83 Miles Per Hour

 

Pretend you have been driving on the Interstate at 100 miles per hour.

Also, pretend you have been doing that for a long time.

Now pretend you slow down to 83 miles per hour.

How would that feel?

It would probably feel slow, right?

83 miles per hour is a 17% decrease from 100. It may feel slow, but it’s still pretty fast.

How does this relate to real estate?

Well, the market has been moving fast for a long time.

It’s been going 100 miles per hour for at least two years (some would argue even longer).

We’ve recently seen a 17% change in terms of number of transactions that are occurring.

There were 17% fewer sales in October 2018 versus October 2017 in Metro Denver.

It feels slow because we’ve been driving so fast for so long. But, our market is still moving.

For example, prices are still up. So, remember, that it’s all relative.


Posted on November 15, 2018 at 10:16 pm
Kyle Basnar | Posted in Blog, Fort Collins Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , , , , , , , ,

FUNdamentals

 

In times of change (like now), it’s valuable to look at the fundamentals of our market.

Let’s have some fun with fundamentals…

1.  Our economy is healthy – since 1990, the unemployment rate in Colorado has never been higher than the U.S. unemployment rate.  Ever.  Unemployment in Colorado sits at 2.7% today while the rate across the U.S. is 4.0%.

2.  People keep moving here – since 2005 our population has grown by just over a million people which is roughly 77,000 per year (about the size of Mile High Stadium).

3.  Our real estate outperforms other places – according the Federal Housing Finance Authority, Colorado is the #1 state for home price appreciation since 1990.


Posted on October 31, 2018 at 8:22 pm
Kyle Basnar | Posted in Uncategorized | Tagged , , , , , , ,

A History Lesson

One of the most common questions we hear from clients is “Where do you think interest rates are going?”

Virtually all of the experts we follow put rates above 5% going into next year and some see rates approaching 5.5% by the middle of 2019. What’s certain is that there are economic forces at work that are pushing rates higher.

So, how about a little history lesson? How do today’s 30- year mortgage rates compare to this same date in history going all the way back to 1990?

• Today = 4.85%
• 2017 = 3.94%
• 2015 = 3.82%
• 2010 = 4.27%
• 2005 = 5.98%
• 2000 = 7.84%
• 1995 = 7.75%
• 1990 = 10.22%

While today’s rates feel high only because they are higher than 2017, they are quite a bit lower than at many times in history.


Posted on October 25, 2018 at 8:56 pm
Kyle Basnar | Posted in Blog, Fort Collins Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , , , , ,

Mid-Century Modern Ranch in Fort Collins!

Completely remodeled & updated mid-century ranch at 1624 Smith Place! Sellers have added $40K of additional updates since last purchased. Updates include: Solid hickory floors throughout, stainless appliances, large kitchen island, open floor plan, new carpet & tile, upgraded electrical, new water heater, radon mitigation & ring doorbell. Gorgeous custom low maintenance landscaping! Next to Spring Creek Trail, a bike ride to Old Town & the newly updated Midtown shops at Foothills. Location! Location! Location! Call for your private showing at 970-481-5689 for more information or click the link below for more details.

http://windermerenoco.com/listing/87785649


Posted on October 22, 2018 at 10:02 pm
Kyle Basnar | Posted in Fort Collins Real Estate, Virtual Tour | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

What’s Starting?

Here are some interesting stats from our friends at Metro Study who study new home activity along the Front Range.

• New home starts are up 14% compared to last year – this is really good news and is helping to relieve the shortage of housing inventory

• Every product type saw an increase in starts compared to last year (single family, town-home and condominium)

• Condominiums saw the largest increase in starts by a long shot, up 112% over last year- this is excellent news for first time buyers and those looking for product in lower price ranges.


Posted on October 1, 2018 at 8:06 pm
Kyle Basnar | Posted in Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , , , , , , , ,

How We Rank

Here’s how the largest Colorado cities rank on the most recent Federal Housing Finance Authority’s quarterly report.  They study the appreciation rate in 245 metropolitan areas all over the country.

City                        Rank                Appreciation

Boulder                        65th                   8.76%

Colorado Springs      15th                    11.54%

Denver                        30th                    10.16%

Fort Collins                85th                    7.51%

Grand Junction         58th                   9.01%

Greeley                        45th                    9.51%


Posted on September 27, 2018 at 9:06 pm
Kyle Basnar | Posted in Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , ,

The Cost of Waiting

It’s true, certain parts of our market are cooling off. We are seeing fewer multiple offers, fewer bidding wars, and fewer inspection concessions.
However, homes that are priced right and in great condition are selling, and in many cases, selling quickly.

As buyers feel the market cool a bit, it may cause them to want to wait. They sometimes feel like it’s a better choice to ‘wait and see what happens.’

The reality is, there is a real cost to waiting given two specific facts.

1. Interest rates will continue to rise
2. Prices will continue to rise

Interest rates are a little more than 0.5% higher than a year ago and experts predict them to be another 0.5% higher by this time next year.

Prices have been appreciating at roughly 10% per year for the last four years. Based on the numbers, we see that appreciation could be 5% per year for the next two years.

So, let’s look at a house priced at $450,000 today. If prices go up “only” 5% for the next 12 months, that home will cost $22,500 more in a year.

And, if rates go up another half percent, the monthly payment will be $206 higher. That’s an 11% increase!

In an environment of rising prices and rising rates, there is a real cost to “wait and see.”


Posted on September 10, 2018 at 11:30 pm
Kyle Basnar | Posted in Fort Collins Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , ,

Multi Family Unit in Fort Collins!

Check out this great investment multi family living unit in good shape at 510 N Shields St. Bonus carriage house in backyard with separate utilities. Please call listing agent for details. Currently rented to 2 tenants. Buyer will take ownership of lease. Potential to Gross $42,000/yr in income. Call for your private showing at 970-481-5689 for more information or click the link below for more details.

http://bornandraisedfoco.com/listing/82965108


Posted on August 21, 2018 at 5:11 pm
Kyle Basnar | Posted in Fort Collins Real Estate, Virtual Tour | Tagged , , , , , , ,

Beautiful Town-home with Two Master Suites in Fort Collins!

3826 Rock Creek Dr #D is at a great location on the Harmony Corridor with access to shopping, dining, medical, schools, biz & more. Mountain views and a summertime pool. Includes designer tile, granite, wood flooring, new paint, stainless steel appliances, vaulted ceilings, open floor plan, den/office, and a fireplace–just what you want! Large finished basement with private bedroom and bath. Fenced yard and deck. This unit is pristine but you must see for yourself! Call for your private showing at 970-481-5689 for more information or click the link below for more details.

http://bornandraisedfoco.com/listing/81057571

 


Posted on July 2, 2018 at 10:46 pm
Kyle Basnar | Posted in Fort Collins Real Estate, Virtual Tour | Tagged , , , , , , , , , , , , , , , , , , , ,

Unfinished Brownstone Town-home in the Heart of Fort Collins!

1038 W Mountain Ave a luxury Brownstone unit with high quality construction, ready for the buyer’s personal design! Presenting an open and flowing floor plan, conceptual designer kitchen, dining space, gas fireplace, 3 luxurious master suites, flex space, and balcony overlooking Mountain Ave. Featuring a large front patio and private fenced yard space in back. Including one-car detached garage and additional parking. Easy access to Old Town, City Park, & CSU. The only zero maintenance lock-and-leave living on Mountain! Call for your private showing at 970-481-5689 for more information or click the link below for more details. Please note that the video below is for a similar model.

http://bornandraisedfoco.com/listing/80572554


Posted on June 19, 2018 at 10:10 pm
Kyle Basnar | Posted in Fort Collins Real Estate, Virtual Tour | Tagged , , , , , , , ,