Northern Colorado Real Estate Blog

June 15, 2018

The Stock Market vs Real Estate in Northern Colorado

The stock market has given me indigestion over the last several years. In 2008 when we had the worst economy that we have seen in our lives, the market crashed and small local and large national banks went out of business. What did real estate do during that time? Prices dropped 2.2% nationally and were more or less stable locally for single-family homes.  Earlier this year in February, the Dow Jones dropped about 4% in one day – one never knows day to day what it will be doing in the next 24 hours. Real estate prices in Northern Colorado have continued to rise at around 8% this year according our local statisticians. This is higher than normal as prices have risen on the average about 5% during the last 10 years.

stock market graph

Sleeping Well at Night in NoCo

When I look at my stock market portfolio and compare it to the investment I have in real estate, I am far more comfortable with my real estate holdings. We purchased our home in 2010 for $313,600. Today, based on several online estimates and comparative properties I have looked at in the MLS system, its current estimated worth is around $515,000 - other properties, especially moderately priced rental properties, have increased like this as well. Our home has grown steadily in value and I feel confident it will hold its value – increasing proportionately along with other property in the unique NoCo market.

The average rate of return on what I consider to be conservative mutual funds has been around 4.67% for the last 20 years. The stock market in general has provided about a 10% return historically. But, if the market drops precipitously like it did in 2008, and you need to draw monthly income off your investments, you might never recover a significant portion of the money you lost because of these withdrawals associated with devalued stock investments.  The long term outlook for real estate investment in NoCo remains very positive.

Current economic conditions are pushing interest rates up, so now is a great time to think about investing in real estate.  You will sleep better at night if you do. We can help you with that – please contact us.


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Posted in Home Ownership
June 2, 2018

What to do in NoCo in June 2018

Here's what's happening in Northern Colorado this June!

June 2nd – The Taste of Louisville

“An opportunity to taste the “Quality of Life” in Louisville. Come and enjoy excellent food served by our fine restaurants, craft booths, kids entertainment and informational booths from local merchants. You won’t want to miss the Louis-Palooza, which features local bands performing at the Steinbaugh Pavilion. The Louisville Farmer’s Market will be also be open during the Taste!” More Info!

 

June 8th to June 10th – The Taste of Fort Collins 

“The Taste of Fort Collins is a Northern Colorado Tradition – a community celebration with family-friendly activities that are perfect for Northern Coloradans’ active lifestyle. Taste of Fort Collins continues to benefit the Eyeopeners Kiwanis Club of Fort Collins Foundation in its charitable activities in the community. This three-day festival offers attendees food from local and national restaurants, entertainment from regionally and internationally acclaimed musicians, and an eclectic display of fine artisans work as well as the region’s best crafters.” More Info!

 

June 9th to August 12th – Colorado Shakespeare Festival: Boulder

“A summer of love and ambition under the stars kicks off June 9. Epic love stories, family dramas and laugh-out-loud fun are coming to the Colorado Shakespeare Festival this summer. On the heels of its wildly successful 60th season, the nation's second-oldest Shakespeare festival is set to focus on hidden gems and modern classics in 2018.” Tickets & More Info!

June 16th – 1940’s WWII Era Ball: Boulder

“This summer marks a milestone anniversary for this annual sell-out destination event, as the 1940’s WWII Era Ball celebrates its 10th year of transporting guests back to simpler times through music, costumes, a pin-up girl contest, food, drinks, and dancing. Returning for this momentous occasion is the world’s most popular and sought-after big band, the Glenn Miller Orchestra. Swing dancers will heat up the dance floor under a canopy of movie set lights while cigarette girls hand out rations. Attendees will have the opportunity to have their photos taken with WWII planes and military vehicles, stop by Casablanca's Rick's Café, mingle with WWII re-enactors, and dance the night away, all while enjoying top entertainment from the era.” Tickets & More Info!

June 17th – Father’s Day 5K: Fort Collins

“The 21st Annual Father’s Day 5k is back and better than ever with all new venue and course at the Foothills Mall in midtown Fort Collins. Come out and celebrate all the Dads in your life with a family friendly 5k followed by a post-race party filled with local beer, good food, and live music!” Registration & More Info!

 

June 22nd to June 24th – Colorado Brewers’ Festival: Fort Collins

The 29th edition of the award-winning Colorado Brewers’ Festival returns to Downtown Fort Collins on June 22nd, 23rd, and 24th, 2018! The weekend festivities feature 150+ Colorado beers, 40+ Colorado breweries, food vendors, artisan exhibitors and 10+ hours of live music on the Choice Organics Stage in Washington Park!” More Info!

June 22nd to June 24th – Scandinavian Midsummer Festival: Estes Park 

“In the heart of historic Downtown Estes Park, at the intersection of Elkhorn (the main street) and MacGregor Avenues, the Midsummer Festival has celebrated our cultural heritage for over 25 years. Be inspired by the rich cultural heritage of Scandinavia. 80+ Artisans, organizations, and performers share our cultural heritage through food, crafts, demonstrations, and entertainment.” More Info!

June 30th – Lyons Good Old Days Festival

“The Lyons Good Old Days Celebration is an occasion to celebrate the rich history of the town and enjoy the people, places and activities that makes Lyons such a special community. Good Old Days is a longstanding, highly anticipated outdoor community event that has it all including live music on the main stage, Food & Beer Garden, car show, and a weekend full of local talent and entertainment. And don't miss the Lyons River Run 5K, which kicks off the festivities! Free!” More Info!

 

 

Posted in NoCo Lifestyle
April 27, 2018

What to Do in NoCo May 2018

May is shaping up to be quite a month!

 

May 5th – Estes Park Rotary Duck Race Festival

“Join the fun in Estes Park for the 30th Annual Estes Park Rotary Duck Race Festival on Saturday, May 5, 2018. We will launch thousands of yellow rubber ducks at 1 p.m., but the fun will begin at 8:30 a.m. with a Duck Waddle Fun Run and continue at 10 a.m. with a park full of activities and food for families. For a donation of $20 to the charity you select on our Duck Race Adoption Form, you will have the chance to win prizes, from travel vouchers to gift certificates to local merchants.” More Info!

 

May 5th to May 6th – Northern Colorado Cinco De Mayo Festival: Ft Collins

“A Celebration of Family Culture and Community! Join Us For… Food Vendors | Beer Garden | Live Band’s | Merchandise Vendor’s | Art’s & Craft Vendor’s | Zumba in The Square | Kidzone Area | Mariachi’s | Aztec, Ballet Folklorico Dancer’s | Inflatable Bounce House and Slides | Face Painting | Human Water Ball Pool | Home Depot Kid’s Workshop and MORE! The celebration of this annual fiesta provides an excellent means of education and sharing of cultural diversity among our communities. Events planned for 2018 are geared for all ages and people of all ethnic backgrounds. We hope you can join us for 2 days and nights of fun filled events for the entire community!” More Info!

 

May 12th to June 17th – Colorado Governor’s Art Show: Loveland                         

“The 27th annual Governor’s Art Show - the largest fine art show to exclusively feature Colorado artists - will bring together 56 of the state’s most talented artists, Legacy Artists, Sandy Scott and Jill Soukup, and thousands of visitors for a month long-exhibit at the Loveland Museum/Gallery. The art show has established itself as one of the top two art shows in the state, and among the many reasons Loveland is at the heart of the arts in Colorado.” More Info!

 

May 19th – ArtWalk 2018 Longmont           

“ArtWalk transforms the downtown for two fabulous nights each year and offer the public a chance to experience more than 10 live musicians, live performances, see art being created by local artists, view the work of over 20 visual artists, engage in children's art activities, and experience Historic Downtown Longmont in a fun, festive atmosphere.” More Info!

 
May 25th to May 28th – Boulder Creek Festival                                       

“For over a quarter century, the Boulder Creek Festival® has been the unofficial kickoff to summer in Boulder. Widely considered Boulder County’s favorite event, the Festival includes three days of festivities featuring a large variety of events, activities, food and entertainment unique to the Boulder community. The Festival is free to the public and features something for everyone: 9 separate event areas with 500 vendors showcase everything from community arts and crafts to healthier alternatives and technology while 4 performance stages feature a spectrum of music and dance. The festival also features carnival rides, food and beverage vendors, and the signature event: rubber duck race down the creek! Join us over Memorial Day Weekend 2018 for the 31st Annual Boulder Creek Festival®, the best event in Boulder!” More Info!

 

May 28th – BolderBOULDER 

“The BolderBOULDER has grown to become one of the largest and most highly acclaimed 10K’s in the world. Almost 1.2 million runners, joggers, walkers and spectators of all ages have gathered over the years to create a spectacle that defies description. Each year we host 50,000+ participants and 70,000+ spectators at Folsom Field for what we like to call the biggest and best Memorial Day celebration on earth. The BolderBOULDER is still locally owned and operated, and our dream continues. This event has taken on a life that we never quite envisioned, and it rewards us every year beyond measure. We hope you will join us to celebrate fitness, our country and this great state of ours, Colorado.” Registration & More Info!

 

May 28th – 39th Annual Colorado Run: Ft. Collins

“Celebrate Memorial Day with the 39th Annual Colorado Run on a brand new date & a brand new course! The Colorado Run has moved to Memorial Day with a beautiful race courses & great post-race party. This is an event for everyone, whether you are walking with friends, running for an award, or even sprinting towards the finish line for the post race food.” Registration & More Info!

 

May 31st to June 3rd – Cirque de Soleil presents: Corteo – Loveland

“After thrilling more than 8 million people worldwide, CORTEO will embark on a new journey starting in March of 2018 as the same enchanting production, but now in arenas, giving more people the opportunity to enjoy a Cirque du Soleil show in their own town. CORTEO, which means cortege in Italian, is a joyous procession, a festive parade imagined by a clown. The show brings together the passion of the actor with the grace and power of the acrobat to plunge the audience into a theatrical world of fun, comedy and spontaneity situated in a mysterious space between heaven and earth. The cast of CORTEO includes 51 acrobats, musicians, singers, and actors from all around the world.” Tickets & More Info!

 

 

 

Posted in NoCo Lifestyle
April 24, 2018

The Housing Market in NoCo - Rising Prices and a Shrinking Inventory

Buying a home in Colorado is without a doubt a great investment. Colorado ranks sixth in home price appreciation in the U.S. for 2017  with an annual appreciation of 9.76 percent (and a 59 percent increase over the last five years). That rate of return is a tremendous way to watch your money grow.

However, buying a home can be a daunting task under current market conditions for buyers. Lack of inventory is a serious constraint on sales volume in all NoCo Markets.

Here is what we are facing according to the Multiple Listing Service Summary Reports:

 

Ft Collins

  • Number of new listings in March 2018 vs. March 2017 is down 9% for homes and 7% for condos.
  • Number of homes under contract is down 2% from March ’17 for homes and 16% for condos.
  • Sales of condos are down 16 % from a year ago and again lack of inventory is causing this. 
  • Single family home prices are up 8.3% for homes and 1.3% for condos over the last year. 

Loveland

  • Inventory is a huge problem in Loveland - new listings in March 2018 compared to March 2017 was down 23%!
  • Homes under contract the end of March are down 21% from a year ago.
  • Sold homes units are down 13% year to date from a year ago.
  • Single family home prices are up 9.4% for homes and 13.3% for condos over the last year. 

Greeley

  • The number of new listings in March 2018 is up 22% over March 2017  for homes, but down 26% for condos.
  •  Homes under contract the end of March are up 27% from March ’17 and down 31% for condos.
  • Sold homes are down 4% this year compared to last year and really down - 33% for condos.  Lack of inventory is driving this.
  • Price for homes is up 16% and +0.5% for condos
  • This city is one of the last affordable areas in NoCo - demand is rapidly shrinking its inventory - especially for condos.  Average price of a home in Greeley is $325K -  $415K in Loveland - $455K in Ft Collins.

Do You Have a Plan to Buy a Home?

Recently we did a market analysis for a client of homes priced at around $325,000 in the Fort Collins area. We found 73 homes with similar parameters that had been sold since October 2017.  Of these,  22 sold for less than asking price, 16 sold for more than asking price and the rest - approximately 1/2 of the homes - sold for asking price.  Generally the above and below asking price sales were within a few thousand dollars of the actual asking price.  

If a broker finds an available home that their buyer likes, then the above information indicates the buyer needs to have been prepared to come to the table with a strong offer. It is extremely important that the buyers have been carefully pre-qualified for a loan - or better yet fully qualified for a loan by a top notch mortgage lender.

Being fully qualified for an appropriated loan or having an all-cash offer are the two best scenarios that will turn the head of any seller, but a large earnest money deposit also signifies a buyer is serious too.  

In summary, homes simply aren’t on the market for very long. The reality is that there are fewer homes for buyers and they go under contract quickly, which make purchasing a home very difficult for buyers. A buyer needs to have a good broker who knows when homes are listed as well as their up-to-the-minute status.  We would be glad to visit with you about how we successfully negotiate the purchase of homes in this extremely tight difficult market.  Please contact us so we can help you find that home you have been wanting. 

 

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Posted in Home Ownership
March 30, 2018

What to Do in Northern Colorado in April 2018

March 30th-April 7th: Boulder Arts Week

"The 5th annual Boulder Arts Week will take place on March 30 to April 7, 2018, at venues throughout the city. Celebrating Boulder Artists, the Week is Boulder's only large-scale, inclusive celebration of our community's vibrant arts and cultural offerings, promoting and celebrating our city's thriving creativity. Join us to celebrate the city's excellent artists and arts and culture offerings such as art walks, First Fridays, exhibitions, performances, dance, music, theater, public art, artist demonstrations, lectures, readings, and workshops." Learn More about Boulder Arts Week

April 7th: Greeley Beer & Spirits Festival

"The 4th Annual Greeley Beer & Spirits Festival will feature some of the best breweries and distilleries from Colorado! As a fundraiser for the Greeley Philharmonic Orchestra, this exciting event will feature live music, fantastic food trucks, unlimited beer tastings, a prize drawing, and more! Get your ticket today!" Get Tickets & Learn More about Greeley Beer & Spirits Festival

April 7th-8th: Fort Collins Home & Garden Show

"The 1st Annual Fort Collins Spring Home & Garden Show is coming to the Sonny Lubick Field at Colorado State Stadium, April 7-8, 2018. This event showcases products like Energy savings windows, vr glasses, leafguard, hoverboards, heat depot, pillows, shoe tub, custom fountains & much more. Featuring the latest in design trends, remodeling, lifestyle and full home automation, see innovative home-based electronics at this cutting edge show. Tour local and national vendors with products and services for your home, garden and family living. Enjoy live demonstrations, food samples, and more." Get Tickets & Learn More about the Fort Collins Home & Garden Show

April 8th: Tulip Fairy & Elf Festival — Boulder

"Spring officially arrives in Downtown Boulder when the vibrant Tulip Fairy, along with pint-sized fairies and elves, gather on the Pearl Street Mall 'welcoming the tulips'. This beloved springtime tradition features special events and activities for girls and boys to celebrate the more than 15,000 tulips that adorn the world renowned Pearl Street Mall throughout the spring season. The event includes live stage performances, face painting, free activities for children and more!" Learn More about the Tulip Fairy & Elf Festival

April 20th-29th: Longmont Restaurant Week

"Join us for Longmont's first ever culinary celebration this April! Longmont Restaurant Week is a ten day long event that will feature a wide variety of prix fixe menus and specials all set at $18.71." Learn More about Longmont Restaurant Week

April 21st: National Parks Free Day — Estes Park

"Come experience Rocky Mountain National Park! On April 21st, all National Park Service sites that charge an entrance fee will offer free admission to everyone." Learn More about National Parks Free Day

April 21st: Loveland Classic 5k & 10k Event

“The Loveland Classic enters its 41st year with a continued celebration and focus on the local community. The event has cheered thousands of participants as they cross the finish line & raised over $80,000 in the past 11 years to support early childhood education in Loveland.” Register & Learn More about the Loveland Classic

April 27th-28th: Fort Collins Music eXperiment

"A weekend celebrating the Northern Colorado Music Scene! Come join us for our 10th annual FoCoMX—Fort Collins Music eXperiment. This year's event will be April 27-28, 2018, and will be held at 20+ venues throughout Old Town in Fort Collins, CO. Your FoCoMX wristband is your ticket into all FoCoMX venues to see all of the 200+ bands both Friday and Saturday. Buy one of these comfortable custom cloth wristbands, then keep it on for the entirety of the festival—that's your ticket in the door at each FoCoMX venue!" Get Tickets & Learn More about Fort Collins Music eXperiment

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Feb. 27, 2018

What to Do in Northern Colorado in March 2018

 A four leaf clover grows amongst grass

March 3rd: Polar Plunge - Boulder

“Take the plunge to support over 23,000 Colorado athletes with intellectual disabilities.  Participants commit to fundraising a minimum of $75 ($50 for students/athletes) to secure their place in the Boulder Reservoir Polar Plunge. Just a short time in the cold for a lifetime of opportunities for Special Olympics Colorado athletes!” Learn More about the Polar Plunge

March 8th: WWI Film Series: Wonder Woman - Longmont

“Diana, princess of the Amazons, is trained to be an unconquerable warrior and raised on a sheltered island paradise. When a pilot crashes on their shores and tells of a massive conflict raging in the outside world, Diana leaves her home, convinced she can stop the threat. Fighting alongside humankind in a war to end all wars, Diana will discover her full powers and her true destiny.” Get Tickets to Wonder Woman

March 10th: Boulder Lip Sync Battle

“Boulder Lip Sync Battle is an annual community event which brings people together to celebrate the art of performance. Much like the television show, contestants battle one another to perform hit songs paired with professionally designed lighting and stage effects. Get tickets now and don’t miss this one-of-a-kind Boulder experience!” Get Tickets & Learn More about Boulder Lip Sync Battle

March 17th: St. Patty’s Day with FATE Ale House - Lafayette

“We’re celebrating St. Patrick’s Day Saturday this year and have a bunch of great stuff planned. Hope to see you over the weekend and Happy St. Patricks Day! Slainte!” Learn More about St. Patty's Day with FATE Ale House

March 24th-25th: Hops & Handrails Beer Fest & Rail Jam - Longmont

“Back for its sixth year, Hops + Handrails Beer Fest & Rail Jam, returns March 24th & 25th to Longmont, Colorado with the support of Winter Park Resort, Burton Boards, and the Satellite Board Shop. The hybrid winter event will feature a 2-day beer fest with 55+ craft breweries. Day 1 will feature a 40’ high snowboard ramp & rail jam competition and headliner Karl Denson's Tiny Universe. Day 2 will be a family-focused winter wonderland featuring a sledding & tubing hill.” Get Tickets & Learn More about Hops & Handrails

March 25th: Spring Equinox Half Marathon & 4 Mile - Fort Collins

“Scenic country roads make for a great spring half marathon! Course is an out & back with a mix of paved & dirt roads rolling Northwest of the brewery. Celebrate the 1st day of Spring with an early season race!” Register & Learn More about the Spring Equinox Half Marathon

March 30th-April 7th: Boulder Arts Week

“The 5th annual Boulder Arts Week will take place on March 30 to April 7, 2018, at venues throughout the city. Celebrating Boulder Artists, the Week is Boulder's only large-scale, inclusive celebration of our community's vibrant arts and cultural offerings, promoting and celebrating our city’s thriving creativity. Join us to celebrate the city’s excellent artists and arts and culture offerings such as art walks, First Fridays, exhibitions, performances, dance, music, theater, public art, artist demonstrations, lectures, readings, and workshops.” Learn More about Boulder Arts Week

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Feb. 6, 2018

Buying a Home is a Team Sport

For first time buyers, purchasing a home initially looks like a mind boggling adventure. What to do and when to do it is extremely important. Here are the players buyers will need to make their dream of home ownership come true.

The Real Estate Agent

The agent is the buyer's guide through all the complex steps of finding and purchasing a home. An experienced realtor will help buyers understand the ins and outs of putting together a successful contract and how and when the transaction's steps take place. As a Buyer's Agent, this person will be an advocate and sounding board as individuals move through the various steps of the purchase process.

The Mortgage Lender

The first thing a good realtor will do is to advise the buyers to talk to a mortgage lender—even before they begin to look at homes. Talking to several lenders will help buyers understand the different kinds of loans that might work for them. Most importantly, the lender will look at buyers' credit reports for errors and suggest ways to improve their credit scores. Finally, the lender will offer specifics in terms of the price of the homes that can be afforded and provide the buyers with the all important pre-qualification letter their realtor will need to submit a contract on a home. For more information on what a lender can do check out this blog on the importance of choosing a mortgage loan professional. Going with a good mortgage loan professional is critical to a good outcome.

The Home Inspector

The Realtor can provide buyers with the names of well-qualified and insured inspectors. These individuals will give a clear critical look at the home and any problems it might have in terms of important structural and mechanical features. The buyers will get a detailed report to review immediately after the inspection. This document will be the basis for an inspection objection in which the buyers will request the sellers to repair or replace items of concern. A good resource for more information on inspections can be reviewed in this blog post.

The Appraiser

This individual will be hired by the lender to assess the value of the home so the buyers can be sure that it is worth what they are offering for it. His report will protect the buyers and the lender to make sure the buyers are not overpaying for the home.

The Closing Agent

The closing agent can be either a title company or an attorney who works with the buyers, sellers, and lender to bring everything together for the sale of the property.  It is the closing agent's responsibility to escrow funds and ensure the contract is being followed.

Find Your Team

Purchasing a home doesn't just involve legal protocols; it is also a very emotional experience. A good team will get buyers through the process of becoming home owners as efficiently and stress-free as possible.

If you would like to know more about the process of buying a home, please contact us.

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Jan. 30, 2018

What to Do in Northern Colorado in February 2018

Pink and red heart-shaped cutouts hanging from ceiling

February 1st-3rd: Bobby Collins: Fort Collins

“Bobby Collins' heartfelt humor engages audiences with a clever blend of characterizations and hilarious observations that everyone can relate to. He takes the funny business very seriously. Over the years, he has hosted VH-1′s “Stand Up Spotlight”, toured with Cher, Julio Iglesias, Dolly Parton and Tony Bennett, among others, and been nominated for a CableACE Award. He has produced five CD’s, three DVD, and one book.” Learn More & Get Tickets for Bobby Collins

February 1st-15th: Winter Olympics Film Series: Longmont

“While the world is going Olympics-crazy, the Museum helps you prepare by showing the best winter sports movies! All movies are specially paired with a signature cocktail, and galleries are open (5 – 9 pm) to enjoy for free with your film ticket.” Learn More & Get Tickets for the Winter Olympics Film Series

February 2nd: Honor Africa Night: Fort Collins

“Northern Colorado is invited to celebrate the world’s second largest continent during 'Honor Africa Night' at the Global Village Museum of Arts and Cultures. In collaboration with local experts, researchers, collectors, and international travelers, the Museum opens a stunning exhibit with an exceptional program series.” Learn More about Honor Africa Night

February 2nd-May 13th: WWI: Longmont & the Great War Exhibit Opening

Drawn image of three soldiers behind the barricade of a trench with text WWI: Longmont & the Great War“Be among the first to experience the Longmont Museum’s new WWI exhibition. Join us for a night in France, complete with complimentary appetizers from the Cheese Importers and live jazz. Cash bar with wine, beer, and signature drinks. As the United States commemorates the centennial anniversary of the American military entering World War I, the Longmont Museum unveils a new exhibition illustrating Longmont’s role in the Great War. 'WWI: Longmont & the Great War' tells the personal stories of World War I through the experiences of people from Longmont – soldiers, doctors, and nurses in training and overseas, as well as citizens on the homefront. Items from the Museum’s collections make up the bulk of the exhibition, including full infantry uniforms, artifacts relating to medical care during the War, an airplane propeller, propaganda posters, photographs, letters and diaries, and many other personal objects.” Learn More & Get Tickets for WWI: Longmont & the Great War Exhibit Opening

February 3rd: Boulder Philharmonic: Cirque Goes to the Movies

“Join us for a spectacular family experience featuring music from Harry Potter, Star Wars, Mission Impossible, Pirates of the Caribbean, and Titanic, plus the dazzling magic of the circus with aerialists, acrobats, contortionists, and more!” Learn More & Get Tickets for Cirque Goes to the Movies

February 9th-11th: Loveland Fire & Ice Festival: Loveland

Heart-shaped logo with red flames making up the left side of the heart and blue ice making up the right side of the heart, text reads: Loveland Fire & Ice Festival

“The Nation’s Sweetheart City comes alive for Valentine’s Day with the Loveland Fire & Ice Festival, Feb. 9-11. Two days and three full nights of fun featuring an explosive fireworks show with music and lights, ice sculpting, live entertainment, fire performances, the new Fire Sculpture People’s Choice competition, Brewing and Distilling Arts and more.” Learn More about Loveland Fire & Ice Festival

February 11th: Taco Triathlon: Fort Collins

Text reads: Taco Triathlon, with three circles beneath, on far right a white outline of a bicycle on a purple circle, in center a white outline of a woman in lotus pose on a blue & green circle, and on right a white outline of a taco on a pink circle

“Come test your physical endurance with a unique triathlon experience brought to you by Yoga Pod Fort Collins and Cyclebar Fort Collins. Can you complete a 45 min cycle class, 60 min of yoga and eat an entire taco? Come find out on Feb 10th 2018. Race participants will receive a goody bag, logo tank and bragging rights.” Learn More & Get Tickets for the Taco Triathlon

February 22nd-25th: Boulder International Film Festival: Boulder

Logo image text reads: Boulder International Film Festival

“The Boulder International Film Festival brings films and filmmakers from around the world to Boulder for a four-day celebration of the art of cinema.  Featuring a wide variety of films from local, national, and international filmmakers, including many that have gone on to significant box-office success and multiple Oscar nominations.” Learn More & Get Tickets for the Boulder International Film Festival

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Jan. 24, 2018

Northern Colorado Real Estate Market Forecast for 2018

large house

Various entities have been making predictions about where the real estate market in Northern Colorado will be heading in 2018. Here is my summary of what they are finding.

The general consensus and predictions for where prices are going in 2018 are:

  • Fort Collins up 8% in average price from $422,000 in 2017 to $455,00 in 2018
  • Loveland up 7% in average price from $412,000 in 2017 to $440,000 in 2018
  • Greeley up 9% in average price from $346,000 in 2017 to $377,000 in 2018

Low inventories of affordably priced homes will continue to be a problem in many parts of the market during 2018.  According to recently posted data, 70% of homes sold in Fort Collins and Loveland were under $400,000. Builders' continually increasing costs for materials, fees, and scarce labor make it very difficult for them to create residential homes at or below that price. These new homes are out of the reach of most buyers. So, as I mentioned in this blog regarding the dichotomy of the housing market in NoCo, there are some parts of the market in balance or even over-supplied with homes as buyers moves to higher price points.

stacks of coins getting shorter from left to right with a block in the shape of a house on the far right

Interest Rates are Probably Headed Up Too

Matthew Gardner, a national housing economist, predicts interest rates one year from now will be 4.4% (about 0.5% higher than today). He gave the example of "buyers thinking about waiting until the market cools off. For them there is a potential real cost to that wait. If prices and interest rates go up as predicted, a one-year wait would equal over $200 per month for a $400,000 home."

If you are thinking about buying a home soon, now is the time to get pre-qualified for a mortgage—before you even start looking at houses that are on the market. You won't be able to make an offer on a home if you cannot produce a letter from a lender pre-qualifying you for its purchase. I go into more detail in this post on the importance of seeking a lender first.

We can help you get into a home you are qualified to buy as quickly and efficiently as possible. Please contact us if you're ready to purchase your next home.

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Jan. 19, 2018

A Pre-Listing Home Inspection: Is It Right For Your Situation?

large home

A profoundly troubling situation arises when sellers are caught unaware of problems that could undermine their need to sell their home at its highest potential price. One of the best steps that can be taken to avoid this is to have a professional home inspection prior to listing.

A pre-listing inspection can uncover previously unknown minor or major problems, allowing sellers the opportunity to make repairs or replacements as needed or deal, or not deal, with them as they wish. By being aware of these issues before the home goes on the market, it can be listed with a greater knowledge of its condition as would be reflected in the Seller's Property Disclosure. This can result in cleaner offers and a smoother transaction for both parties. Having well-informed sellers and buyers will work to everyone's advantage.

clip image of a large cartoon figure examine a smaller house with a magnifying glassMake Sure the Inspection is Comprehensive

Being sure that the pre-listing inspection is comprehensive is critical if it is to be considered valid by a potential buyer. We make sure that photographs are always part of a professional report so that full documentation of conditions is available to both the sellers and potential buyers. This is especially important when it comes to issues that might not be addressed or repaired prior to sale.

In many contracts a seller only has a couple of days to respond to an inspection objection and is caught off guard by an issue and what a buyer actually requests that they do about it. With a pre-inspection the seller will know beforehand about any problems and the real extent of them. This allows a seller to develop a response strategy immediately, rather than waiting for the pressure cooker environment caused by a short timeline and a lack of knowledge about what something will cost to fix and the various ways to fix it. Many contracts fail because the seller just does not have time to methodically analyze a request for a significant repair and because of this, the seller simply refuses to cooperate with the buyer and the contract fails.

a hand holds up a small model of a house against a yellow backgroundThe professional inspectors we refer to clients must carry E&O Insurance. We always make sure the report is generated immediately at the completion of the inspection so a seller can begin to gain knowledge about how to deal with potential repairs.

For more information about home inspections in general, check out this blog and its emphasis on the importance of buyer and seller cooperation in negotiating inspection items.

Please contact us and we will be glad to answer any questions you might have about home inspections.

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