Economic • October 20, 2021

CO Real Estate Equity

by Brandon Bidwell

One of the reasons we are so confident about the long-term health of the market is because of the equity that exists in peoples’ homes today.

Because there is so much equity, there are very few homeowners who are ‘underwater’ with a loan that is more than the actual value of the property.

According to the latest ‘Homeowner Equity Insights’ report from CoreLogic, only 2.3% of all homes are ‘underwater’ with negative equity.

To put that in perspective, in the fourth quarter of 2009, 26% of all mortgaged properties had negative equity.

Nationally, homeowner equity has increased by $2.9 Trillion during the last 12 months (that’s Trillion with a ‘T’)!

Locally, only 1.4% of Colorado mortgage holders have negative equity, which is one of the lowest rates in the Country.

What this all means is very, very few distressed sales and overall health in the real estate market.

Market Data • September 15, 2021

Staggering Stat

by Brandon Bidwell

By definition, a real estate market is balanced when there is 4 to 6 months of inventory currently for sale.

Anything less than 4 to 6 months means a Sellers’ market, anything more means a Buyers’ market.

For example, if there are 1,000 closings per month in a market, the market would be balanced if 4,000 to 6,000 homes were available for sale.

Here is a staggering stat for you…

At the current pace of sales, the Front Range market would need 6 to 7 times more inventory for the market to be balanced.

This is why we don’t see any sort of significant market correction or anything resembling ‘the market crashing.’ Bottom line, the market is still undersupplied.

Here are the numbers:

• Larimer County has 441 properties for sale and would need 2,200 to be balanced.
• Weld County has 322 properties for sale and would need 2,000 to be balanced.
• Metro Denver has 3,023 properties for sale and would need 20,000 to be balanced.

Market Data • August 17, 2021

$100k, $90k & $60k

by Brandon Bidwell

As I’m sure you’ve probably noticed, housing prices have gone up quite a bit along Colorado’s Front Range.

Low interest rates, strong demand, lower supply, and a healthy local economy are all contributing to increased prices.

It may interest you to see exactly how much prices have increased since one year ago in the markets where we have the most activity.

Over the last year, Weld County has increased roughly $100,000, Metro Denver $90,000 and Larimer County $60,000.

Specifically, here are the average prices one year ago vs. today:

Weld County = $426,000 vs. $523,000
Metro Denver = $523,000 vs. $612,000
Larimer County = $532,000 vs. $592,000

With that being said Real Estate can still be hyper local, sometimes right down to the block. If you’re ever curious about what’s going on in your neighborhood just let me know. I’m always happy to share my insight.

Market Data • July 16, 2021

How Popular is Colorado?

by Brandon Bidwell

Here’s an interesting stat based on the most recent U.S. Census.

(although you probably won’t be surprised to hear this)

Since 1990, Colorado’s rate of population growth is double the Nation’s rate of population growth.

Here are the numbers since 1990:

30.3% growth in the U.S.
62.3% growth in Colorado

So, the Nation grows at roughly 1% per year and Colorado grows at roughly 2% per year.

It appears Colorado is twice as popular as compared to the Nation as a whole.

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.

Economic • July 9, 2021

News on Mortgage Forbearance

by Brandon Bidwell

For anyone worried that mortgage forbearance would eventually cause a flood of distressed properties to hit the market, there is good news this week.

The number of mortgages in forbearance continues to drop and hit its lowest point since April of 2020.

Loans in forbearance dropped 12% compared to one month ago.

It appears the growing economy is helping homeowners to exit forbearance and keep the market free of distressed properties.

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!

Home Design • July 7, 2021

Designing your backyard for BBQs

by Brandon Bidwell

Summer is the season of spending long days and nights out in the backyard and making home-cooked meals on the barbecue. Whether classic BBQ dishes like ribs and hamburgers or skewered grilled vegetables are more your style, these tips will help get your backyard in prime shape for grilling season.

Designing Your Backyard for BBQs

Some homeowners may choose to make their barbecue the focal point of their backyard, while others view it as something to accentuate more central features like a deck, patio, or outdoor kitchen. The grill alone will take up significant space, not to mention the crowd it can attract. With that in mind, avoid situating it in areas of high foot traffic, such as near the stairs of your deck or along a main walking path. You should also provide ample room between the barbecue and your backyard seating.

A simple charcoal grill is ideal for small spaces. It also allows you to be flexible with your barbecue setup. If you are hosting a gathering, you can simply move the grill if need be and rearrange your backyard to accommodate the occasion. Built-in barbecues provide a more robust grilling setup, while freeing up space on the deck or patio. Though built-ins are typically more expensive than a standalone grill, they are a hub for outdoor entertainment. For homeowners who enjoy grilling in the shade, or those who live in climates where it sometimes rains in the summer, covered barbecues may be the way to go. Pergolas, canopies, and awnings are all popular options for providing cover. Outdoor kitchens are the most comprehensive grilling setup. With countertop space, a sink, and the barbecue all within reach, all the prep work for your cookout can be done outside, right next to the grill.

Once you’ve chosen the best barbecue for your backyard, it’s time to start designing around it. The right combination of seating will add the social touch to your barbecuing setup. Bench seating is a popular option for barbecuing on the deck, while tables and chairs out in the backyard lawn create more of a picnic-style feel. Installing a fire pit will bring an added element to you outdoor entertaining, helping to make the transition from an afternoon or evening barbecue into a night spent under the stars. Experiment with different fire pit styles to match the surrounding elements of your backyard. For those with built-in barbecues and outdoor kitchens, consider matching your fire pit’s stonework to tie the backyard together.

Image Source: Getty Images

Market Data • July 6, 2021

More Inventory for Homebuyers!

by Brandon Bidwell

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! Just let me know if I can be of assistance.

Blog • Fort Collins Real Estate • Virtual Tour • June 24, 2021

Updated Fort Collins Gem

by Brandon Bidwell

1012 Deer Creek Lane, Fort Collins was flawlessly updated by Forte Design Studios. Hardwood flooring, vaulted ceilings & new staircase railings create a grand entrance! The kitchen features Custom Cabinetry, Quartz Countertops, SS Appliances (gas oven/range), an island with seating for 2 and a breakfast bar overlooking the living room. The living room is highlighted by a Norstone Stacked Stone Fireplace floor to ceiling. Reclaimed wood tile accent wall provides unique design to the Primary Bedroom. It’s bath includes a custom walk in shower and Silver Maple floating shelves. Other features include solid interior doors, new exterior doors, A/C & whole house fan, a workshop in the basement a stamped concrete patio and professional landscaping with sprinklers and drip system. Call (970) 215-1573 to schedule your private showing or click the link below for more details.

http://windermerenoco.com/listing/134800637