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Buying and Selling a Home at the Same Time
Successfully selling a home and buying a home are significant accomplishments on their own, but when their timelines cross it can be difficult to manage both. If you’re thinking about doing both simultaneously, it’s equally important to understand the steps you can take to make the process go smoothly as it is to have a backup plan in case it doesn’t. Above all, the balancing act required to pull off both deals highlights the importance of working closely with a trusted and experienced real estate agent.
Do I buy or sell first?
One can imagine a perfect world in which the two transactions go through one right after the other. However, this is not usually the case. So, should you list your current home first or start by putting in offers on a new one? There are pros and cons to both.
Selling your current home first allows you to make offers on a new home with cash in your pocket, increases your buying power, and avoids having to juggle two mortgages simultaneously. On the other hand, it creates a gap of residence, often leaving homeowners wondering where they’ll stay until they move into their new home or whether they may need to rent before they can buy again. Sellers may also negotiate a rent-back agreement with the buyers, allowing them to rent the house from the new owners before they move in.
Buying before selling solves the need for any temporary housing and makes the overall moving process much easier. Having a residence established ahead of time means you’ll only have to move once, which can save you some serious stress during this time of transition. Oppositely, buying a new home before you sell your current one will put an added strain on your finances. Having two concurrent mortgages equates to taking on more debt, which could result in less-than-favorable loan terms for purchasing your new home. Without the lump sum generated by a home sale in your pocket, coming up with enough money for a down payment may be a challenge and obtaining private mortgage insurance (PMI) may be in the cards. Finally, buying before selling comes with an obvious assumption—that your current house will sell.
Ultimately, the order of operations depends on your situation. Perhaps you’re moving due to a change of employment, and you need to direct all your energy toward buying a new home by a certain date before you can even think about selling your current one. No matter which route you take, it’s important to communicate your timeline to your listing agent or your buyer’s agent so they can strategize accordingly.
Buying and Selling a Home at the Same Time
Local Market Conditions
Buying and selling at the same time will come with a certain duality: at each step in the process, you’ll have to balance your responsibilities as both a buyer and a seller. For example, when assessing your local market conditions, you’ll be looking at not one, but two housing markets.
- Seller’s Market: Selling in a seller’s market means that that you’ll need to be prepared to move once you list, since you could be looking at a short selling timeline. However, relying too heavily on the assumption that your house will sell quickly could make things dicey down the road. If you’re buying in a seller’s market, finding a new home may take longer than expected. You could potentially be waiting weeks or months for an offer to get accepted.
- Buyer’s Market: Selling in a buyer’s market typically means that homes stay on the market longer. If you proceed with a new home purchase just after you’ve listed your current house, know that it may take a while to sell. If you’re buying in a buyer’s market you can afford to be picky, knowing that time is on your side. With fewer people buying homes, sellers will be more flexible, giving you leverage to negotiate your contingencies.
Having a Backup Plan
If only you could wave a magic wand and make both transactions go through as planned. That’s why it’s important to have a backup plan in place to right the ship should things go sideways at any point in the buying or selling process. Talk to your agent about which options may be right for you. Here are a few:
- Sales Contingency: Buying your new home with a sales contingency allows you to opt out of the purchase contract if your home doesn’t sell by a specified date. Purchasing contingent on the sale is rare in highly competitive markets.
- Bridge Loan: If your current home hasn’t sold yet and you’re not able to afford the down payment on a new home, a bridge loan may be a fitting solution. Bridge loans can be used to cover the down payment on a new house and are repaid once your existing home has sold.
- Rent-Back Agreement: A rent-back agreement is a clause in the sales contract that allows the seller to rent their old home from the buyer for an agreed-upon period of time before the buyer moves in. This can be especially helpful in situations when the seller is having trouble finding a new home.
For more information on buying and selling a home at the same time, give us a call at (970) 460-4303 to get connected with an experienced agent!
Construction Jobs
When you see people working to build a new home or new commercial building, you may wonder how much money they earn.
Here is some interesting research from the Bureau of Labor Statistics which ranks the highest-paying construction jobs based on median annual income.
Who knew that elevator and escalator installers would be at the top?
- Elevator and Escalator Installer = $88,540
- Boilermaker = $65,360
- Building Inspector = $62,860
- Electrician = $56,900
- Plumber = $56,330
- Ironworker = $53,210
- Sheetmetal Worker = $51,370
- Carpenter = $49,520
- Equipment Operator = $49,100
Summer Parties Made Simple
This article originally appeared in the Summer 2021 issue of Windermere Living by Amanda Zurita.
Summer, especially this summer, is meant for barbecues, outdoor movie nights, garden gatherings, and rooftop cocktail affairs. Keep the focus on reconnecting with friends and family by opting for unfussy, minimalist decor and clean color palettes. It’s about time we have something to celebrate, isn’t it?
Backyard Barbecue
Upgrade the summertime tradition of the backyard barbecue with stylish and simple tools.
Image Credit: Jayme Burrows / Stocksy
The most time-honored summertime gathering takes place in your own backyard, and a lineup of modern tabletop grills and tools means you can feed a fête without much fret. For example, BergHOFF’s sleek tabletop grill has a compact design that can easily transport to a balcony or the beach—simply add charcoal, and you’re ready to take orders. Or switch it up with one of this year’s most popular cooking contraptions, a portable pizza oven, like the one made by Ooni. With models powered by gas or by wood fire, these ovens can cook a 12-inch pizza in as little as 60 seconds and will work for meats and vegetables, too. Focus on main courses, and ask your guests to bring sides or desserts to share. Complete the ambience by piping a playlist through portable outdoor speakers like the Move by Sonos, which are equipped with voice control and Bluetooth tech, so you can play DJ with ease.
Elevate Your Grill Game Without Going Too Crazy
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Burgers on the menu? Stuff them with gourmet cheeses, like bleu or mozzarella, before throwing them on.
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Sitting down together? Time your steaks right by searing them first and finishing them just before serving.
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Make it a pizza night—with or without a pizza oven. Load pies with your favorite fixings, roll them out on a pizza stone, and cook them over the open flame.
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Don’t skimp on fruits and veggies. Grilled vegetables are summer’s side dish; peaches and pineapple make for a sweet and juicy dessert (make it á la mode!).
Garden Party
Elevate your outdoor space with basic romantic elements.
Image Credit: Trinnette Reed / Stocksy
A garden party is a glorious way to gather with friends for an elegant afternoon. Start by creating a special space in the yard by laying down some outdoor rugs or erecting a temporary canopy to provide shade. To illuminate the celebration, surround the table with candlelit lanterns, or string outdoor lights between overhead branches. Then, it’s all about the tablescape. Select durable (and unbreakable) dishware like sustainable bamboo plates and bowls from Fable New York, which come in a range of colors like soft blush, buttery yellow, and eggshell blue. The same goes for glasses, which can be as durable as they are chic in fluted acrylic designs from West Elm. To distribute your chosen refreshments, fill a cheery pineapple-shaped beverage dispenser from Nordstrom with punch or lemonade, or stock bottles of bubbly in a sleek Permasteel rolling patio cooler. Once you’ve covered the dining and decor, add extras that keep your guests comfortable, like classic paddle fans, supplied by party stores and wedding suppliers like The Knot. Keep mosquitoes at bay with a discreet Patio Shield repeller by Thermacell, which creates a 15-foot zone of protection around your gathering.
Add a touch of natural beauty by creating simple flower arrangements based on what’s in your yard—or the local farmers market. Seasonal blooms like tulips, peonies, and ranunculus come in many shades and have a textural, wild appearance. To step outside the expected, add branches from cherry or olive trees or fresh fruits from trees on your property. Take your time adding and subtracting elements until you achieve a look you love. A flower frog or stretch of lattice can help hold everything in place. For a minimalist spray, choose a monochromatic color palette, or keep it light with just a few blooms.
Sunset Soirée
Watch the sunset from your rooftop, porch, or balcony at an elegant yet restrained affair.
Image Credit: Jovo Jovanovic / Stocksy
To set a classic (and classy) mood, make a portable record player the center of attention, and invite guests to bring a favorite album. Many options, like the turntables from Crosley, have Bluetooth capabilities, so you can link speakers and switch to digital music with ease. To keep the evening chill away, set up a portable fire pit (Solo offers wood-burning, smokeless options in a number of sizes). Citronella candles, like Pottery Barn’s artful candle, help maintain the romantic ambience while keeping the buzz kills away.
Cheers to You
A polished party deserves an equally upscale signature drink, but you don’t want to spend all night playing bartender. A Champagne punch you can batch in advance is easy to make but elegant enough to fit the vibe. This recipe for a berry satsuma sangria will fit the bill and please a crowd, especially when served in shatter-resistant stemware from Williams Sonoma. Prepare about an hour before your party to preserve the bubbles.
Ingredients
- 6 satsuma oranges
- 1/2 pint strawberries, sliced
- 1 pint raspberries
- 1 bottle of chilled dry Champagne or sparkling wine
- 6 oz Grand Marnier liqueur
- 4 oz club soda
- 2 oz cherry brandy
- Fresh mint for garnish
Recipe
Place the segments of two oranges and all of the strawberries and raspberries into a large punch bowl or drink pitcher. Juice the remaining oranges for about . to ⅔ cup of orange juice, and add to the bowl along with the remaining liquid ingredients. Stir together and taste, adding simple syrup if it isn’t at your desired sweetness. Serve over a large ice cube and garnish with mint.
Movie Night
Everything you need to get cozy under the stars.
Image Credit: Shutterstock
Pump Up Your Popcorn
Toss plain popcorn with a variety of seasonings: try butter, salt, and truffle oil; crispy bacon, a few tablespoons bacon drippings, butter, and chopped chives; butter, sriracha, and lime—or bake popcorn on a tray with a few cups of your favorite cheeses for a crunchy-melty treat.
It’s lights, camera, action with a backyard movie night to rival any drive-in. If you’ve spent the last year watching everything Netflix has to offer from the comfort of your couch, this change of scenery is (literally) a breath of fresh air. Opening your own outdoor theater is easy with movie screens, like Pottery Barn’s streamlined option, that set up in no time and come with a portable storage bag. Upgrade from blankets or lawn chairs to specially made outdoor bean bags from Jaxx, line the aisles with IKEA’s romantic solar lanterns, and you’re ready for showtime under the stars.
Project: Projector
When choosing a projector, consider brightness levels in your yard. If you have any light pollution, you’ll likely need a projector that puts out 800 lumens for an 80-inch screen size. A short throw projector, placed three to eight feet from the screen, is ideal. Epson’s EF-100 Mini Laser Projector is a good bet, and it’s both powerful and light, weighing just under six pounds. As for audio, most projectors that do have built-in speakers won’t offer the cinematic sound quality you’re looking for, so a set of well-placed Bluetooth speakers will round out the full experience. A pair of Anker Soundcore Motion Boom speakers placed at the back corners of your viewing area can create rich surround sound. And be sure to let the neighbors know about movie night so they aren’t surprised—better yet, why not extend an invite?
Population Math
The brand new Census data has just been released and it is fascinating!
Colorado’s population now sits just below 6 million people at 5.773 million. Just 20 years ago it was 4.301 million.
Northern Colorado is booming and now has 688,047 in Larimer and Weld Counties. It grew by 135,592 people in just ten years. If Northern Colorado grows at just 2% per year, it will have 838,725 people by 2030 and 1,022,402 by 2040.
For several years we have been predicting that Northern Colorado would exceed by 1 million people by 2040 and it looks like that will come true.
Metro Denver is also booming. For reference, we define ‘Metro Denver’ as Adams, Arapahoe, Denver, Douglas, and Jefferson Counties.
Population in Metro Denver is now 2.831 million and was 2.109 million in the year 2000. It has grown by 722,000 people in 20 years.
If Metro Denver grows at 2% per year, it will hit 3.451 million in 10 years and 4.206 million in 20 years.
Charmed Living in Windsor
Live your best life in this Charming Oldtown Bungalow right across from Windsor Main Park. Gorgeous park views! 205 Locust Street is a 3bed/1Bath, open floor plan, beautifully updated kitchen and bath, +bonus room. Kickback on the shaded patio! Backyard boasts mature landscaping, deep grassy lot, ally access and dog run. Enjoy all the charms of downtown living- stroll the park, visit historic museums, hang out with friends at local restaurants and breweries. Windsor Lake and Chimney Park and pool are just a few blocks away! Contact Elizabeth Dolton at (970) 396-7233 to schedule your private tour or click here for more information.
Q2 2021 Colorado Real Estate Market Update
The following analysis of the Metro Denver & Northern Colorado real estate market 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 Real Estate agent.
REGIONAL ECONOMIC OVERVIEW
Although the post COVID-19 job recovery took a step backward last winter, it has since picked up again, which is very pleasing to see. At the end of the second quarter, the state had recovered more than 276,000 of the 376,000+ jobs that were shed due to COVID-19. Even though employment levels are still almost 100,000 lower than the pre-pandemic peak, they are heading in the right direction. Looking at the markets contained in this report, current employment levels in Colorado Springs are only 2.2% below the pre-pandemic peak, followed by Denver and Fort Collins, which are both down 3.6% from the 2020 peak. I would add that all markets showed jobs continuing to return. With total employment levels rising, the unemployment rate stands at 6.2%, down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 4.8% in Boulder to a high of 6.3% in Grand Junction. COVID-19 infection rates dropped during the quarter, which is certain to lead to employment levels continuing to rise unless we see another significant increase in infection rates due to the rise of new variants across the country.
COLORADO HOME SALES
❱ The late spring/early summer market was a good one for home sales, which were up 33.9% from a year ago. Comparing the current quarter to a period when COVID-19 was widespread is not that informative, but, with sales up more than 55% from the first quarter of this year, the market appears to be very buoyant.
❱ Sales were higher in all counties other than the very small Clear Creek County. Where sales rose, they did so at double-digit rates in all markets other than Weld.
❱ During the second quarter, 13,428 homes sold. This is very impressive but not overly surprising, given that the average number of homes for sale was up 45% from the first quarter.
❱ Another positive was that pending sales, which are an indicator of future closings, were 42.8% higher than in the first quarter. This suggests that closings next quarter should be positive as well.
COLORADO HOME PRICES
❱ Prices continue to appreciate at an impressive pace, recording an increase of 28.1% year over year to an average of $615,409. Home prices were also 10.7% higher than the first quarter of this year.
❱ Buyer demand remains very strong, likely exacerbated by the drop in mortgage rates in the second quarter and improving levels of inventory.
❱ Year-over-year, prices rose across all markets covered by this report, with the exception of Clear Creek County. Of the markets that saw prices rise, all did so by double digits, with very notable gains in Boulder, Gilpin, and Park counties.
❱ Affordability levels continue to trouble me, and the pace of price appreciation has to slow at some point. The market is clearly still out of balance, but as long as the credit quality of buyers remains high, I do not see any cause for concern.
DAYS ON MARKET
❱ The average number of days it took to sell a home in the markets contained in this report dropped 14 days compared to the second quarter of 2020.
❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the second quarter of 2020. The exception was Gilpin County, where it rose by only two days.
❱ It took an average of only 14 days to sell a home in the region, which is down 11 days compared to the first quarter of this year.
❱ The Colorado housing market remains very tight, as demonstrated by the fact that it took less than a month for homes to sell in every county other than one.
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.
Sales rose on the back of lower mortgage rates and higher levels of homes available to buy. Although this should signify a move back to a more balanced market, we are not there yet as price growth remains well above the long-term average.
With solid demand and favorable financing rates, the market is expected to remain active as we move through the balance of the year. That said, housing affordability is becoming an increasingly large concern. According to the Colorado Association of REALTORS®, statewide affordability for single-family homes has dropped almost 20% year-over-year and is down 17.8% for multi-family homes.
At some point, an affordability ceiling will be reached, which will slow home-price appreciation—but not yet. As such, I am moving the needle a little more in favor of home sellers, as they remain in the driver’s seat, for now.
ABOUT MATTHEW GARDNER
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
100 / 90 / 60
As you’ve probably heard, prices have gone up quite a bit along the Front Range.
Low interest rates, strong demand, lower supply, and a healthy local economy are all contributing to increased prices.
It may interest you to see exactly how much prices have increased since one year ago in the markets where we have the most activity.
Over the last year, Weld County has increased roughly $100,000, Metro Denver $90,000 and Larimer County $60,000.
Specifically, here are the average prices one year ago vs. today:
- Weld County = $426,000 vs. $523,000
- Metro Denver = $523,000 vs. $612,000
- Larimer County = $532,000 vs. $592,000
Windermere Living: Board it Up
For an intimate gathering or celebration, or just to change up a weeknight dinner, charcuterie boards are impressive crowd-pleasers.
Once an innocuous appetizer, charcuterie boards are stealing the show as stunning smorgasbords studded with salami roses and a rainbow of ripe vegetables, flamboyant fruits, and sweet and savory snacks. Traditionally, charcuterie boards are composed of meats and cheeses—the name even comes from the French for “cooked flesh.” A part of French culinary art since at least the 15th century, they were considered the food of the bourgeoisie for hundreds of years before catching on with higher-end cooks. Now, they return to accessibility as people find ways to customize their boards and feature all sorts of spreads. Trays and wood blocks can be artfully piled with everything needed for a build-your-own brunch buffet, a vegan midday meal, or an elegant soirée starter. Boards tap into a host’s creative side as an easy, fun way to put out an incredible spread that pleases every type of person. “I love making them for entertaining,” says Amy Holt of Peas Thank You in Venice, California, “because it’s a centerpiece for conversation.”
Photography by Carly Diza – Food Styling by Anne Parker
At cocktail parties, casual gatherings, or before a sit-down dinner, charcuterie board–style spreads allow people to create their own bites and discuss what they paired and how they ate it—functioning as both food and icebreaker. The chameleon of catering, boards fit in as easily at a small family picnic as they do at an upscale event, while also giving people more flexibility than a set menu: hungrier guests can make almost a full meal of the offerings, while lighter eaters can sparsely snack. But the ultimate asset of an attractive board to anchor an event is the freedom to indulge artistic whims in building a creative, edible assortment. Expert charcuterie board makers from around the West talk about how they design their signature creative boards with both classic snacks and unorthodox offerings in elegant arrangements for family, friends, and gatherings large and small.
Magnificent Morning
When a client for her charcuterie board business requested a bagel spread for a bar mitzvah, Sylvie Stulic, of the Bay Area’s On the Board Gourmet, saw it as the perfect opportunity to get creative. Now it’s part of her standard offerings, and she’s gained knowledge on the best way to build a bagel board.
Functional Design
The big size and flavor of caperberries always draws wows, says Stulic, while she adds extra brightness with red sweetie drop peppers. “I love to include a floral element,” she says, which may be actual (edible) flowers or cucumbers styled into roses. One standard bagel fixing not found on the bagel boards, though, are onions. “They contaminate the other flavors,” Stulic explains.
Tips of the Tray
Unless the board is enormous, Stulic slices and cuts the bagels in half so that they don’t visually overwhelm everything else. She uses the halves to create a line down the middle and creates symmetry with the colors around it. Aim to keep the bagels surrounded by dry ingredients so they don’t get soggy on the board. For serving a crowd or an event, bagels work well because they are traditionally eaten at room temperature. But at home, she branches out, creating similar breakfast spreads for her family out of crepes, waffles, and pancakes.
Photography by Carly Diza – Food Styling by Anne Parker
Creative Colors
The rainbow platters made by Amy Holt of Peas Thank You in Venice, California, stand out for their bold use of patterns, whether as a fun fruit display, a vegan snack selection, or a traditional meat and cheese board.
Shop Savvy
“Start at the farmers market,” says Holt. That’s the best place to find natural-looking fruits and vegetables, like radishes with their stems and broccolini with flowers. But even if limited to a grocery store, she can look for the same effect with tomatoes on the vine and celery with nice leaves to use as a garnish. Instead of buying pre-sliced meats or trying to slice them at home—especially for small boards that only need a few slices of each type of meat—Holt uses the deli counter at the grocery store, which will cut them to order. Holt uses honeycomb on cheeses and tops a chia seed pudding with toasted coconut to add special touches.
Tips of The Tray
Bring variety in shapes as well as color by cutting and stacking the food creatively: put berries on a skewer, clip the grape bunches into manageable sizes, and fold the meat in different ways. Start with the biggest things first by plating any dips or spreads. Holt uses a coconut chia seed pudding as the anchor to her fruit boards and hummus on her vegan spread. Arrange foods in groups of three, and always use odd numbers, as they are more naturally pleasing to people. Use triangle formations to direct the eye across platters, drawing attention to the whole board, rather than a single spot or line. Finish by tossing a small, attractive garnish all over the board—berries, little tomatoes, or cilantro flowers—to add a decorative touch.
Photography by Carly Diza – Food Styling by Anne Parker
Edible And Upscale
When the fashion industry slowed down during the pandemic and the events Rona Argana once planned dried up, she used her sharp eye for design to craft grazing boxes as gifts to send to her friends. That turned into For Love and Graze, her North Hollywood, California business that spins casual snack platters into eye-catching displays.
Ingredients for Elegance
Use the green color of leaves to signify freshness, says Argana. She likes mint sprigs in the spring, rosemary and sage in the winter. (Keep them well hydrated ahead of time, so they last longer.) Fancy can still be fun, and she loves to use letter-shaped cookie cutters and slices from a log of mozzarella cheese to add celebratory messages. Savory needs a balance of sweet, so even her traditional snack boards always include a sugary nibble like chocolate-covered almonds or yogurt-covered pretzels.
Tips of the Tray
Start by setting out a neutral color palette of the crackers, meats, and cheeses. Then bring in a limited range of colors, sticking to greens, oranges, and reds. Balance each color with multiple tones and items: use both olives and grapes for green and offset the reds from berries with similar shades of citrus. Most of all, Argana says, don’t forget the purpose of the creation, and consider the flavors as much as the colors: “Make sure it tastes as good as it looks.”
Updated Evans Home!
Don’t miss out on this great home! 3725 Riverside Parkway, Evans has new paint and carpet throughout, open living/dining area, newer stainless steel appliances, 3 bed, 2 full baths, large back yard, shed and an oversized 2 car garage. It is has easy access to Highway 85, Highway 34 and shopping. It won’t last long! This home goes live on the MLS on Friday, Aug. 6th and showings will begin Saturday, Aug. 7th at 9:00 a.m. PLEASE SUBMIT ALL OFFERS NO LATER THAN NOON ON THURSDAY, AUG. 12. Contact Angie Clauser at (970) 590-9860 to schedule your private tour or click here for more information.
Severance Gem
407 Lakeview Drive is a gem in Severance. This split-level home has 4 bedrooms, 3 bathrooms, gas stove, granite counter tops, SS Appliances,2 living room areas, gas fire place, 4 season sun room, open space to the back of the property, mature landscaping, enjoy sitting on the back porch and watching the sunsets, 2 car attached garage, nice sized front porch, NO HOA, NO Metro Tax. Showings start Thursday, 8/5. Great home, will not last long. Contact Suzanne Ekeler at (970) 590-4841 to schedule your private tour or click here for more information.
