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REAL ESTATE INSIDER Vol. 45, No. 10 | NOVEMBER 2021

HISTORICALLY, AUTUMN IS THE BEST TIME TO BUY A HOME

If history holds to form, cooler fall weather will be giving rise to a less competitive housing market. And that could mean a fresh opportunity for would-be buyers who were left frustrated or fatigued by bidding wars and those now-you-see-it-now-you-don’t listings.

An analysis by Realtor.com finds that buyers in the fall typically encounter 18 percent less competition than at peak homebuying season in the summer. And with less competitive pressure comes the likelihood that homes stay on the market longer, allowing you more time to weigh your offer, compelling homeowners to invest more into sprucing up their properties, and improving the possibility of spending less than you might have paid in June or July.

While data shows that the ideal month for homebuying varies based on each market, it typically occurs in October for most communities around the nation, but in Northern Colorado November is the ideal month. It comes down to the supply-and-demand balance in the place you want to buy – and thankfully the number of homes available for sale has been gradually increasing, both in Colorado and across the country.

Another indicator of a stabilizing market is reflected in the percentage of list price received by sellers, which has been receding since June around the country. Locally, Fort Collins sellers received 103.8 percent of list price in July, a level that fell to 101.9 percent in August. In fact, all four of Northern Colorado largest sub-markets (Fort Collins, Loveland, Greeley, Windsor) experienced a decline in the percentage of list price received in August.

So, home shoppers, take heart. This could be the season to find your future dwelling.

Call me to see if autumn is the right time for you to buy a home.

Source: Information and Real Estate Services (IRES). Based on single family residential properties.

The above graphic proves historically, that over the last 5 years, November is a better time than October for buyers to successfully purchase a home with more available inventory in both Larimer and Weld counties. The statistics represent the percentage of homes available in each month.

READY TO DOWNSIZE? TIME IS RIGHT FOR SENIORS WHO WANT TO SELL

If retirement is around the corner – or maybe it’s already here – it makes sense that you would be asking yourself questions about your home and your future living arrangements.

One key concern on the minds of many seniors is knowing the right time to move. With so much talk about lifestyle trends favoring smaller homes, some seniors have paused to wonder if their bigger home will be attractive to buyers.

In fact, your big home is in big demand – especially in a low-density region like Northern Colorado.

A recent Pew Research Center survey found that roughly 60 percent of respondents prefer to live in larger homes, even if it means longer distances to stores and schools. That’s an increase of 7 percentage points since 2019. Just 39 percent said they prefer a community with smaller homes that are closer to schools and stores – down 8 percent percentage points since 2019.

It’s notable that the shift occurred since the onset of the COVID-19 pandemic, with the increase in people working and schooling from home – although that’s not specifically mentioned as a cause. Still, it’s clear that anyone ready to sell a home – whether big or small – is finding 2021 to be advantageous.

Call me to talk about if it is the right time for you to sell.

RETIREES NEED TO SIZE UP THEIR FINANCIAL FUTURE BEFORE BUYING NEXT HOME

You’re approaching retirement age and you’ve checked all the boxes for life after work, starting with building an ample savings account or pension plan.

But are those savings, along with your upcoming Social Security payments, enough for buying your next home? After all, lenders will be looking at your future income streams if you intend to apply for a mortgage.

Perhaps you’re able to buy a home with cash. But is that the right move in light of today’s low interest rates, when your investment dollars might be making greater returns than the interest on a mortgage? Maybe you can qualify for tax breaks or closing-cost assistance if you get a new mortgage.

Experts recommend drawing up a plan to make sure your finances align with your expectations. Start your process with a trusted real estate advisor, who can help you work with a lender to sort out your options for your golden years. Call me if you’d like to discuss options.

BATHROOM BREAK! THE KITCHEN ISN'T ALWAYS THE MOST EXPENSIVE ROOM ANYMORE

People are putting more money into bathrooms. And spending more time there. Bathrooms are becoming more luxurious and serving as places to retreat, relax and find time for yourself.

A recent analysis conducted by the National Kitchen and Bath Association finds that total spending on bathrooms in American homes is actually surpassing investments in kitchens.

How? By going for features such a walk-in steam showers for about $5,000, or a five-foot long effervescence bath with chromatherapy* that will set you back about $15,000. Or how about a tankless toilet with a built-in bidet – complete with a heated seat and remote control – for $2,500?

For people who are looking for aging-in-place solutions, bathroom remodeling is seen as an important way to help them live with age-related problems. Ask your builder or remodeler about including some of these features in your luxurious bathroom.

*Chromatherapy is the use of light and color as a means of enhancing physical and mental stages.

THE GROUP DIFFERENCE

We believe every person should have a place to call home. It’s our mission and why we founded GroupGives in 2013. GroupGives is a fund of the Community Foundation of Northern Colorado and we have given $827,790 back to the community since its inception.

Once a year, the The GroupGives Board meets to determine the organizations who will receive our larger strategic grants. We are thrilled to announce that the board presented $25K checks to the following organizations:

Be The Gift Marilyn Johnson, Executive Director

Loveland Habitat for Humanity Tori Stepp, Marketing & Development Director

Crossroads Safehouse Pam Jones, Executive Director

We are proud to partner with these local non-profits as they continue to serve members of our communities.

6 HAUNTED HOTELS YOU CAN STAY AT IN COLORADO

While we love a good ghost story any time of year, there’s something extra creepy about sharing haunted tales during the month of October. We’ve already uncovered a handful of real haunted places in Fort Collins, including the Avery House and Centennial High School, but this time, let’s pan out to include haunted destinations throughout Colorado. Better yet, let’s explore some haunted hotels and inns where you can actually stay the night, so you can sleep amongst the ghosts and witness the paranormal activity for yourself.

If you’re feeling brave, book your stay at these haunted hotels in Colorado, home to some permanent guests who just can’t seem to check out. But beware — you might just want to keep one eye open!

Let us know what strange phenomena you discover after your stay — we’re dying to know!

REAL ESTATE BY NUMBERS

  • 311. Number of building lots proposed for the Westerly housing development, a 400-acre project planned near Erie in southwest Weld County. Approximately 1,200 housing units are planned on the site.
  • 148,000. Estimated total square footage for four hangar-office buildings at Discovery Air, a planned aviation complex in the vicinity of the Northern Colorado Regional Airport in Loveland. Construction on the first building is under way.
  • 17.4 percent. Average home sale price increase in the United States during the second quarter of 2021, according to Federal Housing Finance Agency. Colorado home prices were up 20.1 percent.
  • $61 million. Sale price for The Preserve at The Meadows apartments, a 220-unit complex located at 350 Riva Ridge Drive in the midtown Fort Collins area.
  • 206. Total acreage recently acquired in Evans by an Arizona-based investor. Developers are planning to build 665 single-family homes on the land, located between 37th Street and 65th Avenue.
  • 42. Total number of beds that Catalyst Health Care plans to include in a 48,500-square-foot rehab hospital, proposed for a site at 69th Avenue and West 10th Street in Greeley.
  • $2.7 billion. Decrease in Weld County’s assessed property valuation between 2019 and 2020, a loss of 18 percent. The drop is attributed to a decline in oil-and-gas activity in the county.
  • $2.3 million. Price that Boulder-based investors paid for a 16,500-square-foot manufacturing facility at 1650 Skyway Drive near Longmont in southwest Weld County.
  • 164,200. Total square footage of new industrial space that is currently under construction in East Fort Collins. The two-building Mulberry Connection project is located on a 13-acre site near Interstate 25 on Redman Drive.
  • $3.6 million. Amount that the Poudre Valley REA will return to members through member credits this year. The credit is due to qualified members who received PVREA service in 1993, 1994, 2004, 2005 and 2020 — or any combination of those years.
  • $59.1 million. Price paid for an 186,000-square-foot office building in the Interlocken business park in Broomfield. The building, 105 Edgeview Drive, is home to Gogo, Inc.
  • 127. Total acreage near Fort Lupton that a Michigan-based developer of manufactured housing communities recently acquired. The land, located near the intersection of Weld County Road 141/2 and Northrup Avenue, cost $4 about million.
  • 244.5 percent. Increase in the number of home sales in the United States priced above $1 million between May 2020 and May 2021, according to the National Association of Realtors. By comparison, sales in the $250,000-to-$500,000 price range increased 47.9 percent in the same period.

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