Re Bubble

by Windermere Windsor

The activity in the Front Range market is causing us to hear the bubble question again.

People are curious to know, based on recent growth in price appreciation, if we are in a housing bubble.

This question seems to crop up when prices go up.

While we do not believe that the current double-digit price appreciation is sustainable, we firmly believe we will not see prices crash or see any kind of a bubble bursting.

Here’s why we think that…

This past Tuesday we hosted a private online event for our clients which featured our Chief Economist Matthew Gardner.

Matthew is well-known and well-respected in the industry. He is often quoted in leading real estate publications.

He sees four reasons why there is no real estate bubble that is about to pop in Colorado.

Inventory is (incredibly) low. The number of homes for sale is down over 40% compared to last year. The market is drastically under-supplied. Based on simple economic principles of supply and demand, inventory would need to grow significantly for prices to drop.
Buyers’ credit scores are very high. The average credit score for buyers last month, for example was 759. So, by definition, average buyers today have excellent credit which means there is low risk of them walking away from their mortgage and causing a foreclosure crisis.
Buyers have high down payments. On average, buyers are putting 18% down on their purchases. This means that prices would need to fall by a considerable amount in order for the average buyer to be ‘upside down’ on their mortgage.
Owners are equity rich. Well over a third of property owners along the Front Range have more than 50% equity in their homes. This means that a severe economic downturn causing a slew of distressed properties to hit the market is highly unlikely.

Bottom line, as Matthew Gardner reminded us, what we are experiencing in the economy today is a health crisis not a housing crisis.

If you would like a recording of the private webinar we would be happy to send it to you. Just reach out and let us know.

Blog • Community • Windermere Real Estate • October 7, 2020

Our Commitment to Change: A Message to Our Community

by Windermere Windsor

For nearly 50 years Windermere has been deeply rooted in the communities where we do business. However, the resurgence of the Black Lives Matter movement has made us realize that our roots don’t extend as deep as we thought. It also made us realize that over the decades, the real estate industry has played a significant role in exacerbating systemic racism through redlining and steering, which has prevented many members of historically marginalized communities from building wealth through homeownership.

This summer, we began a robust diversity, equity, and inclusion journey supported by an organization called Moving Beyond that specializes in helping companies integrate and operationalize DEI. Next, we formed two internal workgroups, with a diverse makeup of Windermere franchise owners, managers, agents, and staff to guide and implement DEI efforts across our 10-state organization.

Following three months of collective conversations, we have identified several short- and long-term initiatives on which to focus – all with the aim of building a diverse organization that fosters a sense of belonging and provides equal opportunity across all aspects of homeownership for people of color. Some of these activities can be acted upon right away, as we develop a long-term strategic direction for our DEI efforts.

We’re committed and in it for the long haul, and believe transparency is a critical part of this journey, so here is an update about our goals and progress thus far:

● In August, we conducted an internal survey among our owners, managers, and staff, to create a benchmark of where we are as a company and help guide the direction that we need to take to advance our DEI initiatives. An agent survey is forthcoming in 2021.

● We are producing informational content related to CC&Rs to educate homeowners on how to remove racially restrictive language from their title reports in the 10 states where Windermere operates.

● We are working with an advertising agency that specializes in inclusive and future-forward marketing to evaluate our digital marketing products through a DEI lens.

● We have designated funds for a scholarship program that invests in people of color who want to work in real estate, and are designing training and mentoring programs to aid in their success.

● We are building internal DEI training and development programs, starting with franchise owners, managers, and staff, with plans to expand to agents in 2021.

● We are analyzing our hiring processes to ensure broader representation by people of color.

● We’re generating insights from all these efforts to help us develop a set of thematic pillars to guide our DEI goals and strategy over the long term.

● We’re planning on listening sessions this fall for the Windermere community to continue to have input in this process.

This is just the beginning of what we know will be a long-term journey of awareness and accountability. We are focused and determined to do our part to address discrimination, racism, and inequity within Windermere and the real estate industry. Our efforts stem from the recognition that there is a long history of housing discrimination in the United States and that the inequality in homeownership has deepened the racial divide. Through our work, we hope to play a role in finding ways to correct these inequalities. We realize we were late to this movement and should’ve spoken up sooner, but our eyes are open, and we are committed to leading the way towards positive change from here on out.

Blog • Community • Living • Windermere Real Estate • October 3, 2020

Windermere is Now on Spotify!

by Windermere Windsor

Spotify

Americans spend about 32 hours a week listening to music, and for Millennials that number is even higher. Since so many activities connected to our homes are enhanced by music, we want to fuel the joy and memories of those experiences through home-inspired playlists on our very own Spotify channel.

Check out Windermere’s new Spotify channel where you can find playlists for every aspect of what it means to be home. Cleaning house? Check. Hosting a dinner party? Check. Chilling on the front porch? We have tunes for that too, and more. We invite you to follow, share, and enjoy!

Start following the Windermere Spotify channel today!

Colorado Housing • Economics 101 • October 2, 2020

Stat of the Month

by Windermere Windsor

We just completed a review of the September numbers in our market.

Here is the one number that is standing out to us – average price.

Prices are way up over last year. Here are the specific average price increases in each of our markets compared to September 2019:

Metro Denver = 13.2%
Larimer County = 16.9%
Weld County = 7.4%

This change in prices has of course generated questions from our clients.

To help our clients answer questions about prices and other real estate topics, we have set up a private online event with our Chief Economist Matthew Gardner.

The event is set for Tuesday from 9:00 to 10:00.

Simply reach out to any Windermere broker to receive your registration link.

Matthew will be addressing these questions as well as many others:

What effect will the election have on the economy and on real estate?
How long can interest rates stay this low?
Can prices keep appreciating at their current pace?

This online event is for the clients and friends of Windermere. If you would like to register, please connect with your Windermere broker.

Blog • Greeley Real Estate • Virtual Tour • October 1, 2020

Bright. Spacious. Fresh.

by Windermere Windsor

1130 78th Ave Ct is a beautiful move-in ready, well-maintained home located in Boomerang subdivision in Windsor school district. This home has been upgraded with brand new hardwood flooring throughout, high-quality appliances, and kitchen cabinets. In addition to vaulted ceilings, the open kitchen and dining room offers plenty of space and storage with a pantry and built-in cabinet racks. The large master suite has his and hers master bath with a soaking tub and a generously sized walk-in closet with custom closet organizers. The spacious backyard, with a concrete patio, has a mature garden with several wooden planter boxes and a drip system. The tandem garage has plenty of space for parking, as well as storage with custom-built hanging storage racks. Contact Justine Marx at (970) 775-4030 for your private showing for more information or click the link below for more details.

https://windermerewindsor.com/listing/115885399

Blog • Economy • Housing Trends • Market News • Windermere Real Estate • September 30, 2020

Economic Update with Matthew Gardner

by Windermere Windsor

Event Invitation

Exclusive Invitation!!!

Tune in on Tuesday, October 6, 2020 at 9:00am to meet with Matthew Gardner, Windermere Real Estate’s Chief Economist LIVE and get your chance to ask him questions. He’ll be discussing the housing market, employment and the effects of COVID-19 on the local and national economy.

As one of the only real estate companies in the US that has a Chief Economist on staff, we have exclusive insights into the housing market, economy and government happenings. This is a one of a kind event for clients and friends of Windermere Real Estate in Colorado.

To sign up, please contact your Windermere Agent or message us to get the link. Seating is limited in digital meeting room so get your seat!

(If you can’t attend live, you can register to automatically get the recording.)

Blog • Community • Foundation • Windermere Foundation • September 26, 2020

Electronic Device Drive Has Been Extended!!!

by Windermere Windsor

We still need more devices!!! ChildSafe needs our help! Join us, through the Windermere Foundation, in an to benefit Childsafe.

One of the many challenges of the pandemic is getting support out to children that are currently benefiting from Childsafe services. Many children are home with their abusers during these days of quarantine. We are in need of iPads, tablets or old computers with internet and video capabilities to help these children get the support/services they need.

Please drop off your old devices at either the Windsor or Fort Collins Windermere offices. All equipment will go through a professional cleaning and memory clear. Thank you in advance for your help in this project. Donations are NOW being accepted until 10/01/2020. #AllInForCommunity #WindermereFoundation

**Don’t have a device to donate? ChildSafe also accepts financial donations. Just click on the link below!! **

https://www.childsafecolorado.org/donate/

Blog • Fun Facts • Windermere Real Estate • September 25, 2020

6 Million

by Windermere Windsor

The National real estate market just hit a massive milestone.

Based on the numbers through August, we are now on pace to sell 6 million homes. This is the highest pace we have seen in 14 years.

The 6 million threshold is a big deal in the real estate brokerage world.

Each month, as they have for a long time, the National Association of Realtors tracks the sales and then calculates the annualized rate of residential closings.

For many, many years this number has bounced around 5.5 million. The fact that it just jumped to 6 million speaks to many factors especially the effect of today’s interest rates.

(more…)

Blog • Fun Facts • Windermere Real Estate • September 18, 2020

Pendings are Popping

by Windermere Windsor

Temperatures may be cooling off but the Front Range real estate market is not.

Typically the market starts to slow down a bit in the Fall after a hot Spring and Summer.

Not this year.

The indicator we use to measure future closed sales is current pending sales.

Simply, we look at the number of properties under contract and scheduled to close versus the same time last year.

Current pending sales are way up along the Front Range when measured against 2019:

Metro Denver up 34.1%

Larimer County up 48.6%

Weld County up 50.2%

Based on these numbers, closed sales numbers over the next 60 days will be very strong.

(more…)

Blog • Home Owner • September 16, 2020

Wildfire Preparation and Evacuation Tips

by Windermere Windsor

Evacuation

Image Source: Getty Images

As wildfires rage throughout the West Coast, many homeowners are being evacuated from their homes, while others stand by for information as the spread continues. The following tips are meant to inform your household’s wildfire evacuation protocol, whatever your evacuation timeline may be.

Immediate evacuation

Evacuation orders come from local law enforcement agencies, but if you have not received an official evacuation notice and feel threatened by wildfires in your area, do not hesitate to leave. Take only essential vehicles on the road, this will minimize traffic and reduce the chance of gridlock when evacuating the area. Keep the windows rolled up to avoid inhaling smoke and tune into local radio for updates as you head toward safer ground. And remember your masks!

What to bring

The Six P’s

People and pets
Phones and personal computer
- Chargers, any additional computer hardware
Papers and important documents
- Birth certificates, passports, insurance, legal documents
Prescriptions
- Medication, eyeglasses, contacts
Pictures and irreplaceable keepsakes
Payment (credit & debit cards, bank cards, cash)

Go bag

Face masks or coverings
Extra clothing
First aid kit
Toiletries
Tools
Flashlight
Batteries
Sanitation supplies
Copies of important documents
Three-day supply of food and water

Evacuation Preparation

If you live in an area that is not being evacuated, there are steps you can take now to prepare your home and family, if and when the time comes.

Create a “defensible space”
- Clear your home’s surroundings of brush and vegetation
Turn off sprinklers and main gas lines
Clean out roof and gutters
Move furniture away from windows toward the center of the room
Remove flammable household items
Prepare your emergency kit
- Include useful items listed above in “Go bag”

For additional information on protecting yourself from smoke while addressing COVID-19 health concerns, Click Here. Be sure to check your local news and emergency alert radio stations and social media profiles for the most up-to-date information and helpful resources.

Wildfires are unpredictable. Knowing what to do both in preparation for and during an emergency evacuation will have your household prepared in the event that a wildfire spreads to your area, neighborhood, or home.