Million Plussing

Luxury

The luxury market is very active right now.  Buyers in the high-end are taking advantage of low interest rates and the equity they have built in their prior homes.

Closings of million-plus single family homes are up significantly along the Front Range.

When compared to this same time last year, sales of properties in this price range are up:

  • 87% in Metro Denver
  • 150% in Larimer County
  • 67% in Weld County

Windermere Real Estate in Colorado recently hosted a private online event for our clients with our very own Chief Economist Matthew Gardner.  We would be happy to send you the recording if you would like.

Posted on October 16, 2020 at 9:06 am
Fort Collins | Category: Blog, Buyers, Fun Facts, Luxury Real Estate | Tagged , , , , ,

Our Commitment to Change: A Message to Our Community

For nearly 50 years Windermere has been deeply rooted in the communities where we do business. However, the resurgence of the Black Lives Matter movement has made us realize that our roots don’t extend as deep as we thought. It also made us realize that over the decades, the real estate industry has played a significant role in exacerbating systemic racism through redlining and steering, which has prevented many members of historically marginalized communities from building wealth through homeownership.
This summer, we began a robust diversity, equity, and inclusion journey supported by an organization called Moving Beyond that specializes in helping companies integrate and operationalize DEI. Next, we formed two internal workgroups, with a diverse makeup of Windermere franchise owners, managers, agents, and staff to guide and implement DEI efforts across our 10-state organization.
Following three months of collective conversations, we have identified several short- and long-term initiatives on which to focus – all with the aim of building a diverse organization that fosters a sense of belonging and provides equal opportunity across all aspects of homeownership for people of color. Some of these activities can be acted upon right away, as we develop a long-term strategic direction for our DEI efforts.
We’re committed and in it for the long haul, and believe transparency is a critical part of this journey, so here is an update about our goals and progress thus far:
● In August, we conducted an internal survey among our owners, managers, and staff, to create a benchmark of where we are as a company and help guide the direction that we need to take to advance our DEI initiatives. An agent survey is forthcoming in 2021.
● We are producing informational content related to CC&Rs to educate homeowners on how to remove racially restrictive language from their title reports in the 10 states where Windermere operates.
● We are working with an advertising agency that specializes in inclusive and future-forward marketing to evaluate our digital marketing products through a DEI lens.
● We have designated funds for a scholarship program that invests in people of color who want to work in real estate, and are designing training and mentoring programs to aid in their success.
● We are building internal DEI training and development programs, starting with franchise owners, managers, and staff, with plans to expand to agents in 2021.
● We are analyzing our hiring processes to ensure broader representation by people of color.
● We’re generating insights from all these efforts to help us develop a set of thematic pillars to guide our DEI goals and strategy over the long term.
● We’re planning on listening sessions this fall for the Windermere community to continue to have input in this process.
This is just the beginning of what we know will be a long-term journey of awareness and accountability. We are focused and determined to do our part to address discrimination, racism, and inequity within Windermere and the real estate industry. Our efforts stem from the recognition that there is a long history of housing discrimination in the United States and that the inequality in homeownership has deepened the racial divide. Through our work, we hope to play a role in finding ways to correct these inequalities. We realize we were late to this movement and should’ve spoken up sooner, but our eyes are open, and we are committed to leading the way towards positive change from here on out.
Posted on October 7, 2020 at 8:30 am
Fort Collins | Category: Blog, Community, Windermere Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , , ,

Bubble Burst

Every so often we will hear a concern that another housing bubble is forming.

To help answer that question it’s valuable to look at the reasons that caused the last one.

There were three main drivers of the bubble that burst in 2008:

  1. Easy Credit – loans were very easy to attain
  2. Over-Leverage – people were using their homes at ATM’s
  3. Over-Supply – too many new homes were being built

Now, let’s compare that to today:

  1. Stricter Credit – the average home buyer today has a FICO score of 755
  2. High Equity – collectively, U.S. homeowners have $19 Trillion of equity in their homes and collective mortgage debt has not increased for 13 years
  3. Under-Supply – today we are building only two-thirds of the new homes being built in 2004 yet the population is much higher

Given this healthy information, we don’t see another housing bubble forming today.

If you would like to see a video recap of our annual Market Forecast you can watch that HERE.

Posted on February 21, 2020 at 8:42 am
Fort Collins | Category: Economics 101 | Tagged , , , , , , , ,

Equity Insights

The real estate research firm Core Logic just produced their latest Homeowner Equity Insights report.

 

 

 

Some interesting tidbits:

·         63% of all properties nationally have a mortgage

·         Homeowners with mortgages collectively realized a $428 billion rise in equity over last year, an increase of 4.8%

·         Only 3.8% of all mortgaged properties have negative equity (where the loan is greater than the value of the home)

·         10 years ago 26% of all mortgaged properties had negative equity

 


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 October 18, 2019 at 11:34 am
Fort Collins | Category: Blog, Fun Facts | Tagged , , , ,

The Mountain Market

With fall right around the corner many of us will be trekking up to Estes Park to see the Aspen leaves turning.

As you drive through Estes you may wonder “how’s the mountain market?”

Here are some fun facts about real estate in Estes Park.

  • The average price today is $394,046 – not that different than Fort Collins.
  • Average prices have gone up $60,000 in the last three years.
  • Their market has about 300 sales per year- roughly a tenth of the amount in Fort Collins.
  • If you were looking for a home in Estes between $300,000 and $500,000, you would have 15 to choose from.

Now you know about the Mountain Market!

mountain-1244132_1920

 

 

Posted on August 12, 2016 at 3:54 pm
Fort Collins | Category: Blog, Fun Facts | Tagged , , , , , , , , , , , , , , , ,

Door Opens for Buyers

After a very active (to say the least) spring and summer, the door has now opened for buyers in our market.

Sell Your Home With EaseBuyers who were frustrated during the first half of the year with low inventory and bidding wars now realize a better environment. It’s time to step off the sidelines and take a fresh look at what the market has to offer.

The first piece of good news is that rates have dropped to near all-time lows. Rates today are 0.6% lower than they were on January 1st. What this means on a $400,000 home with a conventional loan is a monthly savings of $110!

The second piece of good news is that inventory levels are coming up. There are more homes on the market to pick from and lower demand because of seasonal slowing. Months of inventory in Larimer County markets have bounced up 20% to 33%.

 

 

 

Posted on August 5, 2016 at 8:45 am
Fort Collins | Category: Blog, Fun Facts, Mortgage | Tagged , , , , , , , , , , , , , , , ,

Seasonal Slowdown

August marks the end of the busy real estate selling season and the beginning of the traditional seasonal slowdown in our market.car-768711_640

The four months of April, May, June and July tend to produce 45% of the year's total sales. This is based on looking back at 5 years of data.

If 2016 holds true to form, the next five months from now until the end of the year will be progressively slower.

No surprise that December tends to be the slowest month with a third of the number of sales compared to a typical July.

Here's what we will be watching closely over the next few months – is this year's seasonal slowdown "normal", or, because the market has been so hot this year, is it breaking traditional trends.

We will be sure to keep you informed!

 

 

 

Posted on July 29, 2016 at 3:04 pm
Fort Collins | Category: Blog, Fun Facts | Tagged , , , , , , , , , , , , , , , ,

Mis-Match

Our market is under-supplied. Plain and simple. There is a 1 to 2-month supply of homes across Northern Colorado. A balanced market would have 6 months.

So, home builders to the rescue right? Not so fast. Home builders, for various reasons, have a very hard time matching the market.

75% of sales in Northern Colorado are below $400,000. Only 16% of new home inventory in Northern Colorado is below $400,000. That is a mismatch.

Builders are faced with high land costs, high materials cost, high labor costs, high permitting costs and high water costs. It’s pretty much impossible, in most parts of our market, to deliver a new home under $400,000.

So, condominiums to the rescue right? Not so fast. Because of onerous construction defect laws, developers do not want to build multi-family, for sale product. It’s too risky. They’d rather build apartments.

Our market is under-supplied. Plain and simple.

This is really good news if you are a seller who wants to move up. This is especially good news if you are a seller of a condominium.

Contact us to find out what our under-supplied market has done to the value of your home. We’ll put together an Equity Snapshot which will show you, in detail, what your home is worth in today’s market. It’s valuable information to have whether you are thinking of selling or not. Just call 970-460-3033 or e-mail us at fortcollins@windermere.com.

 

houses-691586 - Copy - Copy

 

 

Posted on July 15, 2016 at 8:21 am
Fort Collins | Category: Blog, Fun Facts | Tagged , , , , , , , , , , , , , , , ,