Make the Most of the Home You Have

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If you have been in your home for a while you may be restless for change. The great part about having a home of your own is you can make improvements and give your home a chance to evolve over time. You just need to help your home live up to its potential!  Here is a top ten list of improvements that will help you make the most of your home.

    1. Find your home’s purpose. Each home is as unique as its owners, so in order to fully utilize your home, consider how you view your home’s purpose. Some people like to entertain, others find it a calm space in the frenzy of daily life; some nurture their families and others nurture their creativity. Your home’s purpose can be any combination of these and more, but it helps to consider the function of your space in order to ultimately find its purpose.
    2. Assemble a list. A list always helps me figure out where to start or prioritize what is the most important project. Think about what you want to change in your home, inspirations, and preferences.
    3. Make an “inspiration board”. An “inspiration board” is a great way to visualize your home’s decor. You can create a board online with a tool like Pinterest to organize ideas you love or you can do it the old fashioned way with a board, magazine cutouts, color swatches, and fabric samples. Doing this will allow you to see all the elements you like in one place so that you can then tie it all together into a room you love.
    4. Create a collection. If you have items that you like to collect, think about how to transform that collection into something you can display. If you don’t already have a collection of loved objects think about what this collection would be for you. You can center a room design around your travel souvenirs, old camera collection, figurines, unique plates, or familial objects. Adding to this collection over time can be a great way to keep your spaces new  while maintaining a personal feel to your decor.
    5. Choose a new palate. Shake up your sensibilities and think of a color that will compliment your room while making a statement. It’s easy to fall into the white/beige standby to keep our rooms neutral, but sometimes a color that provides a contrast to your décor will make the room pop.
    6. Repurpose an old piece of furniture. Instead of replacing your furniture give it a facelift. You can have a sofa or chairs reupholstered or make use of a slip cover. Also, Painting and staining can add new life to your wood pieces.
    7. Rearrange. Moving furniture around is another easy way to reinvent your space. Try placing your sofa on an angle to open up your entertaining room or move your lamps to improve lighting. You can also think about moving a piece of furniture into a room to give it new life, like using a unique dresser for a credenza or a chair as a side table.
    8. Make a room of your own. Find some space in your home that is uniquely yours, whether this is the corner of the guest room or an office of your own. It can be very rewarding to have a space that you can organize to fit your personal needs without the worries of others intruding
    9. Find an inspirational object. Have you ever fallen in love with an object that inspired you to want to completely redo a room to accommodate it? Designing a room around an inspiring object can be a great way to create a space that truly embodies your design sensibility.
    10. Find design motivation. Home design evolves over time and can be sustained by finding items that inspire you. Read magazines and books that inspire your interests in architecture, design, art, etc. Or find stores and flea markets that sell pieces that influence your aesthetic. Or bring a camera with you when you’re doing your favorite activities and bring back memories or inspirations. Most of all have fun!

What inspires your home design?

Posted on April 22, 2019 at 4:42 pm
Rondi duPont | Category: Blog, Housing Trends | Tagged , , , , , , , , , , , , ,

Get Real

We’ve seen some headlines recently that suggest home prices along the Front Range have peaked and are starting to decline.

When we dig in and do the research, this is what we find…

Home prices are still going up, just not as fast as they have been.

We’ve known that the double-digit appreciation that we’ve seen for the last several years could not be sustained and we expected the pace of appreciation to slow down.

So far in 2019, this is the case.  Prices still going up, just not as fast.

It’s like running up stairs.  Eventually you will get tired and you will need to start walking (but you’re still going up).

Headlines that suggest that prices have peaked and are falling create unrealistic expectations for buyers and give sellers a skewed perspective on the market.

Here are the numbers…

Average Price:

  • Up 1.53% in Metro Denver
  • Up 6.1% in Larimer County
  • Up 5.1% in Weld County

Months of Inventory:

  • 5 Months in Metro Denver
  • 5 Months in Larimer County
  • 4 Months in Weld County
  • (Remember that 4-6 months of inventory represents a balanced market)

There has been an increase in Days on Market which means that homes are taking longer to sell.  But the increase is measured in days, not months.

Here are those numbers…

Days on Market:

  • Up 4 Days in Metro Denver
  • Up 11 Days in Larimer County
  • Up 3 Days in Weld County

So, be mindful of headlines that can be sensationalized and might suggest that the market is falling.

Bottom line, the market is going up, just not as fast as it was.

 

Posted on April 5, 2019 at 5:49 pm
Rondi duPont | Category: Fort Collins Real Estate, Fun Facts, Market News | Tagged , , , , , , , , , , , , ,

Condo Cyclone

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

 

Posted on March 15, 2019 at 10:15 pm
Rondi duPont | Category: Blog, Fun Facts | Tagged , , , , , , , , , , , , , , , ,

Vegas Baby

 

The results are in from FHFA.gov’s latest ranking of the top performing markets in the U.S.

Each quarter they track 245 cities across the country and rank their real estate markets by home price appreciation.

What’s the highest performing city the the U.S.

Vegas!  Their prices have gone up 17.63% in the last year.

How about the worst?

Bloomington, Illinois sits in dead last where prices went down 3.58%

Here’s how Colorado cities are ranked:

    • #10 Colo. Springs = 11.41%
• #16 Greeley = 10.68%
• #59 Fort Collins = 8.29%
• #64 Denver = 8.15%
• #97 Boulder = 6.85%

Posted on March 1, 2019 at 6:32 pm
Rondi duPont | Category: Fort Collins Real Estate, Fun Facts | Tagged , , , , , , ,

4 in 40

Did you know, according to FHFA, process in Larimer County have dropped more than 1% only 4 times in the last 40 years?
FHFA stands for the Federal Housing Finance Authority. We are one of 261 markets that they track. Since 1978 they have been measuring home price appreciation here.
If you look at the appreciation numbers for each individual year, you will notice that most years the prices go up and some years the prices go down.
But there have only been 4 times in those 40 years where prices decreased more than 1%
Here’s what happened those 4 times:
• 1982 = -3.99%
• 1987 = -1.86%
• 2008 = -2.29%
• 2010 = -1.12%
Sometimes we hear buyers say that they would like to wait for the “prices to come crashing down.” The reality is that the price drops don’t happen all that often and when they do, they don’t drop by that much at all.
If you would like to see a short video with a recap of our annual Market Forecast presentation, watch the video below.
Posted on February 23, 2019 at 8:20 pm
Rondi duPont | Category: Fort Collins Real Estate, Fort Collins Realtor, Fun Facts, Windsor Real Estate | Tagged , , , , ,

2019 Annual Forecast

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

 

 

Posted on February 12, 2019 at 8:31 pm
Rondi duPont | Category: Forecast, Fort Collins Real Estate, Fort Collins Realtor | Tagged , , , , , , , ,

OUR FORECAST

This past Wednesday and Thursday evenings we had the pleasure of hosting our annual Market Forecast events in Denver and Fort Collins.

Thank you to the 700 people who attended both events. We appreciate your support!

In case you missed the events, here are some highlights including our forecast for price appreciation in 2019:
• In 2018 Prices went up:
o 8% in Fort Collins
o 8% in Loveland
o 8.5% in Greeley
o 8% in Metro Denver

 Inventory is (finally) showing signs of increasing:
o Up 25% in Northern Colorado
o Up 45% in Metro Denver

• There are distinct differences in months of inventory across different price ranges = opportunity for the move up buyer.

• There are several reasons why we don’t see a housing bubble forming:
o New home starts along the Front Range are roughly 60% of pre-bubble highs 14 years ago.
o Americans have more equity in their homes than ever, $6 Trillion!
o The average FICO score of home buyers is significantly higher than the long-term average.
o The home ownership rate is back to the long-term average.

• Our 2019 Price Appreciation Forecast:
o 6% in Fort Collins
o 6% in Loveland
o 7% in Greeley
o 6% in Metro Denver

If you would like a copy of the presentation, go ahead and reach out to me.  I would be happy to put it in your hands!

Posted on January 21, 2019 at 7:16 pm
Rondi duPont | Category: Blog, Fort Collins Real Estate, Fort Collins Realtor, Northern Colorado Real Estate, Windsor Real Estate | Tagged , , , , , , , ,

A History Lesson

One of the most common questions we hear from clients is “Where do you think interest rates are going?”

Virtually all of the experts we follow put rates above 5% going into next year and some see rates approaching 5.5% by the middle of 2019. What’s certain is that there are economic forces at work that are pushing rates higher.

So, how about a little history lesson? How do today’s 30- year mortgage rates compare to this same date in history going all the way back to 1990?

• Today = 4.85%
• 2017 = 3.94%
• 2015 = 3.82%
• 2010 = 4.27%
• 2005 = 5.98%
• 2000 = 7.84%
• 1995 = 7.75%
• 1990 = 10.22%

While today’s rates feel high only because they are higher than 2017, they are quite a bit lower than at many times in history.

Posted on October 21, 2018 at 5:59 pm
Rondi duPont | Category: Fort Collins Realtor, Fun Facts | Tagged , , , , , , , , , , ,

The Cost of Waiting

It’s true, certain parts of our market are cooling off. We are seeing fewer multiple offers, fewer bidding wars, and fewer inspection concessions.
However, homes that are priced right and in great condition are selling, and in many cases, selling quickly.

As buyers feel the market cool a bit, it may cause them to want to wait. They sometimes feel like it’s a better choice to ‘wait and see what happens.’

The reality is, there is a real cost to waiting given two specific facts.

1. Interest rates will continue to rise
2. Prices will continue to rise

Interest rates are a little more than 0.5% higher than a year ago and experts predict them to be another 0.5% higher by this time next year.

Prices have been appreciating at roughly 10% per year for the last four years. Based on the numbers, we see that appreciation could be 5% per year for the next two years.

So, let’s look at a house priced at $450,000 today. If prices go up “only” 5% for the next 12 months, that home will cost $22,500 more in a year.

And, if rates go up another half percent, the monthly payment will be $206 higher. That’s an 11% increase!

In an environment of rising prices and rising rates, there is a real cost to “wait and see.”

Posted on September 7, 2018 at 9:05 pm
Rondi duPont | Category: Blog, Fort Collins Real Estate, Fort Collins Realtor, Fun Facts, Northern Colorado Real Estate | Tagged , , , , , , ,

2nd Quarter Gardner Report

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park Counties) is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

Colorado continues to see very strong job growth, adding 72,800 non-agricultural jobs over the past 12 months—an impressive increase of 2.7%. Through the first five months of 2018, the state added an average of 7,300 new jobs per month. I expect this growth to continue through the remainder of the year, resulting in about 80,000 new jobs in 2018.

In May, the state unemployment rate was 2.8%. This is slightly above the 2.6% we saw a year ago but still represents a remarkably low level. Unemployment remains either stable or is dropping in all the markets contained in this report, with the lowest reported rates in Fort Collins and Boulder, where just 2.2% of the labor force was actively looking for work. The highest unemployment rate was in Grand Junction, which came in at 3.1%.

 

HOME SALES ACTIVITY

  • In the second quarter of 2018, 17,769 homes sold—a drop of 2.4% compared to the second quarter of 2017.
  • Sales rose in 5 of the 11 counties contained in this report, with Gilpin County sales rising by an impressive 10.7% compared to second quarter of last year. There were also noticeable increases in Clear Creek and Weld Counties. Sales fell the most in Park County but, as this is a relatively small area, I see no great cause for concern at this time.
  • Slowing sales activity is to be expected given the low levels of available homes for sale in many of the counties contained in this report. That said, we did see some significant increases in listing activity in Denver and Larimer Counties. This should translate into increasing sales through the summer months.
  • The takeaway here is that sales growth is being hobbled by a general lack of homes for sale, and due to a drop in housing demand.

 

 

HOME PRICES

  • With strong economic growth and a persistent lack of inventory, prices continue to trend higher. The average home price in the region rose
    9.8% year-over-year to $479,943.
  • The smallest price gains in the region were in Park County, though the increase there was still a respectable 7%.
  • Appreciation was strongest in Clear Creek and Gilpin Counties, where prices rose by 28.9% and 26%, respectively. All other counties in this report saw gains above the long-term average.
  • Although there was some growth in listings, the ongoing imbalance between supply and demand persists, driving home prices higher.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home remained at the same level as a year ago.
  • The length of time it took to sell a home dropped in most markets contained in this report. Gilpin County saw a very significant jump in days on market, but this can be attributed to the fact that it is a very small area which makes it prone to severe swings.
  • In the second quarter of 2018, it took an average of 24 days to sell a home. Of note is Adams County, where it took an average of only 10 days to sell a home.
  • Housing demand remains very strong and all the markets in this report continue to be in dire need of additional inventory to satisfy demand.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the second quarter of 2018, I have moved the needle very slightly towards buyers as a few counties actually saw inventories rise. However, while I expect to see listings increase in the coming months, for now, the housing market continues to heavily favor sellers.

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

Posted on July 31, 2018 at 7:51 pm
Rondi duPont | Category: Fort Collins Realtor, Gardner Report, Northern Colorado Real Estate | Tagged , , , , , ,