Architecture • Home Design • November 9, 2022

Remodeling Projects to Avoid When Selling!

by Brandon Bidwell

A man and a woman in the midst of remodeling their home discuss whether they should continue with a renovation project

It’s common for homeowners to feel compelled to remodel their homes before they sell. Renovating the spaces in your home can increase its value and help you compete with comparable listings in your area. However, some remodeling projects are more beneficial than others as you prepare to sell your home. Always talk to your agent to determine which projects are most appealing to buyers in your area.

Remodeling Projects to Avoid When Selling Your Home

When preparing to sell your home, you want to strike the right balance of upgrades. Making repairs and executing renovations will attract buyer interest, but you don’t want to dump so much cash into remodeling that you won’t be able to recoup those expenses when your home sells.

So, how do you know where to focus your efforts? Your agent is a vital resource in understanding your specific situation and will offer guidance on your remodeling efforts to sell your home for the best price. Here are a few projects sellers will want to keep off their to-do lists for the best return on investment.

A man and woman discuss a renovation project with their real estate agent as construction contractors work in the background

Image Source: Getty Images – Image Credit: skynesher

Minor Cosmetic Upgrades

Whether you’ve made small cosmetic upgrades throughout your home typically isn’t a make-or-break proposition for most buyers. Let’s say you’re questioning whether to invest in a new toilet, vanity, and shower for your primary bathroom before selling. Unless these appliances are damaged and you can repair them without spending too much, it’s okay to sell as is.

Major Upgrades with Long Timelines

For any remodeling project, your agent’s analysis will help you determine its risk/reward potential. This dynamic is heightened with major remodeling projects and home upgrades, due to their higher costs. Four of the six lowest ROI remodeling projects found in the Remodeling 2022 Cost vs. Value Report (www.costvsvalue.com)¹ are upscale or major upgrades, all with roughly a 50% return on investment.

These projects come with hefty price tags and longer timelines than minor repairs and upgrades, which can complicate factors as you prepare to sell, especially if you have a deadline to get into your new home. They have the potential to temporarily displace you from the property, meaning you and your household may have to find somewhere else to stay until the project is complete.

The Bottom Line: To go through with a major home upgrade before you sell, its schedule must fit with your moving timeline. It should also align with buyer interest in your local market. If the project doesn’t meet these criteria, it should be avoided.

Building Code Violations

The rules dictating whether you can sell your home with building code violations vary region to region. It also depends on what the building code violation is and whether neglecting to update it is deemed a safety hazard. The buyer’s mortgage lender may also have stipulations saying that the loan may not be used to purchase a home with certain features that aren’t up to code, which could lead to them backing out of the deal.

If you’re selling an older home, you’re not obligated to update every feature that may be out of code to fit modern standards. These projects are often structural and require a significant investment. If the violation in question was built to code according to the regulations at the time, then a grandfather clause typically applies. However, you’ll need to disclose these features to the buyer.

Trendy Makeovers and Upgrades

Lastly, it’s best to avoid remodeling projects that target a specific trend in home design. Trends come and go. Timeless design is a hallmark of marketable homes because it appeals to the widest possible pool of buyers. Keep this in mind when staging your home as well. Creating an environment that’s universally appealing and depersonalized allows buyers to more easily imagine the home as their own.

Learn more about remodeling your home as you prepare to sell here: https://bidwellrealestate.com/2022/11/09/should-i-remodel-or-sell-as-is

Sellers • Troutman Park • November 9, 2022

Should I Remodel or Sell As Is?

by Brandon Bidwell

A young man and woman look at paint swatches against a wall of their home as they remodel.

Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you won’t spend as much money putting your home on the market, but the concern is whether you’re leaving money on the table.

Should I Remodel or Sell My Home As Is?

To answer this question, it’s important to understand the factors that could influence your decision and to work closely with your agent throughout the process.

Cost Analysis: Home Remodel vs. Selling Your Home As Is

Home Remodel

When you remodel your home before selling, you’re basically making a commitment to spend money to make money. So, it’s important to consider the kind of ROI you can expect from different remodeling projects and how much money you’re willing to spend. Start by discussing these questions with your agent. They can provide you with information on what kinds of remodels other sellers in your area are making and the returns they’re seeing as a result of those upgrades. This will help you determine the price of your home once your remodel is complete.

Then, there’s the question of whether you can complete you remodeling projects DIY or if you’ll need to hire a contractor. If hiring a contractor seems expensive, know that those costs come with the assurance that they will perform quality work and that they have the skill required to complete highly technical projects.

According to the Remodeling 2021 Cost vs. Value Report (www.costvsvalue.com¹), on average, homeowners paid roughly $24,000 for a midrange bathroom remodel and about $26,000 for a minor kitchen remodel nationwide, with a 60.1% and 72.2% ROI respectively. This data shows that, for these projects, you can recoup a chunk of your costs, but they may not be the most cost-effective for you. A more budget-friendly approach to upgrading these spaces may look like repainting your kitchen cabinets, swapping out your old kitchen backsplash for a new one, refinishing your bathroom tub, or installing a new showerhead. Other high-ROI remodeling projects may allow you to get more bang for your buck, such as a garage door replacement or installing stone veneer. To appeal to sustainable-minded buyers, consider these 5 Green Upgrades that Increase Your Home Value.

A man and woman look at blueprint plans with a contractor inside a room that’s being remodeled.

Image Source: Getty Images – Image Source: stevecoleimages

Selling Your Home As Is

Deciding not to remodel your home will come with its own pros and cons. By selling as is, you may sell your home for less, but you also won’t incur the cost and headache of dealing with a remodel. And since you’ve decided to sell, you won’t be able to enjoy the fruits of the remodel, anyway. If you sell your home without remodeling, you may forego the ability to pay down the costs of buying a new home with the extra money you would have made from making those upgrades.

Market Conditions: Home Remodel vs. Selling Your Home As Is

Local market conditions may influence your decision of whether to remodel before selling your home. If you live in a seller’s market, there will be high competition amongst buyers due to a lack of inventory. You may want to capitalize on the status of the market by selling before investing time in a remodel since prices are being driven up, anyway. If you take this approach, you’ll want to strategize with your agent, since your home may lack certain features that buyers can find in comparable listings. In a seller’s market, it is still important to make necessary repairs and to stage your home.

In a buyer’s market, there are more homes on the market than active buyers. If you live in a buyer’s market, you may be more inclined to remodel your home before selling to help it stand out amongst the competition.

Timing: Home Remodel vs. Selling Your Home As Is

Don’t forget that there is a third option: to wait. For all the number crunching and market analysis, it simply may not be the right time to sell your home. Knowing that you’ll sell your home at some point in the future—but not right now—will allow you to plan your remodeling projects with more time on your hands which could make it more financially feasible to complete them.

Market Data • Troutman Park • Uncategorized • July 20, 2022

Troutman Park Real Estate Review Q2

by Brandon Bidwell

Now that we’re half way through 2022 we can take a look at our Real Estate Market and what we’re starting to see is transition. This is what we’re seeing consistently throughout Colorado’s Front Range. The fact of the matter is that Northern Colorado consists of many different hyper-local markets though. So with that in mind let’s take a look at how our local market right here in Troutman Park compares to previous years.

Here is what Troutman Park’s Real Estate market has done through the 1st half of 2022 and compare it to the same time during other recent years. Here are the numbers:

2022 Q1-Q2 – 24 homes sold for $12,775,100. They ranged from $407,500 – $752,00 at an average of $532,295

2021 Q1-Q2 – 31 homes sold for $14,614,420. They ranged from $371,000 – $630,000 at an average of $471,432

2020 Q1-Q2 – 30 homes sold for $11,727,425. They ranged from $325,000-$507,000 at an average of $390,914

2019 Q1-Q2 – 33 homes sold for $12,724,583. They ranged from $320,000-$477,900 at an average of $385,593

2018 Q1-Q2 – 24 homes sold for $8,813,900. They ranged from $290,000-$465,000 at an average of $367,245

2017 Q1-Q2 – 25 homes sold for $8,594,519. They ranged from $257,500-$443,000 at an average of $343,780

2016 Q1-Q2 – 27 homes sold for $8,645,100. They ranged from $205,000-$436,000 at an average of $327,000

2015 Q1-Q2 – 36 homes sold for $10,185,745. They ranged from $218,325-$355,000 at an average of $282,937

Last year at this time there were 10 homes in the neighborhood that sold at $500,000 or more (3 of those were between $601,000 and $630,000). In the 1st half of 2022 there were 16 homes in Troutman Park that sold for more than half a million. Our neighborhood also saw a new all time high in value when 319 Mapleton Ct sold for $752,000 on June 16. The average price in Troutman Park is up 13% over the 1st half of last year’s average.

The average days on the market before going under contract for Troutman Park properties is 8 days for the 1st half of 2022. That’s up just one day from last year at this time. We’ll likely see that number go up a few days in the 2nd half of the year however.

What we’re seeing across all Colorado’s Front Range is a transition in our real estate market. We have gone from an all time low of inventory (2 weeks supply) in the 1st quarter of the year to what we see as 1.5 months supply now. When the interest rates started to rise in March some buyers started to head to the sidelines. When May and June rolled around we also started to notice a significantly higher number of homes for sale on the market.

For those who worry that we’re on the edge of a bubble keep in mind that economist say there is not a chance of values dropping until there are 6 or months of inventory on the market. Right now we are at 1.5 months supply of inventory. The tides are starting to change though and sellers don’t have nearly as much leverage in negotiations right now compared to last year or the beginning of 2022. The nicely remodeled “Move In Ready” homes may still have more than 1 offer competing for them. It will probably be more like a 2-4 offer situation now though compared to places that were seeing somewhere in the neighborhood of up to 20 offers earlier in the year.

The other factor we notice right now is something we see most every year. That’s the seasonal slow down in buyer activity from July through early September. One reason we see this is the families that are putting their search on the back burner while on vacation and then getting ready for back to school.

The end result means sellers are still in demand but there is a lot more opportunity for buyers now as there isn’t nearly as much competition as there was at the beginning of the year. Some buyers may be able to negotiate having sellers pay concessions towards buying down the interest rate which can be a big Win/Win situation.

If you have questions about anything or if you’re curious about what your home might be worth, just let me know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002. I live right here in Troutman Park and I’m always happy to share.

Home Maintenance • April 27, 2022

Spring Home Maintenance Tips

by Brandon Bidwell

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 • Troutman Park • April 18, 2022

Troutman Park Quarterly Real Estate Update

by Brandon Bidwell

We’re officially 1/4 of the way through 2022 believe it or not. Every quarter I like to take a look at what’s happened with our neighborhood’s real estate sales.

So let’s take a look back to see how the Troutman Park Real Estate market has done through March 31 this year compared to the same time during other recent years. Here are the numbers:

2022 Q1 – 10 homes sold for $4,892,400. They ranged from $431,000 – $540,000 at an average of $489,240

2021 Q1 – 9 homes sold for $3,989,900. They ranged from $405,500 – $630,000 at an average of $433,322

2020 Q1 – 13 homes sold for $4,924,800. They ranged from $325,000-$420,000 at an average of $378,830

2019 Q1 – 12 homes sold for $4,439,400. They ranged from $325,000-$450,500 at an average of $369,950

2018 Q1 – 9 homes sold for $3,078,000. They ranged from $290,000-$394,000 at an average of $342,000

2017 Q1 – 7 homes sold for $2,377,200. They ranged from $257,500-$379,700 at an average of $339,600

2016 Q1 – 6 homes sold for $1,871,500. They ranged from $205,000-$400,000 at an average of $311,916

2015 Q1 – 15 homes sold for $4,004,175. They ranged from $218,325-$302,500 at an average of $266,945

What’s interesting about the start of 2022 is that the majority of homes that have sold in Troutman Park are on the small end of square footage for the neighborhood (right about 2,000 square feet or less with the exception of just one).

You can expect that the larger, updated homes in Troutman Park (around 2,400 square feet and bigger) will be selling in the mid $600,000’s to mid $700,000’s which is what comparable surrounding neighborhoods like Mountain Ridge Farm and The Gates at Woodridge have seen this year.

The reason for the continuation of rapid appreciation simply comes down to the current supply and demand. We have seen a few buyers start to head to the sidelines with rising interest rates that combined with escalating home values have priced some out of the market and created uncertainty with others. There do seem to be more stories of homes with only one offer in the 1st week which does bode well for active buyers.

The fact of the matter is that even with some buyers taking a break there still are not enough homes out there to supply the market’s appetite. To give you an idea the number of Sold Properties in Larimer County for the month of March 2022 was down -37% compared to last year at that time.

The end result means there is a lot of opportunity for sellers to take advantage of market conditions if they want to cash in on all the equity they have developed.

If you have questions about anything or if you’re curious about what your home might be worth, just let me know. I grew up right here in Fort Collins, I’ve worked in Real Estate since 2002, live right here in Troutman Park and I’m always happy to share.

Troutman Park • Uncategorized • February 27, 2022

Troutman Park’s Real Estate Year In Review 2021

by Brandon Bidwell

Now that we’ve made it to 2022 it’s time to look back and see what happened with Troutman Park’s Real Estate market over the last year. You’ll see how that compares to recent years past for a little context. If you own a home in the Troutman Park area you’ll probably be happy to see the appreciation we’ve noticed (until it’s time to pay property taxes).

In Northern Colorado we typically see the market take a little bit of a seasonal breather during the 3rd quarter of the year as families put their home search on pause while getting ready for back to school. This year was no exception but the activity around Troutman Park didn’t drop off as much as we’ve seen in other years.

Here are Troutman Park’s year end numbers compared to recent years (Single Family Housing Only):

2021 – 67 homes sold for $31,821,647. They ranged from $352,052-$677,000 at an average of $474,949

2020 – 76 homes sold for $30,285,281. They ranged from $325,000-$507,000 at an average of $398,490

2019 – 68 homes sold for $28,286,883. They ranged from $300,000-$505,000 at an average of $386,571

2018 – 50 homes sold for $18,230,550. They ranged from $286,500-$480,000 at an average of $364,611

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

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 you ever have questions.

Your neighborhood realtor,

Brandon

Sellers • December 3, 2021

The benefits of selling during the holidays!

by Brandon Bidwell

Why does it make sense to list a home for sale right now? Shouldn’t I wait until the Spring?

These are legitimate questions we hear occasionally from our clients.

It turns out there are several good reasons to list a home in December or January instead of waiting for April or May.

The first reason is low competition. Today there are only:

279 homes for sale in Larimer County
263 homes for sale in Weld County

So, a home on the market today has high odds of standing out right now versus the higher-inventory market in the Spring.

In addition to lower competition:

Buyers looking in the winter tend to be more serious and motivated by tighter timelines
Interest rates will likely be higher in the Spring which will impact the purchasing power of Buyers and how much of a premium they might be willing to pay.

Troutman Park • October 28, 2021

Troutman Park Q3 Market Update

by Brandon Bidwell

Now that we’ve made it through the 3rd Quarter of 2021 it’s time to look back and see how Troutman Park’s Real Estate market has performed compared to other recent years. If you own a home in the Troutman Park area you’ll probably be happy to see the appreciation we’ve noticed.

Here are the numbers compared to the 3rd Quarter of recent years:

2021 Q3 – 21 homes sold for $9,904,802. They ranged from $352,052-$623,000 at an average of $471,657

2020 Q3 – 27 homes sold for $11,109,356. They ranged from $340,200-$480,000 at an average of $411,457

2019 Q3 – 19 homes sold for $7,555,400. They ranged from $300,000-$494,500 at an average of $397,652

2018 Q3 – 17 homes sold for $6,043,650. They ranged from $290,000-$449,500 at an average of $355,508

2017 Q3 – 18 homes sold for $6,290,750. They ranged from $296,000-$429,900 at an average of $349,486

2016 Q3 – 19 homes sold for $6,288,000. They ranged from $260,000-$405,000 at an average of $330,947

Market Data • Troutman Park • July 14, 2021

Troutman Park’s Real Estate Update Q2

by Brandon Bidwell

Now that we’re half way through 2021 we have all heard of what has been going on with Northern Colorado’s Real Estate Market. The fact of the matter is that Northern Colorado consists of many different hyper-local markets though. So with that in mind let’s take a look at how our very own local neighborhood right here in Troutman Park compares.

Take a look back through time to see how Troutman Park’s Real Estate market has done through the 1st half of 2021 and compare it to the same time during other recent years. Here are the numbers:

2021 Q1-Q2 – 31 homes sold for $14,614,420. They ranged from $371,000 – $630,000 at an average of $471,432

2020 Q1-Q2 – 30 homes sold for $11,727,425. They ranged from $325,000-$507,000 at an average of $390,914

2019 Q1-Q2 – 33 homes sold for $12,724,583. They ranged from $320,000-$477,900 at an average of $385,593

2018 Q1-Q2 – 24 homes sold for $8,813,900. They ranged from $290,000-$465,000 at an average of $367,245

2017 Q1-Q2 – 25 homes sold for $8,594,519. They ranged from $257,500-$443,000 at an average of $343,780

2016 Q1-Q2 – 27 homes sold for $8,645,100. They ranged from $205,000-$436,000 at an average of $327,000

2015 Q1-Q2 – 36 homes sold for $10,185,745. They ranged from $218,325-$355,000 at an average of $282,937

Prior to this year the Troutman Park neighborhood had only seen 2 homes that sold for more than $500,000. Those properties sold at $505,000 and $507,000.

In the 1st half of 2021 there have already been 10 homes in our neighborhood that sold at $500,000 or more (3 of those were between $601,000 and $630,000).

This has pulled the average price in Troutman Park up 20.6% over the 1st half of last year’s average. For reference the city of Fort Collins has seen the average price increase from $494,400 to $580,046 which is an increase of 17.3%

The sale of 819 Marble at $630,000 passed the previous neighborhood all time high sales price of $507,000 by $123,000 which is an increase of 24.26%!

We’re seeing this in other areas throughout Fort Collins as well. The reason for such a significant jump in value is the inventory available for sale is down 50% in Larimer County compared to last year at the same time. With all time low interest rates available through Covid-19 lockdowns many decided to put off their search for a new home and refinance the mortgage they were currently in to either save money or add on and improve their current residence.

That combined with the fact that home builders are seeing increases in costs and lack of materials available (lumber, appliances, etc) means that there is a historic low in terms of what is available for buyers to choose from. At the same time there is a rise in demand because of the low interest rates and increasing desire for high quality suburban living.

The end result means there is a lot of opportunity for property owners if they’re looking to take advantage of these market conditions and cash in on all the equity they have developed.

If you have questions about anything or if you’re curious about what your home might be worth, just let me know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002, live right here in Troutman Park and I’m always happy to share.

Market Data • July 7, 2021

Local Nuances in Real Estate

by Brandon Bidwell

“All markets are local” is a commonly used phrase in real estate.

This adage is proving to be true as we notice slight changes recently in the market.

Bottom line, the market, in some locations, is not behaving exactly like it did even 30 days ago. Properties that perhaps would have received 10 or more offers last month, are now receiving only one.

It is as important as ever to examine not only the general market area, but also hyper-local markets in order to understand the nuances that exist in specific locations.

A common activity we perform with our clients is to research the months of supply in their own neighborhood. We will frequently find that this stat varies considerably from the market as a whole.

To illustrate how ‘all markets are local,’ take a look at the days of inventory statistic for the following markets:

Larimer County = 18 days
Fort Collins = 15 days
80521 Zip Code = 24 days
80525 Zip Code = 9 days

While data on the overall market clarifies overall trends, it is the hyper-local research that is incredibly valuable when pricing property. If you have questions or would like to know what is going on in your hyper-local neighborhood market just let me know. I’m always happy to share!