Millennial Buyers

Millennials often get a bad rap.  One of the myths about Millennials is that they don’t own homes and will be renters forever.

Not true!  Especially on the Front Range of Colorado.

Based on research by our very own Chief Economist, Matthew Gardner, Millennials make up a significant percentage of all home buyers in Metro Denver and Colorado.

In Metro Denver, 50% of all buyers last year were in the Millennial demographic.

In Northern Colorado, the number is 41%.

It turns out that Millennials, as they move into their mid to late 30’s, see the value of home ownership and are at the point in their lives where it makes sense to own instead of rent.


Posted on January 17, 2020 at 10:50 am
Fort Collins | Posted in Fun Facts, Windermere Real Estate | Tagged , , , , , , ,

Terrific Ranch Style Home!

Ideal investment property! 2428 Crabtree Drive in Fort Collins is currently leased through May of 2020. Easy access to CSU, Old Town, and Horsetooth Reservoir. The owner has never had any issues with vacancy but would be great as an owner-occupied home with the layout and back yard as well. The home has wood floors and is in great shape. Come check it out today! Contact Paul Hunter at (970) 673-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/104370583


Posted on January 13, 2020 at 9:54 am
Fort Collins | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , ,

Zero Correlation

It’s an election year which means that our clients are asking us if election years impact real estate.

According to research done by Real Trends there is zero correlation between election years and the number of transactions in the market compared to non-election years.

They found that sales were down in 1980, 1988, and 2008 compared to prior years, and sales were up in 1992, 1996, 2000, 2004, 2012, and 2016.

To hear more about what will happen this year in real estate and the factors that really do impact our market, be sure to get registered for our annual Market Forecast event next week.

Continue reading


Posted on January 10, 2020 at 9:09 am
Fort Collins | Posted in Fun Facts, Housing Trends, Windermere Real Estate | Tagged , , ,

Big Numbers

It turns out a lot of real estate changes hands over the course of a year in our market.

In 2019 Metro Denver had…

  • Over 56,000 residential sales
  • Over $28 Billion of residential sales volume

Overall, 2019 saw a slight increase in the number of transactions compared to 2018 and approximately a 5% increase in sales volume.

For a detailed look at the 2019 numbers plus our forecast for 2020, click the links below…

 

It’s time to register for our annual Market Forecast event.  We will be live at 5:30 on January 15th at the Wellshire Event Center.  Back by popular demand is our Chief Economist Matthew Gardner.  Save your seat HERE.

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Posted on January 3, 2020 at 9:10 am
Fort Collins | Posted in Fun Facts, Windermere Real Estate | Tagged , , , , , ,

Save Your Spot

A quick, simple Fun Fact for you this week…

It’s time to sign up and register for our annual Market Forecast event.

We will be live in Denver on January 15th at the Wellshire Events Center.

And In Fort Collins on January 16th at the Marriott.

Both events start at 5:30.  Choose which location works best for you.

Matthew Gardner, our Chief Economist, is the Keynote speaker.

Click the links above to RSVP.

 

It’s time to register for our annual Market Forecast event.  We will be live at 5:30 on January 16th at the Marriott in Fort Collins.  Back by popular demand is our Chief Economist Matthew Gardner.  Save your seat HERE.

7037389_1576607038yQiWINRE_Logo_2020Forecast_201912.jpg


Posted on December 27, 2019 at 8:30 am
Fort Collins | Posted in Economics 101, Fun Facts, Windermere Real Estate | Tagged , , , , , , , , , , , , ,

Matthew Gardner’s 2020 Mortgage Rate Forecast

Each year Windermere’s Chief Economist, Matthew Gardner, forecasts into the next. Here’s what he expects for Mortgage Rates in 2020.


Posted on December 23, 2019 at 11:00 am
Fort Collins | Posted in Economics 101, Market News | Tagged , , ,

Beautiful Spacious Home in Fort Collins!

Welcome to this beautiful home at 927 Campfire Drive in Fort Collins under $370,000! It features an open floor plan, updates to flooring, and great back patio are perfect for your hot tub or patio furniture. Upstairs you can enjoy a large extra loft room perfect for entertaining, craft room, or flex space. Easy access to I-25, yet only minutes to Old Town Fort Collins, come check this home out today! Contact Paul Hunter at (970) 637-7285 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/103714816


Posted on December 20, 2019 at 10:53 am
Fort Collins | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , , , ,

The 12 Facts of Real Estate

While your true love may be getting you a partridge in a pear tree in the near future, we decided to give you the 12 facts of Colorado real estate:

  • 1 is the ranking Colorado owns for long-term home price appreciation versus all other states
  • 2.6% unemployment rate in Colorado right now
  • 3.73% mortgage rate for a 30-year mortgage which is about half of the long term average
  • 4.7% apartment vacancy rate in Metro Denver, the lowest since 2015
  • 5.5% is the long-term average for yearly home price appreciation along the Front Range
  • 6,000,000 live in Colorado
  • 7,000 residential properties are for sale in Metro Denver right now and the average for this time of year is 14,700
  • 80,000 is the number of people that is added to our state’s population each year
  • 9 homes are for sale in Larimer and Weld County priced over $2,500,000
  • -10% is the decrease in new home construction in Larimer County compared to last year while Weld County grew by 17%
  • 11 times in the last 40 years home prices have gone up at least 8% along the Front Range
  • $1,202,488 is the average price for a single-family home in the City of Boulder

It’s time to register for our annual Market Forecast event.  We will be live at 5:30 on January 16th at the Marriott in Fort Collins.  Back by popular demand is our Chief Economist Matthew Gardner.  Save your seat HERE.


Posted on December 20, 2019 at 9:15 am
Fort Collins | Posted in Fun Facts, Windermere Real Estate | Tagged , , , , , , , , , ,

2020 Economic & Housing Market Forecast

As we head toward the end of the year, it’s time to recap how the U.S. economy and housing markets performed this year and offer my predictions for 2020.

 

U.S. Economy

In general, the economy performed pretty much as I expected this year: job growth slowed but the unemployment rate still hovers around levels not seen since the late 1960s.

Following the significant drop in corporate tax rates in January 2018, economic growth experience a big jump. However, we haven’t been able to continue those gains and I doubt we’ll return to 2%+ growth next year. Due to this slowing, I expect GDP to come in at only +1.4% next year. Non-residential fixed investment has started to wane as companies try to anticipate where economic policy will move next year. Furthermore, many businesses remain concerned over ongoing trade issues with China.

In 2020, I expect payrolls to continue growing, but the rate of growth will slow as the country adds fewer than 1.7 million new jobs. Due to this hiring slow down, the unemployment rate will start to rise, but still end the year at a very respectable 4.1%.

Many economists, including me, spent much of 2019 worried about the specter of a looming recession in 2020. Thankfully, such fears have started to wane (at least for now).

Despite some concerning signs, the likelihood that we will enter a recession in 2020 has dropped to about 26%. If we manage to stave off a recession in 2020, the possibility of a slowdown in 2021 is around 74%. That said, I fully expect that any drop in growth will be mild and will not negatively affect the U.S. housing market.

 

Existing Homes

As I write this article, full-year data has yet to be released. However, I feel confident that 2019 will end with a slight rise in home sales. For 2020, I expect sales to rise around 2.9% to just over 5.5 million units.

Home prices next year will continue to rise as mortgage rates remain very competitive. Look for prices to increase 3.8% in 2020 as demand continues to exceed supply and more first-time buyers enter the market.

In the year ahead, I expect the share of first-time buyers to grow, making them a very significant component of the housing market. 

 

New Homes

The new-home market has been pretty disappointing for most of the year due to significant obstacles preventing builders from building. Land prices, labor and material costs, and regulatory fees make it very hard for builders to produce affordable housing. As a result, many are still focused on the luxury market where there are profits to be made, despite high demand from entry-level buyers.

Builders are aware of this and are doing their best to deliver more affordable product. As such, I believe single-family housing starts will rise next year to 942,000 units—an increase of 6.8% over 2019 and the highest number since 2007.

As the market starts to deliver more units, sales will rise just over 5%, but the increase in sales will be due to lower priced housing. Accordingly, new home prices are set to rise just 2.5% next year.

 

Mortgage Rates

Next year will still be very positive from a home-financing perspective, with the average rate for a 30-year conventional, fixed-rate mortgage averaging under 4%. That said, if there are significant improvements in trade issues with China, this forecast may change, but not significantly.

 

Conclusion

In this coming year, affordability issues will persist in many markets around the country, such as San Francisco; Los Angeles; San Jose; Seattle; and Bend, Oregon. The market will also continue to favor home sellers, but we will start to move more toward balance, resulting in another positive year overall for U.S. housing. 

 

 

About Matthew Gardner:

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.


Posted on December 19, 2019 at 3:52 pm
Fort Collins | Posted in Economics 101, Market News | Tagged , , , , , , , ,

Stunning Mountain Views!

Fantastic mountain home at 6012 Blue Spruce Drive in the beautiful Bellvue community. Boasting gorgeous panoramic views of the foothills and plains, your new home sits on 1.39 acres of pine trees and rock formations. Inside, you’ll find a sprawling updated kitchen and great room with granite counter-tops and wood floors. Enjoy the finished walk-out basement with a large bedroom, bathroom, rec room, and a comfy indoor hot tub suite! This charming home is super close to Horsetooth Reservoir, Lory State Park, and just minutes from Old Town Fort Collins. An incredible property with No HOA! Contact Jon Holsten at (970) 237-2752 for your private showing for more information or click the link below for more details.


Posted on December 19, 2019 at 8:44 am
Fort Collins | Posted in Bellvue Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , , , , , ,