How Fast are Homes Selling?

Here’s something true about today’s market.  Properties are selling fast.

Compared to one year ago, the number of days it takes for a property to sell is significantly lower.

The industry term is “Days on Market” or DOM.

DOM is way down.

Here is the comparison of May 2020 versus May 2019:

  • Metro Denver down 22%
  • Larimer County down 19%
  • Weld County down 16%

Initially, this may seem counter-intuitive.  How could homes be selling faster in today’s environment?

Here’s the deal.  The buyers and sellers who are active in today’s market are serious.

There really aren’t ‘tire-kicker’ buyers out looking at properties just for the fun of it.

There really aren’t sellers testing the market to ‘see what they can get.’

For the most part, buyers and sellers are on a specific mission and this mindset is showing up in the numbers.

For sellers especially, this is no time to test the market and be overly aggressive on price.

Properties that are priced right and in good condition are selling and often selling fast.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on May 22, 2020 at 7:34 pm
Brandon Bidwell | Posted in Uncategorized | Tagged , , , , , , , , , , ,

Remodeled Mid Century Ranch in Fort Collins!

Remodeled Mid Century Ranch at 1302 Laporte Ave in Old Town just North of City Park! Newer roof, windows, kitchen, siding, floors all done with in the last 5 years. Detached two car garage and recently paved driveway for great off street parking. The open floor plan features a huge living room and kitchen with stainless steel appliances and plenty of counter space plus a large island. Other features include a fireplace and A/C. All of this conveniently located with easy access to Downtown, CSU and the Foothills! Contact Brandon Bidwell for more information or click below to view the photos and details, including price.

http://windermerenoco.com/listing/109666599


Posted on May 19, 2020 at 4:39 pm
Brandon Bidwell | Posted in Fort Collins Real Estate, Virtual Tour | Tagged , , , , , , , , , , , , , , ,

Pent Up Demand

We notice a very interesting dynamic in the market right now.

There was clearly a pent-up real estate demand created during the recent time when in-person showings were not allowed.  The numbers back it up.

First, a little background.  During a portion of “Shelter in Place,” all in-person viewing of properties ceased.  Instead, buyers spent time online viewing virtual tours and 3-D photography.

Even though clients could view homes virtually, purchase activity did slow down.

Today, showings are allowed again as long as clear protocols are followed.  We’ve implemented a Safe Showings program to keep our clients protected.

Now, to the numbers.

Through the first two weeks of May 2020, the number of closed properties is down compared to the same time period in 2019.

In most cases these closed properties are a result of purchase agreements that were written in April- a time when in-person showings were restricted.

So, a decrease in closings was expected.

However, the number of new written contracts so far this month is up considerably compared to the same time frame last year.

Specifically,

  • Metro Denver closed properties down 47%
  • Metro Denver new contracts up 6%
  • Northern Colorado closed properties down 41%
  • Northern Colorado new contracts up 19%

So, buyer activity is up compared to last year, even in our current environment.

This speaks to the resiliency of our market and the effect of low interest rates.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on May 15, 2020 at 7:50 pm
Brandon Bidwell | Posted in Market Data | Tagged , , , , , , , , , , , ,

What the Numbers Say

To no one’s surprise, activity in April in terms of closings and new contracts did slow significantly.

Much of this slowing was caused by in person showings not being allowed for most of the month.

(showings are now allowed again by following Safe Showings protocols)

Here’s what the numbers say…

Closed transactions were down compared to April 2019

  • 26% in Northern Colorado (Larimer & Weld)
  • 27% in Metro Denver

New written purchase agreements were down compared to April 2020

  • 48% in Northern Colorado
  • 44% in Metro Denver

So, while activity did slow, there was nothing resembling a “screeching halt” that took place.

While the way property is shown has certainly changed, the market is still very active and we expect activity to increase even more with showings now being allowed again.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.


Posted on May 8, 2020 at 4:23 pm
Brandon Bidwell | Posted in Buyers | Tagged , , , , , , , , , , , , ,

Economist Q&A Webinar (Wed 4/22)

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On Wednesday April 22nd you are invited to a special online event with Windermere’s Chief Economist Matthew Gardner.

He will be giving his insights into the U.S. economy and what that means for real estate along the Front Range of Colorado.

You will hear the answers to the biggest questions we are hearing from clients now like “do you think housing prices will crash?”

This event is exclusively for clients and friends of Windermere Real Estate. To receive the registration link simply comment on this blog or reach out to your Windermere real estate broker.

Many of you have heard Matthew speak at our Market Forecast events we hold each year in January. He is famous for making complex economic dynamics very simple to understand.

You will get useful and valuable information which will give you clarity about where the market is headed and when we can expect the economy to improve.

For example Matthew predicts unemployment to hit 15% by the end of June, but then to improve to 8% by year-end and 6% by this time next year.

Again, if you would like the link just comment on this blog or reach out to your Windermere broker.

At Windermere Real Estate we are taking Shelter in Place and Social Distancing very seriously.  Our people are working at home, staying connected to their clients, and providing help wherever needed.


Posted on April 18, 2020 at 10:07 pm
Brandon Bidwell | Posted in Market Data | Tagged , , , , , , , , , , , , ,

Compare Troutman Park Home Valuations Here

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Online home valuations can vary quite a bit. When I looked up my homes value online I found estimates that ranged anywhere from $435,836 to $525,442 (that’s an 18% margin). After looking over a market analysis I prepared the fact of the matter is that my home’s worth somewhere around $435,000 to $450,000.

If you’re curious to know what your home might be worth online home valuations are a fair place to start. Here is a resource that you can use to compare some of the most popular home valuation sites side by side and all in one place: https://www.windermere.com/whatsmyhomeworth

There are several variables that online valuation tools have a difficult time calculating however (condition, improvements/updates, proximity to busy streets, views and current available comparable inventory, etc.)

If you want to get more clarity on your home value it’s important to consult a real estate professional that has experience in your neighborhood. I’ve worked hard to develop my expertise in the Troutman Park market by previewing most of the homes for sale here over the last 10 years and then analyzing the terms of their sales. I’m not just a realtor, I’m also a Fort Collins native and resident of our neighborhood that’s dedicated to this community.

I’m always happy to share what I’ve learned so please let me know if I can answer any questions you might have.

All in for Troutman Park!

 


Posted on March 11, 2020 at 4:03 am
Brandon Bidwell | Posted in Market Data, Troutman Park | Tagged , , , , , , , ,

Economic Impact of NoCo’s Public Universities

A recent study by Emsi illustrates the economic impact that Northern Colorado’s Public Universities have on our local economy.


Posted on March 10, 2020 at 8:16 pm
Brandon Bidwell | Posted in Market Data, Uncategorized | Tagged , , , , , , , , ,

Economic History Lesson

With the stock market on a wild ride and the Dow Jones dropping nearly 1,000 points yesterday, it makes some people wonder if the local real estate market might also crash or at least “correct.”

A little history lesson is in order.

Over the last 40 years, the real estate market along the Front Range has averaged 5.5% appreciation per year.

The highest appreciation in one year was 15.9% in 1994.

The lowest ever was -4.0% in 1982.

The last time Wall Street was in turmoil and the stock market was plummeting was 2008.  This was, for many reasons, the worst economy of our lifetime.

That year real estate along the Front Range dropped 2.2%.

Meanwhile that year the Dow Jones fell 33.8%.

Bottom line, our market has no history of crashing or even experiencing a major correction.

Why is that?

The answer is fundamentals.

Our local economy has inherent fundamentals that insulate it from big downturns.

We have an incredibly diverse economy which is not reliant upon a single industry.  We have all the way from health care, to technology, agriculture, oil and gas, major universities, and financial services (just to name a few).

We are a global destination with a major international airport.

Oh, and the quality of life here isn’t too shabby.

Prices of real estate, just like prices of anything, come down to basic economic principles of supply and demand.

Because of our diverse economy and desirable quality of life, there has been strong, consistent demand for housing along the Front Range.

While there may be little bumps along the way, over the long term our market has proven that it performs.


Posted on March 10, 2020 at 6:38 pm
Brandon Bidwell | Posted in Market Data | Tagged , , , , , , ,

What Makes a Home “Modern?”

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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. 


Posted on March 10, 2020 at 3:55 am
Brandon Bidwell | Posted in Architecture, Home Design | Tagged , , , , , , ,

Designing Your Home Office

Image Source: Canva

Working from home is an aspiration for many of us, but to do so effectively takes effort. A disorganized space at home can be just as troublesome as a hectic office. The most disciplined telecommuters will tell you that you need a structured routine and organization in order to be successful.

Having a designated workspace is one of the most important elements to your success when you make the switch to telecommuting. Even if you live in a small space, you need to find a balance between home and office. People who work from home often have a difficult time separating their work hours from their non-work hours because it’s so easy to keep at it late into the night. But maintaining a balance and shutting down the computer is important for overall wellbeing. What are some other must-haves for a successful home office? Here are the top five:

 

  1. Natural Light – Study upon study tells us that natural light is needed to boost productivity and mood. Make sure to set your desk up as close to a window as you can. If being near a window isn’t an option, a natural light lamp is the next best thing. It helps balance your body clock and leaves you feeling rested and refreshed.
  2. To-Do List or Planner – Start each day off by making a to-do list outlining what you need to get done before the end of the workday. Make sure to set a realistic time frame in which all of that should be completed, so you can check each one off the list and feel immense accomplishment once you’ve completed them all.
  3. Storage – If you have a big enough space, put in a large bookshelf where you can organize everything (think storage boxes). It reduces clutter and looks stylish. Using your walls and cabinetry is the most efficient use of space.
  4. Calendar – Many people tend to rely on digital calendars these days because of their convenience. When all of your devices sync together and pop up with reminders, you never have to worry about missing an appointment. However, many people find that it helps to keep a paper calendar handy too so you can easily view your whole month at a glance. Choose which options works best for you by playing with both options, or something in between and see which one lets you be more productive with the least amount of stress.
  5. Space for Inspiration – It doesn’t matter what field you work in, having a source of inspiration in your workspace is essential. Whether it’s a photo of your family, your dream car, or that vacation you’ve been dying to take, having that inspiration right in front of you provides a constant reminder of why you do what you do.

Posted on March 10, 2020 at 3:47 am
Brandon Bidwell | Posted in Home Design | Tagged , , , , , , , , , ,