For Buyers & SellersFun Facts September 10, 2021

Staggering Stat

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.

BlogFun Facts September 4, 2021

Tracking Change

The market is changing. The change is slight, not drastic.

Both potential sellers and potential buyers need to know that the pace of the market has slowed since the Spring.

Here is one way we track this change…

A review of the August numbers shows the pace of sales in each of our Front Range markets:

  •  Larimer County = 18 closings per day
  • Weld County = 16 closings per day
  • Metro Denver = 165 closings per day

Based on the pace of sales, we can determine the inventory of current homes for sale measured in days:

  • Larimer County = 24 days of inventory
  • Weld County = 23 days of inventory
  • Metro Denver = 18 days of inventory

Then we can measure the increase in days of inventory versus April of this year:

  • Larimer County = 26% increase
  • Weld County = 15% increase
  • Metro Denver = 20% increase
BlogFort Collins Real EstateVirtual Tours August 26, 2021

Experience All Fort Collins Has to Offer!

402 Riva Ridge Drive is a fantastic midtown location in Warren Farms! You will be able to easily get to the Max, trails or the Foothills Mall. This home is located on a corner lot with a fenced yard with mature trees, perfect for entertaining. The 3 bedroom 2 bathroom home has an open floor plan on the main floor. The kitchen has newer stainless steal appliances and plenty of countertop space for cooking. The primary bedroom has a full bathroom and a walk in closet. The washer and dryer are conveniently located on the 2nd floor next to the bedrooms and are included in the sale of the home. The one car attached garage with a door from the main living area is an added bonus to the home. Call (970) 401-0123 to schedule your private tour or click the link here for more information.

 

BlogFun Facts August 20, 2021

Population Math

The brand new Census data has just been released and it is fascinating!

Colorado’s population now sits just below 6 million people at 5.773 million.  Just 20 years ago it was 4.301 million.

Northern Colorado is booming and now has 688,047 in Larimer and Weld Counties.  It grew by 135,592 people in just ten years.  If Northern Colorado grows at just 2% per year, it will have 838,725 people by 2030 and 1,022,402 by 2040.  

For several years we have been predicting that Northern Colorado would exceed by 1 million people by 2040 and it looks like that will come true.

Metro Denver is also booming.  For reference, we define ‘Metro Denver’ as Adams, Arapahoe, Denver, Douglas, and Jefferson Counties.

Population in Metro Denver is now 2.831 million and was 2.109 million in the year 2000.  It has grown by 722,000 people in 20 years.

If Metro Denver grows at 2% per year, it will hit 3.451 million in 10 years and 4.206 million in 20 years.

BlogFun Facts August 13, 2021

100 / 90 / 60

As you’ve probably heard, prices have gone up quite a bit along the 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
BlogFor Sellers August 11, 2021

The Impact of Staging Your Home

The Impact of Staging Your Home

For more than 20 years, the benefits of staging a home have been well documented. Numerous studies show that staging helps sell a home faster and for a higher price. According to the National Association of REALTORS®, 88 percent of home buyers start their search online, forming impressions within three seconds of viewing a listing. When a home is well staged, it photographs well and makes the kind of the first impression that encourages buyers to take the next step.

Studies also indicate that buyers decide if they’re interested within the first 30 seconds of entering a home. Not only does home staging help to remove potential red flags that can turn buyers off, but it also helps them begin to imagine living there. Homes that are professionally staged look more “move-in ready” and that makes them far more appealing to potential buyers.

According to the Village Voice, staged homes sell in one-third less time than non-staged homes. Staged homes can also command higher prices than non-staged homes. Data compiled by the U.S. Department of Housing and Urban Development indicate that staged homes sell for approximately 17 percent more than non-staged homes.

A measurable difference in time and money

In a study conducted by the Real Estate Staging Association in 2007, a group of vacant homes that had remained unsold for an average of 131 days were taken off the market, staged, and relisted. The newly staged properties sold, on average, in just 42 days, – which is approximately 68 percent less time on the market.

The study was repeated in 2011, in a more challenging market, and the numbers were even more dramatic. Vacant homes that were previously on the market for an average of 156 days as unstaged properties, when listed again as staged properties, sold after an average of 42 days—an average of 73 percent less time on the market.

Small investments, big potential returns

Staging is a powerful advantage when selling your home, but that’s not the only reason to do it. Staging uncovers problems that need to be addressed, repairs that need to be made, and upgrades that should be undertaken. For a relatively small investment of time and money, you can reap big returns. Staged properties are more inviting, and that inspires the kind of peace-of-mind that gets buyers to sign on the dotted line. In the age of social media, a well-staged home is a home that stands out, gets shared, and sticks in people’s minds.

What’s more, the investment in staging can bring a higher price. According to the National Association of REALTORS, the average staging investment is between one percent and three percent of the home’s asking price, and typically generates a return of eight to ten percent.

In short, less time on the market and higher selling prices make the small cost of staging your home a wise investment.

Interested in learning more? Contact me for information about the value of staging and referrals for professional home stagers.

BlogFor Buyers & Sellers August 9, 2021

7 Vintage Design Elements That Are Still Popular Today

Adding the right touch of vintage décor to your home is a matter of balance. It brings that decades-old, well-traveled quality that gives the spaces in your home a special character. A common concern with vintage décor is that it will make a home feel outdated. Fortunately, certain design elements and trends have stood the test of time.

We tend to think of vintage décor in terms of well-known objects, like shag carpets and Eames chairs, but it is so much more than that. Some of the most iconic design concepts of eras past continue to influence how we design our homes today. From features to furniture, here are just a few that have maintained their popularity with homeowners and interior designers alike.

 

7 Vintage Design Elements That Are Still Popular Today

1. Built-Ins

The history of built-ins dates back to the Arts & Crafts movement of the late nineteenth century to the early twentieth century. In contrast to the Victorian period that preceded them, the Arts & Crafts designers looked to simplify home design by working features into the structure of the home itself. The clean aesthetic look of built ins, as well as their functionality and the storage they provide, have kept them relevant for decades.

2. Exposed Brick

Exposed brick has maintained its popularity through the years, sometimes used to compliment certain modern design trends, such as Industrial, a common design choice for open-concept, non-traditional living spaces such as lofts. Whether it’s stripping away a wall to reveal a chimney or using it as a backsplash for open shelving, exposed brick creates a vintage lived-in quality. Its natural pattern and textured surface work well as either a focal point or an accent piece in large and small spaces alike.

3. Crown Molding

With roots dating back to ancient Greece, crown molding is both decorative and functional. It provides a visual transition for the surfaces in a room by embellishing the space between the ceiling and wall. It can also be a decorative piece for architectural elements such as bookshelves, doorways, etc. Although crown molding is a small detail, it plays a significant role in tying a room together.

 

An empty living room with a chandelier, crown molding, and a hardwood floor.

Image Source: Getty Images

 

4. Marble Countertops

From ancient Rome to the European Renaissance, marble has been widely used throughout history in countless homes throughout the world. Heat resistant and easy to clean, marble countertops have become a staple of kitchens and bathrooms. Due to their large surface area and durability, they are often the centerpiece of kitchen renovation projects. Because marble is porous, it’s best to seal them at the time of installation to prevent damage.

5. Wicker Style Furniture

With origins tracing back thousands of years, wicker-woven furniture is still ubiquitous today. Made from the sturdy and flexible material rattan, wicker furniture is lightweight and weather resistant. It makes for the ideal outdoor patio chair or lounge seat, or the perfect rocker by the fireplace in the living room. A combination of functionality and beauty, wicker furniture’s popularity has showed no signs of slowing down.

 

A wicker chair holding a book, a hat, and a blanket.

Image Source: Getty Images

 

6. Checkerboard Tile

Checkerboard tile is a classic element of vintage design, often used on kitchen floors and in bathroom tile work. Designers have always found a way to incorporate this eye-catching black and white pattern into the latest trends. In the home, it can be applied on a large or small scale. If a whole kitchen floor is a bit much for your taste, incorporate it in smaller areas, such as a bathroom backsplash or a backdrop for your shelves.

7. Mid-Century Modern Furniture

The evidence of the Mid-Century Modern (MCM) movement’s relevance is all around us, but in the home, it lives on in its signature furniture pieces. MCM designers took the concepts of modern design—clean lines, minimalism, multi-functionality—and created sleek, interesting furniture pieces that blend into a room and make a statement simultaneously. Common items such as teak desks, Eames chairs, Tulip chairs, credenzas, and raised-legged dressers skyrocketed in popularity during the fifties and sixties. MCM has proven to be timeless, and to this day, its influence can be seen in homes everywhere.

 

A living room decorated with mid-century modern furniture.

Image Source: Getty Images

 

For more information on home design styles, check out our Interior Design page on our website.

BlogFun Facts August 6, 2021

A List Not Made

Us Coloradoans are used to making many top-10 lists.

Whether it be best place to live, best place to retire, best place to raise a family, or best place to own real estate, you can usually find a Colorado town or two on these types of lists.

But, here’s one we didn’t make…

The 10 Most Expensive Places to Live

The recent list, put together by Bungalow.com, uses data from M.I.T. and the U.S. Bureau of Labor Statistics.

Colorado is thankfully nowhere to be found in the top 10.

Predictably, Hawaii is at the top followed by New York, Massachusetts and California.

So, while it may feel costly to live here in Colorado, it is not as expensive at many other places.

BlogFun Facts August 2, 2021

Listing Averages

While a lot of attention has been paid to increasing sales prices along the Front Range, it is also interesting to look at the average price of properties currently listed for sale.

Did you know, for instance, that the average list price of all the properties currently for sale in Metro Denver is $887,000. Meanwhile, the average closed sales price is $613,000.

In Larimer County it is $793,000 versus an average closed sales price of $601,000.

In Weld County it is $669,000 versus $488,000.

What is causing this? The high number of high-end properties currently for sale pulling up the average.

You might be surprised to hear the number of $1,000,000-plus listings active listings in our market looks like this:

  • Metro Denver = 527
  • Larimer County = 75
  • Weld County = 44
For BuyersFun Facts July 23, 2021

2 to 3

Along the Front Range we have gone from two weeks of inventory to three weeks.

For much of the Spring, there was only two weeks of inventory on the market in most areas. Meaning, it would only take 14 days to sell all of the homes currently for sale.

Now, because the pace of sales has slightly slowed down and there is a bit more inventory, there is roughly three weeks.

We can actually measure inventory in number of days based on the pace of sales in July so far:

  • Metro Denver = 23 Days
  • Larimer County = 22 Days
  • Weld County = 22 Days

This is obviously good news for buyers as they have better selection and slightly less competition.