Friday Fun Facts – Good Loan News!

Posted on December 7, 2018 at 2:39 pm
Paul Hunter | Category: About the area, Buyer Tips, Evans Real Estate, Fort Collins Real Estate, Homes for Sale, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , , ,

Real Estate Update – The Gardner Report

 

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park Counties) is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

The Colorado economy continues to perform quite well, having added 72,200 non-agricultural jobs over the past 12 months — a solid growth rate of 2.7%. Through the first eight months of 2018, the state has added an average of 6,700 new jobs per month. There has been a modest slowdown in employment gains, but I really don’t think this is a cause for concern and still hold to my forecast that Colorado will add a total of 82,000 new jobs by the end of 2018.

In August, the state unemployment rate was 2.9%. This matches the level seen a year ago. Unemployment rates in all the markets contained in this report rose between August 2017 and August 2018 but this is not actually a concern. Growth in the workforce is not only due to recent college graduates, but also discouraged workers who are starting to look for work again and this puts upward pressure on the unemployment rate. All of Colorado’s metropolitan areas are showing unemployment rates at around 4% or lower, suggesting that the regional economies are at, or close to, full employment.

 

HOME SALES ACTIVITY

  • In the third quarter of 2018, 16,550 homes sold — a drop of 6.2% compared to the third quarter of 2017.
  • Sales rose in just two of the 11 counties contained in this report. Gilpin County again led the way, with sales rising by an impressive 21.1% compared to third quarter of last year. There was also a significant increase in Clear Creek County. Sales fell the most in Arapahoe County.
  • Slowing sales in the quarter can, to a degree, be attributed to continued home price growth, but I believe it is more a function of the rapid rise in the number of homes for sale. The number of listings in third quarter rose by 5.4% over the same period in 2017, but was up by 31.2% compared to the second quarter of this year.
  • What the numbers are telling us is that inventory growth is giving buyers more choice and they are being far more selective — and patient — before making an offer on a home.

 

 

HOME PRICES

  • Even with the rapid rise in listings and slowing home sales, prices continue to trend higher. The average home price in the region rose 7.9% year-over-year to $460,982. However, the average price dropped 4% between second and third quarters.
  • The smallest price gains in the region were in Park County, where prices rose by a fairly modest 3.6%.
  • Appreciation was strongest in Clear Creek County, where prices rose 10%. All other counties in this report saw gains relative to the third quarter of 2017.
  • Affordability is becoming an issue in many Colorado markets and this, in concert with rising inventory levels, has started to dampen home price growth. Although I do not expect prices to drop, I do think price gains will moderate over the next few quarters.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in Colorado remained at the same level as a year ago.
  • The amount of time it took to sell a home dropped in three counties: Gilpin, Clear Creek, and Larimer. The rest of the counties in this report saw days on market rise by only a couple of days or less.
  • In the third quarter of 2018, it took an average of 24 days to sell a home. It took less than a month to sell a home in all but one county.
  • Housing demand is still solid and, as long as homes are priced appropriately, they will continue to sell in less time than historic averages.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the third quarter of 2018, I continue the trend that I started last quarter and have moved the needle a little more in favor of buyers. Listings are likely to continue their rising trend, but we should still see a seasonal drop off during the winter months. The market is clearly headed toward balance, which I am very pleased to see.

 

 

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

Posted on November 16, 2018 at 2:16 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Homes for Sale, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , , , ,

At Least

At Least List

Here’s a stat you’ve heard from me before…

It’s called “At Least List”

It measures how active the market is by tracking the number of single family homes that sell for at least list price.

Because of the demand in our market, many homes sell for list price or higher.

So here’s the latest based on closings so far in the month of July…

The percentage of single family homes selling for at least list price:

  • Fort Collins = 58%
  • Loveland = 67%
  • Windsor = 55%
  • Greeley = 75%

Based on these numbers, homes that are priced right, and positioned right in the market will attain the price the seller wants (or higher).

To see the whole story about our market along with other stats and trends, watch the recording of Tuesday’s Windermere Workshop right here.

Posted on July 30, 2018 at 1:29 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Homes for Sale, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , , ,

Friday Fun Facts! I-25 Edition

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Relief on The Way!

There is good news and bad news.

The good news is I-25 traffic relief is on the way. The bad news is we will have to live through three summers of construction before it’s done.

Did you know the 26 miles between Highway 14 in Fort Collins and Highway 66 in Longmont Interstate 25 serves more than 45,000 cars per day? Wow!

Part of that stretch of interstate will get a third lane starting this summer. Construction is set to begin next month that will add a third lane between Highway 14 and Highway 402.

The project is happening 14 years ahead of schedule thanks to additional funding from several sources including the Cities of Fort Collins and Loveland. The first step we will notice is construction on the I 25/Highway 34 intersection.

This is great news for our region that will bring much needed relief. We will all just need to be a little patient while the work is being done.

Grab a copy of my Investment Kit so you can see the simple steps to get started without stress or complication. Email me at phunter@windermere.comand I will send you a video which clarifies the process and my Investment Checklist so you can see what to do first.

Posted on May 18, 2018 at 1:03 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Loveland Real Estate, Real Estate, Seller Tips, Windsor Real Estate | Tagged , , , , , , , ,

The Latest Edition of THE SCOOP!

Check out the link below for interesting and helpful info on the Northern Colorado Real Estate Market!

The Scoop 1st Quarter 2018

Posted on April 16, 2018 at 3:23 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Homes for Sale, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , ,

Friday Fun Facts!

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Top 4/Bottom 4

At the end of this weekend College Basketball’s Final 4 will be established. It might make you wonder, what the top 4 and bottom 4 real estate markets across the country?

Here they are, ranked by the last 12 months of appreciation according to fhfa.gov:

Top 4:

  1. Tacoma, WA 14.6%
  2. Seattle, WA 14.3%
  3. Port St. Lucie, FL 13.7%
  4. Las Vegas, NV 13.6%

Bottom 4:

  1. Atlantic, NJ -3.14%
  2. Peoria, IL -3.0%
  3. Huntington, WV -2.6%
  4. Jackson, MS -1.2%

Welcome to Friday Fun Facts!

Thanks for checking out this week’s Friday Fun Facts!

These little nuggets of information are designed to inform, education and entertain you. I promise to give you some solid takeaways, based on real life with information that will keep you up-to-date. CONTACT ME FOR MORE MARKET INFO

Posted on March 23, 2018 at 1:31 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Homes for Sale, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , , ,

New Downtown Loveland Hotel

There has been A LOT of development in the Loveland and Fort Collins areas in the way of accommodations in the last few years. The Elizabeth Hotel in Fort Collins being one of the most notable. But Loveland is keeping up with its Foundry development that is a public/private partnership to bring even more life to the Downtown Loveland area.

A new hotel is being added to the mix, and it will be a 102 room Towne Place Suites by Marriott, and it will be right downtown. There will be an indoor swimming pool, meeting space, and will be pet friendly. Now people will be able to look at Downtown Loveland as a destination, with shopping, restaurants and hotels all within walking distance of each other.

If you have any questions about this hotel or the Foundry development in Loveland, give me a call!

Posted on February 7, 2018 at 2:37 pm
Paul Hunter | Category: About the area, Loveland Real Estate, Real Estate | Tagged , , , , ,

Getting Your House Ready For The Market

wreSign_01

You may have heard, the market is hot right now! I say that somewhat facetiously because I think that has been beaten in to everyone in the Northern Colorado market in the last 18 months. But, what we’ve seen in the last few months is that if a Seller is charging a premium for a house that isn’t completely dialed in, it can sit on the market for a few weeks. Unfortunately, the public is so used to seeing homes go under contract in 35 minutes, that a home still available 35 days later starts to look like it might have something wrong with it to Buyers.

So how do we make sure that we are the best looking home on the block? What we want to do is put your home’s best foot forward before hitting the market. With my Windermere Certified Listing process, we take care of most of the heavy lifting for my clients. We go through the checklist below, and coordinate all of it for you.

  • 5 point pre-inspection
  • Pull the Ownership and Encumbrance report
  • Assemble HOA documents
  • Have home professionally measured to provide blueprints
  • Have home professionally cleaned
  • Professional photography (virtual tour and social media posting)
  • Just listed postcard sent to your neighborhood
  • All the usual stuff: Sign, brochure, MLS, Windermere.com/Zillow/Trulia/REALTOR.com posting

In addition to these items above, it’s important to get a feel for where your home is in the market. I will show you the homes we are competing with, so that if there is anything we can do to give you a competitive advantage, we’ll make sure you get it done. Staging can also be a very important piece of the puzzle. Depending on the space, Buyers can sometimes have difficulty imagining how their furniture will fit in your home. Even if it is just moving some furniture around and de-cluttering, staging will be VERY helpful.

Remember, gone are the days (May 2015) of throwing a beat up rental on the market for 25% more than it’s worth and getting 50 offers to sift through. We are still a fast moving market, but making sure your home is ready to compete against everything else out there will make your home stand out, sell quickly, and for a a premium. Call me if you have any questions about listing or buying a home!

Posted on October 31, 2016 at 3:36 pm
Paul Hunter | Category: About the area, Buyer Tips, Investment, Neighborhood Profile, Real Estate, Seller Tips | Tagged , , , , ,