More Homes Needed

The market is in short supply.

 

More homes are needed to fulfill the need to buyer demand.

 

Compared to exactly one year ago, the supply of homes is down:

  • 32.6% in Metro Denver
  • 25.1% in Northern Colorado

An interesting and useful measurement we track is months of inventory.  This stat tells how long it would take to sell all of the homes currently for sale at the current pace of sales.

Of course, months of supply can vary greatly by price range and location.  However, this stat does a good job of explaining the overall state of the market.

Specifically, months of supply tells us if the market is in balance.

A ‘balanced’ market is when there is 4 to 6 months of supply.  A buyers market occurs when the stat is higher than this range.  A sellers market occurs when it is lower.

The months of supply looks like this in our market:

  • 1.0 months in Metro Denver
  • 1.3 months in Northern Colorado

So, the market overall is significantly under-supplied and more homes are needed to meet demand.

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Posted on July 10, 2020 at 7:44 pm
Windermere Windsor | Posted in Blog, Fun Facts, Windermere Real Estate | Tagged , , , , , , , , , , , , ,

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.

iStock-843435204.jpg

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Posted on June 26, 2020 at 3:16 pm
Windermere Windsor | Posted in Blog, Fun Facts, Windermere Real Estate | Tagged , , , , , , , , , , , , ,

Beautiful Ranch Style Home in Severance!

Well-maintained, well-built Norco Construction at 701 Ponderosa Drive in Severance with 3,148 sq/ft 3 bed, 3 bath, 3 car garage ranch style home located in the NO METRO TAX DISTRICT, low HOA community of Sunset Ridge. This custom-built home has an open floor plan with vaulted ceilings and scratch resistant hardwood floors throughout the living room and kitchen. In addition to the beautiful granite countertops and tile backsplash, the kitchen offers plenty of space for seating, as well as storage with the large pantry. The master bathroom has a custom over-sized walk-in shower, large double sink vanity, and walk-in closet. A fully carpeted and insulated basement with 1/2 bath has egress windows for easy conversion. Sitting on a large corner lot, this home offers two backyard patios, custom planter boxes, and mature landscaping. The majority of both the interior and exterior are freshly painted, making this home move-in ready! Contact Justine Marx at (970) 775-4030 for your private showing for more information or click the link below for more details.

http://windermerewindsor.com/listing/110986289

 


Posted on June 25, 2020 at 3:56 pm
Windermere Windsor | Posted in Blog, Severance Real Estate, Virtual Tour | 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.

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Posted on June 19, 2020 at 2:53 pm
Windermere Windsor | Posted in Blog, Fun Facts, Windermere 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.

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Posted on June 12, 2020 at 2:52 pm
Windermere Windsor | Posted in Blog, Fun Facts, Windermere Real Estate | Tagged , , , , , , ,

Questions to Ask During Your Virtual Home Tour

Thanks to COVID-19, the new reality is that many open houses and home tours are being conducted virtually. For prospective home buyers, this new territory brings an added element to prepare for in the home buying process. Some of the questions that should be asked in a virtual home tour parallel those of in-person tours, but others are unique to today’s virtual world.

 

Could you zoom in?

  • Sometimes it can be difficult to get a true glimpse at what you want to see in a room. Asking the agent to zoom in on specific features is commonplace in virtual home tours, and they understand this is part of the viewer experience. Don’t hesitate to ask multiple times. Getting a better look at everything you want to see will help you feel like you’ve gotten the most out of your virtual tour.

 

How many square feet are in this room?

  • Virtual tours can slightly distort space, making it tough to gauge the size. The room-to-room square footage is information the agent is sure to have handy. Since you can’t be there in person, it will help you piece together the virtual visuals with the sense of physical space that we’re all accustomed to feeling in the places we live.

 

What color is that?

  • In the smartphone era, and computer era at large, we have come to understand that digital representations of color are not always true to the eye. Ask the agent to confirm specific colors so you can plan accordingly. Have a color swatch on hand or look the colors up online as you go through the tour.

 

When were the appliances last updated?

  • The importance of this question rings true in past, present, and future. Knowing the state of the home’s appliances, and the likelihood and timing of when they will need replacement is vital information for both assessing the move-in readiness of the home and understanding what costs might lie ahead.

 

Has the seller provided an inspection?

  • This is another example of a critical question, whether your home tour is virtual or physical. If the seller has already done an inspection, ask the agent to lead you to any areas of concern based on the inspector’s findings. If there is anything that has not yet been addressed by the seller, have your agent ask what their plan is for making the necessary repairs/updates.

 

When is the offer review date?

  • Understanding the seller’s timeline for reviewing and accepting offers will help guide your decision-making process and allow you to strategize based on the timeline.

 

Whether your home tour is physical or virtual, getting the information you need to make an informed decision remains paramount. Although there is no substitute for physically being in the home you are looking to buy, keeping these questions in mind will position you well as you progress through the home buying journey.


Posted on June 10, 2020 at 10:52 pm
Windermere Windsor | Posted in Buyers, Windermere Real Estate | Tagged , , , , , , , , ,

Prices Still Up

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 4:33 pm
Windermere Windsor | Posted in Fun Facts, Windermere Real Estate | Tagged , , ,

Stunning Two-Story in Westminster!

Look no further! This beautiful well maintained home at 5436 W 97th Court in Westminster will satisfy all of your wants and needs. As you enter this luxurious home, you will find a perfect home office that can also be used as a fifth bedroom if desired. Make your way to the open great room layout where you will find a gas fireplace, spacious dining area, and gourmet kitchen. The kitchen features white shaker cabinets, solid surface countertops, gas cooktop, double ovens, and so much more. Upstairs you will find the beautiful master suite along with 2 bedrooms connected by a jack and jill style bathroom. The laundry area is also conveniently located upstairs with the bedrooms. Don’t forget the finished basement!! The basement includes a guest bedroom, full bathroom, family/entertainment room, and 200 sq ft unfinished room for all of your storage needs!!

Contact Brooke Kern at (970) 980-8349 for your private showing for more information or click the link below for more details.

http://windermerewindsor.com/listing/110263535


Posted on June 1, 2020 at 4:38 pm
Windermere Windsor | Posted in Blog, Virtual Tour, Westminster Real Estate | Tagged , , , , , , , , , , , , , , , , , ,

Matthew Gardner Weekly COVID-19 Housing & Economic Update: 6/1/2020

This week on “Mondays with Matthew”: Now that things have settled down somewhat following the initial impact of COVID-19, Matthew dives into the topic of mortgage rates. Will they go below 3%? Matthew discusses this and the factors that have formed his updated 2020 and 2021 mortgage rate forecast. 


Posted on June 1, 2020 at 10:00 am
Windermere Windsor | Posted in Blog, Market News, Windermere Real Estate | Tagged , , ,

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.

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Posted on May 29, 2020 at 3:48 pm
Windermere Windsor | Posted in Fun Facts, Mortgage, Windermere Real Estate | Tagged , , ,