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 , , , , ,

What the Numbers Say

April represents the first time we can look at the impact of COVID-19 on a full month of real estate activity.

To no one’s surprise, activity in April in terms of closings and new contracts did slow significantly.

Much of this slowing was caused by in person showings not being allowed for most of the month. (showings are now allowed again by following Safe Showings protocols)

Here’s what the numbers say…

Closed transactions were down compared to April 2019
• 26% in Northern Colorado (Larimer & Weld)
• 27% in Metro Denver

New written purchase agreements were down compared to April 2020
• 48% in Northern Colorado
• 44% in Metro Denver

So, while activity did slow, there was nothing resembling a “screeching halt” that took place.
While the way property is shown has certainly changed, the market is still very active and we expect activity to increase even more with showings now being allowed again.


Posted on May 8, 2020 at 12:31 pm
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Real Estate, Seller Tips | Tagged , , , , ,

Another Meltdown?

This week our Chief Economist took a deep dive into the numbers to examine the current health crisis versus the housing crisis of 2008.

The reason why? People wonder if we are going to have another housing meltdown nationally and going to see foreclosures and short sales dramatically increase.

It turns out that the numbers show that today’s housing environment is quite different than 2007, right before the housing bubble burst.

Specifically, homeowners are in a vastly different situation with their mortgage compared to the pre-Great Recession’s housing meltdown.

In addition to much higher credit scores and much higher amounts of equity compared to 2007, the most significant difference today is in the amount of ARM mortgages.

Back in years leading up to the housing bubble, Adjustable Rate Mortgages were very prevalent. In 2007 there were just under 13 million active adjustable rate loans, today there are just over 3 million.

The number of those ARMs that would reset within three years was 5 million in 2007 compared to only 320,000 today.

It’s those Adjustable Rate loans resetting to a higher monthly payment that caused such a big part of the housing crisis back in 2008 to 2010.

Back then not only was people’s employment impacted, but many were facing increased monthly mortgage payments.

That’s why there were so many foreclosures and short sales in 2008 to 2010.

That is not the case today and one of many reasons why we don’t foresee a housing meltdown.


Posted on May 1, 2020 at 1:36 pm
Paul Hunter | Posted in Buyer Tips, Friday Fun Facts, Homes for Sale, Investment, Real Estate, Seller Tips | Tagged , , , ,