Buyers & Sellers • Housing Market • March 20, 2020

Finding Your New Home in Four Steps

by Windermere DTC

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Whether you’re a first-time homebuyer or you currently own and are looking for a new home, the ideas below will help you better navigate that all-important first step: Finding a property that is both appealing and affordable.

The search for a new home always starts out with a lot of excitement. But if you haven’t prepared, frustration can soon set in, especially in a competitive real estate market. The biggest mistake is jumping into a search unfocused, just hoping to “see what’s available.” Instead, we recommend you first take some time to work through the four steps below.

Step 1: Talk to your agent

Even if you’re just thinking about buying or selling a house, start by consulting your real estate agent. An agent can give you an up-to-the-minute summary of the current real estate market, as well as mortgage industry trends. They can also put you in touch with all the best resources and educate you about the next steps, plus much more. If you are interested in finding an experienced agent in your area, we can connect you here.

Step 2: Decide how much home you can afford

It may sound like a drag to start your home search with a boring financial review, but when all is said and done, you’ll be glad you did. With so many people competing to buy what is available, it’s far more efficient to focus your search on the properties you can afford. A meeting or two with a reputable mortgage agent should tell you everything you need to know.

Step 3: Envision your future

Typically, it takes at least five years for a home purchase to start paying off financially—which means—the better your new home suits you, the longer you’ll most likely remain living there.

Thinking of your near future, what life events do you anticipate in the next five or six years? If you’re planning to add to the family or change careers, or even rent out a portion of your home to others, share this information with your real estate agent. They will be able to help you evaluate your current and future needs to help find the best home that you can grow into.

Step 4: Visualize your ideal home

When it comes to this step, be realistic. It’s easy to get carried away dreaming about all the home features you want. Try listing everything on a piece of paper, then choose the five “must-haves,” and the five “really-wants.”

For more tips, as well as advice geared specifically to your situation, connect with an experienced Windermere Real Estate agent by clicking here.

Buyers & Sellers • Housing Market • Selling • March 10, 2020

Is it time to downsize?

by Windermere DTC

Choosing less space often has to do with a desire to live a life that’s simpler. Whether you’re retiring, want an eco-friendly, low-maintenance lifestyle or your children have moved away, downsizing might be the best option for you. Here are the advantages and disadvantages to consider before making the move and questions to begin asking yourself now.

Advantages

Increased cash flow.
- Spend less on your mortgage payment and you are likely to have more money leftover for other needs or desires.
More time.
- Cut down on time spent on household chores such as cleaning and vacuuming which will leave you with more hours in the day to do something more enjoyable.
Lower utility bills.
- Costs less to heat and air condition a small home.
- Less square footage decreases the amount of energy expended.
- Reducing energy is better for the environment and it helps keep your home green.
Reduced consumption.
- You would likely buy less since you won’t necessarily have the room for it.
Minimized stress.
- Homeowners who have successfully downsized often feel happier because they are no longer overwhelmed by the demands of a larger home.
- Less responsibility, less housework to do, increased cash flow and flexibility equals reduced stress.

Disadvantages

Fewer belongings.
- Moving into a smaller space would mean you would need to give away or donate furniture, books, kitchen supplies, etc.
No room for guests.
- Hosting holiday dinners might be out of the question for a smaller home.
Space restrictions.
- Less space means you could feel cramped.
Lifestyle changes.
- For long-term homeowners, downsizing means changing a lifestyle.

What to consider before downsizing

These questions are important to ask yourself because for some people, downsizing may not be the best option for them.

Does size matter to me?
1. Think about how much your identity is wrapped in your house.
2. Is it important for you to have a guest room or a second bathroom?
Will I miss some important things about a more spacious home?
1. Will moving into a smaller home feel like a step backward?
How will other life events affect my living in a smaller home?
1. Consider possible scenarios you may not expect such as adult children moving back home or if you plan to add a child.

The Cost to You

How much will it cost to replace the furniture?
1. When you move into a smaller home this means you might have to downsize your furniture to make room.
How much will it cost to get rid of the stuff I don’t need or won’t fit?
1. It’s important to have a plan for how you’re going to sell or give away the things you don’t need.
2. Consider things like family heirlooms. What are you going to do with all your antiques or treasures that your smaller home may not be able to accommodate?
How much will I get when I sell my current home, and will it help cover the cost of buying my new home?

If you know downsizing is the right option for you, you’re probably asking yourself, “Should I sell first and then buy or buy first and then sell?”. When you’re ready to discuss your options, talk to an experienced Real Estate Agent.

Design • February 12, 2020

Incorporate Pantone’s Color of 2020 into Your Home

by Windermere DTC

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Classic Blue has officially been anointed Pantone’s 2020 “Color of the Year”. Pantone says it picked this color because of its ability to instill calm, confidence, and connection as we cross the threshold into a new decade. A dependable color, Classic Blue is timeless, and enduring, making it a great addition to just about any room in your home.

Here are some ways to add this stunning shade of blue to your home:

Furniture

Add a splash of color to any room with Classic Blue furniture, such as these dining room chairs, which express a sense of tradition and elegance, as well as unexpected boldness.

Tile Work

Geometric patterns are all the rage this year, so why not liven up your kitchen backsplash with tiles that incorporate the color of the year? Here’s an example that achieves this through bold, colorful design that doubles as a piece of art.

Cabinets

If geometric tile isn’t your thing, the are other ways to bring your kitchen to life with this stunning shade of blue. If you’re not in a position to purchase all new cabinets, simply paint your current cabinets for a more affordable update.

Walls

Whether it’s built-ins, panels, or an accent wall, Classic Blue can make your furniture and décor pop. Consider this color when you paint your living room or bedroom as a way to encourage calm and confidence in your favorite spaces.

Posted on February 5, 2020 at 10:00 am
Windermere Colorado | Posted in Home Owner | Tagged Blue, built ins, cabinets, Color of the year, furniture, paint, Pantone, tile, tile work, walls

Kick-Starting a Kitchen Remodel

Ask a homeowner which room they would most like to improve, and most will point to the kitchen – the starting point for every meal and the heart of the home.

Ask those same people why they don’t move forward with a kitchen remodel, and many will say the project seems so overwhelming they don’t know where to start. If your kitchen needs an upgrade, here are some step-by-step suggestions to get you started.

Gather your thoughts

The steps that follow will all progress much easier if you take time beforehand to form a strong opinion about the desired look and layout of your new kitchen.

Start by reviewing kitchen magazines and photo-heavy kitchen remodeling guides and/or websites. Compiling clippings and printouts in a notebook helps you refine your vision. Clip or print the photos that capture your imagination, add notes, and draw circles and arrows around the things you like most.

Once you have a clearer vision of what you want, search online for better examples and new solutions, if necessary. If you live with a significant other, share your ideas with them and don’t allow yourself to become too committed before getting buy-in from them. Contractors and sales associates will expect a unified front.

Focus on the flow

Another major factor you’ll want to consider is how your new kitchen will be used, and by whom:

Do you want to cook with others?
Do you want family and guests to gather in the space while you cook?
Do you want to serve meals in the kitchen?
Do you want to display your dishware?
Where would you like things stored for maximum efficiency?

Imagine yourself happily cooking and entertaining in your new kitchen, then note the key elements necessary to make those dreams a reality. Having a list of your desired kitchen features and storage needs will help ensure your plan meets your vision.

Determine your budget

According to the annual Remodeling Magazine survey of costs, a “midrange,” “minor” kitchen remodel will cost homeowners living on the West Coast about $23,000. Those same folks can expect to pay about $70,000 for a midrange “major” kitchen remodel. Determine what you can afford before you start work to ensure that your vision is within reach, or to help prioritize what’s most critical.

What to do with the cabinets

Replacing the cabinets is one of the most expensive improvements you can make in a kitchen remodel (typically consuming 20 to 40 percent of the overall budget, according to Architectural Digest).

Consider refacing instead. This can include one of the following: 1) Installing completely new cabinet doors and drawer fronts or 2) installing new wood or laminate veneer over the existing cabinet and drawer fronts or 3) simply refinishing the existing cabinet and drawer fronts.
Shopping for contractors

The contractor you choose will determine much of the cost, the pace of your project, the amount of disruption, the final results, and your level of satisfaction. So be thorough in your search:

Ask friends and family for referrals and advice.
Interview at least three of the leading prospects in-person.
Ask to see samples of past work.
Look for someone who complements your operating style (similar personality and communication style).
Once you’ve narrowed your choice to one or two, ask to speak with a few past clients.

You’ll be tempted to latch onto the first contractor who gets rave reviews from a friend or family member. But remember: You and your project are unique, and it’s worth the time and effort to be rigorous in your search.

Selecting appliances

If you’re planning to replace appliances, here are three factors you’ll want to consider:

Finish – Stainless steel is still the most popular option, but beware: smudges, fingerprints, water spots, and streaks will be obvious. Black stainless steel has a warmer feel and is better at hiding spots.

Extended warranty – According to Consumer Reports, extended warranties are hardly ever worth it because today’s appliances are so reliable. And if something does fail, it’s often less expensive to just pay for the repair.

Unbiased testing and reviews – Before making an appliance purchase, use the information resources available through Consumer Reports.

A final note

Moving walls and extending your home’s foundation are both very expensive options. If your kitchen plans call for these architectural renovations, perhaps you’ve outgrown your home and need something larger (with an already-improved kitchen).

Market News • January 28, 2020

The Gardner Report – Q4 2019

by Windermere DTC

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

ECONOMIC OVERVIEW

Colorado’s economy added 57,100 new non-agricultural jobs over the past 12 months, a growth rate of 2.1%. The pace of job growth has been moderating and I anticipate this trend will continue as we move through 2020. My current forecast is for Colorado to add around 57,000 new jobs in 2020, a growth rate of 2.1%.

In November, the state unemployment rate was 2.6%, down a full percentage point from the same month in 2018. Unemployment rates in all the counties contained in this report were lower than a year ago and it is fair to state that all markets are now at full employment.

HOME SALES

In the final quarter of 2019, 14,279 homes sold, representing an impressive increase of 9.2% compared to the final quarter of 2018. However, sales were 18.7% lower than the third quarter, which I attribute to seasonality. Pending sales — a sign of future closings — dropped 26.7% compared to the third quarter, suggesting that closings in the first quarter of 2019 are likely to come in below current levels.
It is notable that all counties contained in this report saw sales growth compared to the same period a year ago.
Listing activity in the quarter essentially matched the same period in 2018 but the number of homes for sale was 26% lower than in the third quarter of the year. Again, this is a function of seasonality.
Inventory levels are holding steady, and demand for housing continues to be strong. I would certainly like to see inventory levels rise and I remain modestly hopeful that this will be the case, but likely not until the second half of 2020.

HOME PRICES

Home prices continue to trend higher, with the average home price in the region rising 4.3% year-over-year to $473,264.
Interest rates remain at very competitive levels and are likely to stay below 4% through 2020. This will allow prices to continue to rise, though I expect more modest price growth if there is an increase in the number of homes for sale.
Appreciation was strongest in Boulder County, where prices rose 7.4%. Home prices dropped in Clear Creek, Park, and Gilpin counties, but these are small markets so I don’t believe it’s indicative of an ongoing trend.
Affordability remains an issue in many Colorado markets and this will act as a modest headwind to ongoing price growth.

DAYS ON MARKET

The average number of days it took to sell a home in the markets contained in this report rose three days compared to the final quarter of 2018.
The amount of time it took to sell a home rose in all counties other than Clear Creek when compared to the fourth quarter of 2018.
It took an average of 41 days to sell a home in the region, an increase of 11 days compared to the third quarter of this year.
The Colorado housing market is still performing well and the modest increase in the length of time it took to sell a home is not a concern at the present time.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the fourth quarter of 2019, I am leaving the needle at the same level as in the third quarter. Listing activity has not grown, and this has led to higher prices in general. Although market time has risen, the market still favors home sellers.

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.

Selling • November 30, 2019

Remodel for the Most Resale Value

by Windermere DTC

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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 November 25, 2019 at 7:42 pm
Windermere Colorado | Posted in For Sellers, Home Owner, Living | Tagged entrance, entry way, Garage door, Kitchen, kitchen remodel, location, minor kitchen remodel, new siding, remodel, remodel ideas, resale, resale value, siding, siding replacement, stone veneer, Value, wood deck addition

Housing Market • November 29, 2019

So You Bought an Investment Property; Now What?

by Windermere DTC

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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.

Design • November 27, 2019

A Gold Thanksgiving

by Windermere DTC

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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.”

Market News • October 24, 2019

Gardner Report – Q3 2019

by Windermere DTC

Colorado Real Estate Market Update 2019

ECONOMIC OVERVIEW

Colorado’s economy picked up, adding 64,900 new non-agricultural jobs over the past 12 months — a growth rate of 2.4%. Over the past three months, the state added an impressive 28,300 new jobs.

In August, the state unemployment rate was 2.8%, down from 3.4% a year ago. Unemployment rates in all the counties contained in this report were lower than a year ago. It is fair to say that all markets are now at full employment.

HOME SALES

In the third quarter of 2019, 17,562 homes sold. This is an increase of 5.1% compared to the third quarter of 2018 but 1.6% lower than the second quarter (which can be attributed to seasonality). Pending sales — a sign of future closings —rose 9.7%, suggesting that closings in the final quarter of 2019 are likely to show further improvement.
Seven counties contained in this report saw sales growth, while four saw sales activity drop. I am not concerned about this because all the markets that experienced slowing are relatively small and, therefore, subject to significant swings.
I was pleased to see an ongoing increase in the number of homes for sale (+16.9%), which means home buyers have more choice and feel less urgency.
Inventory levels are moving higher, and demand for housing appears to be quite strong. As I predicted last quarter, home sales rose in the third quarter compared to a year ago.

HOME PRICES

Home prices continue to trend higher, with the average home price in the region rising 3.8% year-over-year to $477,776.
Interest rates are at very competitive levels and are likely to remain below 4% for the balance of the year. As a result, prices will continue to rise but at a more modest pace.
Appreciation was again strongest in Park County, where prices rose 7.8%. We also saw strong growth in Weld County, which rose 7.4%. Home prices dropped in Clear Creek County, but, as mentioned earlier, this is a small market so I don’t believe this is indicative of an ongoing trend.
Affordability remains an issue in many Colorado markets and this will act as a modest headwind to ongoing price growth.

DAYS ON MARKET

The average number of days it took to sell a home in the markets contained in this report rose seven days compared to the third quarter of 2018.
The amount of time it took to sell a home rose in all counties compared to the third quarter of 2018.
It took an average of 30 days to sell a home in the region — an increase of 1 day compared to the second quarter of this year.
The Colorado housing market is still performing well, and the modest increase in the length of time it took to sell a home is a function of greater choice in homes for sale and buyers taking a little longer to choose a home.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the third quarter of 2019, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I continue to closely monitor listing activity to see if we get any major bumps above the traditional increase because that may further slow home price growth. However, the trend for 2019 will continue to be a move toward a more balanced market.

ABOUT MATTHEW GARDNER

Uncategorized • August 2, 2019

The Gardner Report – Q2 2019

by Windermere DTC

The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park counties) is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

ECONOMIC OVERVIEW

Colorado’s economy continues to grow with the addition of 45,900 new non-agricultural jobs over the past 12 months, which represents a growth rate of 1.7%. As I have stated in the last two Gardner Reports, we continue to see a modest slowdown in employment gains, but that is to be expected at this stage of the business cycle.

In May, the state unemployment rate was 3.2%, up from 3.1% a year ago. The increase in the rate is essentially due to labor force growth, which rose by over 55,700 people over the past year. On a seasonally adjusted basis, unemployment rates in all the markets contained in this report were lower than a year ago and are at full employment.

HOME SALES

In the second quarter of 2019, 17,853 homes sold. This is a drop of 1% compared to the second quarter of 2018 but a substantial 59.9% higher than the first quarter of this year. Pending sales — a sign of future closings — rose 5.8%, suggesting that closings in the third quarter are likely to show further improvement.
Half of the counties contained in this report saw sales growth, while the other half had fewer closings. Sales in the small Clear Creek County fell precipitously. However, it was only a drop of 20 sales.
The marginal drop in the number of sales compared to a year ago can be attributed to the ongoing increase in listing activity (+34.8%), which continues to give would-be home buyers more choice and less urgency.
Inventory levels continue to rise, but demand for housing appears to be ongoing. I am not concerned by the marginal year-over-year slowdown and anticipate that sales will rise again in the third quarter.

HOME PRICES

Home prices continue to trend higher, but the rate of growth has taken a pause, with the average home price in the region rising by just 2.3% year-over-year to $490,575.
The drop in interest rates this year has nudged more buyers off the fence and this can allow further price growth as we move through the year.
Appreciation was again strongest in Park County, where prices rose 6.1%. We also saw strong growth in Weld County, which rose by 6.1%. Home prices dropped in Clear Creek, Boulder, and Gilpin counties, but I do not see this as being indicative of a trend in these markets.
Affordability continues to be an issue in many Colorado markets and this may act as a modest headwind to ongoing price growth. However, some of the slowing may be offset by very favorable mortgage rates.

DAYS ON MARKET

The average number of days it took to sell a home in the markets contained in this report rose four days over the second quarter of 2018.
The amount of time it took to sell a home rose in all counties except Gilpin when compared to the second quarter of 2018.
It took an average of 29 days to sell a home in the region — a drop of 13 days compared to the first quarter of this year.
It is likely that the drop in time-on-market was a function of the emerging spring selling season as well as falling mortgage rates.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the second quarter of 2019, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I continue to closely monitor listing activity to see if we get any major bumps above the traditional increase because that may further slow home price growth. However, the trend for 2019 will continue to be a move toward a more balanced market.

ABOUT MATTHEW GARDNER

Community • June 4, 2019

Windermere and YouthCare – Helping Homeless Youth

by Windermere DTC

Pictured from left to right: Cassie Walker Johnson, YouthCare Board Member & Windermere Broker; Jill Jacobi Wood, Co-President, Windermere Real Estate; Christine Wood, Executive Director, Windermere Foundation; Geoff Wood, CEO & Co-President, Windermere Real Estate.

For the past 30 years, Windermere Real Estate has supported more than 500 non-profit agencies dedicated to helping low-income and homeless families through donations from the Windermere Foundation. We have worked with many worthy organizations that provide shelter, food, youth/children’s programs, emergency assistance, education/counseling, school assistance, scholarships, and other services to those in need in our communities. One organization that we have been honored to partner with these past three years is YouthCare, a non-profit in Seattle, Washington that provides critical services to homeless youth. YouthCare works to end youth homelessness and to ensure that young people are valued for who they are and empowered to achieve their potential.

Three years ago, we embarked on a campaign to #tacklehomelessness with the Seattle Seahawks and YouthCare. Together, our goal was to bring resources to help homeless youth move forward, and to inspire our neighbors and friends to take action. Windermere committed to donating $100 for every Seahawks home game defensive tackle to YouthCare. During the three seasons of the campaign, a total of $98,700 was raised to help fund housing and residential care for homeless youth.

In addition to the #tacklehomelessness campaign, Windermere offices throughout the greater Seattle area came together each fall to hold a “We’ve Got You Covered” winter drive for YouthCare. Over three years, a combined total of over 14,600 hats, gloves, scarves, socks, and an assortment of other accessories and cash donations were collected through the drives.

“We fielded a mountain (literally!) of donated items from the Windermere Community,” said Jody Waits, Development & Communications Officer for YouthCare. “Windermere understands the power of home, and that a safe and welcoming place to call your own causes joy. We are so honored to have cheered for the Hawks and had this incredible partnership to tackle homelessness, together! While our friendship is evolving, we know that, united, we’ll always be working to help homeless youth be safe today and build a thriving future for tomorrow. Thank you!”

Although our campaign with YouthCare has come to an end, Windermere is still actively involved with the non-profit. Cassie Walker Johnson, managing broker at the Windermere Wedgwood office, is a member of YouthCare’s Board of Directors.

Windermere is proud to partner with non-profits like YouthCare, and we are thankful for all the generous donations made to the Windermere Foundation, which enable us to continue to support them.

If you would like to learn more about the Windermere Foundation, please visit windermerefoundation.com.

Posted in Community and Windermere Foundation by Marilou Ubungen