Mortgage February 28, 2023

Mortgage Rate Prediction

Our Chief Economist, Matthew Gardner predicts that interest rates will hit 5.4% by the end of 2023.

His prediction is aligned with most expert real estate economists.

While rates will continue to bounce up and down as the year goes on, the general trend will be lower rates.

This prediction is mainly based on the Fed tempering their increases as inflation starts to ease in the second half of the year.

Because of this prediction, we see housing demand increasing as rates decrease throughout the year.

Home Maintenance April 27, 2022

Spring Home Maintenance Tips

Warmer months are ahead, so now is the time to plan for spring cleaning and maintenance. A clean home offers a fresh start for the year, and a checklist of tasks guides your efforts towards efficiency. For many homeowners, spring cleaning can be a personal challenge. It can also be one accomplished with the help of the rest of the family or other residents. In some occasions, however, professional assistance may be advised, or even necessary. Regardless, regular home maintenance not only increases your home’s value, but it can also make your home more comfortable and enjoyable.

Indoors

Check Your Attic

Once summer arrives, it can be too hot in many regions to comfortably perform an inspection. Use late winter and early spring to ensure the following: there’s ample insulation (10 to 14 inches), there are no signs of mice or rats (droppings, strong odor, nests), there are no bugs (flying, crawling, or otherwise), and there are no signs of roof leaks (water stains, etc.).

Schedule HVAC Maintenance

Annual tune-ups on your heating/cooling equipment will reduce your energy bill and help ensure you can maintain a comfortable indoor temperature.

Fix the Window Screens

It won’t be long before you’ll want to throw open the windows for fresh air, or relief on a warm afternoon. Take time now to ensure your window screens are ready for the challenge. Many traditional neighborhood hardware stores still offer re-screening services. Contractors also specialize in this service and are available for house calls.

Clean the Ceiling Fans

During the warm weather and the cold, ceiling fans can help moderate the temperature and better distribute the air. But your fans will be far more efficient if you give them a good cleaning a couple times each year. For fans mounted up to 10 feet in the air, you can use a ladder to access the tops of the fan blades. For those mounted on vaulted ceilings, use a long-handled duster.

Apply Weather Stripping

Many homeowners think of weather stripping as a cold-weather commodity, but it’s just as important during summer. To keep the cool air in and the hot air out, use any of the many filler materials available to seal gaps around windows, doors, exhaust fans, and any other point where you can see light peeking through.

Outdoors

Look for Damaged Roof Shingles

Use binoculars (with your feet safely planted on the ground) to scan for roof shingles that are curling, broken, or missing. If anything seems compromised, have a roofing company perform an inspection and provide a bid. If you or any members of your family are enterprising drone users, a camera-affixed drone can also be a useful aid in this reconnaissance effort.

Wash the Exterior

An easy way to extend the life of your exterior paint – and make your house look better than ever – is to give the siding a good washing. Use mostly water (to avoid harming any plants) and a stiff pole brush.

Search Out Rotten Wood

While you’re washing the exterior, keep an eye out for areas where there may be rot. Use a screwdriver to gently but firmly press on any siding or trim where you see black mold, missing paint, or exposed gray wood. If the area you’re probing feels mushy or bone-dry, contact a contractor to assess and stabilize the situation.

Clean the Gutters

All it takes is a handful of leaves to clog a gutter downspout and cause overflow and flooding. Hire a professional to give the gutters a thorough cleaning and you’ll avoid the very real dangers of working from a ladder. If you live in an area with lots of trees, consider getting quotes for some of the leaf-less gutter systems.

Prepare Your Lawn to Grow

The winter sets impediments for your lawn, and it takes preparation to help it shine. Rake away any dead grass and aerate the whole lawn to allow nutrients to access the roots. Reseed bare spots and apply a spring fertilizer to ensure your lawn has the fuel it needs to grow strong and beautiful.

Market Data April 6, 2022

Average Home Prices along CO Front Range

Average prices in Metro Denver just exceeded $700,000 in Metro Denver.  Larimer County isn’t far behind.

For the month of March, the average residential sales price in the 5-county Metro Area was $704,000.  This does not include Boulder County.

Larimer County was $691,000 and we expect to see an average exceeding $700,000 in the very near future.

It’s also interesting to note the average price for properties currently listed for sale and not sold yet.  In Larimer County it is $848,000 and in Metro Denver it is $1,100,000.

You might be asking, why have prices appreciated to this level?  Quite simply, supply and demand.

The Front Range has a healthy, growing economy plus an incredibly high quality of life.  Meanwhile, standing inventory is low which results in upward pressure on prices.

Mortgage February 21, 2022

Mortgage Rate Impact

This week, for the first time in 32 months, mortgage rates hit 4%.

While this increase may feel painful for buyers currently looking at property, it is important to put today’s rates in perspective.

We believe we will look back a few years from now and see that a 4% rate was like buying money at a discount.

Interest rates hovered between 4.5% and 3.75% for the 8-year span of June, 2011 to June 2018

Between January, 2000 and December, 2010 rates were as high as 8.25% and as low as 5.0%.

When looking at the history of interest rates and researching economists’ forecasts, we believe it is reasonable for rates to hit 5% within the next 24 months.

When interest rates increase 1%, a buyer’s monthly payment increases 10%.

So, if rates do go to 5%, it is like an additional 10% price increase for a buyer.

Given all of this information, the biggest risk to a buyer in today’s market may very well be to wait.

Mortgage rates are likely on their way up and there is an opportunity to buy money at a discount today.

Market Data February 21, 2022

Cost of Increasing Rent

Records continue to be broken in real estate, including the rental market.

Rents just rose another $2 per month to $1,594, a new record.

The annual rent growth of 13.5% nationally in 2021 was more than double any previous year, and apartment absorption counted nearly 600,000 units, which is roughly 50 percent more than the previous annual high, set in 2015.

The single-family rental market continues to outperform the multifamily sector.

Throughout 2021, the average U.S. asking rent gained $190 and 2022 is forecasted to increase by another 5%.

Source: Multi-Housing News

Market DataTroutman Park February 10, 2021

Troutman Park 2020 Real Estate Year in Review

All the data from 2020 is in and it’s time to look back and see how Troutman Park’s Real Estate Market has performed compared to other recent years.

Back in March last year many felt like property values would decline like many other investments did through all the Covid-19 adjustments. If you own a home in the Troutman Park area you’ll probably be happy to see that we’ve actually fared quite well though.

 

Here are the numbers compared to other recent years:

2020 – 70 homes sold for $28,164,381. They ranged from $331,000-$507,000 at an average of $402,348

2019 – 72 homes sold for $27,749,783. They ranged from $300,000-$505,000 at an average of $385,413

2018 – 51 homes sold for $18,681,050. They ranged from $286,500-$480,000 at an average of $366,295

2017 – 56 homes sold for $19,372,269. They ranged from $257,500-$443,000 at an average of $345,933

2016 – 55 homes sold for $17,891,500. They ranged from $205,000-$436,000 at an average of $325,300

Since 2016 the average price of Troutman Park’s Real Estate has increased by almost 24%

Right now Northern Colorado is seeing serious demand for housing while supply is at an all time low which is resulting in competing offers for many properties and accelerating our appreciation rate.

To give you an idea of where we’re at Fort Collins has 91 homes on the market between $350,000-$500,000 and 78 of those are under contract leaving only 13 available for buyers to choose from (as of 2/10/2021).

Right now in all of Fort Collins there is a total of 457 residential properties that are on the market and 330 of those (72%) are under contract. The average price of those homes that are under contract is $519,884.

With interest rates around 3% buyers are able to justify paying premiums for homes that are move in ready. That combined with all of people who have become frustrated with big city living conditions/restrictions over the last year who are looking to relocate to areas like Northern Colorado means there is tremendous opportunity for anyone in our area that is thinking about selling a home this year!

If you have questions about Real Estate I’m always happy to share what I know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002 and live right here in Troutman Park so feel free to reach out if there is any way I can be of assistance.

Market DataMortgage January 19, 2021

Economists Prediction on Interest Rates

Interest Rates

Where are interest rates headed?

This question was one of many which were addressed during our annual Market Forecast yesterday.

Our Chief Economist, Matthew Gardner, provided insight on rates, prices, inventory and many other fascinating topics.

Matthew’s prediction is for rates to creep up to 3.07% by the end of 2021.  They are currently at 2.79%.

The image below shows how his prediction compares with predictions of his economist colleagues.

Please let me know if you have questions or if you would like a recording of the full presentation.

EconomicMarket Data January 15, 2021

Economists Prediction on Interest Rates

Interest Rates

Where are interest rates headed?

This question was one of many which were addressed during our annual Market Forecast yesterday.

Our Chief Economist, Matthew Gardner, provided insight on rates, prices, inventory and many other fascinating topics.

Matthew’s prediction is for rates to creep up to 3.07% by the end of 2021.  They are currently at 2.79%.

The image below shows how his prediction compares with predictions of his economist colleagues.

Please let me know if you have questions or if you would like a recording of the full presentation.

BlogFort Collins Real EstateVirtual Tour January 2, 2021

Fabulous Investment Property!

The owners have decided on an offer and we’ll update status as soon as we have everyone’s signature on the counter. Great Opportunity in desirable South College Heights!  605 Dartmouth Trail is right in the center of Mid-Town Ft Collins and just blocks from shopping, entertainment, the Mason St corridor and only minutes from CSU and Downtown! This home does need a lot of work. The owners have had mold and asbestos professionally mitigated and the demo work is already done here. This property is being sold “As-Is” through a family trust and is priced accordingly. Contact Brandon Bidwell at (970) 215-1573 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/122693388

Home Design December 7, 2020

Home Remodeling ROI’s

Remodel

Americans spend $400 billion per year remodeling their homes.

So, which remodeling investment gives the best return when it comes to resale value?

It should come as no surprise, especially leading up to Thanksgiving, that the best money to spend upgrading your home is in the kitchen.

It’s the place where most homeowners spend most of their waking hours.

According to the research from the National Association of Realtors, it’s where remodelers will see the biggest return on investment.

Here is the ranking of various projects in terms of the value it adds to the home:

  1. Complete kitchen remodel
  2. Kitchen upgrade
  3. HVAC replacement
  4. Owner’s suite renovation
  5. Bathroom renovation
  6. Finishing a basement
  7. Adding a bathroom

If you have questions about what your property is worth or what the best remodeling value for your home is feel free to reach out. I’m always happy to share what I’ve learned.