Blog • Fun Facts • March 18, 2022

Buy Before 5

by Rondi duPont

30-year mortgage rates just exceeded 4% for the first time in three years according to Freddie Mac.

We have new advice for anyone considering a home purchase in the next couple of years.

Buy before 5. This means buy before rates go to 5%.

Even though rates have been ticking up over the last several weeks, we believe that in a few years we will look back on this time and realize what a tremendous opportunity it was to have a mortgage under 5%.

So, don’t be discouraged by recent uptick in rates. Instead, feel great that you were able to buy before rates hit 5%.

Blog • For Buyers • March 14, 2022

New Construction: Why Work with a Buyer’s Agent?

by Rondi duPont

If you’re a buyer, you may have considered purchasing a new construction home. After touring the model home and talking to the builder’s sales representatives, you begin to wonder if it’s necessary to work with a buyer’s agent. Although it’s possible to move forward with the purchase of a new construction home without a buyer’s agent, you may be missing out on the benefits of having a representative at your side. Take a look at how a buyer’s agent can provide value in the purchase of a new construction home.

Buyer Agent vs. Builder’s Agent

Who Works for Who?

A sales representative is the builder’s representation in the sale of a new construction home. They can assist buyers by providing insight into the construction process, available upgrades, and answer questions related to what the builder is able to offer. That said, they represent the builder and will always advocate in favor of the builder. Think of it this way: in new construction, the builder is the seller and the sales representative is the listing agent.

An Expert on Your Side

Knowledge is Power

Working with a buyer’s agent gives you an advantage. Not only do they have experience with new-construction home purchases, but they are also familiar with major builders in the area and can speak to their quality of work. Moreover, buyer’s agents bring a working knowledge of the housing market to the table and can provide insight into current home prices. Tapping into a buyer agent’s knowledge and experience could save you time, money, and stress as you navigate the purchase of your new home!

An Agent is Your Advocate

Your Best Interest Comes First

A buyer’s agent will:

Negotiate on your behalf
Clarify what is included in the base price
Help you navigate the purchase amidst rising building costs
Help you obtain the best financing available
Provide guidance with regard to builder’s warranties and home inspections

Agent Commission

What’s the Cost to Me?

Traditionally, sellers are responsible for paying real estate agent fees. In the case of new construction homes, the builder will likely cover all or most of the agent’s commission. You may be able to work with a real estate professional at no cost to you.

For additional inquiries, please contact me directly.

Blog • For Buyers • March 2, 2022

Simple Tips to Make Your Move Easier

by Rondi duPont

Your needs as a homeowner change over time, and you need the right home to fit those needs. Accordingly, it’s highly likely that at some point in your future you will experience another moving day. While moving can be challenging, there are resources to make it easier. If you are remaining in your current area, your Windermere agent can continue to be a valuable resource on communities, schools, utilities, transportation, recreational opportunities, and more.

If you are moving out of the area, your agent can help you with a referral to another reputable agent in your new community. Many agents also have relationships with real estate-related service companies in their area whom they can call upon for information regarding title, escrow, mortgages, temporary housing, and moving services. They can also help guide you in your search as you learn more about new communities and relocation services.

You’ve decided to move. Now what?

Once you have reached your decision, it’s time to gather information, start making decisions and get organized. Begin by creating a “move” file to keep track of your estimates, receipts, and other information. If you’re moving for a job, some expenses may be deductible, so you’ll want the paperwork when tax time comes.

If you are moving out of the area, start researching your new community and ask your agent for help in finding a referral agent in your new area. You’ll also want to determine whether you want to rent first or buy immediately. Your new agent should be able to help you with your decision. Once you know where you’re going, you’re also ready to get estimates from moving companies.

Closing one door, opening another

After you have chosen a moving date and either hired a moving company or reserved a rental truck, it’s time to wrap things up in your old neighborhood and start establishing relationships where your new home is located. This is particularly important if you are moving to a new town/city. You may want to ask your current doctors, dentists, etc. if they have any referrals on care providers in your new location. Be sure to check their recommendations on your insurance company’s online provider search list. Once you arrive, you may also want to ask new coworkers, friends or the school nurse for their recommendations.

Contact your children’s school and/or day care and arrange for their records to be sent to their new school district or day care. Call your insurance agent about coverage en route to your new home and also arrange for insurance in your new home. Remember to contact utility companies to disconnect, transfer or end service in your current home and turn on service in your new home.

You’ll want to file a change of address form with the U.S. Postal Service, either online or at your local office. If you don’t know your new address, have them hold your mail at the post office in your new locale. Don’t forget to cancel or transfer magazine and newspaper subscriptions as well.

If you belong to a health club or other association, contact them about ending or transferring your membership. Some clubs require written notice before cancellation. Finally, contact your bank or credit union to transfer or close accounts; if you have a safe-deposit box, don’t forget to clean it out before you leave.

Starting the countdown

With moving day in sight, it’s time to get organized. Here are a few items to check off your list before you start packing:

Tie up loose ends. Be sure to send out an email or change of address cards with your new contact information to family, friends, and associates. Return library books and any other borrowed items you may still have.
Triage your possessions. Determine what you are taking with you; what you are giving away to friends, family, or a favorite charity; and what is going to the dump or recycling center. If you have time, you can hold a garage sale or post items on craigslist.org or ebay.com.
Clean up. Drain all gas and oil from your mower, other machinery, gas grills, kerosene stoves and lamps, etc., before loading them onto a moving truck. Empty, defrost, and clean your refrigerator at least 24 hours before your move, and prepare other appliances for moving as well.
Have your car serviced. This is especially important if you are driving to your new home.

Packing strategies

If you are doing your own packing, start collecting boxes and/or buy them from your movers. It may take a few days to do your packing, so be sure to pack non-essential items first and label them carefully. If you have any valuables, it’s recommended that you take them with you as opposed to packing them. You risk the chance of losing those items if they’re packed away in boxes. It’s also smart to take along a box of essentials, including items such as toilet paper, paper towels, tape, soap, scissors, pens, paper, and your toiletries. That way you won’t have to track these items down once you’ve arrived in your new home.

For more information on how to make your move easier, visit our Moving Tips page here: How can I make moving easier?

Blog • February 28, 2022

War and Interest Rates

by Rondi duPont

Our clients are curious to know what the conflict in the Ukraine will mean for mortgage rates.

The short answer is down in the near term and up in the long term.

Generally speaking, economic and political uncertainty drive people to invest in bonds rather than stocks, which puts downward pressure on interest rates.

So, in the near term, the conflict in the Ukraine will push rates down slightly. We have already seen this happen as 30-year rates have dipped in the last few days.

The conflict is likely to push oil prices up which means higher gasoline prices. This will cause upward pressure on inflation, which ultimately causes upward pressure on interest rates.

So, the longer the war lasts in Europe, the more likely it is to push interest rates even higher.

Blog • January 31, 2022

Must-Haves and Nice-To-Haves Lists

by Rondi duPont

Finding your dream home may not be easy, but there are things you can do to make it easier, like creating a “Must-Haves” list and a “Nice-To-Haves” list. These lists allow serious home buyers to save time, energy, and ultimately, money as they prepare to buy a home.

A Must-Have List is exactly what it sounds like, a checklist of the details that are non-negotiable for your new home. It’s essential to sit down and think about the things you need in order to feel comfortable there for the next 7-13 years.

Your “Nice-To-Haves” list is a checklist of details that you’d like to have, but you can live without. This list is great for those things that you’ve always dreamed of but may be out of reach for reasons such as your budget or location. This list may include things like fireplaces or gas appliances, a pool, or other non-essential items.

Your “Must-Haves” list focuses your search and helps your agent narrow down which homes are worth your time. Your “Nice-to-Haves” list will help you determine what you’re willing to sacrifice, which will ultimately solidify your must-haves.

These lists can also help manage your expectations regarding price. Take your lists to your real estate agent, along with your pre-approval from a lender, and you’ll be able to work together to determine what is a reasonable ask within your budget and your desired location.

Creating Your “Must-Haves” List

The first step is to think about the essentials. If things like location and number of bedrooms and bathrooms are a priority, then you’ll want to include them in your must-haves. Consider where you live now and use that as a starting point; what do you love and what are you missing? You may need more storage space, or an extra room to work remote, or a larger backyard for the newest member of the family.

Here are some questions to ask yourself as you build your “Must-Haves” list:

Where do you want to live? (Be as specific as you can.)
What do you have now that you can’t live without?
What are you missing now that you may need for the next several years?

If you’re struggling to determine what it is you need to have, you can start working on your “Nice-To-Haves” list. This can also help you determine what is essential. For example, it may be nice to have five bedrooms when in reality, a three-bedroom house with a flex space that works for an office or guest room would do the trick.

Creating your “Nice-To-Haves” List

While you’re working on your “Nice-To-Haves” list, you’ll be thinking about the parts of a home that would be great to have but aren’t as important for you. You might also want to take into consideration what is reasonable in your area and if it’s a common amenity.

Here are some questions to ask yourself as you build your “Nice-To-Haves” list:

What home upgrades are you willing to make?
What is something you’d like to do in your house more often?
What do you have in your current home that you love, but don’t need?

Searching for Your Next Home

These lists will help guide you and your real estate agent as you search for your next home. During this process you might realize some aspects aren’t as important to you as you thought, and vice versa. Keep your agent in the loop as you update your lists so they can continue to search for the perfect home for you.

Looking for a real estate agent who can help guide you through the home buying process? Let me know if you would like an in person meeting. I am happy to discuss the home buying process in more detail!

Blog • For Buyers • January 24, 2022

Do You Need a Realtor to Buy a Home?

by Rondi duPont

Buying a home is a major investment, and it comes with a lot of variables. From finding the right neighborhood to determining how much home your budget allows, it is a complicated task. Because of the difficulties involved, many prospective homebuyers decide to work with a full-service realtor. However, if you decide to go on this venture by yourself, here are the top things you’ll want to know before you buy a home without a realtor.

Consider These 5 Things Before Buying a Home Without a Realtor:

Forbes shared 5 times to consider buying a home without a realtor:

1. You’re Related to the Seller

You might be able to avoid hiring a real estate agent if you’re selling a home within your family. In that case, as long as you’ve agreed on a price and other important transaction details, you’ll probably be able to handle it without the seller paying thousands of dollars in commission. Regardless, consult a lawyer to conduct a title search on the property and ensure that all paperwork is properly filled out, reviewed, and filed.

2. You Know the Area

When you’re buying a home in a neighborhood you know well, you might not think it’s necessary to hire a buyer’s agent. However, a real estate agent can provide more information than just market knowledge, such as assisting you in finding the right home and negotiating with the seller’s agent.

3. You Can Save Money

In rare circumstances, a buyer may be required to pay all or part of a buyer’s agent’s commission. Someone selling a home on their own, for example, might state in their listing that they will not negotiate fees with a buyer’s agent. In this case, instead of hiring an agent, you might decide it’s worthwhile to try to work directly with the seller.

4. You Get to Work Alone

Even though they are legally required to represent your interests, you may be wary of dealing with a buyer’s agent. If you believe an agent would rush you into a deal or match you with the wrong house, you might feel more at ease handling it yourself.

When dealing with the seller’s agent, you’ll want to make sure you’re not overmatched. Think of it like negotiating a divorce settlement with just the counsel and expertise of the other party’s lawyer—it might not go well for you.

5. You’re Buying a New Home

If you’re only interested in buying a newly constructed home, you might be able to work out a deal with the builder directly. According to the NAR survey, about 6% of buyers worked with a builder or builder’s agent to purchase a home in 2020.

real estate agent helping someone with paperwork

The Benefits of Working With a Realtor

The best tip for buying a home is not to do it alone. Realtors can assist you with every aspect of shopping for a home. From researching the market to representing you throughout sale negotiations, a realtor’s ultimate job is to provide you with peace of mind. When working with a realtor, they can help you find the home that meets your budget and your lifestyle. Additionally, real estate agents speed up the process of buying a home because their knowledge and experience help them be more efficient throughout the entire process. This means you will save both time and money and have the peace of mind in knowing all the details are being handled by a professional.

Are you interested in learning more benefits of working with a realtor? Let me know if you would like an in person meeting to discuss more details about the home buying process!

Blog • For Sellers • January 17, 2022

Working with a Listing Agent

by Rondi duPont

What is a Listing Agent?

Generally, a real estate transaction involves a listing agent representing the seller and a buyer’s agent representing the buyer. Listing agents will conduct a Comparative Market Analysis (CMA)—which uses recent housing market data to compare the seller’s home to other listings in their area—to accurately price the property. The agent will list the home, coordinate showings and open houses, and negotiate with buyers’ agents to find the best offer for their client. Once the transaction is complete, the listing agent and buyer’s agent will split the commission of the sale.

Hiring a listing agent removes the risks of selling your own home by placing the selling process in the hands of an experienced licensed professional. Once you’ve found the right agent, you can begin working together to form your selling strategy.

Advantages of Working with a Listing Agent

Accurately Pricing Your Home

Your listing agent will begin the selling process by finding the value of your home. There are various factors that influence home prices, including seasonality, market conditions, home features, and more. Agents have exclusive access to the data behind these trends, allowing them to conduct a thorough CMA to accurately price your home. Of all the costly mistakes in the selling process, an inaccurately priced home is perhaps the most consequential. An overpriced home will attract the wrong buyers, increase your home’s days on market, and could lead to serious post-sale complications, that, in some cases, could jeopardize the sale. An underpriced home leaves money on the table. With a listing agent’s CMA, you can rest assured that the price of your home is backed by current market data, which will set you and your agent up for successful negotiations.

Marketing Your Home

Listing agents are experienced professionals who possess a wealth of knowledge on how to market your home. Your agent will list your property on the Multiple Listing Service (MLS), an online database to which they have exclusive access. Getting your home listed on the MLS will greatly increase its exposure to interested buyers. Your listing agent will coordinate showings and open houses, opening the door to conversations with buyers and their agents.

Your agent will also make recommendations and help coordinate all marketing efforts, like staging and photography. They’ll also be able to recommend what, if any, repairs need to be made before you go live. Their expertise will streamline the selling process, getting your house ready and on the market quickly.

Offers / Negotiations / Closing

The complexities of the critical stages in the selling process highlight the value of an agent’s expertise. A listing agent will work on your behalf to field and assess incoming offers, communicate with buyers and their agents during negotiations, and ultimately, see the deal through to closing.

Local market conditions can often dictate how your agent approaches offers and negotiations. In a seller’s market, there’s a good chance you will have multiple competing offers on the table, contingencies are often waived, and all-cash offers may arise. Trying to pin down the best offer in these competitive situations can be overwhelming, but listing agents specialize in understanding the terms of these kinds of offers to identify the one that best aligns with your goals. If you’re selling in a buyer’s market, the buyer will have the leverage. Your listing agent will work with the buyer’s agent to reach an agreement on the buyer’s contingencies and finalize the terms of purchase.

From list to closing, your listing agent is there to answer any questions you may have, allay your fears, and guide you toward a successful sale. When searching for an agent, keep in mind that their ability to connect with you on a human level is just as important as their professional qualities. Selling your home can be an emotional roller coaster, and you’ll want someone by your side who you can trust on the journey ahead. If you would like some more information or an in person meeting, let me know! I am happy to help!

Blog • Fun Facts • Home Builders • January 14, 2022

Lumber Back Up

by Rondi duPont

The price of lumber has jumped back up again and is adding to the cost of new home construction.

Over the past four months, lumber prices have nearly tripled, causing the price of an average new single-family home to increase by more than $18,600.

According to Random Lengths, as of the end of December, the price of framing lumber topped $1,000 per thousand board feet — a 167% increase since late August.

This most recent lumber price upsurge is due to a number of factors, including:

Ongoing supply chain disruptions
A doubling of tariffs on Canadian lumber imports into the U.S. market that increased price volatility
An unusually strong summer wildfire season in the western United States and British Columbia

Predictions on what lumber prices will do during 2022 are mostly pointing to even higher costs for home builders and ultimately, new home buyers.

Blog • January 10, 2022

How to Prepare for a Fire at Home

by Rondi duPont

A fire breaking out in your home is a serious potential hazard. Fortunately, there are simple steps you can take to identify the early signs of a fire and to prepare for an emergency. The following list will help you and your household put together your fire safety plan.

How to Prepare for a Fire at Home

Fire safety

Having properly functioning smoke and CO2 detectors is crucial to your safety. Test your smoke and CO2 detectors frequently and swap out the batteries when necessary. It is recommended to have a smoke detector outside each sleeping area and on each level of your home.

Always keep a fire extinguisher near the kitchen to combat flame outbursts from the stove or oven. It is best to have at least one fire extinguisher per floor for easy access. Keep in mind that fire extinguishers are used to control and extinguish small, contained fires. If a fire has spread throughout an entire room, or is beginning to engulf your home, know that fire extinguishers are no match for the blaze, and you should escape immediately.

Evacuation plan

A home fire can be very disorienting. During an emergency, it is critical that all members of your household know how to properly evacuate the home. Identify two ways to escape from each room in case one route is unsafe. Choose a meeting spot somewhere outside for everyone to meet a safe distance away from the fire. This can be across the street, down the block, at a neighbor’s house, or wherever makes most sense for you and your family. The most important thing is that you all have an agreed-upon rendezvous. Select an emergency contact whom you can reach out to if something goes wrong in the evacuation process or if a family member is missing.

Best practices

When escaping your home, crawl as low as possible to stay beneath the smoke. Test closed doors before using them to escape. If they are hot, that’s a sign that there are flames on the other side of the door and you should use an alternative escape strategy. Be careful that you don’t burn your hand when testing closed doors. Make sure everyone in your household knows the procedure for calling 9-1-1 and properly alerting the fire department. If you have pets at home, include them in your evacuation plans. If you are forced to decide between evacuating safely and trying to rescue a pet, know that firefighters are trained experts at saving animals from house fires.

For more tips on how to plan for fire-related emergencies at home, read our blog for Wildfire Preparation and Evacuation Tips.

Blog • Colorado Housing • December 17, 2021

Construction Openings

by Rondi duPont

It’s not just the availability of materials impacting home builders today, it’s also the availability of labor.

The market could use more inventory. Home builders are trying to catch up.

You’ve likely read the stories about the cost and availability of materials making an impact on home builders’ ability to keep pace with demand.

It turns out they have another factor impacting them as well- labor.

There are more construction job openings than ever before in history.

This is according to a new report from the Bureau of Labor Statistics.

There are 410,000 job openings in the Construction Sector.

A year ago there were 253,000.

If you know of anyone looking for work, there is a good chance a home builder could use the help.