Matthew Gardner’s 2020 Real Estate Forecast

It’s that time of year when Windermere’s Chief Economist Matthew Gardner dusts off his crystal ball and peers into the future to give us his predictions for the 2020 economy and housing market.


Posted on December 16, 2019 at 12:00 pm
Meaghan Nicholl | Posted in Economics 101, Economy, Market News, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , ,

Vital Signs

First, Larimer County:

  • Average prices are up 2.4%
  • Number of transactions is down 2.5%
  • Inventory is up 11.9%
  • Days on market is up 4.1%

Now, Weld County:

  • Average prices are up 4.3%
  • Number of transactions is up 3.6%
  • Inventory is up 12.9%
  • Days on market is flat (same as last year)

What this means is prices are still going up, just not as fast as they were a couple of years ago.  More inventory is coming on the market which is great news for buyers.


Posted on December 13, 2019 at 8:09 pm
Meaghan Nicholl | Posted in Fun Facts, Windermere Real Estate | Tagged , , , , ,

Four Holiday Décor Trends to Inspire You This Season

The holiday season is here and for many of us, that means it’s time to deck the halls. If you’re looking for some inspiration and a place to start, here are some ideas that are certain to get everyone in the spirit.

 

A Tree of a Different Color

For many, there’s nothing more quintessential during the holidays than a Christmas tree decked out in ornaments. But acquiring a tree can be challenging and expensive. Moreover, housing a tree consumes time and space. That’s why we love the idea of an alternative tree. There are plenty of options you can buy online or create yourself using things you probably already have around the house. And if you miss the smell of a real tree, try a scented candle or essential oils.

 

The Season of Lights

There’s something perpetually charming about twinkling lights. Whether you’re wrapping them around your front porch or adorning your fireplace mantle, extra lights deliver a warm glow during the holiday season. Getting creative and adding light to otherwise unexpected places, including bookcases, around headboards, or even in glassware, is a great way to keep everything looking merry and bright.

 

Act Natural

Not all holiday climates are built alike. If you’re expecting a white Christmas, you’re probably used to pine trees and winter brush, but for those of you located in regions where the mercury doesn’t drop, sprinkling in natural elements can transform your home into a wintery oasis. Holly and pine needles add a traditional touch, or consider a wreath of olive branches with some sleigh bells interspersed.

 

Bring it All Home at Dinner

When decorating for the holidays, don’t forget the table! A sprig of holly adds a festive touch to your place settings. And instead of the traditional centerpiece, try placing candles in glass vases or mason jars to give your tablescape that added touch of holiday pizzazz.


Posted on December 12, 2019 at 5:48 pm
Meaghan Nicholl | Posted in Blog, Home Ownership, Windermere Real Estate | Tagged , , , , , , , , ,

Job News

There is an abundance of great news when it comes to employment in Colorado.

The unemployment rate is incredibly low at 2.7% which is almost a full percentage point lower than the U.S. average.

According to the Bureau of Labor Statistics, Metro Denver added 28,300 jobs over the last year which ranks 15th out of all metropolitan areas nation-wide, many of which have much larger populations than Denver.

While this is positive news, what is even more remarkable is what is happening in the other, smaller cities along the Front Range.

Anytime job growth exceeds 2.0% per year, it is a sign of a very healthy economy.

Here is what the other Cities have seen in terms of job growth over the last 12 months.

• Fort Collins 2.6%

• Greeley 2.5

• Colorado Springs 1.9%


Posted on December 4, 2019 at 12:00 pm
Meaghan Nicholl | Posted in Blog, Fun Facts, Windermere Real Estate | Tagged , , , , ,

Remodel for the Most Resale Value

What’s the best remodeling project for your home? The answer, in part, depends on where you live. Every year, Remodeling Magazine evaluates which projects bring the most return at resale in different markets around the country in their “Cost vs. Value” report.  For the purposes of this blog, we are focusing on the Pacific states (WA, OR, CA, AL) and the Mountain states (MT, ID, UT, CO, NV).

According to Remodeling Magazine, these are the six top projects in those two regions that currently have the best return on your investment when it comes time to sell. To see the full report, click here.

 

Garage Door Replacement

The project with the most return from Washington State to Nevada? A new garage door.

In the Pacific States, replacing your garage door will cost an average $3,785, but will increase your resale value by $4,686, recouping 123.8 percent of what you paid for it. Homes in the Mountain States will also benefit from a garage door replacement, recouping 98.6 percent of their costs.

Due to its size, a garage door can have a big impact on a home’s curb appeal.  But adding to your home’s aesthetic is only one advantage; the warranty that comes with the new garage door is also a selling point for potential buyers who can trust that they likely won’t have to deal with any maintenance issues in the near term.

 

Manufactured Stone Veneer

As long as the new stone veneer is consistent with your neighborhood’s overall look, this siding is the second-best project across the Pacific and Mountain states.

Stone veneer can replace your home’s existing siding, adding a fresh, modern look that conjures a cozy vibe all the way from the street, before buyers ever step foot inside. Along the West Coast, it can recoup 110.4 percent of the cost when you sell, and Mountain states will recoup 96.5 percent of the cost.

 

Wood Deck Addition

While building a deck might seem like a big undertaking, it’s actually a pretty cost-effective way to positively impact your home’s resale value. Pacific states can expect to pay around $15,000 and Mountain states just above $13,000, but they’ll see 87.8 percent and 74.3 percent recouped respectively when they sell.

Adding a deck extends the living space of your home and provides even more area for entertaining, relaxing, and enjoying the outdoors.  Whether you choose a natural wood deck or a low-maintenance composite deck, you can pick from a variety of styles based on the lay of your land and the areas of your backyard you wish to highlight.

 

Minor Kitchen Remodel

No need to move walls or appliances around, a minor kitchen remodel will do the trick to recoup 87.1 percent of the cost in the Pacific states, and 80.3 percent in the Mountain states.

An outdated kitchen can go from drab to fab and become a focal point with a fresh palette. Replace the cabinet doors with new shaker-style wood panels and metal or metal-looking hardware. Switch out the old counter tops with laminate that matches the new look. Think about adding a resilient flooring option, then finish the project with a fresh coat of paint to the walls, trim, and ceiling.

 

Grand Entrance

Looking to improve your curb appeal and create an entrance that guests and homebuyers won’t soon forget? Add a fiberglass grand entrance. This project involves replacing a standard-sized front door with a larger opening with dual sidelights (glass panels). Typically costing around $8,000, Pacific states will see 85.1 percent of that recouped in the sale, and Mountain states will see 71 percent.

 

Siding Replacement

Depending on the size of your home, replacing the siding can be an expensive undertaking. However, it’s a project that comes with high returns. For Mountain states, sellers can expect 75.4 percent of the costs recouped, and Pacific sellers will see 84.3 percent.

Not only is siding one of the first things a buyer sees, but it also serves as an indicator of the overall health of the home. Broken or damaged siding could mean that there are other problems with the home, such as pests and rot. Replacing old siding is a cost-effective way to boost your home’s curb appeal and ensure buyers are going to walk through your front door.


Posted on December 3, 2019 at 8:45 pm
Meaghan Nicholl | Posted in For Sellers, Home Ownership, Living | Tagged , , , , , , , , , , , , , , , ,

So you bought an investment property, now what?

Investing in a home is a great way to build passive income but earning from your investment will take a little groundwork to become a well-oiled machine. This is your beginner’s guide to owning an investment property so you can set up that foundation properly to avoid future headaches.

 

Make sure it’s livable

It’s important to start with your home inspection before you start making plans. Use the inspection report to prioritize the maintenance issues.

Before a tenant moves in, make sure the home is livable. Handle the important items that affect the livability of the property, either now or in the near future. If the inspector noticed a leak in the roof or holes that could lead to infestation, take care of those first. Other maintenance issues to prioritize are the fuel and the hot water source.

If your city has inspection and registration requirements, be sure to cross check those inspection checklists with your current property. If the property wouldn’t pass now, make sure it will pass by the time the city sees it.

 

Upgrade the space

Once your property is in livable condition, it’s time to upgrade. If you have any left-over budget after the necessities are handled, consider adding a bedroom or a bathroom where you can find the space. These rooms heavily impact the rental price, and the more you have the higher the price. If there’s no space for another bed or bath, think about finishing the basement or upgrading some of the appliances to make the property more attractive to potential tenants.

Use similar properties in your neighborhood as your inspiration. These units are your competition, think about what you can add, or even take away, that would help you compete. Ask yourself what about your home is unique and in what ways does that affect your rentability? If every unit in your area has hardwoods, how can you make your carpeted home appealing? Maybe new carpet? Or is switching to hardwoods, or vinyl laminate that looks like wood, worth it?

 

Market it to future tenants

You need two things in your listing: 1) Great Photos 2) An Amazing Description

After you’ve perfected the property, it’s time to tell potential tenants that it’s available. Creating the listing is essential in drawing eyes on the unit so you can show it to as many people as possible.

Renters looking to move are quick to make their first impression of a property with thumbnail photos on a map. So, take lots of great, bright, photos of the entire place to showcase the amenities and show potential tenants what it looks like, then choose the best photo to be the first in the lineup. Remember to get the lighting is just right to show every corner of the listing. Dark photos scare tenants away, making them think the unit is dingy and dirty. Light and bright photos show a clean home that’s move-in ready. They can imagine themselves living there a lot easier than in dark and cramped looking units.

Next, they’ll read the description. This is again where other listings in your area can help you.

Read other listings to structure your description and to draw inspiration on what tenants might think is important. Find the selling points and emphasize those above the unique features, especially if those unique features are obvious in the photos.


Posted on November 27, 2019 at 12:00 pm
Meaghan Nicholl | Posted in For Buyers, For Sellers, Investment, Rental | Tagged , , , , , , , , , , , , , , , , , , , , ,

Is the Condominium Lifestyle Right for You?

 

Condominium homes are a great, low-maintenance choice for a primary residence, second home, or investment property. This alternative to the traditional single-family home has unique issues to consider before buying, as well as unique benefits.

Increasingly, condos are not just for first-time homebuyers looking for a less expensive entry into the housing market. Empty-nesters and retirees are happy to give up mowing the lawn and painting the house. Busy professionals can experience luxury living knowing their home is safe and well-maintained while they are away on business.

If you are considering buying a condominium for a home, here are a few things you should know:

 

Condominium basics:

With condominiums, you own everything in your unit on your side of the walls. Individual owners hold title to the condominium unit only, not the land beneath the unit. All owners share title to the common areas: the grounds, lobby, halls, parking areas and other amenities. A homeowners’ association (HOA) usually manages the complex and collects a monthly fee from all condominium owners to pay for the operation and maintenance of the property. These fees may include such items as insurance, landscape, and grounds up-keep, pool maintenance, security, and administrative costs.

The owners of the units in a condominium are all automatic members of the condo association. The association is run by a volunteer Board of Directors, who manage the operations and upkeep of the property. A professional management company may also be involved in assisting the board in their decisions. The condo association also administers rules and regulations designed to ensure safety and maintain the value of your investment. Examples include whether or not pets are allowed and the hours of use for condominium facilities, such as pools and work-out rooms. Should a major expense occur, all owners are responsible for paying their fair share of the expense.

The pros and cons of condominium living:

The condominium lifestyle has many benefits, but condominium ownership isn’t for everyone. Whether living in a condominium works for you depends on your current and planned future lifestyle. By necessity, condominium associations have a number of standardized rules. You need to decide whether these regulations work for you or not. Here are some points to keep in mind if you’re considering condominium living.

Convenience: People who love living in condominiums always cite the convenience factor. It’s nice to have someone else take care of landscaping, upkeep, and security. Condominium homes are often located in urban areas where restaurants, groceries, and entertainment are just a short walk away.

Luxury amenities: May condominiums offer an array of amenities that most homeowners couldn’t afford on their own, such as fitness centers, clubhouses, wine cellars, roof-top decks, and swimming pools. Lobbies of upscale condominiums can rival those of four-star hotels, making a great impression on residents.

Privacy: Since you share common walls and floors with other condominium owners, there is less privacy than what you’d expect in a single-family home. While condominiums are built with noise abatement features, you may still occasionally hear your neighbors.

Space: Except for very high-end units, condominiums are generally smaller than single-family homes. That means less storage space and often, smaller rooms. The patios and balconies of individual units are usually much smaller as well.

Autonomy: As a condominium owner, you are required to follow the laws of the associations. That means giving up a certain amount of control and getting involved in the group decision-making process. HOA bylaws vary greatly from property to property, and some people may find certain rules too restrictive.

 

Things to consider when you decide to buy:

Condominium homes vary from intimate studios to eclectic lofts and luxury penthouses. The right condominium is the one that best fits your lifestyle. Here are a few questions to ask to determine which condominium is right for you.

How will you use it? 

Will your condominium be your primary residence? A second home? An investment property? While a studio may be too small for a primary residence, it might be a perfect getaway. Also, consider how your lifestyle may change over the next five to seven years. If you are close to retirement, you may want to have the option of turning a vacation condominium into your permanent home.

What amenities are most important to you?

Amenities vary location to location. Decide what you want, and you can be assured of finding it. Most urban and resort condominiums have an enticing array of extras, from spas to movie screening rooms to tennis courts.

What are your specific needs?

Do you have a pet? Some associations don’t allow them; others have limitations on their size. Most buildings will have a rental cap, so be sure to know what that cap is if you’re buying as an investment. Parking can also be a major issue, especially in dense, urban areas. How many spaces do you get per unit? Do you pay extra if you have more vehicles?

Cost: Condominium homes typically cost less than houses, so they’re a great choice for first-time buyers. However, because condominiums are concentrated in more expensive locations, and sizes are generally smaller than a comparable single-family home, the price per square foot for a condominium is usually higher.

 

Finally, once you’ve found a property you like, examine the association’s declaration, rules, and bylaws to make sure they fit your needs. The association will provide you with an outline of their monthly fees and exactly what they cover so you can accurately budget your expenses.

Ask to review the association board’s meeting minutes from the past year to get an idea of any issues the association is working on. An analysis of sales demand and property appreciation compared to like units may help ensure that you make the best possible investment.


Posted on November 25, 2019 at 12:00 pm
Meaghan Nicholl | Posted in Blog, For Buyers | Tagged , , , ,

A Gold Thanksgiving

 

We’re in the thick of autumn now, with Thanksgiving just days away. That means it’s time to start considering how to best showcase your home before the guests arrive.

 

One of the cheeriest bits of fall is the shifting colors that bring a canopy of rustic hues to a walk through the neighborhood. You can bring that cozy feeling inside yourself with some golden-dipped creativity.

 

Gilded Pears – Use real or fake pears, whichever you prefer, spray paint gold, and allow them to dry completely. You can add little flags to the top if you’re really feeling crafty.

Magnolia Wreath – Collect some Magnolia branches and use a wreath frame as a base. Spray paint the green side of each leaf with gold and then assemble using wire. It’s not as complicated as it looks!

Dipped Pinecones  – First, you’ll want to make sure your cones are clean and dry. Apply gold leaf adhesive using a foam brush; deciding how much you add will determine how much of the cone is covered in gold. After they dry, consider gold leafing the cone’s scales. Wrap it around the cone and use a clean foam brush to rub it into the adhesive. Then give it a light spray with sealant and allow them to dry.

Gold Acorns – Hand pick your acorns, clean, and oven-dry them to make sure they are pest free. Paint them gold and then add a layer of clear shellac for a shiny look. Lastly, you’ll want to use a hot glue gun to attach the caps since they naturally fall off after the acorns dry. You can use these as filler in a glass vase or simply scatter them on a tabletop.

Shimmering Maple Garland – All you’ll need is a bag of artificial leaves, bought at any craft store, some Elmer’s glue, glitter, and string. Use a paintbrush to apply glue to each leaf and sprinkle lots of glitter over them. Let the glue set, then shake off the excess glitter, punch a hole at the top and attach a ribbon. Tie them all to a large strand and voilà, a perfect garland for the holidays.

Petite Pumpkins – If you are still head over heels for pumpkins, then using small ones for place cards will add some spice to your table. Tape each pumpkin halfway with painters tape, choose a design with horizontal, diagonal, or however you want! Next paint the bottom portion with gold craft paint (may require multiple layers) and with the last layer still wet, generously sprinkle gold glitter over the painted half. After your pumpkin is dry and you’ve shaken off the excess glitter, wrap beading foil tightly around the stem. Leave a little extra at the end for you to bend for your place card.

Find these and more decor ideas on our Pinterest Board, “A Gold Thanksgiving.”


Posted on November 21, 2019 at 12:00 pm
Meaghan Nicholl | Posted in Blog, Living | Tagged , , , , , , , , ,

Two Tales

 

This is a Tale of Two Counties.

When it comes to new home activity, there is a big difference between Larimer and Weld Counties.

Larimer County’s new home starts are down 10% and new home closings are down 15% compared to last year.

Weld County’s new home starts are up 18% and new home closings are up 8% compared to last year.

This is all according to the new home research experts and Metrostudy.

So why the difference?  It comes down to price and availability.

There is more land available for new home development in Weld County.

Plus, the land tends to be less-expensive than Larimer which means that builders can deliver a lower-priced product and reach a larger pool of buyers.

The average price of a new home in Larimer County is $507,105 while the average new home price in Weld is $411,269.

 

If you want to see even more insights about the Colorado market so that you can make really good decisions about your real estate, you are welcome to watch this complimentary webinar, just click HERE.


Posted on November 20, 2019 at 8:14 pm
Meaghan Nicholl | Posted in Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , ,

How to Cover Unexpected Costs with a Personal Loan

\
Owning a home comes with its rewards — it’s an investment, a cozy haven to kick-up your feet after a long day of work, and a welcoming place to bring family and friends together. Although all of this makes homeownership fulfilling, owning a home also opens the door for unexpected (but necessary) expenses.

If you’ve suddenly been hit with a home improvement project that’s pinching your budget, like a roofing issue or heater malfunction, a personal loan might be an option to help cover the cost.

What is a personal loan?

A personal loan is an installment loan that’s typically issued by a bank, credit union or online lender. According to the Federal Reserve, the average interest rate on a two-year personal loan is 10.22% but varies depending on your credit score and other criteria. Some lenders offer repayment terms anywhere from 12 months to five years.

A benefit of using a personal loan for emergency home improvement projects is that the approval process is generally quick so you can address urgent home repairs sooner. Some online lenders can run a credit check, approve your application and send funds your way with a couple of days. The approval process for banks and credit unions, on the other hand, can take anywhere from a couple of days to a couple of weeks, if the lender needs additional information.

How to find a personal loan

If you’ve decided that a personal loan makes sense to fund your next home project, make sure you’re aware of these next steps.

1. Assess your budget

 

The last thing you need is taking out a personal loan only to realize after the fact that you can’t afford to repay it. Calculate how much you realistically need for your home improvement project, giving yourself a reasonable buffer for unforeseen repair expenses (e.g. permit fees, price changes for a specific material, etc.)

Then, tally your monthly income and financial obligations to ensure you still have enough cash on hand to keep the lights on and make monthly installments toward your loan. Using a spreadsheet or budgeting app can help you track these numbers easily.

2. Know your credit score

 

Generally, you need a good credit score to get approved for a personal loan. Your credit score is one of the key factors that lenders use to determine whether your application is approved, and a higher credit score results in a lower interest rate offer.

Check your credit score with the three credit bureaus to ensure there isn’t an error or suspicious activity that might inadvertently lower your credit score. For a free credit report, go to AnnualCreditReport.com to see where your credit stands before moving forward in the process.

3. Compare rates and terms

 

When you’ve confirmed that you have a good credit score that can get you competitive interest rates, it’s tempting to accept a loan from the first lender that approves you. But like other major purchases, it’s important to shop around.

Compare interest rates, annual percentage rates (APR), and term durations available, and read the fine print for any conditions or fees that might offset any benefits.

To start, try reaching out to your existing financial institution first to see what they can offer; sometimes credit unions, in particular, offer rate incentives for loyal members. Also, consider using a personal loan aggregator website to compare offers from multiple online lenders at once (just do your due diligence to ensure the site is legitimate).

4. Submit an application

 

If you’re ready to submit an application, you can either complete a form online or apply in-person, depending on your lender. Although all lenders require different information to process a loan application, some common information to prepare ahead of time include:

  • Personal information
  • Income
  • Employment information
  • Reason for the loan
  • Amount you want to borrow

 

To minimize any delays on your end, it’s helpful to prepare copies of verification documents, such as a driver’s license, proof of address like a utility statement, information about your home and pay stubs. Your prospective lender will likely reach out to you if they need any other information to make a decision.

Although it’s always best to have emergency savings set aside for a sudden home improvement project, turning to a personal loan is a useful option when you’re pressed for funds and time. As urgent as your project might feel, however, always take the time to do your research to ensure you’re making the right move for your situation.


Posted on November 13, 2019 at 12:00 pm
Meaghan Nicholl | Posted in Blog, Colorado Housing, For Buyers | Tagged , , , , , , , , ,