Inventory Uptick
We are noticing a trend that is very good news for buyers.
Inventory has been increasing over the last month which means that buyers now have more properties to consider.
Just in the last week, the number of homes for sale has increased:
13% in Larimer County
12% in Weld County
11% in Metro Denver
If you are a buyer who has been waiting for home properties to look at, now is the time!
How to Improve Your Curb Appeal
Image Source: Canva
When it comes time to sell your home, first impressions are crucial. Improving your curb appeal helps to make the most of a buyer’s first glance and sets the stage for their interest in purchasing your home. The following projects are simple and inexpensive ways to enhance both your home’s first impression and its value.
Landscaping
- Lawn: A healthy, well-tended lawn goes a long way towards improving your curb appeal. Clean up all weeds, leaves and debris, and consistently water your lawn to give it that fresh green look. If you live in an arid climate, consider grass alternatives like artificial turf for the best lawn aesthetic.
- Plant colorfully: Adding color variety to your front yard will grab buyers’ attention. Align smaller plants, like groundcover and flowers, neatly within your flower beds, aiming for symmetry when possible. Use larger plants and trees to frame in your entryway or walkup. If your front yard doesn’t have flower beds, try adding hanging planters or window boxes.
- Lighting: Landscaping lighting boosts your curb appeal during nighttime, accentuates your shrubbery, and adds a welcoming touch for visitors as potential buyers, lighting the way to your door.
Image Source: Canva
Porch
Front porches set the stage for all your home has to offer. Improvements here will play a significant role in how comfortable potential buyers feel about the property and how inspired they are to explore the inside of the house.
- Door: Your front door is an opportunity to make a tasteful statement. Look at bold color choices that are within or slightly stretch your home’s exterior color palette. Take time to prepare the surface for a fresh coat of paint to make the color pop as much as possible. Try stylish doorknob options that accentuate the aesthetic to give your door some added flair.
- House numbers: New and stylish house numbers are an easy, eye-catching touch to the look of your porch. Look for styles that match with your exterior color palette and any exterior lighting fixtures.
- Go for comfort: Incorporating classic front porch elements like a porch swing, sitting bench, and other outdoor furniture gives a welcoming aura to the front of your home and creates a sense of comfort for prospective buyers.
- Shutters: Windows are the gateway to the inside of your home. Shutters of delicate fabric will bring elegance to your front porch, while wooden shutters deliver a solid, cozy vibe.
Other
These miscellaneous projects will add the finishing touches to your home’s curb appeal and get it in prime selling condition.
- Quick maintenance: Small chores and minor fixes like cleaning gutters, repairing chipped paint, and cleaning windows are important for buyers with a detailed eye.
- Staining: Instead of replacing fences or garage doors, look into applying a fresh stain. This brings a refreshed look and is much cheaper than a full renovation or replacement.
- Power wash: Power washing your walkways and driveways makes a significant difference in curb appeal. If buying a power washer is outside your budget, explore rental options from the big-name hardware stores.
Buyer Contemplation
New research from the National Association of Home Builders:
The number of Americans contemplating purchasing a home in the second quarter of 2020 is nearly the same as 2019’s second quarter, according to NAHB’s Housing Trends Report.
At this time last year, 12% of Americans considered buying a home. Today the number stands at 11%.
The same goes for first-time prospective buyers, where 58% considered buying a home in the second quarter of 2019 and 59% are considering it in 2020’s second quarter.
In the second quarter of 2020, Millennials are the generation most likely to want to buy a home (19%), even slightly higher than a year earlier (17%).
Boomers, on the other hand, are the least likely, with the share planning a home purchase falling from 7% to 5%.
Across regions, the share of respondents who are prospective home buyers is unchanged in the Northeast (10%) and South (12%), essentially flat in the West (13%), and just slightly lower in the Midwest (down from 11% to 9%
Zero Correlation
It’s an election year which means that our clients are asking us if election years impact real estate.
According to research done by Real Trends there is zero correlation between election years and the number of transactions in the market compared to non-election years.
They found that sales were down in 1980, 1988, and 2008 compared to prior years, and sales were up in 1992, 1996, 2000, 2004, 2012, and 2016.
To hear more about what will happen this year in real estate and the factors that really do impact our market, be sure to get registered for our annual Market Forecast event next week.
The Most Ambitious Trends in Luxury Pool Design
When it comes to luxury home design, if you can imagine it, it can be done. In-home spas, luxe bowling alleys, and glass wine rooms are just a few examples we’re seeing out there. The same idea extends outdoors to swimming pools, which are a must for most luxury homes. But we aren’t talking about just any old backyard pool; they’re usually more masterpiece than mainstream. We consulted a few designers to get some insights into what’s trending in the world of luxury pools and here’s what we found.
Fire Features
Photo credit to AAA Custom Pools Inc.
- Catching the eye of all who behold it is the principal goal of a luxury pool. Since the dawn of time, nothing has delivered that reaction quite like fire.
- Accenting your backyard pool with stylish braziers emphasizes both elegance and authority.
- Such a style demands forethought, as safety is a priority. The right flame, however, sparks an ambiance unlike any other.
Custom Art Accoutrement
Photo credit to Van Kirk & Sons Pools and Spas.
- A home should represent its owners. A pool should be an extension of that.
- Styling a pool with custom art allows for expression. It can be a showcase of personal style, cultural heritage, or even personal fandom.
- Commissioning a professional artist to stylize your pool will ensure a one-of-a-kind amenity.
Nature-Infused Design
Photo credit to HomesOfTheRich.Net.
- Creating a man-made island with a creatively carved pool will render your yard an oasis unlike any other.
- With an integrated natural feel, you and your fellow swimmers can truly feel like you’ve discovered a secret spring in the midst of a jungle.
- Creating naturally treed islands or rocky outcroppings that serve as a waterfall in the midst of your pool can transform the feel into that of an exotic bar on the edge of the world.
Generational Trends in Home-Buying
When making an important decision like buying a new home, personal circumstances are often a driving force. Whether you are a first-time homebuyer, need more space for your growing family, downsizing to fit an empty nest, or looking for a retirement property, finding the right information, the right real estate agent, and the right properties that fit your needs are all important parts of that process. Based on recent studies by the National Association of REALTORS®on generational trends, we can identify the best resources to help you in any phase of your life.
Among all generations, the first step most buyers take when searching for a home is online. Younger generations tend to find the home they eventually purchase online, while older generations generally find the home they purchase through their real estate agent.
Across generations, home ownership still represents a significant step in achieving the American Dream. According to a study by LearnVest, an online financial resource, 77 percent of those surveyed believed that buying a home of their own was, “first and foremost in achieving the American Dream”.
How that dream manifests is different for those who have grown up in different eras.
Millennials:
1980-2000
Also known as Generation Y or the Echo Boomers because this generation almost equals the baby boomers in population. This age group is the second largest group of recent homebuyers, representing 28 percent according to the National Association of REALTORS. 79 percent of homebuyers in this age are purchasing their first home. According to the 2012 Trulia American Dream Study, 93 percent of renters in this generation plan on purchasing a home someday.
When considering a home purchase, Millennials (and some Generation X buyers) place a high value on convenience to work, affordability, and the quality of school district. This generation is the most likely to choose an urban center as the location of their first home. According to market research by Gfk Roper, this group is most interested in their home as a social hub, with a focus on entertainment and amenities.
When looking for a real estate agent, Millennials are most likely to looks to friends and family for a referral. They generally place a high value on an agent’s honesty and trustworthiness because they are often relying on their agent to walk them through the home purchase process for the first time.
Generation X:
1965-1979
As the largest group of recent homebuyers, the LearnVest findings suggest that 72 percent of Americans in this generation are already homeowners. They also represent the largest group of home sellers, with a substantial percentage of the group looking to upgrade their home to accommodate their growing families or increase investment. Experts in the real estate industry expect this group to lead in the recovered real estate market.
Generation X households are more likely to have a dual income, with both adult members in the household working. According to a study by GfK Roper, a market research company, this generation placed state-of-the-art kitchens at the top of their priorities, as well as large closets and amenities for organization, since many Gen Xers have children living in their homes. They are less concerned about formality in their home and have less interest in formal dining and living rooms.
Baby Boomers:
1946-1964
Interestingly enough, the NAR study finds that as the age of the homebuyer increases, the age of the home being purchased declines. Baby boomers and older buyers are looking for newer construction, with less need for renovations or large maintenance issues. This generation ranks state-of-the-art kitchens, whirlpool baths, walk-in closets, and hobby spaces high on their list of must-haves, according to GfK Roper.
The boomer generation is also looking to the future for both themselves and their aging parents, “fourteen percent of homebuyers over the age of 48 are looking to purchase senior-related homes, for themselves or others” according to the NAR study. Boomer parents are becoming accustomed to (or preparing for) an empty nest, so this group may be downsizing or looking for a home that specifically fits their needs.
Silent Generation:
1925-1945
This generation of buyers places a bigger emphasis on finding a home closer to friends, family, and health facilities. While this generation uses the Internet to find their home in the early stages of a home search, they work more directly with a trusted real estate agent to find the home that specifically fits their needs. A home purchase for members of this generation will likely not be a first-time experience so they are less willing to compromise on the price, size, or condition of a home.
This generation is generally more satisfied with the homebuying and selling process because they have been through it before and know what to expect. According to the Trulia American Dream study, this group is also most likely to have realistic assumptions about the cost of a home and mortgage.