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!
Every year in June, Windermere offices close for business in order to participate in Community Service Day. An annual tradition since 1984, our agents, staff, and franchise owners spend the day volunteering in their communities completing a variety of neighborhood improvement projects. Here are a few highlights from this year’s Community Service Day from around our network.
The Windermere Pinole and Diablo Realty offices joined together and volunteered for the Food Bank of Contra Costa & Solano Counties, working in their warehouse to bag produce for a food giveaway. After reaching out to their clients and peers, agents were able to gather $2,850 in donations for the food bank, an amount that will allow them to provide 5,700 meals to the local community.
Pictured: Scott Tuffnell, Denise Ramirez, Mike Rowland, Renee Rowland, Diane Cockrell, Mona Logasa, Dave Nardi, Ellen Osmundson, Jim Georgantes, Tina Rowland, Jacob Cardinale, Nicolars Ramirez, Luis Ramirez-Agudelo
Pictured: Scott Tuffnell, Denise Ramirez, Mike Rowland, Renee Rowland, Diane Cockrell, Mona Logasa, Dave Nardi, Ellen Osmundson, Jim Georgantes, Tina Rowland, Jacob Cardinale, Nicolars Ramirez, Luis Ramirez-Agudelo
For CSD 2021, Windermere Fort Collins partnered with ChildSafe Colorado, an organization that provides therapy for victims of childhood abuse and seeks to “break the cycle and heal the trauma resulting from childhood abuse and neglect with specialized treatment, education, and community outreach.”
Windermere agents and staff completed a variety of indoor and outdoor projects including painting, planting flowers, landscaping, as well as supply collection and organization. In addition to their hands-on work, Fort Collins also set up an online portal for clients, friends, family, and community members to support their work through online donations to ChildSafe.
Pictured: Heather Patel, her son, and Jill Pino
The Windermere office in Windsor, Colorado partnered with the Weld RE-4 School District to host a school supply drive to provide supplies for children in low-income households for the 2021–2022 school year. In addition to the in-person event, they also had over fifteen local businesses volunteer by hosting a drop box in the weeks leading up to the event. Twenty-five boxes were donated by a local moving company, Johnson Moving & Storage. On the day of the supply drive, the boxes were filled with donations.
Pictured: Suzanne Ekeler, Tammy Fisher, Angie Hoskins, Kelsey Vandemark, Angie Clauser, Karla Laferriere, and Anali Roath
The Windermere Sandy Real Estate office organizes blood drives every year, so when it came time for this year’s Community Service Day, they knew exactly where to turn: The American Red Cross. With the help of Windermere agents, Red Cross volunteers set up in Windermere Sandy’s conference room, getting folks registered for the drive and handing out t-shirts. The Windermere Sandy staff greeted donors on the way in and during the afternoon, reception was handled by Windermere owners Alan and Therese Fleischman.
A white American Red Cross truck parked in a parking lot.
In communities throughout the state of Utah, Windermere agents were out in force for Community Service Day. The office in Layton, UT weeded and maintained playground areas and outdoor spaces at the Safe Harbor Crisis Center. Agents joined together to lay bark and install solar lights along the walkways on the property. The organization was also presented with a $5,000 check from the office’s Windermere Foundation funds.
Agents from the Park City office worked with local organization EATS Park City to package seeds and provide interview clips of stories relating to food and local culinary traditions. EATS Park City is dedicated to empowering and growing healthy communities with fun, food, and nutrition advocacy. Windermere Utah also made a $5,000 donation to the organization.
The agents and staff at Windermere Real Estate Ellensburg held a canned food drive, collecting donations at their office and dropping off grocery bags at three-hundred homes in the area for people to add non-perishable food items. They made the round on the final day of the drive, collecting 1,387 pounds of food for the Fish Community Food Bank. After they dropped off the donations, the Ellensburg team went to two different gardens owned by the food bank and spent the day weeding, cleaning up, and planting new foods.
Pictured: Caitlin Wable, Sally Vietzke, Danielle LaHaie, Erich Cross, Jennifer Savage, John Gardner, Cara Marrs, Genevieve Gillman, Casey Mills, Taylor Hull, Misti Sandnes
Of all the components involved in a successful home sale, there is perhaps no greater contributing factor than timing. Knowing when to sell your house gives you the best chance to make an impact when you hit the market. Every seller’s situation is unique but choosing when to sell comes down to how prepared you are, finding the right agent, and local market conditions. Once you’ve got a grasp of these elements, then you can decide if it’s the right time to sell.
Before you sell your home, your finances must be in order. Equity is a natural starting point for assessing your financial health. To calculate your equity, you’ll need to know your home’s market value. Your real estate agent can help you determine this by conducting a comparative market analysis (CMA), which involves comparing your home to others in your area by such characteristics as square footage, the number of bedrooms/bathrooms, age, and lot size. Once you know your home’s market value, subtract your current mortgage balance from that number and you’ll have your current home equity. If your equity is negative, then it may not be the best time to sell.
Beyond your home equity, there are plenty of other financial factors to consider when preparing to sell. Selling a home does not come without its own set of costs. Commission fees, home repairs, inspections, and staging are just some of the expenses you can expect to incur. For more information on the costs involved with selling your home, talk to your Windermere agent.
Selling a home is an emotional process that comes with significant lifestyle changes, so it’s important to make sure it’s the right time for you and everyone in your household. Part of a real estate agent’s’ role is understanding how the varying emotions of the selling process apply to different people. For every fear, worry, and hesitancy you may experience when trying to decide if it’s the right time to sell, your agent can share similar experiences while working with past clients.
The state of the real estate market in your area could dictate whether it’s the right time to sell. Various factors affect local market conditions like inventory, seasonality, mortgage rates, and home price growth. Talk to your real estate agent about what the local conditions mean for your selling strategy and what kind of buyer negotiations you can expect to encounter. Agents have the tools and know-how to perform a complete analysis of the market to help you decide when the right time is to sell.
Real estate agents are the catalyst for a successful home sale. They not only bring a wealth of resources to the table, but they can also offer helpful advice on the optimal time to sell. Agents can assess your goals for selling your home, how that aligns with your budget, and how those factors fit into the context of current local market conditions.
To truly know whether it’s the right time to sell, it’s important to find the right agent who understands the needs of your household. The more an agent knows about your situation, the better they can formulate a selling strategy. This also allows them to understand what the best offer for your home looks like. When searching for an agent, ask for referrals from your inner circle. Interview multiple agents to get an idea of their qualities, and select the one that makes the most sense for you.
When you’re ready to sell, or if you have any questions about the selling process, I’m here to help.
Here’s the latest from one of our favorite data sources – the Federal Housing Finance Authority (FHFA).
They track home prices across the Country and produce a quarterly Home Price Index report.
It is not uncommon to find Colorado near the top of the list for year over year price growth.
The latest report has us ranked 13th with only a 13% year over year increase (said with sarcasm).
Idaho is first with a whopping 24% increase. Utah is second at 19%.
Here is our interpretation of these numbers…
Colorado has a history of strong, steady price growth instead of booms and busts.
Our market does not take the big, wild swings in prices that other markets sometimes do.
The fact that Colorado is not at the very top of the list right now is actually good news to us.
We know that our clients appreciate a market that is more steady instead of one that can feel like a rollercoaster.
If you are a landlord, it’s important to take steps to properly protect yourself and your property before the renters move in. Landlord insurance helps fill in the gaps of coverage where homeowners insurance policies don’t apply and allows you to rest easy knowing your home is sufficiently covered while tenants occupy your property.
While homeowners insurance provides coverage for a home occupied by its owner(s), landlord insurance covers properties that are rented to short-term guests or long-term renters. If you plan on renting out a room while you stay in the home, your homeowners insurance policy may offer coverage, but it depends on factors like the number of renters and the length of their rental agreement(s), so check your policy first.
A typical landlord insurance policy will cover the following:
Property damage insurance ensures your home is protected against damage caused by natural disasters, fire, electrical mishaps, and more while your home is being rented. This typically covers the home itself, any detached structures on the rental property such as ADUs or garages, and any personal property you use to maintain the home.
If a renter or visitor suffers an injury on your property, your landlord insurance will help cover their medical costs and, if legal action is taken, legal costs. Liability costs can snowball quickly, and it’s important to have coverage in place to protect yourself from having to pay out a lump sum for hospital bills or a settlement. For example, if a renter steps through a floorboard while walking on the deck and hurts their leg, a court may decide that a lack of property maintenance was the cause of the injury, thus leaving you responsible. However unlikely the scenario may seem, having coverage in place is better than the alternative.
Homes are prone to accidents and issues that can render them uninhabitable. If this happens at your rental, you won’t see rental income until the problem has been fixed. Most policies provide reimbursement for lost income during a time when you’re unable to rent out the property, as long the cause of the underlying issue is covered. For example—if you live in a climate that’s conducive to mold growth, a rapid spread of mold could put a halt on renting your property. Accordingly, you’d want to make sure your policy provides adequate coverage against damage caused by mold.
In short, renting out your property and having landlord insurance go hand-in-hand. Because homeowners insurance is unlikely to provide sufficient coverage for your rental, you’ll need a separate policy that covers you specifically as a landlord. When shopping around for landlord insurance, make comparisons based on the needs of your rental property. For instance, if you have separate dwellings on the property, prioritize additional structures coverage when looking at different policies. If you’re looking to bundle your landlord insurance with your existing coverage, keep an eye out for bundling discounts.
Whether they are motivated by rising energy costs or a desire to cultivate a more sustainable home, homeowners are constantly searching for ways they can go green, reduce their home’s energy waste, and save money in the process. Here are some simple methods for a more energy-efficient home.
A natural first step in your energy-efficient journey is to get a gauge of how much energy your home is currently using and where it is being used. Analyze your recent bills to get a picture of your home’s energy consumption and the habits that are tied to that level of usage. From there, you can determine what kinds of cutbacks can be made to save energy. You might also consider hiring a professional energy auditor to fully inspect your home’s energy practices and identify where there’s room for improvement.
Adjusting your methods in the laundry room is an easy way to make an impact on your home’s energy output. When it’s sunny, air-dry your clothes to save energy. Most of the energy consumption generated by doing laundry comes from the heating of the water, so use cold water when possible. Wait until you have a full load before running the washer to maximize your laundry room’s efficiency.
Replacing incandescent lights with newer, more energy-efficient options is a productive step towards reducing your home’s energy waste. A change of lightbulbs is a relatively cheap solution compared to more expensive energy-saving methods like replacing appliances. Because energy-efficient lightbulbs use less energy than standard bulbs, they commonly last much longer as well.
Excessive air conditioning and heating are often the culprits behind wasteful energy practices. Weatherstripping and caulking your windows help to regulate the flow of air, keeping your home warmer in the colder months and cooler in the hotter months. Old, drafty windows let in air that can increase your home’s energy usage, regardless of the season. The upfront investment in purchasing new windows will pay off in the long run and will help to reduce energy waste.
A fine-tuned HVAC system is critical to making your home as energy efficient as it can be. Maintenance of your HVAC unit periodically to make sure it’s running in tip–top shape and to avoid replacements, which can be quite expensive. The cleaner your HVAC filters, the more efficiently they can run. The filters should be swapped out a maximum of every three months, more often if you use it year-round or if you have pets at home.
A well-insulated home can deliver significant savings on heating and cooling costs. Walls and windows are common areas where air can escape, but so are pipes and ducts. Wrapping all these areas in insulation will pave the way for saving energy throughout the house.
Turning down your thermostat is an effective method of reducing energy consumption. Even lowering it by one degree will lower your furnace’s energy output and can make a difference in your home’s overall energy efficiency. Remember to clean your furnace filter often. A clean filter will allow your home’s heating system to run more efficiently and cost-effectively.
Once you’ve begun to implement some of these strategies to make your home more energy-efficient, you’ll discover new ways to reduce your home’s energy waste while saving money. Set goals for your home’s overall energy output in a given month or set a target number you’d like to see on your next energy bill. Track your home’s progress in energy efficiency and the savings you’ve generated over time to see the difference you’ve made.
Getting pre-approved is a great first step for buyers, but there can be a number of hurdles in the process. Here are a few cautionary steps that can be taken to make the experience as smooth and worry-free as possible.
Getting pre-approved has many benefits for buyers: it strengthens their buying power, assists in identifying their price range, helps communicate their preparedness to sellers, and, once their offer is accepted, helps to speed up the closing process.
Pre-approval is broken down into two steps: pre-qualification and pre-approval. During pre-qualification, buyers will share their financial information with their bank or lender to understand the approximate loan amount they can expect to qualify for. The pre-approval process is a little more involved, as the lender will conduct a thorough review of the buyer’s financial health to give them a more detailed picture of how much they can borrow, estimated monthly costs, and what interest rate they can expect on their loan.
Being pre-approved doesn’t mean buyers are all set. There are certain mistakes that can throw buyers off course, and in some cases, lead to a denial of financing. Here are five common mistakes that can do just that:
Any large purchases—credit or cash—made after getting pre-approved can easily cause trouble for buyers. Making a large credit purchase equates to increasing debt, which raises a buyer’s debt-to-income ratio. Large cash purchases decrease a buyer’s cash-readiness from the time when they were pre-approved. In both scenarios, the lender may call into question a buyer’s ability to make their mortgage payments.
Knowing that a buyer has a stable source of income is important to lenders. Accordingly, it is best for a buyer to wait until after the home loan process is complete before taking steps to change their employment. Not only could changing jobs potentially put their mortgage pre-approval at risk, but it could also delay their settlement, since it takes time to prove a new salary.
Missing bill payments can be especially harmful to a buyer’s candidacy in the time between getting pre-approved and closing on the home. During pre-approval, lenders are using your ability to pay bills on time to help them paint a picture of your finances and it’s important to keep that picture consistent.
Opening new credit accounts will likely change a buyer’s credit score, which may cause adjustments in their interest rate. Lenders, upon seeing a new line of credit, even a store credit card, may elect to review the buyer’s risk of non-payment.
While most people would think paying off debt is a good thing, if a buyer pays off any significant loans or credit card debt after pre-approval, their lender will want to know where the money came from. The decrease in debt will also have an effect on the buyer’s debt-to-income ratio, which may alter their creditworthiness.
The period of time between pre-approval and closing on a home can be a tedious one for buyers. Before making any significant financial decisions, it’s helpful for buyers to speak with their lender to get an idea of how it may impact their financial standing. The complexities of this process also highlight the importance of working with an experienced agent.
For assistance planning a home purchase, let’s connect!
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Call (970) 214-9479 for your private showing at or click the link below for more details.
When the housing market favors sellers, a seller can expect ideal conditions for selling their home. However, that’s not to say that a seller’s market doesn’t come with its own unique set of challenges for parties on both sides of the transaction. That’s why it’s critical for buyers and sellers to work with an agent who not only understands their wants and needs but who can also help them navigate highly competitive market conditions.
A seller’s market occurs when demand exceeds supply. When inventory is limited, competition amongst buyers is fierce. Median sales prices increase, days on market decrease, and homes commonly receive multiple offers, often over their original asking price.
Though demand is high in a seller’s market, staging and making any necessary repairs are still important steps to take before hitting the market. An agent can help a seller make important decisions about which repairs and updates help add value to the home.
When it comes to offers and negotiations in a seller’s market, sellers have the leverage. It’s common for homes to fetch more than their asking price with multiple offers on the table. Though prices are being driven up by demand, a seller may choose to list their home at or just below fair market value with the hopes of starting a bidding war. Because competition is so high, buyers may be willing to waive an inspection contingency to help make their offer stand out. Agents can help sellers decide whether they should conduct a pre-listing inspection, which sometimes helps the seller get more offers and command a higher price.
With multiple offers on the table, it may be tempting to simply choose the one with the highest figure; however, the best offer is also the one that removes risk and aligns with the seller’s goals. Whether that entails waived contingencies, a shorter closing window, or an all-cash offer, in a seller’s market, the seller has the power to choose. Sellers should fully review each offer with the help of their agent before proceeding.
Buyers in a seller’s market must act fast. Due to the high level of competition, they must be prepared for a frustrating scenario where their offers may not win out. This emphasizes the importance of working with a buyer’s agent. In a seller’s market, it’s more likely that the buying process will include such factors as seller review dates and escalation clauses. A buyer’s agent will help navigate these challenges while working with their client to make their offer stand out. They will formulate a strategy, comparing their client’s wish list and budget against the limited number of homes available and proceeding accordingly. A buyer’s agent will also set the expectation that, due to the competitive nature of the market, finding the right home may take longer than expected.
In a seller’s market, the buyer is at a disadvantage when it comes to negotiations. The chance of getting a contingent offer is minimal and pushing for certain closing dates and specific repairs may do more harm than good to their offer. A cash offer has significant power in a seller’s market. If a buyer can make a cash-heavy or even all-cash offer, it is likely to stand out to the seller. It gives the buyer more buying power and greatly increases their chances of winning a bidding war.
For more information on the conditions of your local market, visit our website for Quarterly Real Estate Market Updates from our Chief Economist, Matthew Gardner. For assistance planning a home sale or purchase, contact me!
The economic research blog called “Calculated Risk” just completed a fascinating study on home prices.
Specifically, they looked at the correlation between home price growth and inventory.
They used price data from the Case-Shiller Home Price Index and inventory data from the National Association of Realtors.
No surprise, they found that the lower the inventory the higher the home price growth. Also no surprise, as inventory goes up, price growth slows down.
This all correlates with simple economic rules of supply and demand.
The interesting part of their research is this: at a certain level of inventory, prices have the potential to go down.
That level, according to their research, is six months of inventory.
That means, prices don’t have a chance of decreasing in a market until there is at least 6 months of inventory available for sale.
To put that in perspective, today there is two weeks of inventory on the market along the Front Range.
So, there would need to be 12 times the amount of homes for sale on the market for prices to even have a chance to go down.
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