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 | Category: Blog, Fort Collins Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , , , , ,

At Least List

At Least List

2018 is off to a flying start according to one measure we use frequently.

An interesting stat is one we call “At Least List.” It tracks how many homes sell for at least list price.

Because of low inventory in some price ranges and the high demand that exists in our market, many homes sell for exactly list price or even higher.

In February 47% of the single family homes in Larimer County and 69% of the single family homes in Weld County sold for at least list price.

Posted on March 2, 2018 at 10:33 pm
Kyle Basnar | Category: Fort Collins Real Estate, Northern Colorado Real estate | Tagged , , , , , , , ,

How Will The New Stadium Impact Fort Collins

Today we are looking at one of the hot topics in Northern Colorado. Is the new CSU football stadium impacting real estate values in the surrounding neighborhoods?

The answer, based on the research we’ve done so far, is… yes!

New CSU Stadium Rendering – Image credit: stadium.colostate.edu

Here are the details…

We looked at the residential properties in the 1-mile radius surrounding the new stadium. We pulled the sales over the last three years in that area. Then we compared that area to the market as a whole.

Let’s talk about prices first. Residential prices inside the City Limits of Fort Collins went up 11% last year and 12% the year before that. Within the stadium’s 1-mile radius, prices only went up 1% last year, but 14% the year before that. It seems that recent construction has impacted prices.

Now what about number of sales? Residential transactions have gone down 5% per year each of the last two years. Near the stadium, the decrease has been even larger at 7 to 8% per year.

It does seem that the stadium has had an impact. We will continue to keep our eye on this trend!

*One footnote is that last year had more condominium sales than the year before which has an impact on average price.

Posted on February 17, 2017 at 11:20 am
Fort Collins | Category: Fort Collins real estate | Tagged , , , , , , , , ,
Posted on February 24, 2017 at 6:50 pm
Kyle Basnar | Category: Uncategorized | Tagged , , , , , , , , ,

The Next Boulder?

The hottest question we get in Northern Colorado is this “do you think Fort Collins is the next Boulder?”

Let’s look closely at that question and start with what is similar. They are both beautiful college towns nestled against the foothills. They both have affordability issues which push real estate buyers to satellite communities (what is happenning is Wellington is not unlike what happened in Louisville).

Yet there are differences at a fundamental level that will forever keep these two places very different from each other. For example the average Household Income in Boulder is 60% higher than Fort Collins. Here is another big deal, Boulder is only half the size of Fort Collins (25 square miles versus 57 square miles). And get this, the City of Boulder owns 71 square miles of open space in and around the City.

Essentially Boulder is a small island surrounded by an ocean of open space inhabited by very high income-earners. That is why the average price of a single family home in Boulder is now over $1 million.

We put together a short video which shows you more detail about this hot question. You can watch it here:

 

Posted on February 24, 2017 at 6:35 pm
Kyle Basnar | Category: Fort Collins Real Estate | Tagged , , , , ,