Market Data May 13, 2022

Home Inventory Increasing?

In Front Range markets, the number of homes for sale has just hit bottom or is about to hit bottom.

This is terrific news for home buyers who have been waiting for more homes to choose from.

The market is shifting, there is no doubt about that.

Prices are still increasing and we expect them to increase, just not at the pace they have been.

The inventory of homes for sale, which has been significantly down for two years, is finally starting to show signs of change.

We have been accustomed to inventory levels being down 30% to 50% compared to the prior year.

That is not the case anymore.

Inventory in Larimer and Weld County is now only down roughly 5% year over year.

Inventory in Metro Denver is now up 13.5% compared to this time in 2021.

We believe this is a legitimate shift in the market, not just a short-term anomaly.

No need to worry about prices crashing or a housing bubble.  There is still too little supply and too much demand for that to happen.

However, the pace of price of appreciation will certainly get back to more normal levels of 5% to 6% per year instead of 20% to 25% per year.

Bottom line, this market shift has been a long time coming and is very good news for buyers.​​​​​​​

Market Data May 2, 2022

Expert Opinion

This week, take a listen to Matthew Gardner, Windermere’s Chief Economist as he discusses the current state of the housing market.​​​​​​​

He takes a deep dive into interest rates, price appreciation and where the market is headed.

You can watch his video HERE

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 23, 2022

Current Supply and Demand

There is half of a month of inventory on the market.  In other words, at the current pace of sales, it would take just two weeks to sell all of the homes currently listed for sale along the Front Range.

By definition, a market is balanced when there is 4 to 6 months of inventory.  Anything less than that is a seller’s market.

The current inventory levels give us confidence about the future of price growth along the Front Range.

While we expect the pace of price appreciation to slow, the low supply of properties insulates us against any sort of price decline.

Interior Design April 23, 2022

Most Profitable Home Improvement

And the most profitable home improvement is…🥁🥁🥁
Flooring!
According to the National Association of Realtors, homeowners who refinished or replaced their hardwood floors were able to recoup 147% and 118% of their investment respectively!
Market DataTroutman Park April 18, 2022

Troutman Park Quarterly Real Estate Update

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.

 

Market Data April 10, 2022

Average List Prices

While we frequently research and discuss average prices for properties that sell, it is also interesting to look at the average prices for properties that are active on the market but not sold yet.

These are the average prices, by area, for properties currently listed for sale and not sold yet:

  • Metro Denver = $954,000
  • Larimer County = $878,000
  • Weld County = $880,000

If you are surprised that Weld County is higher than Larimer County, it’s important to note that there are several large acreage properties listed for sale in Weld County which are skewing the average.

These average active prices are all roughly 30% higher compared to a year ago and further emphasize the strong activity in the Front Range market.

Market Data March 11, 2022

3.2 Trillion in American Home Equity

The new CoreLogic Homeowner Equity Insights report shows that homeowners in the U.S. have seen their equity increase by a total of $3.2 trillion over the last 12 months.

Their data shows that 63% of all homes have a mortgage.

On average, U.S. homeowners gained $55,000 while the average increase in Colorado was higher at $75,000.

The other piece of good news from the report is that properties with negative equity reached the lowest amount in several years.

Only 2.1% of all properties across the U.S. have a value lower than the mortgaged amount.  Negative equity peaked at 26% of all mortgaged properties back in 2009.

Interior Design March 9, 2022

Farmhouse Interior Design

Known for its signature chic comfort, the farmhouse style is a popular method of interior design for homeowners looking to blend elements of modern and traditional design. With a rustic charm at its heart that recalls images of the countryside and wide-open landscapes, the farmhouse style steadily picked up steam in the 2010s and continues to grow in the 2020s. The following information is a guide to understanding the characteristics that make up the farmhouse style and how you can translate them into your home.

What is farmhouse style?

The farmhouse style predominantly uses a white/grey/beige color palette which provides a foundation for complementing elements and brighter colors. Against this clean backdrop, rustic materials can really shine. Exposed wood beams of timber or reclaimed wood, shiplap, and wrought iron are materials typically used help to round out the aesthetic, creating that rural-with-a-touch-of-modern feeling that the farmhouse style is known for. These combinations create a sense of openness and simplicity in the spaces where they’re used. In the kitchen, the farmhouse style feels clean and inviting; in the living room, it beckons members of the household and guests alike to sit back and relax; and in the dining room, it creates the perfect setting for enjoying a meal together.

 

A farmhouse style kitchen with white surfaces, exposed beams, and wood accents.

Image Source: Shutterstock – Image Credit: Breadmaker

 

How to Decorate in a Farmhouse Style

When it comes to furniture, there are specific choices you can make that will help reinforce your personal farmhouse style. Functionality is a core principle of farmhouse design, exemplified by its use of reclaimed and found materials. When looking at furniture, tune your radar to pieces that are simple and functional rather than ornate and complex. Farmhouse’s warmth contrasts the colder feel of minimalism, so when thinking about texture, know that you’re not bound to selecting only the cleanest possible lines—feel free to experiment! With natural elements like stone and wood already providing a varied blend of textures, you can afford to be bold in your choice of throw pillows, blankets, carpeting, and furniture set pieces.

The farmhouse style will give you license to decorate with antiques and vintage materials. Items like armoires, wooden iceboxes, and vanities will find a fitting home among your complementary decorative items. With a prevalence of wood, choose grain patterns and wood tones that complement each other well without clashing. Clutter can get in the way of the coziness that the farmhouse style naturally evokes, so it’s important to keep your main living areas well maintained to truly let your home’s interior design flourish.

With the farmhouse style, it all comes back to comfort. If you’re looking to make the spaces in your home more comfortable, either fully adopting or borrowing from the farmhouse style may be just the ticket. For more helpful tips on home design, read our blog post on how to upgrade your bedroom:

A Guide to Upgrading Your Bedroom

Market Data March 4, 2022

Townhome Construction

Townhome construction has surged in the last 12 months.  This is welcome news for first-time buyers who benefit from the lower prices that multi-family product tends to provide.

According to the National Association of Home Builders, townhome construction has jumped up 28% compared to the previous year.

Townhomes now represent 13% of all new residential construction starts.