“What’s happening in the market?” This is a question I often get. The truth is, I am not 100% certain. The area in which I work, predominately Boulder County Colorado, has always been in high demand. Even with the crash much of the country saw in 2008, Boulder saw a little blip, then rebounded and stabilized. Then, as we headed into 2012, prices started climbing exponentially, and for the most part, have not stopped. Sure, we see the ebb and flow of the seasons, and things flatten out a bit, but overall, the value of homes in this area have been, and remain, a solid investment.
Enter 2019, then roll into 2020, a worldwide pandemic, and a sudden need for more work / live space at home. In 2019 we were already feeling the pinch of low inventory and high demand. Sellers thought about selling, but were concerned that they would not be able to find a replacement home so they stayed put. We were seeing a lot of remodeling, as homeowners decided to improve upon what they already had vs. looking for something new, and so the inventory shortage was born. 2020 marches in, and families found themselves having to pivot and work from home and homeschool their school age children; their homes went from being a place where family lived, to a place where family worked, learned, lived and played; it was a LOT of togetherness! With restrictions in place, and outings limited, having a backyard, and some private / safe space to call your own was suddenly a desired commodity, and we saw a flood of interest in the suburbs. The once desirable urban living was waning and the demand for more single-family housing rose quickly; so quickly that the demand was impossible to keep up with. This demand further tightened inventory, and drove prices through the roof. We saw rents rise as well, driving even more demand into the market from those that were renting, to try to find a place of their own to purchase.
For homeowners that were in a position to sell during this time life was sweet! They could basically name their price (within reason) and the offers would flood in, often exceeding the list price by $50k - $100k or more. Buyer agents were crafting purchase contracts stating that their buyers would not make any requests of the seller to make repairs, and offering to cover the cost difference between the list price and the purchase price should the buyer’s appraisal come in light. As a buyer’s agent, we were expected to get creative, while still working within our legal limits, and giving our buyers sound advice. The stress of the past 18 months has driven many agents out of the business. Buyer and agent burnout has been high, and after spending countless hours looking at homes, often dropping everything to accommodate our buyer and meet a tight offer deadline set by the seller, writing numerous offers, and trying to hold it all together while supporting our buyers, who were feeling defeated and frustrated, our buyers often turned to signing a lease and renting “until the market cooled off” – who could blame them? It was brutal and heartbreaking both for home buyers and agents alike.
Ironically, it was not easy to be a listing agent either. Seller expectations were often unrealistic, placing undue demand on their agent. Even the most professional and kind buyer agents were understandably tired and cranky, and would react out of character when the seller would elect to accept an offer before the offer deadline. As the listing agent, you would often be the target of that frustration when you had to make the call that the listing was no longer available. Then there was the buyer fallout to deal with; buyers feeling desperate would make fantastical offers, then once accepted would have remorse and sometimes find a reason to terminate, frustrating agents and sellers alike.
Everyone was tired. Everyone was burnt out.
But, back to the original question; “How is the market?” I do believe that there is light on the horizon! As it always does, I believe that the market is starting to correct itself.
I am seeing homes sit on the market for a week or more (in a healthy market, 90 days is not unusual). I am seeing price reductions. Instead of 15 – 20 offers on a single listing, I am seeing 1, maybe 2 or 3. Things are starting to normalize.
This is excellent news for buyers! I would not go so far as to say it’s becoming a buyer’s market…I think we are a long way from that, and buyer’s need to be mindful that they still have to submit a competitive offer in order to be considered. However, finding a home, and having your offer accepted, is more a reality now than it has been in the past 18 months!
Although sellers are not rejoicing quite as much, I do see this as a good thing for sellers as well; less fall through transactions / more authentic offers, less adversarial and more cooperative transactions, and more opportunity to find a replacement home.
I do believe that we are heading towards a more stable, healthy, real estate market.
If you have been on the fence, or renting because you were not in a position to be competitive, now may be the right time for you to revisit homeownership!
If you were thinking about selling, but had concerns about your ability to find a replacement home, now may be the time to revisit your dreams!
I would love to help you strategize reaching your goals! The market correction is a good thing for everyone! Please reach out to me if I can be of any assistance.
CLICK HERE to see what the experts have to say about the 2021 real estate market.
Even in today's sellers' market, setting the right price for your house is one of the most valuable things you can do. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5%in 2021.
CLICK HERE to read more...
To see the current market stats for Boulder County Colorado, please CLICK HERE.
Do you know someone looking to buy or sell a home in Westminster, Broomfield, or anywhere in Boulder County, please contact me. I offer a very comprehensive and competitive marketing package to my home sellers, and I make a point to go the extra mile for home home buyers.
Excellent service should not cost more, it should be expected!
Here is your monthly market update for single family homes in Boulder County Colorado. If you would like the stats for condos and townhomes, or if you would like a personalized market evaluation for your home, please contact me; I am happy to help!
CLICK HERE to see the market stats for the city of Boulder County, for August 2020.
Monthly Market Update for Boulder County. I work with home buyers and sellers all throughout Boulder County, Broomfield and Westminster in beautiful Colorado!
Thinking of buying a home? Do you want to know what your home is worth? Please reach out; I am happy to help!
CLICK HERE to see July's market update for Boulder County.
With interest rates hitting record lows, mortgage lenders are being pushed to the max. Many mortgage companies are actively trying to hire more support staff, however with little time to train, it’s a learn as you go process for many, which also takes its toll on the process.
With mortgage lenders being overwhelmed with record numbers of refinances and purchases, this also backlogs the title companies…and the home appraisers…and so on, and so on.
So what does this mean to you:
Other businesses that pertain to the sale of your home or purchase of a new home may be impacted as well!
IF YOU ARE A PAST CLIENT OF MINE, WITH A HOME WARRANTY FROM 2-10 HOME WARRANTY, PLEASE READ:
2-10 Home Warranty
It’s a great time to buy or sell a home! Work with an experienced Realtor® to help you navigate your way to a successful closing, and be sure to do your part to sign and provide documents in a timely fashion, in order to keep your transaction moving along and meeting deadlines.
Please do not hesitate to contact me if I can be of any assistance.
With businesses reopening throughout the county and some experts indicating early signs of a much-anticipated economic recovery, more home buyers are actively entering the housing market this summer.
Locally, we are seeing multiple offers, and homes selling for over their list price in the hot, hot, HOT price range between the mid to upper $300,000's to the mid $600,000's.
CLICK HERE to read more...
Get the latest real estate market information for Boulder County Colorado! We are seeing a market recovery since the COVID Shelter in Place order in early March. This is good news for both home buyers and sellers!
I work all throughout Boulder County (as well as the City of Broomfield and Westminster).
If I can be of any assistance to you or anyone you know, please do not hesitate to contact me!
CLICK HERE May 2020 market stats for Boulder County. These stats are for single family homes. If you would like to see the stats for condos and townhomes, please just ask, I am happy to send them your way
Please tune in to my business FB page; Terri Taydus - Boulder Colorado Properties, this Saturday, 6/13, at 12:45PM MST for my LIVE, virtual Open House!
I am the LAST person to do a live ANYTHING on social media, yet, here we are!
I will be doing my best to answer your questions, and give you a live walk through of my listing at 2016 19th St #20 in Boulder CO.
Come show me some love and tune in!
CLICK HERE to be connected to my FB Business Page (and while you are there, please "Follow" me for all of the most up to date real estate information in Boulder County, Westminster and Broomfield!)
As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what's to come. CLICK HERE to read more...
The basic definition of forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower TO DELAY FORECLOSURE.
We have seen a rapid increase in the numbers of borrowers going into forbearance without any knowledge or understanding of what they are doing.
The mortgage companies are not explaining what forbearance is or what happens at the end of the forbearance period. Many borrowers are being put into forbearance without any consent, verbal or written.
It is imperative to read and understand the following:
Based on my understanding, the borrower cannot select the terms of repayment and the bank will not commit to a plan at the beginning of the forbearance. The terms will be decided by the bank and the preferred repayment plan is the lump sum.
The most important advice that I can give consumers is to take any correspondence be it written or over the telephone from your lender seriously. Borrowers are being put into forbearance without any formal consent for the Bank to do so.
Once in forbearance, either by your choice or the Banks, your credit is ruined. The banks are quick to report the forbearance to the credit bureaus and it immediately shows up on your credit even if you have not missed a payment.
The banks that we have experience with WILL NOT send a letter to the lender to have the forbearance removed. The bank will at its leisure report that the borrower opted out of forbearance and did not miss any payments.
We have no idea how long this process will take as this is all very new. Once the forbearance is taken off, you have to bring your mortgage current and make at least two payments as scheduled to eliminate the negative impact of the forbearance.
FORBEARANCE is serious and unfortunately many homeowners will be put into a position where they could lose their homes without even understanding what they are agreeing to.
Document your conversations regarding the forbearance and keep all documents that are sent to you. Make sure that you respond to all correspondence and if you are notified that you have been placed in forbearance immediately notify the Bank that you wish to opt out.
You can ask your lender to do a SOFT PULL of your credit to make sure that the forbearance does not appear and if it does that it has been removed. You need to act pro-actively and not wait.
If you cannot make your payment, then I would advise to try and pay what you can and not skip the payment entirely if possible.
As a company we are collecting as much information as we can through our legal department and our Credit Services to be informed and to help educate our clients as this is very new to all of us.
Written and shared with permission by Joe Taydus of NOVA Home Loans. Please reach out to Joe directly with any questions: (303) 514-1151 or Joe.Taydus@NOVAHomeLoans.com
Believe it or not, there are lots of things you can do to prep your house for a sale without even going to the store! Your real estate plans don't have to be completely on hold even while we've hit the pause button on other parts of daily life. Tackling small projects from cleaning the corners you may normally skip, to tidying up your yard, are easy and necessary wins if you're thinking of marketing and selling your home once life starts to return to normal. CLICK HERE to read more!
Here is the market update for Boulder County, for March 2020. Please CLICK HERE for details.
This update is for single family homes. If you would like the market information for condos and townhomes, please reach out to me; I will happily email the market information directly to your inbox.
During these uncertain times, real estate is not quite "business as usual" however I am still here to answer your questions, and be of assistance remotely.
Most importantly, a huge THANK YOU to all of our first responders! They are the true heroes!
I hope this post finds you and your family healthy and safe, please do take extra care during these difficult times.
Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, an essential need for all.
As of today, 4/8/2020, Here in Colorado we are under a Shelter in Place order to keep everyone safe. This order does not allow us to meet face to face with our clients at this time. This means no in person showings, meetings, or open houses. But thanks to technology, we are able to conduct business and continue to sell and list homes.
PLEASE NOTE: The real estate landscape is changing day by day, so this information could be yesterday's news by tomorrow, but for today, this is how we are proceeding.
Although buying and selling real estate is still possible, I have advised my clients to hold off until it is safe to meet in person. If you are reading this and are in dire need of buying a home or selling your home, please reach out to me; there are ways I can still help you, albeit from a distance.
What does this distancing look like if you are buying or selling your home:
Obviously buying or selling is not ideal during these times, however it IS doable ;)
Both myself and WK Real Estate are set up to work with you remotely. Through the use of technology, we can host virtual walk throughs, and meet via online platforms such as Zoom.
To read more about how technology is aiding us to best serve you during these difficult times, please CLICK HERE.
Most importantly, stay safe, stay home if you can, and stay healthy.
And last but not least, thank you to all of our first responders! You are appreciated beyond measure!
Market Update for February 2020 Boulder County Market for Single Family Homes. Looking to buy or sell a home? I can help Would you like a Market Update for condos and townhomes? Message me and I will send an update right to your inbox. Buying or selling outside of Colorado, or outside of the Colorado markets that I service? I can help you find a reputable agent in your area! I am here to help.
CLICK HERE to learn more!
The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. NOW is a great time to market and sell your home! Please CLICK HERE to read more...
There are many clear financial benefits to owning a home; increasing equity, building net worth, growing appreciation and more. If you're a renter, it's never too early to make a plan for how homeownership can propel you toward a stronger future. CLICK HERE to read more...
Here is your market update for Boulder County, Broomfield and Westminster!
Thinking about buying or selling your home? I can help. Please contact me if you, or someone you know, is thinking about buying or selling :)
CLICK HERE to see the Market Update for Boulder County single family homes (use your browser's back button to return to this blog).
CLICK HERE to see the market update for the city of Broomfield single family homes (use your browser's back button to return to this blog).
CLICK HERE to see the market update for the city of Westminster single family homes (use your browser's back button to return to this blog).
Would you like to see a market update for condos and townhomes? Just ask! I am happy to provide you with that information.