Inventory Drop

An impact we expected from COVID-19 to the housing market is reduced inventory.  That prediction is certainly proving to be true.

In March, the number of withdrawn properties from the MLS went up 68% in Larimer County and 38% in Weld when compared to March 2019.

Reduced inventory is one reason why we don’t expect a significant drop in home prices in 2020.  We don’t see a glut of housing supply dragging prices down.

So how are properties being sold now?  Virtually!  We are helping people view homes using virtual 3D Tours and live online walk-throughs.

Our business right now is certainly not business as usual and our industry has proven to be resourceful so we can still help people with urgent real estate needs.

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

 


Posted on April 10, 2020 at 8:05 pm
Rondi duPont | Posted in Fun Facts, Market News | Tagged , , , , , ,

Spectacular Two-Story Home in Loveland!

Fantastic 6 bed, 4 bath home at 3165 Tradewind Court in Loveland in Waterfront at Boyd Lake awaits. The 2 story home sits on over 1/3 of an acre, backing to open space with spectacular mountain views. As you enter the home, the grand entrance welcomes you with a formal sitting room and custom painted dining room. Move into the kitchen with a large island, stainless steel appliances and breakfast nook opening up to the family room with gas fireplace and study. When entertaining or wanting more elbow room, head to the finished basement boasting a beautiful wet bar and separate theatre room. Don’t forget this is the perfect community to enjoy the outdoors with private access to Boyd Lake, sandy beaches, parks and volleyball! Call for your private showing at (970) 401-0123 for more information or click the link below for more details.

http://windermerenoco.com/listing/107880092


Posted on March 31, 2020 at 10:06 pm
Rondi duPont | Posted in loveland real estate, Virtual Tours | Tagged , , , , , , , , , , , , , , , , , , ,

Spectacular Ranch Home is Stanton Bridge in Fort Collins!

Your new home awaits at 848 Terra View Circle in Fort Collins on over 3/4 acre lot. This beautiful home has been updated on the inside and outside. Freshly painted exterior and new roof gives this home amazing curb appeal. Enter the home to refinished wood floors, new carpet and fresh interior paint. The chef in the family will love to entertain in this kitchen with gorgeous granite countertops and backsplash, gas cooktop, double ovens and an island! The finished walkout basement boasts a full wet bar with refrigerator, electric cooktop, and dishwasher. Relax in front of two separate fireplaces in the home or tinker on your toys in the heated garage! Are you looking for a move in ready home with some elbow room? This is it! Check out the 3D Tour to walk through the home in detail! Call for your private showing at (970) 401-0123 for more information or click the link below for more details.

http://windermerenoco.com/listing/107279795


Posted on March 24, 2020 at 10:32 pm
Rondi duPont | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , ,

A 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 6, 2020 at 8:24 pm
Rondi duPont | Posted in Fun Facts | Tagged ,

Corona Rates

  • The rate today is 3.45%
  • The lowest-ever in November, 2012 was 3.31%
  • A year ago they were 4.35%

So, what gives?  Why are rates so low?  It turns out that the coronavirus is pushing rates down to historic lows.

The virus is causing uncertainty in the global financial markets.  When there is uncertainty, there tends to be a flight from stocks into bonds.

Specifically, there tends to be a flight to U.S. Treasuries.

High demand for U.S. Treasuries means that the interest rates on those bonds goes down.

30-year mortgage rates track the rates on the 10-year Treasury and the 10-year Treasury just hit their lowest rates ever at 1.31%.

The uncertainty around the virus will likely keep rates down for the foreseeable future.

If you haven’t done so already, I encourage you to reach out to your mortgage lender to see if you would benefit by refinancing your loan.

If you would like to see a video recap of our annual Market Forecast you can watch that HERE.


Posted on February 28, 2020 at 10:08 pm
Rondi duPont | Posted in Fun Facts, Mortgage | Tagged , , , , , , ,

Supply and Demand

Northern Colorado gave us a real-life economics lesson in January 2020.Compared to one year ago…

  • Inventory was down 10% (Supply)
  • Homes under contract went up 31% (Demand)
  • Prices were up 5% (Result)

 

If you would like to see a video recap of our annual Market Forecast you can watch that HERE.

 


Posted on February 7, 2020 at 10:12 pm
Rondi duPont | Posted in Fun Facts | Tagged , ,

Affordability

Housing affordability is a hot topic especially after the strong price appreciation that has occurred in our market over the last 7 years.

Here’s some interesting research on affordability…

Each quarter the National Association of Home Builders measures affordability in hundreds of markets across the Country.

Their method is to count the number of homes in a market that could be purchased with that particular market’s median income.

For example, San Francisco is the least-affordable market where only 8.4% of the homes could be purchased with their median income.

The most-affordable is Monroe, Michigan where 95.3% of the homes could be purchased with their median income.

Guess where all of the 10 least-affordable markets are.  California!

Guess where almost all of the 10 most-affordable markets are.  The rust belt (cities in Michigan, Ohio, upstate New York, etc.)

The U.S. average is 63.6%.

Metro Denver comes in at 55.3% and Northern Colorado at 54.5%.

So, roughly half of the homes in our market could be purchased with our local median income.

 


Posted on January 31, 2020 at 7:51 pm
Rondi duPont | Posted in For Buyers, Fun Facts | Tagged , , , ,

Terrific Ranch Style Home in Fort Collins!

The unique property at 1105 Williams Street in Fort Collins at University Acres awaits. This ranch home boasts unique character with wood floors throughout the main level, formal living room with gas fireplace, formal dining room and an additional sitting room off the kitchen with built-in bookshelves. The expansive back yard is a true delight with mature landscaping, wonderful deck with pergola for entertaining in the summer and plenty of room to enjoy the outdoor pleasures of gardening. Call for your private showing at (970) 401-0123 for more information or click the link below for more details.

http://windermerenoco.com/listing/105076587


Posted on January 30, 2020 at 3:53 pm
Rondi duPont | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , ,

Rate Forecast

Here is our interest rate Forecast for the next year.

Our Chief Economist, Matthew Gardner, predicts that rates for a 30-year fixed mortgage will stay between 3.8% and 3.9% for 2020.

He doesn’t see rates going above 4.0% until at least the first quarter of 2021.

This is obviously great news for buyers as their payments will stay much lower as compared to having a rate at the long-term average of 7.5%.

If you would like to see the slides from Matthew Gardner’s Forecast presentation, I would be happy to get those in your hands.  Just let me know if I can help!

 


Posted on January 24, 2020 at 7:55 pm
Rondi duPont | Posted in Economics 101, Mortgage | Tagged , , , , ,

Terrific Two-Story Home in Fort Collins!

A beautiful home at 153 Halibut Drive in Water Valley South in Windsor awaits. This home boasts an open floor plan with vaulted ceilings, granite countertops and stainless steel appliances in the kitchen and a front room that can be an office or a formal sitting room. Enjoy the back yard with the built-in fireplace off the patio and two garden boxes on the side of the home. The oversized 2 car garage leaves plenty of room for the golf cart. Buyers can take advantage of being only one block from Eagle Lake and Park. Bring your paddleboards, kayaks and fishing rods to enjoy everything the lake has to offer without paying waterfront prices! Call for your private showing at (970) 420-0123 for more information or click the link below for more details.

http://windermerenoco.com/listing/104834007


Posted on January 23, 2020 at 8:58 pm
Rondi duPont | Posted in Virtual Tours, Windsor Real Estate | Tagged , , , , , , , , , , , ,