CommunityFor BuyersFor Sellers April 1, 2020

Coronavirus Protections for Home Buyers

 

As the situation develops with the COVID-19 pandemic, Windermere Real Estate is dedicated to taking steps to reduce the spread of the virus while continuing to work with home buyers. To help with this process, here are some ways you as a home buyer can keep yourself and others safe during the buying process.

 

WHEN TOURING HOMES

❱ Only tour the property if you feel healthy.

❱ Ask your Windermere agent to show you the property instead of attending an open house.

❱ Drive separately from your agent to the property.

❱ Be considerate of the seller’s home and wash or sanitize your hands before entry, touching as little as necessary. While many sellers will likely provide it, bring your own hand sanitizer and use before and after you tour the home. You might also consider wearing disposable gloves for further safety.

❱ Ask your agent to confirm with the seller’s agent that they have not recently been sick or in contact with someone suspected of having COVID-19.

❱ Sellers often ask you to take off your shoes when you tour their home or wear protective booties that have been provided. Consider bringing your own booties and throwing them away when you’ve finished touring.

❱ Be mindful of how much you touch things in the home and minimize contact with doors and hand railings.

❱ Reduce the amount of time spent with other people in the same room. This “social distancing” practice can curb person-to-person spread.

DO NOT TOUR HOMES IF

❱ If you are currently self-quarantined because of illness or other reasons, you should not tour homes in person. Ask your Windermere agent to video chat with you while they tour the home so you can see it virtually.

❱ Do not view homes when you’re sick, feeling like you’re about to be sick, or getting over an illness.

❱ We do not recommend touring homes after returning from international travel or travel that exposed you to a large group of people in close quarters, like large events.

 

Find our Coronavirus Protections for Home Sellers here:

Economics 101Market NewsWindermere Real Estate March 30, 2020

Matthew Gardner Weekly COVID-19 Housing & Economic Update: 3/30/2020

Fun FactsWindermere Real Estate March 27, 2020

Leading Indicator

We are watching close to see where the real estate market is headed. Anecdotally we can tell you that the vast majority of transactions that are under contract are still closing. We have seen very few transactions cancel because of employment issues or the wild swings of the stock market.

An interesting leading indicator was announced this week that sheds some light as to where the market is headed. Each week the Mortgage Bankers Association releases their index which tracks new mortgage applications.

They track both purchase applications and refinance applications. To no one’s surprise, the index was down this week but not as much as you may have guessed.

New purchase applications were down 11% compared to the same week this last year. Refinance activity fell more sharply, down 34%.

This is a statistic we will watch closely as time goes on.

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Home OwnerLiving March 27, 2020

The Life Expectancy of Your Home

Every component of your home has a lifespan. Common questions asked by homeowners include when to replace the flooring or how long to expect their siding to last. This information can help when budgeting for improvements or deciding between repairing and replacing when the time comes. We’re all familiar with the cliché: They just don’t build things like they used to. And while this may be true when it comes to brick siding or slate roofing, lifespans of other household components have increased in recent years. Here are the life expectancies of the most common household items (courtesy of NAHB):

 

Appliances: Among major appliances, gas ranges have a longer life expectancy than things like dishwashers and microwaves.

Appliance Life Expectancy
 Oil-burning Furnace  20 years
 Heat Pump  16 years
 Gas Range  15 years
 Electric range / Refrigerator / Dryer  13 years
 Electric / Gas Water Heater  10 years
 Garbage disposal  10 years
 Dishwasher / Microwave / Mini Fridge   9 years

 

Kitchen & Bath: When choosing your countertops, factor in the life expectancies of different materials.

Kitchen / Bath Item Life Expectancy
 Wood / Tile / Natural Stone Countertops  Lifetime
 Toilets (parts will require maintenance)  50+ years
 Stainless steel sink  30+ years
 Bathroom faucet  20+ years
 Cultured marble countertops  20 years
 Kitchen faucet  15 years

 

Flooring: If you’re looking for longevity, wood floors are the way to go. Certain rooms in your home will be better suited for carpeting, but you can expect they’ll need replacing within a decade.

Flooring Material Life Expectancy
 Wood / Bamboo  Lifetime
 Brick Pavers / Granite / Marble / Slate  100+ years
 Linoleum  25 years
 Carpet  8 – 10 years

 

Siding & Roofing: When choosing roofing and siding for your home, climate and maintenance level factor into the life expectancy of the material. However, brick siding and slate roofing are known to be dependable for decades.

Siding / Roofing Material  Life Expectancy
 Brick Siding  100+ years
 Aluminum Siding  80 years
 Slate / Tile Roofing  50+ years
 Wood Shingles  30 years
 Wood Siding  10 – 100 years (depending on climate)

 

Are extended warranties warranted?

Extended warranties, also known as service contracts or service agreements, are sold for all types of household items from appliances to electronics. They cover service calls and repairs for a specified time beyond the manufacturer’s standard warranty.

You will have to consider whether the cost is worth it to you. For some, it brings a much-needed peace of mind when making such a large purchase. Also, consider if the cost outweighs the value of the item. In some cases, it may be less expensive to replace a broken appliance than to pay for insurance or a warranty.

Buyers & SellersColorado Housing March 26, 2020

What Makes A Home “Modern”?

Sleek, sustainable design, open concept floor plans, minimalism, and eco-conscious thinking are defining characteristics of modern architecture. Recently, modern design concepts in home building have become more popular, and the resurgence of interest in modern real estate has followed suit.  

 

These characteristics are what define Contemporary Architecture: 

 

Clean geometric linesAt the heart of modernist values lies the simplification of form. Modernist homes have a very ‘linear’ feel with straight lines and exposed building materials. Furnishings and adornment reflect this value, incorporating vibrant, geometric and abstract designs. 

 

Smaller, multifunctional spaces: With the Tiny House subculture consistently on the rise, and the new generation of homeowners expressing a desire to move away from the sprawling dwellings of the past, multifunctional living spaces are a must for modern homes. Built-in storage is commonly used to reflect this multi-purpose; space-saving feel. 

 

Eco-conscious: Modern homes are wellsuited for technological and green upgrades, as well as eco-friendly building materials and energy efficient practices, and flat roofs to accommodate solar power. A new trend is to bring nature into each room for a calming, soothing effect. Large windows are abundant in modern architecture, allowing light to fill and expand the interior space, bringing the natural world indoors. 

 

Post-and-beam structure: Exposed wood posts and ceiling beams are classic elements in modern architecture. This style of building has been around for thousands of years; however, modern homes significantly emphasize the structure, rather than hiding the bones behind drywall. In new modern homes the post-and-beam structure can be made of concrete, iron or other materials. The visible horizontal and vertical beams reinforce the clean geometric lines of the space. 

 

Open concept:  Modern design strives to “open” the space by eliminating enclosed rooms. A common tactic is to open the kitchen and dining room into an open living space, allowing the spaces to flow into one another. 

 

Minimalism: With open and connected modernist spaces, careful curation of furniture, adornments, and household objects is paramount to incorporating the modernist aesthetic. Generally, modernist homes have art and furniture that reflects the clean geometric lines and the natural materials of the architecture, leaving less space for clutter. Minimalist philosophies encourage few household items that serve both form and function, which work well within this design and architectural style. 

For Buyers & SellersFor SellersWindermere Real Estate March 24, 2020

What ‘s My Home Worth? The Downside to Home Valuation Tools

What’s your home worth?

 

It is a seemingly simple question. However, discovering the worth of your home is more complicated than it might seem. Sites like Zillow, Redfin, Eppraisal, and others have built-in home valuation tools that make it seem easy, but how accurate are they? And if you get three different answers, which one do you believe? Online valuation tools have become a pivotal part of the home buying and selling process, but they’ve proven to be highly unreliable in certain instances. What these valuation tools have made clear is that real estate agents are as vital to the process of pricing a home as they ever were—and maybe even more so now.

 

Every online valuation tool has its limitations. Most are readily acknowledged by their providers, such as “Zestimate” from Zillow, which clearly states that it offers a median error rate of 4.5%. That may not sound like a lot, but keep in mind that 4.5% amounts to a difference of about $31,500 for a $700,000 home. For Redfin and Trulia, there are similar variances. When you dig deeper into these valuation tools, it’s no wonder that there are discrepancies. They rely on a range of different sources for information, some more reliable than others.

 

Redfin’s tool pulls information directly from multiple listing services (MLSs) across the country. Others negotiate limited data sharing deals with those same services, relying on public and homeowners’ records alike. This can lead to gaps in coverage. These tools can serve as helpful pieces of the puzzle when buying or selling a home, but the acknowledged error rate is a reminder of how dangerous a heavy reliance on them can be.

 

Nothing compares to the level of detail and knowledge a professional real estate agent offers when pricing a home. An algorithm can’t possibly know about the unique characteristics of neither a home nor its neighborhood. Curious about what improvements you can make to get top dollar or how buyer behaviors are shaping the market? They cannot provide an answer there, either. That can only be delivered by a trusted professional whose number one priority is getting you the best price in a time frame that meets your needs.

 

If you’re curious about your home’s value, Windermere offers a tool that provides a series of evaluations on your property and the surrounding market. And once you’re ready, we’re happy to connect you with a Windermere agent who can clarify this information and perform a Comparative Market Analysis to get an even more accurate estimate of what your home could fetch in today’s market.

Market News March 23, 2020

Matthew Gardner Weekly COVID-19 Housing & Economic Update: 3/23/2020

Fun FactsWindermere Real Estate March 20, 2020

Economist’s Perspective

Timnath Real EstateVirtual Tour March 16, 2020

Luxury Home in Timnath Ranch Preserve!

Former Sage Homes model home at 5702 Shepherd Street at The Preserve in Timnath Ranch  in Timnath now for sale. Dramatic floor plan with main floor master and superb craftsman styling. Loaded with luxury finishes & upgrades throughout. Open floorplan with huge vaulted ceilings, built-in cabinetry & hickory floors. Gourmet kitchen and formal dining room with ceiling beams. Study with built-in desk and fireplace right off the entry. Luxury master bath with a phenomenal shower, heated floors & jetted tub. Upstairs you’ll find 3 bedrooms, 2 full baths & a large loft. The finished basement features another bedroom, bathroom with heated floor, kitchenette, spacious rec room and a large workout/flex room. There’s even a cool secret hideout for the kids! Enjoy the over sized 3 car heated garage with built-in storage. The home sits on .31 acres and has a fantastic backyard patio with outdoor cooking area, pergola & fireplace. Wonderful neighborhood with Bethke Elementary, parks, pool, clubhouse & trails. Don’t miss this one! Contact Aaron Pearson at (970) 646-3035 for your private showing for more information or click the link below for more details.

https://windermerewindsor.com/listing/106931132

Fun FactsWindermere Real Estate March 13, 2020

Headwind vs. Tailwind

So far the tailwind of historically-low mortgage rates are prevailing over Wall Street and COVID-19 concerns.

Buyers are still active.  Properties are still closing.  Moving trucks are still showing up at people’s homes.

Open house traffic has declined, but we notice plenty of buyers looking for property.  (one of our open houses last weekend had over 40 visitors)

For many, the interest rates are just too good to pass up.

We even see instances of multiple-offer situations for properties priced right in high-demand locations.

Rates today, compared to 4%, equate to not only a monthly savings for those refinancing but also equates to tens of thousands in additional purchase power.

For the average price of a home on the Front Range, the savings is $171 per month and the increased purchase power is $35,811.

Here’s what we expect to happen over the coming months.  Listing inventory and transaction volume will both decline.  We will no doubt see lower activity compared to a year ago.

But thoughts of the market “coming to a screeching halt” can’t be validated because of the historical performance of our market and because of the inherent fundamentals in place.

We will continue to track the numbers and communicate the facts so that you remain well-informed.