BlogDesignHome OwnerRentals July 14, 2021

How to Rent Out Your Vacation Home this Summer

A second home can be more than an escape from daily living, it can be a source of income. For those who own a vacation home, summer is full of opportunities to open your doors to renters while still enjoying the benefits of having your own personal getaway. This approach to home ownership can be a balancing act, but with the right preparation and know-how, you can turn your vacation property into an income-producing investment.

Renting Out Your Vacation Home in Summer

Splitting the use of your vacation home with renters can oftentimes result in quick turnaround times between visits, so it’s important to avoid falling behind on your task list to keep each transition and visit as smooth as possible. To help with this process, consider hiring professional cleaners to ensure the home is presentable, clean, and fresh for each guest’s stay. Listing your property on short-term rental sites like AirBnB and VRBO help increase your property’s visibility and can be a useful tool for managing the rental process, especially if you’re having a difficult time attracting renters.

If you’ll be staying at your vacation home between renters, be sure to schedule those dates ahead of time so you can block them off from visitors. A mix-up in scheduling only creates added stress and will negatively impact your guests’ experience, and potentially the online reviews.

 

Pricing Your Vacation Rental

Get the best return on your investment by offering a competitive rate, including on popular weekends. It’s common for homeowners to increase prices for popular summer dates like the Fourth of July and Labor Day weekend. These are the times when people are flocking to vacation getaways and your prices should reflect the increase in demand. Because competition among renters is high during summer, making your home stand out amongst other properties in your area is a worthy investment. Boosting the curb appeal, replacing appliances, upgrading linens, installing high-speed Wi-Fi, and providing a workspace are all ways you can give your vacation home a competitive advantage.

 

Personalize Your Vacation Rental

As a host, it’s a good idea to add personal touches to improve your guests’ experience and make them feel at home. Add décor and treats tailored to your guests’ stay, especially if they’re celebrating a special occasion or life event. Little details like adding a personalized note, flowers, and treats from local hot spots will help make their experience one they won’t soon forget.

 

A beach house living room with colorful decorations.

Image Source: Getty Images

 

Before Renting Out Your Vacation Home

The regulations of the short-term rental market vary by location. Before you rent out your vacation home this summer, understand the rules in your area. For instance, if you belong to a homeowners association, they may have by-laws in place that restrict your ability to rent your property.

Review your homeowners insurance policy to understand whether you are covered while guests are staying in your home. It is likely that you will need to obtain a landlord insurance policy to cover your property while it’s being rented. While some companies offer it as a rider policy that can be added onto your existing homeowners insurance, obtaining a separate policy may be required for adequate coverage. A typical landlord insurance policy will cover property damage, liability, and rental income loss. When shopping around for landlord insurance, find the policy that best fits the needs of your property.

BlogColorado Real EstateFor Sellers July 7, 2021

The Impact of Staging Your Home

For more than 20 years, the benefits of staging a home have been well documented. Numerous studies show that staging helps sell a home faster and for a higher price. According to the National Association of REALTORS®, 88 percent of home buyers start their search online, forming impressions within three seconds of viewing a listing. When a home is well staged, it photographs well and makes the kind of the first impression that encourages buyers to take the next step.

Studies also indicate that buyers decide if they’re interested within the first 30 seconds of entering a home. Not only does home staging help to remove potential red flags that can turn buyers off, but it also helps them begin to imagine living there. Homes that are professionally staged look more “move-in ready” and that makes them far more appealing to potential buyers.

According to the Village Voice, staged homes sell in one-third less time than non-staged homes. Staged homes can also command higher prices than non-staged homes. Data compiled by the U.S. Department of Housing and Urban Development indicate that staged homes sell for approximately 17 percent more than non-staged homes.

A measurable difference in time and money

In a study conducted by the Real Estate Staging Association in 2007, a group of vacant homes that had remained unsold for an average of 131 days were taken off the market, staged, and relisted. The newly staged properties sold, on average, in just 42 days, – which is approximately 68 percent less time on the market.

The study was repeated in 2011, in a more challenging market, and the numbers were even more dramatic. Vacant homes that were previously on the market for an average of 156 days as unstaged properties, when listed again as staged properties, sold after an average of 42 days—an average of 73 percent less time on the market.

Small investments, big potential returns

Staging is a powerful advantage when selling your home, but that’s not the only reason to do it. Staging uncovers problems that need to be addressed, repairs that need to be made, and upgrades that should be undertaken. For a relatively small investment of time and money, you can reap big returns. Staged properties are more inviting, and that inspires the kind of peace-of-mind that gets buyers to sign on the dotted line. In the age of social media, a well-staged home is a home that stands out, gets shared, and sticks in people’s minds.

What’s more, the investment in staging can bring a higher price. According to the National Association of REALTORS, the average staging investment is between one percent and three percent of the home’s asking price, and typically generates a return of eight to ten percent.

In short, less time on the market and higher selling prices make the small cost of staging your home a wise investment.

Interested in learning more? Contact your real estate agent for information about the value of staging and referrals for professional home stagers.

BlogcommunityNeighborhood Improvement July 6, 2021

Windermere Celebrates 37 Years of Community Service Day

Every year in June, Windermere offices close for business in order to participate in Community Service Day. An annual tradition since 1984, our agents, staff, and franchise owners spend the day volunteering in their communities completing a variety of neighborhood improvement projects. Here are a few highlights from this year’s Community Service Day from around our network.

 

Windermere Rowland Realty – California

The Windermere Pinole and Diablo Realty offices joined together and volunteered for the Food Bank of Contra Costa & Solano Counties, working in their warehouse to bag produce for a food giveaway. After reaching out to their clients and peers, agents were able to gather $2,850 in donations for the food bank, an amount that will allow them to provide 5,700 meals to the local community.

 

A group of people bag produce in a warehouse.

Pictured: Scott Tuffnell, Denise Ramirez, Mike Rowland, Renee Rowland, Diane Cockrell, Mona Logasa, Dave Nardi, Ellen Osmundson, Jim Georgantes, Tina Rowland, Jacob Cardinale, Nicolars Ramirez, Luis Ramirez-Agudelo

 

A group of people hold up a check in a warehouse.

Pictured: Scott Tuffnell, Denise Ramirez, Mike Rowland, Renee Rowland, Diane Cockrell, Mona Logasa, Dave Nardi, Ellen Osmundson, Jim Georgantes, Tina Rowland, Jacob Cardinale, Nicolars Ramirez, Luis Ramirez-Agudelo

 

Windermere Fort Collins & Windsor – Colorado 

For CSD 2021, Windermere Fort Collins partnered with ChildSafe Colorado, an organization that provides therapy for victims of childhood abuse and seeks to “break the cycle and heal the trauma resulting from childhood abuse and neglect with specialized treatment, education, and community outreach.”

Windermere agents and staff completed a variety of indoor and outdoor projects including painting, planting flowers, landscaping, as well as supply collection and organization. In addition to their hands-on work, Fort Collins also set up an online portal for clients, friends, family, and community members to support their work through online donations to ChildSafe.

 

Two women and a boy work in the garden.

Pictured: Heather Patel, her son, and Jill Pino

 

The Windermere office in Windsor, Colorado partnered with the Weld RE-4 School District to host a school supply drive to provide supplies for children in low-income households for the 2021–2022 school year. In addition to the in-person event, they also had over fifteen local businesses volunteer by hosting a drop box in the weeks leading up to the event. Twenty-five boxes were donated by a local moving company, Johnson Moving & Storage. On the day of the supply drive, the boxes were filled with donations.

 

A group of women handle drop box donations.

Pictured: Suzanne Ekeler, Tammy Fisher, Angie Hoskins, Kelsey Vandemark, Angie Clauser, Karla Laferriere, and Anali Roath

 

Windermere Sandy Real Estate – Oregon

The Windermere Sandy Real Estate office organizes blood drives every year, so when it came time for this year’s Community Service Day, they knew exactly where to turn: The American Red Cross. With the help of Windermere agents, Red Cross volunteers set up in Windermere Sandy’s conference room, getting folks registered for the drive and handing out t-shirts. The Windermere Sandy staff greeted donors on the way in and during the afternoon, reception was handled by Windermere owners Alan and Therese Fleischman.

 

A white American Red Cross truck parked in a parking lot.

A white American Red Cross truck parked in a parking lot.

 

Windermere Real Estate Utah 

In communities throughout the state of Utah, Windermere agents were out in force for Community Service Day. The office in Layton, UT weeded and maintained playground areas and outdoor spaces at the Safe Harbor Crisis Center. Agents joined together to lay bark and install solar lights along the walkways on the property. The organization was also presented with a $5,000 check from the office’s Windermere Foundation funds.

Agents from the Park City office worked with local organization EATS Park City to package seeds and provide interview clips of stories relating to food and local culinary traditions. EATS Park City is dedicated to empowering and growing healthy communities with fun, food, and nutrition advocacy. Windermere Utah also made a $5,000 donation to the organization.

 

Windermere Real Estate Ellensburg – Washington

The agents and staff at Windermere Real Estate Ellensburg held a canned food drive, collecting donations at their office and dropping off grocery bags at three-hundred homes in the area for people to add non-perishable food items. They made the round on the final day of the drive, collecting 1,387 pounds of food for the Fish Community Food Bank. After they dropped off the donations, the Ellensburg team went to two different gardens owned by the food bank and spent the day weeding, cleaning up, and planting new foods.

 

A group of people posing for a photo in a garden.

Pictured: Caitlin Wable, Sally Vietzke, Danielle LaHaie, Erich Cross, Jennifer Savage, John Gardner, Cara Marrs, Genevieve Gillman, Casey Mills, Taylor Hull, Misti Sandnes

BlogNorthern Colorado Holiday Events July 2, 2021

Fourth of July in Northern Colorado

Fourth of July weekend is here are we can’t wait for the festivities to begin! If you’re working on finalizing your plans for the weekend, take a look at a few of the events that are taking place in our own backyard. Whether you spend your time out and about or relaxing at home, we wish you a Happy Independence Day!

Greeley Stampede

The 99th annual Greeley Stampede will be running through this holiday weekend! This non-profit hosts multiple events including a PRCA rodeo series, American bull fighting, demolition derby, concerts, art galleries, and more! Located at Island Grove Regional Park, this event includes carnival activities, food vendors, small businesses and activities for the kids!

 

Hot Air Balloon Release

Early birds, this one is for you! Fort Collins will be hosting a hot air balloon release at Twin Silo, Soft Gold and Edora Parks (weather permitting). Launch will begin at 6:00am and the balloons will remain afloat for several hours.

 

Fourth of July 5K

Calling all runners! Both Fort Collins and Loveland have organized 5K races to help us celebrate this Fourth of July. Fort Collins is hosting it’s 22nd annual “FireKracker 5K” at Sheldon Lake in City Park, scheduled to begin at 7:25a. Loveland’s 5K will take place at Loveland Fairgrounds Park. Happy racing!

 

Old-Fashioned Fourth of July

Music, fun, and games, OH MY! This year, in lieu of a parade, the City of Fort Collins is teaming up with the Avery House to host an “Old-Fashioned Fourth of July” party from 10:00a to 2:00p on July 4th. Don your red, white and blue and head downtown to kick off your holiday weekend! Admission is free and all ages are welcome.

 

Wellington Parade and Festival

Photo by Brian Graves

Wellington has organized a full day of holiday events to celebrate Independence Day! Join in the fun from 10:00a to 11:00a for a parade which will begin on Cleveland Avenue (between 1st Street and 5th Street). Can’t make it out? No worries! A festival from 11:00a-6:00p will be hosted at Wellington Community Park leading up to fireworks scheduled to begin at 9:40p.

 

Fireworks

Photo by Kimmie Randall

Larimer County and the cities of Fort Collins and Loveland are teaming up to put on our annual fireworks show this year. Plus, information on festivities in Windsor, Timnath, and Wellington are included. Click here to check out what time fireworks will kick off as well as the activities offered at each location!

BlogColorado Real EstateFor BuyersFun FactsReal Estate Market Update July 2, 2021

Inventory Uptick

We are noticing a trend that is very good news for buyers.

Inventory has been increasing over the last month which means that buyers now have more properties to consider.

Just in the last week, the number of homes for sale has increased:

13% in Larimer County

12% in Weld County

11% in Metro Denver

If you are a buyer who has been waiting for home properties to look at, now is the time!

BlogDesignHome OwnersLiving June 28, 2021

Designing Your Backyard for BBQs

Summer is the season of spending long days and nights out in the backyard and making home-cooked meals on the barbecue. Whether classic BBQ dishes like ribs and hamburgers or skewered grilled vegetables are more your style, these tips will help get your backyard in prime shape for grilling season.

 

Designing Your Backyard for BBQs

Some homeowners may choose to make their barbecue the focal point of their backyard, while others view it as something to accentuate more central features like a deck, patio, or outdoor kitchen. The grill alone will take up significant space, not to mention the crowd it can attract. With that in mind, avoid situating it in areas of high foot traffic, such as near the stairs of your deck or along a main walking path. You should also provide ample room between the barbecue and your backyard seating.

 

A simple charcoal grill is ideal for small spaces. It also allows you to be flexible with your barbecue setup. If you are hosting a gathering, you can simply move the grill if need be and rearrange your backyard to accommodate the occasion. Built-in barbecues provide a more robust grilling setup, while freeing up space on the deck or patio. Though built-ins are typically more expensive than a standalone grill, they are a hub for outdoor entertainment. For homeowners who enjoy grilling in the shade, or those who live in climates where it sometimes rains in the summer, covered barbecues may be the way to go. Pergolas, canopies, and awnings are all popular options for providing cover. Outdoor kitchens are the most comprehensive grilling setup. With countertop space, a sink, and the barbecue all within reach, all the prep work for your cookout can be done outside, right next to the grill.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Once you’ve chosen the best barbecue for your backyard, it’s time to start designing around it. The right combination of seating will add the social touch to your barbecuing setup. Bench seating is a popular option for barbecuing on the deck, while tables and chairs out in the backyard lawn create more of a picnic-style feel. Installing a fire pit will bring an added element to you outdoor entertaining, helping to make the transition from an afternoon or evening barbecue into a night spent under the stars. Experiment with different fire pit styles to match the surrounding elements of your backyard. For those with built-in barbecues and outdoor kitchens, consider matching your fire pit’s stonework to tie the backyard together.

Image Source: Getty Images

 

BlogEconomics 101Fun FactsMarket News June 25, 2021

Local Nuances

“All markets are local” is a commonly used phrase in real estate.

This adage is proving to be true as we notice slight changes recently in the market.

Bottom line, the market, in some locations, is not behaving exactly like it did even 30 days ago. Properties that perhaps would have received 10 or more offers last month, are now receiving only one.

It is as important as ever to examine not only the general market area, but also hyper-local markets in order to understand the nuances that exist in specific locations.

A common activity we perform with our clients is to research the months of supply in their own neighborhood. We will frequently find that this stat varies considerably from the market as a whole.

To illustrate how ‘all markets are local,’ take a look at the days of inventory statistic for the following markets:

Larimer County = 18 days
Fort Collins = 15 days
80521 Zip Code = 24 days
80525 Zip Code = 9 days

While data on the overall market clarifies overall trends, it is the hyper-local research that is incredibly valuable when pricing property.

BlogColorado Real EstateFun FactsMarket News June 18, 2021

High Average

If you watch the weekly statistics that we produce and post on social media, a number that might be jumping off the screen at you is the average price.

Specifically, it is the percentage increase in average price versus last year that is striking.

We are commonly asked ‘how could average prices increase 20% to 30% in one year?’

It is important to note prices haven’t appreciated up to 30%, it’s only the average price that has increased by that amount.

A key reason why average prices have increased by such a significant amount is that there are many more luxury properties selling this year versus last year.

Sales of properties priced over $1,000,000 have seen a substantial increase compared to 2020.

Look at these numbers which show the year over year increase in closed transactions for real estate priced over $1 million:

  • Larimer County = 159%
  • Weld County = 247%
  • Metro Denver = 137%

So, transactions of luxury properties have much more than doubled compared to 2020 which is pulling up the average sales price in a significant way.

BlogColorado Real Estate Market UpdateFun Facts June 11, 2021

Colorado Ranking

Here’s the latest from one of our favorite data sources – the Federal Housing Finance Authority (FHFA).

They track home prices across the Country and produce a quarterly Home Price Index report.

It is not uncommon to find Colorado near the top of the list for year over year price growth.

The latest report has us ranked 13th with only a 13% year over year increase (said with sarcasm).

Idaho is first with a whopping 24% increase. Utah is second at 19%.

Here is our interpretation of these numbers…

Colorado has a history of strong, steady price growth instead of booms and busts.

Our market does not take the big, wild swings in prices that other markets sometimes do.

The fact that Colorado is not at the very top of the list right now is actually good news to us.

We know that our clients appreciate a market that is more steady instead of one that can feel like a rollercoaster.

BlogColorado Real EstateFun Facts June 4, 2021

Words Matter

A common phrase that is being used right now to describe the market is ‘no inventory.’

‘There’s no inventory’ is said frequently among those inside and outside of the real estate industry.

The problem with this phrase is that it is untrue.

There is inventory.  Meaning, there are a significant number of new listings hitting the market.

However, there is low standing inventory.  Meaning, the listings that do hit the market don’t stick around for very long before they are purchased.

Standing inventory, which is the number of active properties on the market, is down roughly 70% along the Front Range.

However, the number of new listings coming on the market is essentially:

  • Double compared to December 2020
  • Only 20% to 25% less than this time of year in 2017, 2018, and 2019

So, there is inventory available, it just sells quickly because demand is historically high right now.