Colorado HousingHousing TrendsMarket News October 6, 2022

Most Multi

There are more multi-family residential properties under construction than at any time since 1974.

890,000 properties with 2+ units are currently being built across the United States.  This includes both for-sale product, and for-rent product.

Additional supply is clearly beneficial for both buyers and renters and will hopefully relieve some of the housing affordability issues.

 

So, why are there so many multi-family units under construction?  There seem to be three key reasons.

 

  1. The rental market is especially under supplied with product and developers see this opportunity.

  1. With the increase in residential prices, multi-family becomes the only option for many first-time buyers.

  1. Supply chain constraints are causing extended construction timelines.
Buyers & SellersUncategorizedWindermere Real Estate October 3, 2022

Moving Checklist: A Step-by-Step Guide to the Moving Process

Once you and your agent work through the process of selling your home, there comes a point when it’s time to switch gears and get ready to move. It can be difficult to juggle the various steps of the moving process, especially if you’re Buying and Selling a Home at the Same Time. Using a moving checklist will help you stay organized and on schedule throughout your moving timeline.

Moving Checklist: A Step-by-Step Guide to the Moving Process

We’ve included a comprehensive checklist below of all the steps you’ll need to complete to ensure a smooth, successful move. This list is also available as an interactive web page and downloadable PDF here: Moving Checklist

 

Twelve Weeks Before:

  • Get estimates from professional movers or truck rental companies if needed.
  • Once you’ve selected a mover, discuss insurance, packing, loading and delivery, and the claims procedure.

 

Six to Eight Weeks Before:

  • Use up things that may be difficult to move, such as frozen food.
  • Sort through your possessions. Decide what you want to keep, what you want to sell, and what you wish to donate to charity.
  • Record serial numbers on electronic equipment, take photos (or video) of all your belongings and create an inventory list.
  • If you are moving yourself, use your inventory list to determine how many boxes you will need. Stock up on the items you’ll need from our “Moving Essentials” list.
  • Obtain a change of address packet from the post office and send it to creditors, magazine subscription offices, and catalog vendors.
  • Discuss tax-deductible moving expenses with your accountant and begin keeping accurate records.
  • If you’re moving to a new community, contact the Chamber of Commerce and school district and request information about services.
  • Make reservations with airlines, hotels, and car rental agencies, if needed.
  • Begin packing nonessential items.

 

Two to Four Weeks Before:

  • Arrange for storage, if needed.
  • If you have items you don’t want to pack and move, hold a yard sale.
  • Update the address listed on your car registration, license, and insurance.
  • Transfer your bank accounts and safe-deposit box items to new branch locations if needed. Cancel or redirect any direct deposit or automatic payments from your accounts.
  • Make special arrangements to move your pets and consult your veterinarian about ways to make travel comfortable for them.
  • Have your car checked and serviced if you’ll need to drive it a long distance.
  • Change your utilities, including phone, power, and water, from your old address to your new address.

 

Week of Moving Day:

  • Defrost your refrigerator and freezer.
  • Have movers pack your belongings.
  • Label each box with the contents and the room where you want it to be delivered.
  • If you’re using a moving company, arrange to pay for their services in full, or the remainder of what you owe, upon delivery.
  • Set aside legal documents and valuables that you do not want packed.
  • Pack clothing and toiletries, along with extra clothes in case the moving company is delayed.
  • Give your travel itinerary to a close friend or relative so they can reach you as needed.
  • Pack a first-day box with items that you’ll want accessible before other boxes are unpacked. See our list of suggested items on the right and add any others you’ll want to include.

 

Moving Day: 

Old Home

  • Pick up the truck as early as possible if you are moving yourself.
  • Make a list of every item and box loaded on the truck.
  • Let the mover know how to reach you.
  • Double-check your closets, cupboards, attic, basement, yard, and garage for any left-behind items.

New Home

  • Be on hand at the new home to answer questions and give instructions to the mover.
  • Check off boxes and items as they come off the truck.
  • Install new locks.
  • Confirm that the utilities have been turned on and are ready for use.
  • Unpack your first-day box.
  • Unpack your children’s toys and find a safe place for them to play.
  • Examine your goods for damage.

 

Our Moving Checklist page has all the information above, plus helpful lists for Moving Essentials and which items to pack in your First-Day Box available as a downloadable PDF.

For additional information on the selling process from start to finish, reach out!

­­­­­­Featured Image Source: Getty Images – Image Credit: JohnnyGreig

 

Buyers & SellersHome PricingHousing Trends September 30, 2022

Price Peek

BlogCommunityFun FactsLiving September 15, 2022

Best Places

U.S. News & World Report just released their ‘Best Places to Live’ rankings and two Colorado cities made the top five list.

They rank the 150 most populated metropolitan areas on criteria such as employment, quality of life, and strength of the housing market.

Here are the top 5:

  1. Huntsville, AL
  2. Colorado Springs, CO
  3. Green Bay, WI
  4. Boulder, CO
  5. San Jose, CA

 

Buyers & SellersFun FactsMarket TrendsWindermere Real Estate September 11, 2022

Under 100

For the first time in a long time, the sale to list price ratio is below 100%.

This statistic measures the final sales price versus the listing price.

During the super-active market of the last 24 months, this number averaged over 100%.

This was a result of multiple offers and bidding wars which caused buyers to offer more than list price.

Now, the sale to list price ratio has dropped to below 100% as a result of a more balanced market.

These are the specific numbers in each of our markets:

Larimer County = 98%

Weld County = 99%

Metro Denver = 97%

 

Colorado HousingHousing TrendsMarket News September 9, 2022

Like 1993

Here’s a trivia question…

The number of new, single-family homes completed in 2022 will most closely resemble which prior year?

If you guessed 1993, you are correct.

Yes, the number of homes built and completed this year is no more than the number from 30 years ago.

In 2022, there will be just over 1 million single family homes constructed in the U.S. which is the same as 1993.

This is much more than the bottom of construction in 2011 which saw just under 500,000 new homes built.

But it is also much less than the top of 2006 which had almost 1.7 million.

Limited new home construction today is preventing anything close to a glut of inventory on the market which, in turn, insulates us from any sort of major price correction.

 

Buyers & SellersMarket NewsMarket Trends September 7, 2022

New Rankings

The latest Home Price Index report has just been released by the Federal Housing Finance Authority.

They track home price appreciation for the largest metropolitan areas in the U.S. plus state by state appreciation.

 

Here is the ranking of the top three states for price growth over the last twelve months:

  1. Florida = 29%
  2. Arizona = 26%
  3. North Carolina = 25%

 

The bottom three states are:

  1. North Dakota = 10%
  2. Louisiana = 11%
  3. Minnesotta = 11%

 

Colorado came in at #19 with 18% price growth over the last 12 months.

 

BuyersColorado HousingHomeownership August 20, 2022

What Is a Homeowners Association and How Much Are HOA Fees?

Becoming a homeowner comes with many responsibilities, but if the home you’re purchasing requires you to be part of a Homeowners Association (HOA), you’ll have to follow additional guidelines and pay additional fees. As you’re looking for homes, talk to your agent about whether purchasing a home that’s part of an HOA is right for you.

What is a Homeowners Association (HOA)?

A Homeowners Association is an organization that governs a community of homes. Homeowners within the governed community must follow certain guidelines for property upkeep and maintenance and will face restrictions on their ability to make additions and/or changes to the property. These rules exist to maintain a standard level of quality amongst the community to maximize property value.

Different HOAs may have different stipulations based on the type of housing they govern. For example, an HOA may oversee a community of detached single-family homes, but they are commonly found in communities of condo or townhome housing styles where there is a shared, communal living style. Each HOA has a Board of Directors in charge of enforcing rules, collecting fees, and managing the funds, and certain associations may hire a third-party management company to help the Board of Directors carry out their operations. The members of an HOA are the residents who live in that community. Here are some examples of typical HOA property restrictions:

  • Exterior paint color choices must be submitted for approval
  • Grass must be mowed regularly
  • Flower beds must be kept weed-free
  • Noise regulations and/or noise curfew
  • Pet restrictions (type of animal and/or number of pets per household)

Homeowners Association (HOA) Pros and Cons

Living in an HOA community means your property will maintain its curb appeal and you can live with the knowledge that systems are in place to protect property values. However, the benefits come with additional restrictions on your freedoms as a homeowner while increasing your monthly payments.

Image Source: Getty Images – Image Credit: mphillips007

 

How much are HOA fees?

If you buy in a development governed by a Homeowners Association, you will be required to pay HOA fees on top of your monthly mortgage payment. Typically paid monthly, HOA fees go toward the neighborhood’s shared spaces, property maintenance, and amenities. Homeowners Association fees vary greatly depending on the particulars of that community’s agreement. These fees often cover landscaping costs, parking, community security, garbage pickup, maintenance and repair, insurance, and other amenities, such as a shared pool or gym. If the home is your primary residence, your HOA fees are not tax-deductible.

HOA fees are an additional expense you’ll have to budget for when buying a home. To get an idea of what you can afford, ask your lender for a mortgage calculator. With current rates based on national averages and customizable mortgage terms, you can experiment with different values to get an estimate of your monthly payment for any listing price, accounting for any HOA fees you may incur.

­­­­­­Featured Image Source: Getty Images – Image Credit: RichVintage

 

DesignHousing TrendsLiving August 18, 2022

Decorating with House Plants to Match Your Décor Style

Interior design solutions come in all shapes and sizes. After all your furniture items, art, and other physical items are all in their right place, decorating with house plants can provide the perfect final touch. The best plants for your home are the ones that will thrive in your local climate while complementing your existing décor. Here are a few common house plants and their corresponding interior design styles to aid your decorating efforts.

Decorating with House Plants to Match Your Décor Style

Mid-Century Modern

Mid-century modern interior design is ubiquitous, and for good reason. Its simple concepts, open spacing, and emphasis on natural elements make it one of the premier interior design styles for homeowners and design experts alike. A Split-Leaf Philodendron, or “Swiss cheese plant,” is ideally suited for these interior spaces, and its signature leaf holes make it a visual focal point. Swiss cheese plants will thrive in open spaces with access to natural light, climbing toward the ceiling as space allows. For the same reasons, Fiddle-Leaf Figs feel at home in a mid-century modern aesthetic.

Image Source: Getty Images – Image Credit: funebre

 

Industrial

There’s an inherent give and take with industrial interior design in that it foregoes traditional elements that we associate with comfort for stylistic choices that create a strict-yet-visually appealing environment. Decorating with house plants can add vibrance to an industrial backdrop of wood, steel, brick, stone, and copper without compromising the edginess of the style. Both Snake Plants and Cast Iron Plants will harmonize with an Industrial space. Both are low-maintenance plants that mesh well with materials that evoke toughness and durability.

Minimalist

The combination of minimalism and house plants is a match made in heaven. Given minimalism’s focus on the reduction of waste and clutter and the importance of bringing the outdoors in, all signs point toward decorating with house plants. Being selective about which plants you include will keep everything in line with the fundamental concepts of minimalism—too many plants and things would easily feel off balance. Large-leaf plants are a perfect solution for minimalist decorators, such as Rubber Plants, Bird of Paradise, and Silver Evergreen.

Image Source: Getty Images – Image Credit: Liudmila Chernetska

 

Farmhouse

The Farmhouse interior style prioritizes cleanliness and an inviting spirit. Its white-washed backdrop of whites, grays, and beiges makes it a fitting canvas for the lush green additions that a selection of house plants can provide. Spider Plants work well to fill shelf space, which come in both solid green and white-striped varieties. These plants are easy to take care of and thrive in partial sun or shade. Aloe Vera plants in the kitchen can refresh the look of your shelving or counter space.

Image Source: Getty Images – Image Credit: xavierarnau

 

Traditional

Homeowners with traditionally styled interiors have a whole host of options to choose from. Any classic plant species will complement its traditional surroundings, but more specific choices can bring out the uniqueness in your home. If your decorations are rife with patterns and geometric shapes, perhaps a fern or Amazon Lily would help to balance the room. Bamboo may be a natural fit for your home depending on your existing décor. If you’re looking for a hanging display to fill empty wall space, consider Devil’s Ivy.

 

As always, research the watering and sunlight needs of a house plant before bringing it into your home. For more on decorating with house plants, be sure to read our room-by-room guide:

The Best Indoor Plants for Every Room

 

­­­­­­Featured Image Source: Getty Images – Image Credit: Tanya Paton

 

Buyers & SellersMarket Trends August 16, 2022

What Gives?

“I thought the market was cooling off, so why are prices still going up?”

This is a frequent question we hear from our clients.

They are understandably confused by the fact that average prices have continued to rise at a rapid pace even though sales activity is slower than what it was 6 months ago.

Bottom line, they want to know why prices are up along the Front Range anywhere from 12% to 17% compared to last year.

Firstly, we don’t expect this pace of price appreciation to continue.  What we foresee is price growth going back to the long term average of 5% to 6% per year.

The reason why we still see double-digit growth comes down to two words.  Supply and Demand.

Supply, while higher than a year ago, is still relatively low.

Also, demand, while lower than a year ago, is still relatively high.

The market is still healthy, just not as frantic as it was.

Properties are still selling, but bidding wars and multiple offers have mostly gone away.

Sellers remain in a strong position, but they face more competition than before.