Community • November 22, 2021

Your Guide to Thanksgiving Weekend Events 2021

by Windermere Windsor

The year is coming to a close and Thanksgiving is just days away! Communities, locals and businesses are rallying together to finish the month off with a little holiday spirit and a whole lot of gratitude. See what Colorado has lined up for Thanksgiving Day and the year ahead:

Thanksgiving Day Run

Each year, cities across the state plan Thanksgiving Day runs & walks to raise funds for community organizations. The Mile High Turkey Trot in Denver is four miles long and has had 10,000+ participants in years past! Registration fees go toward United Way, an organization that assists families and individuals in poverty. Likewise, the Thanksgiving Day Run in Fort Collins has been going strong for 28 years now! This four-mile event is open to runners, walkers and kids in support of RamStrength, a local organization that supports cancer survivors. Lace up your shoes and start your Thanksgiving Day by giving back to those in need.

Pop-Up Markets

Check out the Colorado Holiday Maker’s Market at the Aztlan Community Center. 80+ local vendors will be selling their handmade, high-quality products on Sunday November 28^th from 12p-5p. The Wolverine Publick House will also be opening their doors to local artisans for the Little Zurich Open Air Holiday Market. This outdoor marketplace is free to attend and offers visitors the chance to participate in a variety of activities including candle dipping and wreath making while you enjoy ciders, wines and hot chocolates around the fire pit.

Free Horse Carriage Ride

Break up your holiday shopping with a horse carriage ride in Fort Collins! Head down to the Foothills Mall on Saturday November 27^th from 5p-7p to enjoy a ride in a Clydesdale pulled carriage designed to give a slow tour of the shopping complex. Pick-up location is across from the Cinemark Theater and Bistro.

Holiday Lights

Ring in the holiday season by exploring the newly hung lights across Colorado! The Grand Illumination is held the day after Thanksgiving to bring the community together for the lighting of downtown Denver. The Denver Botanic Gardens, Denver Zoo, and Butterfly Pavilion will also be adorning their spaces with holiday lights, but the festive displays don’t stop there! Downtown Colorado Springs, Seven Falls, Estes Park, and Gunnison will all hold lighting ceremonies to show their holiday spirit.

Support the Rapids & Donate to a Great Cause

The Colorado Rapids, Major League Soccer Team in the Denver Metro area, have made it to the playoffs and will be playing the first Thanksgiving Day game in MLS history at the DICK’S Sporting Goods Park in Commerce City. This is a huge accomplishment in an of itself, but the league isn’t stopping there. For every fan inside the park prior to kick off of the Western Conference Semi Final Playoff, the Colorado Rapids and Kroenke Sports Charities will donate fifteen meals to the Food Bank of the Rockies. Show your support while helping families facing hunger this holiday season!

When in Doubt, Hike it Out

Show gratitude for the awesome state we live in by jumping on a trail at one of Colorado’s 41 state parks. Lory State Park, Eldorado Canyon State Park, Golden Gate Canyon State Park, and Cheyenne Mountain State Park are just a few areas that are worth exploring.

Berthoud Real Estate • Virtual Tour • November 21, 2021

Mountain Views on Sprawling Acreage

by Windermere Windsor

880 E State Highway 56, Berthoud is a spectacular, completely fenced horse property sitting on almost 5 acres. Wonderful views of Longs Peak and Front Range in a quiet location close to downtown Berthoud & I-25. For all those horse lovers: 3-stall Cleary Barn & working horse arena w/ 2 acre grazing pasture. This freshly painted home features hardwood floors, rich wood trim, gourmet kitchen with custom cabinetry, Corian countertops, glass cooktop, wall oven, double sink, SS refrigerator, & large island that opens to comfortable family room with gas fireplace. West side of the home is designed to take in the views from all rooms. Living room & primary bedroom have large bay windows with seating areas. Large veranda to enjoy sunsets & warm evenings. Fully finished basement w/ large game room, wet bar, media room & a guest suite. Great for entertaining indoors or out! Greenhouse & beautiful outdoor living space with brand new pergola to the east. Ditch rights included to lease water with potential of 250 bales of hay per year. Call (970) 430-9630 to schedule a private tour or click here for more information.

Fun Facts • November 19, 2021

Record Increase

by Windermere Windsor

Home builders have experienced their largest-ever increase in building costs so far in 2021.

This is according to the latest Producer Price Index report.

Year to date, building costs are up 14.5%. This amount tops the previous record of 7.1% which occurred in 2008.

Specific materials which have seen significant increases include lumber, drywall and steel.

The price of steel has risen 117% this year.

These material cost increases combined with increases in items like building permits and tap fees are causing home builders to raise their sales prices.

Real Estate Statistics • November 12, 2021

Price Matters

by Windermere Windsor

Almost twice as many sellers now have to drop their list price before a sale compared to July.

In October, 19% of all sales were forced to drop the list price before receiving an offer. In July it was 10%.

These properties that start out priced too high end up taking four times as long to sell compared to those that are priced right on day one.

The bottom line is this- price matters even in a strong market.

Blog • Living • November 10, 2021

The Evolution of the Home Office

by Windermere Windsor

As the popularity of remote work has reached new heights in recent years, the needs of homeowners are changing. Home offices and workspaces have never been higher on buyers’ priority lists and sellers are finding ways to make their homes appeal to a remote working audience. So, what does this mean for the home office moving forward? How will it continue to evolve? Only time will tell. In the meantime, it’s more important than ever to curate a home office that fits your needs.

The Evolution of the Home Office

Whether you have a proper home office or work at a chair in your kitchen nook, what’s important is that you create a dedicated space for your work. This allows you to focus by limiting distractions that may arise from other areas of the house. It also brings a sense of work-life balance to your home by physically separating the spaces. Even if your space is limited, design your workspace to feel like its own designated spot by facing it away from an open room or pointing your workstation toward a window.

Continued Remote Work

For those who have worked remotely and will continue to do so, you’ve likely gotten a grasp of how your home workspace can best fit your unique needs. Perhaps you decided to ditch the desk chair for a yoga ball or switched out that old desk lamp for a therapy light. But now that remote work has become your long-term reality, it’s time to think about how the space will fit your long-term needs.

Gone are the days of your home workspace being an afterthought. Working from home long-term means that your home office is now one of the most-used spaces in the house, so it’s important to keep it organized. Declutter the space with efficiency and productivity in mind, prioritizing the items that are essential for your job. We work well when we feel well, and an organized space can help reduce anxiety and work-related stress.

As your remote work continues, it may be time to make investments that you were previously on the fence about making. Whether it’s a second monitor, a supportive floor mat under your chair, a new design on your wall for your Zoom background, or a standing desk, now that you’ll be working from home for the foreseeable future, it’s important that your home office provides you with all the tools you’ll need while inspiring you to do your best work.

Returning to In-Person Work

For those whose days of a fully remote work schedule are coming to an end, your home office needs will evolve, so it’s important that the space reflects those changes.

Full-Time: Returning to in-person work full-time means your home office will be vacant for extended periods of the day. Because you won’t be using it nearly as much, you have the freedom to either keep it as is or convert the room into something else. If you’ve dreamt of having a game room, a home gym, a playroom for the kids, or creating your version of a home theater, this is the perfect opportunity to do so.
Part-Time / Hybrid / Flex: A hybrid or flex work schedule allows for flexibility with your home office. Paring down your workspace and transferring some equipment to your desk at work will help you declutter. Outfit both workspaces to fit your needs to avoid lugging equipment back and forth. For example, if one location is primarily meant for attending meetings and the other is for working on projects, you can curate each space accordingly.

For more information on how remote work can change your needs as a homeowner, read our blog on The Remote Worker’s Home Buying Process.

Colorado Housing • November 8, 2021

New Listings Week of October 31st

by Windermere Windsor

2406 Zenith Court, Fort Collins 80526

Listing Agent: Brooke Kern (970) 980-8349; MLS 954380

2406 Zenith Court is well maintained home in West Fort Collins is a must see! You will notice the very large lush green yard right away. NO HOA and a gate for RV storage on the side of the house is also a huge plus! This home has a newer roof and exterior paint! As you enter the home on the main floor you have a living room, spacious dining area, and a good sized kitchen with high quality cabinetry! Upstairs are 3 bedrooms and 2 bathrooms perfect for a growing family! In the basement, you will find an additional bedroom and bathroom perfect for guests.

322 McConnell Drive, Lyons, CO 80540

Listing Agent: Jared Foster (970) 690-5707; MLS: 954290

Tired of yard work, but love to enjoy beautiful outdoor surroundings? You can have the best of both worlds! This low maintenance home is surrounded by beautiful mountain views and backs up to the St Vrain River. Newly Xeriscaped, so you can spend less time working in the yard and more time hiking the trails and soaking in the hot tub. Great for guests or a multi-generational family with basement kitchenette and additional hook-ups for washer and gas dryer. Enjoy the 2 fireplaces making the whole home warm and cozy as cold weather comes our way.

741 Country Road Trail, Berthoud

Listing Agent: Paul Hunter (970) 673-7285; MLS: 954536

Low maintenance and an incredibly livable floor plan! Two story home with a cute backyard ready for your personal touch. Upgraded finishes throughout and a gas range in the beautiful kitchen. Detached two-car garage; new stone patio and raised garden beds in the backyard. Laundry is upstairs near the bedrooms; everything about this home makes it easy to live in. Check it out today!

238 Mill Village Blvd, Longmont, CO 80501

Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954530

This Longmont home offers peace, quiet, and privacy. The location is ideal for commuters traveling in any direction and offering the convenience of Longmont in a quaint tree-lined neighborhood. Inside, the open concept design is highlighted with nice laminate floors on the main level and new carpet upstairs. You will absolutely love the primary suite – very spacious, huge walk-in closet, 5-piece bathroom, and a balcony. The basement is fully framed & ready to finish for a bedroom, living room, and bathroom. Fresh paint and newer roof have been recently taken care of by the HOA. This house has been pre-inspected and will come with a 1 year home warranty.

4218 Goldeneye Drive, Fort Collins, CO 80526

Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954623

Beautiful remodel near Troutman Park. This home features real oak wood floors throughout the main level, all the pop-corn ceiling is scraped, both bathrooms have both been fully remodeled with shower tile that goes to the ceilings, kitchen features new cabinets, appliances, and concrete counters. This home is truly amazing and not a flip. No HOA, has plenty of off-street parking, and near the Max Line. I’m trying my hardest to not feature dump – but fresh paint inside and out, new gutters, new windows, new driveway and walk-ways. You get the idea – it’s a great home with a huge yard. It passed the pre-inspection with flying colors!

Blog • Fun Facts • Real Estate News • November 5, 2021

Zillow’s Shut Down

by Windermere Windsor

On Wednesday Zillow announced the shut down of its iBuying program because of mounting financial losses and increasing complexity in the real estate market.

The goal of this program was to buy properties directly from Sellers and then re-sell them for a profit.

Before looking at the interesting facts and numbers associated with this news, we want to acknowledge the people who are affected by this.

Zillow’s workforce will be reduced by 25%. Many people will be laid off and our heart goes out to them. We certainly wish them only the best.

Within our company we are not surprised by Zillow’s announcement. We observed many cases where they over-paid for a property, re-listed it for an unrealistic price, dropped the price over time to meet the market, and then sold at an amount much less than what they paid.

It actually became difficult to find specific scenarios where they sold the home for more than their acquisition cost. It was not uncommon to see losses of $50,000 per home or more.

Here is a quote from their CEO: “Our observed error rate has been far more volatile than we thought possible. Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a safe business to be in.“

In the third quarter of 2021 alone, their iBuying division lost $328 million.

Bottom line, their valuations were off.

It is a reminder that pricing requires a hyper-local scientific approach versus a generic algorithm

Homes are not commodities. Each home is highly unique. Each has its own highly unique location, features, amenities, condition and timing.

Homes can’t be priced like a book or a plane ticket. Every unique feature must be taken into account.

Nationally, Zillow has about 7,000 homes in backlog which it hopes to sell over the next several months.

Other players remain in the iBuying game and we are more than happy to help you understand those options if you are curious.

Blog • Colorado Real Estate • Real Estate Market Update • November 1, 2021

Q3 2021 Colorado Real Estate Market Update

by Windermere Windsor

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

The rise in COVID-19 infections due to the Delta variant caused Colorado’s job recovery to slow, but not as much as in many other states. The latest data (for August) shows that more than 293,000 of the 376,000+ jobs that were shed due to COVID-19 have returned. This is good news, with only 83,000 jobs needed to return to pre-pandemic employment levels. The metro areas contained in this report have recovered 243,700 of the 310,000 jobs lost, and I expect the state will recover the remaining jobs by next summer. With employment levels improving, the state unemployment rate currently stands at 5.9%—down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 4.4% in Boulder to a high of 6.1% in Grand Junction.

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Colorado Home Sales

❱ In the third quarter, 14,209 homes sold. This was 6.8% lower than a year ago, but 5.8% higher than the second quarter of 2021.

❱ Compared to a year ago, listing activity was down more than 30%. However, inventory levels were up 38.3% compared to the second quarter of this year, suggesting that buyers have more choice now than they have seen in some time.

❱ Although comparing current sales activity with that of a year ago is not that informative—given that the country was experiencing a massive rebound in housing demand following the outbreak of COVID-19—it was pleasing to see sales up in every county other than Denver and Douglas compared to the second quarter of this year.

❱ Pending sales (an indicator of future closings) were down 5.4% compared to the second quarter of the year, suggesting that closings in the final quarter may well be a little soft.

A bar graph showing the annual change in home sales for various counties in Colorado during the third quarter of 2021.

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Colorado Home Prices

A map showing the real estate market percentage changes in various counties in Colorado during the third quarter of 2021.

❱ Prices continue to appreciate at a very rapid pace, with the average sale price up 15.8% year over year to an average of $605,576. Sale prices were 1.6% lower than in the second quarter of 2021.

❱ Four counties—Arapahoe, Douglas, Weld, and Park—saw the average home sale price pull back between the second quarter and the third, but I am not overly concerned by this at the present time.

❱ Year-over-year, prices rose across all markets covered by this report. All counties except Arapahoe saw double-digit gains, but even that market saw an increase in sale prices.

❱ Several counties are experiencing a drop in average list prices, which is a leading indicator of future activity. As such, I expect to see the rise of sale prices start to slow, which will be a welcome sight for many buyers.

A bar graph showing the annual change in home sale prices for various counties in Colorado during the third quarter of 2021.

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Days on Market

❱ The average number of days it took to sell a home in the markets contained in this report dropped 17 days compared to the third quarter of 2020.

❱ The length of time it took to sell a home dropped in every county contained in this report compared to both the same quarter a year ago and the second quarter of this year.

❱ It took an average of only 12 days to sell a home in the region, which is down 2 days compared to the second quarter of 2021.

❱ The Colorado housing market remains very tight as demonstrated by the fact that it took less than three weeks for homes to sell in all counties contained in this report.

A bar graph showing the average days on market for homes in various counties in Colorado during the third quarter of 2021.

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Conclusions

A speedometer graph indicating a seller's market in Colorado during the third quarter of 2021.

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.

The job market continues to improve, which is always a stimulant when it comes to home buying. Inventory levels have improved, and lower pending sales suggest that buyers are taking a little longer to decide on a home. That said, the market is still bullish as indicated by the short length of time it took to sell a home in the quarter. Mortgage rates will start to creep higher as we move into the winter months, and this may stimulate additional buying activity. In the last edition of The Gardner Report, I suggested we would see more homes come to market and that has proven to be accurate. Given these factors, I am moving the needle a little toward buyers, but it remains a staunchly seller’s market.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Blog • Fun Facts • Real Estate Statistics • October 29, 2021

Average Prices

by Windermere Windsor

It’s true, average prices have increased substantially over the last year.

Would you have guessed that Weld County has seen the largest increase along the Front Range?

The specific numbers are below.

As you look at the numbers, it is important to remember that average prices have increased because of appreciation and because there are more higher-end homes that are selling.

The increased volume of high-end transactions has played a big rule in increasing the average price.

Average Price of a Single-Family Home based on closings so far this month:

Metro Denver = $675,000
Larimer County = $624,000
Weld County = $514,000

Average Prices exactly one year ago:

Metro Denver = $614,000
Larimer County = $549,000
Weld County = $417,000

Blog • Living • Northern Colorado • October 26, 2021

Your Guide to Trick-Or-Treating in Northern Colorado

by Windermere Windsor

It’s the sweetest, spookiest time of the year! If you’re in the Northern Colorado area, we’ve put together a list of family-friendly trick-or-treat locations that are sure to hit the spot!

1. Anderson Farms is opening its doors for all the “Little Ghouls” out there. This daytime trick-or-treat event will be hosted on both Saturday and Sunday from 11a to 2p, giving the kiddos the perfect chance to show off their costumes, collect candy and explore the farm’s “Fall Festival”. Tickets are $5 per participant and registration includes a trick-or-treating sack!

2. Trick or Treat Street 2021 is back and better than ever! Enjoy this completely outdoor trick-or-treat event taking place on Friday October 29th from 4p-6p in Downtown Greeley. Over 40 businesses will be in attendance and they’re bringing more than just candy… booths, prizes, treats, and trunk-or-treat cars are all a part of this short and sweet celebration!

3. Not quite ready to take on the crowds yet? We’ve got you! The Thompson School District is hosting its second annual “Drive-Thru Trick or Treat”. This socially distanced event gives the kiddos a chance to dress up and collect candy from the comfort of the car, all while checking out Halloween scenes decorated by local businesses, schools and nonprofits. The best part? This event is doubles as a fundraiser for the Thompson Education Foundation! Get into the spirit of Halloween while supporting a great organization! Tickets are $5 per vehicle and the event will take place on Saturday, October 30th from 10a-2:30p.

4. Head to Downtown Fort Collins the kick off your Halloween weekend! Nearly 70 businesses in the downtown area will be participating in this trick-or-treat event. Join in the fun on Friday October 29th from 10a-1p! Not in the area? Downtown Windsor will also be hosting it’s annual Trick-or-Treat event on Saturday from 1p-4p. Stop by and say hi to the 20 participating businesses including our Windsor office located at 207 4th Street!

5. Stick with tradition and trick-or-treat in your neighborhood over the weekend. Wherever you choose to celebrate this year, we’re wishing you a Happy Halloween!