TAX ASSESSMENT TIME

by Rondi duPont

This week’s fun fact is that you just received your new valuation from your County Assessor and you have until June 8th to protest the value.

By statute, properties in Colorado are re-assessed every two years and owners are given their new Assessed Valuation in early May.

This year, many Colorado property owners are surprised by the amount their property’s value went up in just two years.

An important reason why many increases are substantial is based on the timing of comparable sales.

By statue, each County will only consider comparable sales used for the valuation between 7/1/2020 and 6/30/22.

This particular 24-month period happens to be one of the most active and robust real estate markets in history.

It can also be confusion that a new valuation received in May 2023 is based on comparable sales from way back in 2020, 2021 and the first half of 2022.

If you do plan to protest, comparable sales during that same 24-month period are the only ones which can be considered.

You may have questions about your new valuation and you may want to protest.

In any case, I am happy to help you.

Simply reach out to me!

Blog • Fun Facts • April 28, 2023

In Demand

by Rondi duPont

For evidence that the Front Range is a desirable place to live and own real estate, look no further than the average price of our real estate.

According to the National Association of Realtors, the average price of a home in the United States is $486,000.

Compare that to the average price in our major markets:

Larimer County = $662,000
Weld County = $535,000
Metro Denver = $670,000

This means prices along the Front Range are 10% to 38% higher than the National Average.

While interesting, this is not surprising given our employment growth, economic health, and quality of life in our markets versus the Nation as a whole.

Virtual Tours • Windsor Real Estate • April 14, 2023

Entertainer’s Dream Home in Water Valley

by Rondi duPont

1988 Cataluna Drive is an entertainer’s dream home! It has so many wonderful features, you have to see it to believe it! As you enter the home, you are greeted by a grand spiral staircase and a formal sitting room. Move through the main level to the gourmet kitchen which is a chef’s desire. The large island is perfect for prepping appetizers and meals. It boasts granite countertops, stainless steel appliance and double ovens. The kitchen opens into a large family room so you can still be a part of any social gathering. For the special occasions, enjoy your dinners in the separate dining room. For additional entertaining, move into the artfully finished basement. At the base of the stairs, discover the uniquely displayed wine niche sure to be a topic of discussion. The basement has a strikingly finished living space, rec room and bar area with appliances. The flex room in the basement can be a second office, bonus room or 6th bedroom. The home has 4 fireplaces throughout that are sure to be inviting on a chilly evening. On summer days, enjoy the Colorado weather under the covered patio and beautifully landscaped backyard. The 3-car garage is extremely spacious to fit cars and a golf cart. Don’t forget all the additional features of living in Water Valley. Lakes, golf courses, walking trail etc. Resort living at its best! Call (970) 401-0123 to schedule a private tour or click here for more information.

Virtual Tours • Windsor Real Estate • April 13, 2023

Golf Course Community Living Awaits!

by Rondi duPont

Golf Course Community Living Awaits! 142 Beluga Drive is a lovely 2 Story home in Water Valley is located on a large corner lot and is sure to please! The home boasts an open floor plan with vaulted ceilings, quartz counter tops and stainless steel appliances in the kitchen perfect for entertaining. All 4 bedrooms are located on the 2nd floor. The primary bedroom is spacious and prides itself with 2 walk in closets. One of the guest rooms has an ensuite bathroom, ideal for guests wanting a little more privacy. The main floor office is situated at the front of the home and can also double a relaxing reading space. In the summer, enjoy the large fenced back yard with beautiful landscaping complete with irrigation and drip system. The covered front porch is perfect to sit while sipping an after work beverage. On a cold winter day, cozy up next to the fireplace in the living room. The 3 car tandem garage allows for plenty of room for the golf cart and toys along with your cars. The unfinished basement with a rough in for a bathroom leaves additional space for the buyers to customize to their liking. Take advantage of being only one block from Eagle Lake and Park. Bring paddle boards, kayaks and fishing rods to enjoy everything the lake has to offer without paying water front prices! Call (970) 401-0123 to schedule a private tour or click here for more information.

Blog • For Buyers & Sellers • Fun Facts • April 7, 2023

Dropping Inventory

by Rondi duPont

Breaking News – months of inventory has dropped significantly signifying an uptick in real estate activity along the Front Range.‘Months of inventory’ is an important statistic and something we commonly talk about in this blog. It simply measures how long it would take to sell all of the homes currently for sale at the current pace of sales.As a reminder, a market is ‘balanced’ when there is four to six months of inventory on the market.During the fast-paced market of June 2020 to June 2022, this statistic dropped to less than one month.During the market cooling of last Winter, it increased to over two months.Now, it is back to nearly one month of supply signaling a clear seller’s market.Of course, all markets are hyper-local and this number can vary based on specific price point and specific location.However, looking at ‘months of inventory’ from a big picture view, offers a good understanding of overall market conditions.Here is what months of inventory is for each Front Range market:Larimer County = 1.3 MonthsWeld County = 1.2 Months Metro Denver = 1.1 Months

Blog • For Buyers & Sellers • Fun Facts • March 24, 2023

No Middle Class

by Rondi duPont

“The middle class is going away” is an often-used adage when talking about society. It is also a good way to describe today’s real estate market. When it comes to properties for sale, the middle class has gone away.There is a class of listings which are priced to the market, in great condition, with world-class marketing.Then, there are those that are overpriced, not in good condition, with sub-par marketing.Properties in the first class are selling quickly, sometimes with multiple offers and sometimes even over list price.Properties in the second class are sitting on the market.Sellers, who want a successful result, must be in the first class.Buyers, who want a bargain or who want to ‘wheel and deal,’ can typically only find those opportunities in the second class.Here’s the thing. Rising interest rates have caused buyers to be more picky. Yet, low inventory has caused competition for the best properties.Both sellers and buyers need to know there is no middle class when it comes to listings.

Blog • Fun Facts • March 17, 2023

March Madness

by Rondi duPont

When things get crazy on Wall Street, it’s often good for real estate.

Uncertainty in the stock market attracts investors to the stability offered by Treasury Bonds.

Higher demand for bonds means lower interest rates which is obviously good for real estate buyers.

“Turbulence in the financial markets is putting significant downward pressure on rates” said Sam Khater, Freddie Mac’s chief economist.

After peaking at just over 7% at the end of October, rates have been trending down.

The current rate on a 30-year loan is 6.6%. A year ago it was 4.16%.

Blog • Fun Facts • March 10, 2023

Equity Cushion

by Rondi duPont

You may remember the term “Home ATM” from the mid 2000’s. This term stemmed from the abundance of homeowners who pulled significant amounts of equity from their homes in the form of Home Equity Loans and Lines of Credit. Home values dropping in 2008, 2009 and 2010 caused many homeowners to be ‘underwater’ meaning that, all at once, their home was worth less than they owed.

Today, there are two big differences compared to the Home ATM years.

First, homeowners today have a lot of equity and very few homeowners are underwater. Of all the properties in the U.S. with mortgages, only 2.1% have negative equity. At the end of 2009, 24% of properties were underwater.

Second, homeowners are not pulling cash out of their homes like they were in the mid 2000’s. Net Equity Extraction is only 1.6% of disposable income compared to 8% during the housing bubble years.

Blog • February 24, 2023

A Little Perspective

by Rondi duPont

Those of us in the real estate industry agree that the years 2020 to 2022 were anomalies. During that time there were unique factors which drove abnormally high real estate activity. The number of transactions that occurred in those three years were at levels never seen before.It has become customary to compare the market in 2023 to the years 2016 to 2019 when looking at the number of closed transactions.Here’s what is interesting, while the number of closings so far this year is much less than last year, it is very close to what we saw in the more normal market of 2016 to 2019.Last month, 295 properties closed in Larimer County and 296 closed in Weld.The average January during 2016 to 2019 was 334 in Larimer and 303 in Weld.So, this year is only 12% lower than the average in Larimer County and 2% lower in Weld.

Blog • Fun Facts • February 17, 2023

Rate Predication

by Rondi duPont

Our Chief Economist, Matthew Gardner predicts that interest rates will hit 5.4% by the end of 2023.

His prediction is aligned with most expert real estate economists.

While rates will continue to bounce up and down as the year goes on, the general trend will be lower rates.

This prediction is mainly based on the Fed tempering their increases as inflation starts to ease in the second half of the year.

Because of this prediction, we see housing demand increasing as rates decrease throughout the year.