more details.

http://windermerenoco.com/listing/109804934


Posted on May 21, 2020 at 12:00 pm
Paul Hunter | Posted in Greeley Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , , , ,

Terrific Two Story Home in Fort Collins!

Beautiful home in Village East subdivision in central Fort Collins! Updated throughout with new flooring, brand new kitchen with quartz countertops, and remodeled bathrooms. Dining room and kitchen area have been opened up to provide a fantastic space! This home has been lovingly cared for and it shows. There is a huge backyard with immaculate landscaping, and a deck to enjoy the wonderful Fort Collins evenings. Have fun at the neighborhood pool as well! Come see this home that offers amazing features for the price! Contact Paul Hunter for more information or click below to view the photos and details, including price.

http://windermerenoco.com/listing/109340189


Posted on May 19, 2020 at 5:33 pm
Paul Hunter | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , ,

Pent Up Demand

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.

Specifically,

• 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.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed


Posted on May 15, 2020 at 10:10 am
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Real Estate, Seller Tips | Tagged , , , , ,