Blog • Economics 101 • September 16, 2019

Case-Shiller

by Rondi duPont

The Case-Shiller Home Price Index is a well-known report in the real estate industry and a valuable way to gauge what is happening in various markets across the Nation.

The report tracks home price appreciation in the 20 largest markets in the country.

Their most recent report shows that, Nation-wide, home prices are up 2.1% year-over-year.

Last year prices were rising at 6.3%. So, prices are still going up but not as fast as they were.

The city with the highest appreciation over the last 12 months is Phoenix with 5.8% growth followed closely by Las Vegas at 5.5%.

Denver came in at 3.4% which makes it tied for 8th place out of the 20 cities.

Posted on August 30, 2019 at 10:24 am
Fort Collins | Posted in Blog, Fun Facts | Tagged Case-Shiller Index, Colorado, Denver, Friday Fun Facts, Home Price Index, Las Vegas, market, Phoenix, Price Appreciation Percentage, real estate, Windermere Real Estate

Blog • Fun Facts • August 5, 2019

What We Notice

by Rondi duPont

Here are some observations we have about the market right now:

Inventory is up, price reductions are up, the length of time to sell a home is up
Seller concessions are more prevalent
Sellers are more willing to accept contingent offers (especially in higher price ranges)
If a home doesn’t sell within a week, it often becomes stigmatized by the market and potential buyers assume there must be something wrong with it
Homes that likely would have sold within hours a year ago, are now sitting on the market
Condition is super-important as buyers become even more picky
Pricing a property correctly on day one is paramount
Sellers who over-price their property are finding themselves chasing the market

Blog • Fun Facts • July 13, 2019

Sign Surprise

by Rondi duPont

Given how active our market is today and has been over the last few years, many people assume that virtually every home with a “For Sale” sign in the front yard is already under contract.

They are surprised to learn that, in most cases, the “For Sale” sign does indeed represent a home that is actively for sale.

For example, today in Fort Collins there are 655 single-family homes on the market. 290 of these are under contract and will be closing soon. 365 of these are still active. So, 56% of the signs in Fort Collins are in front of homes that are still available.

Here are the specific numbers for each of our Northern Colorado markets:
• Fort Collins = 56%
• Loveland = 57%
• Windsor = 58%
• Greeley = 41%

Blog • Fun Facts • July 12, 2019

Over List

by Rondi duPont

A statistic we keep our eye on is the percentage of homes which sell for at least list price.

In a robust, healthy, market with lower inventory, we will frequently see homes selling for their asking price or even higher.

Here are the number of sales that occur for list price or higher in each of our major markets:

• Fort Collins = 60%
• Loveland = 60%
• Greeley = 71%
• Windsor = 56%

There are a couple of things we notice about these numbers. First, well over half of all sales are for at least list price. This means that a buyer needs to be prepared to make a full price offer (or higher) in most cases. This also means that if a seller is priced right and marketed effectively, they should achieve their asking price.

We also notice that these percentages are lower than one year ago. In 2018 these numbers were 5% to 10% higher in each market. This is good news for buyers of course because the bidding wars are not as intense as last year.

Blog • Fun Facts • May 24, 2019

Down Again

by Rondi duPont

Mortgage rates dropped again for the fourth week in a row.

The average 30-year rate is now 4.06% which is the lowest it has been all year.

Rates today are actually the lowest they have been since early 2018.

The main factor driving rates down is the trade war with China.

Investors are shifting money from stocks into bonds which causes the yield on the 10-year Treasury to drop.

Mortgage rates are closely aligned with the 10-year Treasury.

At the beginning of the year, most experts believed that 2019 would have a trend of increasing mortgage rates eventually reaching 5.5%.

Instead, the opposite has happened which is good news for real estate.

Blog • Fun Facts • April 19, 2019

Chugging Along

by Rondi duPont

The real estate market keeps chugging along.

Here’s news from the Mortgage Banker’s Association…

Last week, applications to purchase a home hit their highest level since April 2010. This is clearly a sign that the spring selling season is starting off in full swing.

You may remember that the reason why April 2010 was so active is because of the Home Buyer Tax Credit that was in effect. In order to get a special income tax incentive, buyers had to go under contract in April 2010 and close by June 30, 2010.

Today, purchase applications are at their highest level in 9 years and are up 14% over last year. Interest rates are roughly 0.5% lower than 6 months ago and roughly 3.0% below their long-term average.

Let the Spring Selling Season begin!

Blog • Fun Facts • April 12, 2019

Which Market?

by Rondi duPont

So, which is it? A buyer’s market or a seller’s market?

Well, it depends!

First, let’s define each market. According to research, a buyer’s market exists when there is more than 4-6 months of inventory on the market.

If it would take longer than 4-6 months to sell out all of the inventory currently for sale, then it is a buyer’s market.

This calculation is obviously a function of the amount of inventory on the market and the current pace of sales.

A seller’s market exists if it would take shorter than 4-6 months.

So, which is it?

It depends very much on the price range.

Here are the numbers for Northern Colorado:

• $300,000 to $400,000 = 0.9 months
• $400,000 to $500,000 = 1.9 months
• $500,000 to $750,000 = 2.3 months
• $750,000 and over = 5.8 months

So, most price ranges are a clear seller’s market. It’s not until $750,000 and over that the market starts to approach a more balanced state.

Here’s one more thing that might help you…

You probably don’t need a reminder that this is tax season.

Not only because tax returns are due in two weeks but also because you will soon receive your property tax notification in the mail.

Every two years your County re-assesses the value of your property and then sends that new value to you.

When this happens, many of our clients:

Don’t agree with the new assessed value
Aren’t sure what to do
Are confused by the process
Want to save money on property taxes

Good news! We have a webinar that will help you. On the webinar we will show you:

How to read the information from the County
What it means for you
How to protest the valuation if you want
How to get an accurate estimate of your property’s value

You can listen to the webinar live or get the recording. In any case, you can sign up at www.WindermereWorkshop.com

The webinar is April 17th at 10:00. If you can’t join live, go ahead and register so you can automatically receive the recording.

This is a complimentary online workshop for all of our clients. I hope you can join!

Blog • Fun Facts • March 15, 2019

Condo Cyclone

by Rondi duPont

While the “Bomb Cyclone” closed roads and schools over the last two days, the “Condo Cyclone” is opening new opportunities for first-time buyers.

What’s the “Condo Cyclone” you ask. It’s the proliferation of multi-family inventory that has come on the market up and down the Front Range.

Compared to last year, multi-family inventory which includes town-homes and condominiums, has increased…

• 79% in Metro Denver
• 34% in Larimer County
• 45% in Weld County

This is terrific news for the market overall, as inventory has been unusually low for several months. It’s especially terrific news for first-time buyers who need this type of product as a stepping stone to home ownership.

What we notice is a $170,000 to $130,000 difference in average price between a single-family home and a multi-family home in Front Range markets.

Specifically, here’s the spread between multi-family and single-family average price:

• $349,801 vs. $512,312 in Metro Denver
• $312,493 vs. $469,294 in Larimer County
• $237,645 vs. $370,027 in Weld County

So as we dig out from the “Bomb Cyclone” we can be happy for the “Condo Cyclone” which brings more affordability and opportunity to our markets!

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Just Released (a new resource site just for you…)
• Want to see the latest market trends?
• Curious to see the process of buying or selling a home?
• Interested in what it takes to own investment property?
• Be sure to visit www.ColoradoLivingBlog.com

Forecast • Fort Collins Real Estate • Fort Collins Realtor • February 12, 2019

2019 Annual Forecast

by Rondi duPont

If you missed our Annual Forecast Review last month, click the link below to get a recap of the event:

Fort Collins Real Estate • Fort Collins Realtor • Fun Facts • Northern Colorado Real Estate • July 13, 2018

Average Home Prices in Northern Colorado

by Rondi duPont

Yesterday the Coloradoan ran a very good article about the increase of average home prices in Larimer County, which they stated has now reached $405,000.

We thought this article may make you curious to know what the average prices are in each specific city in Northern Colorado:

Fort Collins = $453,051
Loveland = $402,132
Windsor = $463,769
Greeley = $310,785
Timnath = $604,481
Wellington = $338,999
Boulder = $1,105,634

source = IRES

Contact me today to find out what your home would be valued at in today’s market!