REAL ESTATE MARKET UPDATE
Rising Rates Battle Demographics
We are finally seeing an effect from the massive interest rate increases in the NoCo market. For the last few months we have been waiting and waiting to feel things slow as rates surged from their all time lows of 2.5% to nearly 6%. We are witnessing a battle between two market forces: Demographics and rising borrowing costs.
.jpg)
Clients often ask why the $/square foot varies so widely between homes they are evaluating. Keep in mind - smaller homes are going to have higher dollar per square foot values, larger homes will have lower dollar per square foot values. Here’s why…
.png)
These types of mailings work best when they reference specific neighborhoods and name the buyers by name.
Be prepared for a much longer timeline than with a traditional, on-market sale. But the upside is no bidding war and getting to meet and talk with the seller face to face.
(1).png)
Have you seen all these news articles where the poor home buyer is saying, “oh my gosh I waived inspection and bought a house with all these problems!!” Why are these people not doing inspections!? Waiving your inspection contingency should NEVER mean that you don’t perform an inspection. Also, just because you waive inspection doesn’t mean you can’t re-negotiate if things are bad enough. At the end of the day, you can always walk away from the deal and that is often all the leverage you need if major issues are found. Your earnest money may or may not be refundable depending on how your contract is structured. One thing to note, there are some instances where a buyer’s non refundable earnest money is a really painful amount. Some well heeled buyers are putting down $100k non refundable! This is rare in Northern Colorado and is more common in Denver and markets like Austin and LA and is usually done on high end homes that have been very well cared for. Regardless of how your contract is structured and how much earnest money is in play, please do your inspection!
.png)
Buyers need as much information as they can get during and after a competitive offer situation. Too many agents just tell their buyers the number of offers that the seller is expecting and fail to creatively extract additional information. Also, when buyers lose in these situations, providing them info about the offer that won often makes the loss much less traumatic. There’s nothing worse than failing and having no idea why you lost.
Why some folks are opting to sell their long term rental and buy a vacation property that can generate not only income but also FUN. Ask me about how to locate a fun generating property at your favorite vacation spot.
1633 Remington St, Fort Collins
$425,000
2-1
925 SQFT
Funky cool 1960s brick ranch in a super prime location. Enjoy the quintessential Fort Collins lifestyle via the Remington bike lane for easy access to the best of Downtown, Midtown, world-renowned breweries and excellent city trail systems - or utilize as a rare investment opportunity with walkable proximity to CSU, Canvass Stadium, and the world class CSU trial gardens. Deep alley lot with large, fenced front and backyard. Updated laminate flooring and double pane windows. All appliances convey including washer/dryer and kitchen island-cart. Nice landscaping and garden beds. The lot extends past the back fence for plenty of off street parking and plenty of room to build a garage. LMN zoning may allow an additional dwelling unit so garage apartment may be possible-buyer to verify with City. This home has been loved and well kept by the owners and offered at a price that is rapidly disappearing from Fort Collins.
.png)
Should you get a retail mortgage, or a wholesale mortgage? I think you know the answer. Mortgage pricing varies dramatically. Make sure you shop around. For a wholesale mortgage check out my pops:
Bruce Jenkins
Excel Financial Group
970-689-2665
8101 Wynstone Dr - Open House Sat 4/23/22 & Sun 4/24/22 from 1-3pm. This gorgeous High Pointe Estates ranch style home in Windsor Colorado is on a huge lot with no neighbors directly behind or to the west. Acres of greenbelt surround & wind through the neighborhood giving privacy, expansive views & the ability to step out your door onto the neighborhood trail. Main floor has a large granite island, gas range & two ovens. Vaulted ceilings & huge south facing windows overlook the yard & greenbelt providing excellent southern exposure & a big reduction in heating costs. 3 car garage, low maintenance stucco/stone veneer exterior. 4 bedrooms on the main floor. The large owner's suite has a spacious ensuite bath & walk in closet that connects to the laundry room. Downstairs you have two additional bedrooms for 6 total beds. The rec room provides almost 1,000 sf of living space & a huge wet bar w/mini fridge. There's also plenty of unfinished storage space in the basement. This home is a very short walk to the neighborhood pool, tennis courts, & clubhouse. There's also a skate park in the neighborhood! Call Ryan Jenkins or Scott Lowe of Grey Rock Realty for a private showing.
.png)
Keep it simple!
"So, one of my agents comes to me to me the other day and asked me to review a contract that she got on one of her listings and she said, "I don't understand this appraisal provision. Can you read it and see if you can make heads or tales of it?" And I read it and I couldn't understand it either. It was very long and convoluted and I said, "No, I don't understand that. Why don't you go ask the other agent what they meant or what they were intending to accomplish with that provision." So she calls the other agent and ask her, "hey, what are you trying to do here?" and the agent was like, "I don't understand what it means. My managing broker just told me to put it in there." So, we gotta understand the provisions that we're putting into contracts. There's tendency of realtors to write these long convoluted provisions. My litmus test is like a third grade level. It's gotta be super simple. Everybody needs to understand what the provision is trying to accomplish. Don't sign anything you don't understand. Just a thought for you."
| Newer Posts | Older Posts |