For Sellers • March 23, 2022

How to Prepare for an Open House

by Windermere Colorado

To successfully sell your home, you need to attract buyers. This is why open houses are an integral part of the selling process: they allow buyers to experience the property for themselves and envision what life will look like in their new home. To prepare for an open house, you’ll need to work closely with your agent. They can advise you on what buyers in your area are looking for to increase your chances of selling your home.

How to Prepare for an Open House

The earlier you can begin prepping your home for an open house, the better, since getting it in prime showing condition will take time. Start by decluttering and organizing room by room. To truly get your home sparkling clean, you can’t miss those hard-to-reach areas like the baseboards, under your furniture, and your appliances.

To best position your home to sell, consider hiring a professional stager. A well-staged home helps it appeal to the widest possible array of potential buyers, not only for in-person showings, but in online photos as well. Professional staging is equal parts science and art. Stagers are experts in depersonalizing a home while maintaining its stylistic qualities to give buyers the opportunity to imagine the space for their own use. It isn’t just about psychology, though. Staging is a high-ROI expenditure that can add real value to your home.

It may feel counterintuitive, but your absence can be your greatest asset in making your open houses successful. Buyers will often feel uneasy in the presence of the seller as they tour, which will limit their ability to envision their own lives in the home and get excited about the prospect of ownership. Accordingly, you may need to arrange for temporary accommodations during the times your home is being shown. It’s helpful to solidify these plans several weeks in advance to avoid an eleventh-hour scramble.

A graphic for Windermere’s Open House playlist on Spotify.

Put buyers in a feel-good mood with Windermere’s “Open House” playlist on Spotify. Click the image above to listen.

Working with Your Agent

Your agent will be your greatest asset in preparing for open houses. They are experts in understanding how to effectively market your home and how the local market conditions will impact their marketing plan. Once you know it’s time to sell, they’ll analyze data to accurately price the property and keep it competitive in the current market. They’ll also work with you to schedule open houses at the times when buyers are maximally available and actively searching for listings.

Your agent will also help you to stay safe while selling your home. The reality of open houses is that you’re opening your doors to an influx of unfamiliar faces, and it’s worth it to take a few safety precautions beforehand. Perform a thorough walkthrough of your home with your agent to make sure all valuable belongings, medications, family heirlooms, and other important items have been properly secured and/or removed. Once you’ve given your home a clean sweep, discuss your process for screening potential buyers.

For more resources on preparing to sell your home, our Home Selling Guide has everything you need: selling tips, moving checklists, our Home Worth Calculator, and info on how an agent can help.

Seller Essentials – Home Selling Guide

For Buyers • March 18, 2022

Buy Before 5

by Windermere Colorado

30-year mortgage rates just exceeded 4% for the first time in three years according to Freddie Mac.

We have new advice for anyone considering a home purchase in the next couple of years.

Buy before 5. This means buy before rates go to 5%.

Even though rates have been ticking up over the last several weeks, we believe that in a few years we will look back on this time and realize what a tremendous opportunity it was to have a mortgage under 5%.

So, don’t be discouraged by recent uptick in rates. Instead, feel great that you were able to buy before rates hit 5%.

Colorado Housing • For Buyers • March 14, 2022

New Construction: Why Work with a Buyer’s Agent?

by Windermere Colorado

If you’re a buyer, you may have considered purchasing a new construction home. After touring the model home and talking to the builder’s sales representatives, you begin to wonder if it’s necessary to work with a buyer’s agent. Although it’s possible to move forward with the purchase of a new construction home without a buyer’s agent, you may be missing out on the benefits of having a representative at your side. Take a look at how a buyer’s agent can provide value in the purchase of a new construction home.

Buyer Agent vs. Builder’s Agent

Who Works for Who?

A sales representative is the builder’s representation in the sale of a new construction home. They can assist buyers by providing insight into the construction process, available upgrades, and answer questions related to what the builder is able to offer. That said, they represent the builder and will always advocate in favor of the builder. Think of it this way: in new construction, the builder is the seller and the sales representative is the listing agent.

An Expert on Your Side

Knowledge is Power

Working with a buyer’s agent gives you an advantage. Not only do they have experience with new-construction home purchases, but they are also familiar with major builders in the area and can speak to their quality of work. Moreover, buyer’s agents bring a working knowledge of the housing market to the table and can provide insight into current home prices. Tapping into a buyer agent’s knowledge and experience could save you time, money, and stress as you navigate the purchase of your new home!

An Agent is Your Advocate

Your Best Interest Comes First

A buyer’s agent will:

Negotiate on your behalf
Clarify what is included in the base price
Help you navigate the purchase amidst rising building costs
Help you obtain the best financing available
Provide guidance with regard to builder’s warranties and home inspections

Agent Commission

What’s the Cost to Me?

Traditionally, sellers are responsible for paying real estate agent fees. In the case of new construction homes, the builder will likely cover all or most of the agent’s commission. You may be able to work with a real estate professional at no cost to you.

For additional inquiries, please contact our office or your Windermere real estate agent directly.

Homeowners • March 11, 2022

3.2 Trillion

by Windermere Colorado

The new CoreLogic Homeowner Equity Insights report shows that homeowners in the U.S. have seen their equity increase by a total of $3.2 trillion over the last 12 months.

Their data shows that 63% of all homes have a mortgage.

On average, U.S. homeowners gained $55,000 while the average increase in Colorado was higher at $75,000.

The other piece of good news from the report is that properties with negative equity reached the lowest amount in several years.

Only 2.1% of all properties across the U.S. have a value lower than the mortgaged amount. Negative equity peaked at 26% of all mortgaged properties back in 2009.

Design • March 9, 2022

Farmhouse Interior Design

by Windermere Colorado

Known for its signature chic comfort, the farmhouse style is a popular method of interior design for homeowners looking to blend elements of modern and traditional design. With a rustic charm at its heart that recalls images of the countryside and wide-open landscapes, the farmhouse style steadily picked up steam in the 2010s and continues to grow in the 2020s. The following information is a guide to understanding the characteristics that make up the farmhouse style and how you can translate them into your home.

What is farmhouse style?

The farmhouse style predominantly uses a white/grey/beige color palette which provides a foundation for complementing elements and brighter colors. Against this clean backdrop, rustic materials can really shine. Exposed wood beams of timber or reclaimed wood, shiplap, and wrought iron are materials typically used help to round out the aesthetic, creating that rural-with-a-touch-of-modern feeling that the farmhouse style is known for. These combinations create a sense of openness and simplicity in the spaces where they’re used. In the kitchen, the farmhouse style feels clean and inviting; in the living room, it beckons members of the household and guests alike to sit back and relax; and in the dining room, it creates the perfect setting for enjoying a meal together.

A farmhouse style kitchen with white surfaces, exposed beams, and wood accents.

Image Source: Shutterstock – Image Credit: Breadmaker

How to Decorate in a Farmhouse Style

When it comes to furniture, there are specific choices you can make that will help reinforce your personal farmhouse style. Functionality is a core principle of farmhouse design, exemplified by its use of reclaimed and found materials. When looking at furniture, tune your radar to pieces that are simple and functional rather than ornate and complex. Farmhouse’s warmth contrasts the colder feel of minimalism, so when thinking about texture, know that you’re not bound to selecting only the cleanest possible lines—feel free to experiment! With natural elements like stone and wood already providing a varied blend of textures, you can afford to be bold in your choice of throw pillows, blankets, carpeting, and furniture set pieces.

The farmhouse style will give you license to decorate with antiques and vintage materials. Items like armoires, wooden iceboxes, and vanities will find a fitting home among your complementary decorative items. With a prevalence of wood, choose grain patterns and wood tones that complement each other well without clashing. Clutter can get in the way of the coziness that the farmhouse style naturally evokes, so it’s important to keep your main living areas well maintained to truly let your home’s interior design flourish.

With the farmhouse style, it all comes back to comfort. If you’re looking to make the spaces in your home more comfortable, either fully adopting or borrowing from the farmhouse style may be just the ticket. For more helpful tips on home design, read our blog post on how to upgrade your bedroom:

A Guide to Upgrading Your Bedroom

Colorado Real Estate • March 7, 2022

Q4 2021 Colorado Real Estate Market Update

by Windermere Colorado

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

Regional Economic Overview

Following a decent summer when Colorado added around 14,000 jobs each month, the pace of recovery has slowed. That said, the latest data shows that more than 320,000 of the 376,000 jobs shed due to the pandemic have now returned. The state still needs to add a little more than 54,000 jobs in order to get back to pre-pandemic employment levels. Even though there has been a slowdown in the job recovery, which is likely due to the rise of new COVID-19 variants, I am still forecasting the state will return to its prior employment peak by the end of the summer. As jobs return, the employment rate continues to drop; it was 5.1% in November, well below the pandemic peak of 12.1%. Although it would be nice to see a lower rate, more people have returned to the workforce and are actively looking for work, which can stall job growth rates. From a regional perspective, unemployment levels range from a low of 3.8% in Boulder, to a high of 5.2% in Grand Junction.

Colorado Home Sales

❱ In the final quarter of the year, 11,714 homes sold, representing a drop of 5.3% compared to the fourth quarter of 2020 and a drop of 17.6% compared to the third quarter of the year.

❱ While sales slowed region-wide, 4 of the 12 counties included in this report actually experienced significant sales increases.

❱ I’m not concerned that sales slowed compared to third quarter, as seasonal factors were likely the cause. It’s also likely that the year-over-year decline was due to the fact that there were 30% fewer homes for sale in the fourth quarter of 2021 than there were the previous year.

❱ Pending sales, which are an indicator of future closings, fell 29% compared to the third quarter, suggesting that closings in the first quarter of 2022 may also be light.

A bar graph showing the annual change in home sales for various counties in Colorado during the fourth quarter of 2021.

Colorado Home Prices

A map showing the real estate market percentage changes in various counties in Colorado during the fourth quarter of 2021.

❱ The pace of home-price growth continued to slow, albeit modestly. The average sale price rose 14.8% year over year, to an average of $610,275. Prices also rose .8% from the previous quarter.

❱ Boulder County’s price growth was noteworthy, but of even greater interest was that average sale prices are holding above the $1 million ceiling.

❱ Year-over-year, prices rose across all markets covered by this report, with double-digit gains in all but three counties.

❱ The number of homes for sale remains woefully low in most areas, which continues to put upward pressure on home prices. That said, the pace of appreciation slowed through most of 2021. This trend is likely to continue in 2022.

A bar graph showing the annual change in home sale prices for various counties in Colorado during the fourth quarter of 2021.

Days on Market

❱ The average number of days it took to sell a home in the markets contained in this report fell five days compared to the final quarter of 2020.

❱ The length of time it took to sell a home dropped in every county other than Clear Creek County compared to the same quarter a year ago.

❱ It took an average of only 21 days to sell a home in the region. Although the pace dropped year over year, it rose 9 days compared to the previous quarter.

❱ Ongoing supply limitations and strong demand have caused the pace of sales to remain brisk. That said, the length of time it took to sell a home rose compared to the third quarter. I don’t think this is a major concern and can likely be attributed to seasonal factors.

A bar graph showing the average days on market for homes in various counties in Colorado during the fourth quarter of 2021.

Conclusions

A speedometer graph indicating a seller's market in Colorado during the fourth quarter of 2021.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Inventory is still lacking, which is causing prices to rise at well-above-average rates. That said, despite how few homes are for sale, the pace of appreciation has been slowing and will likely continue to do so as mortgage rates climb.

My current forecast is for 30-year rates to stairstep higher as we move through the year, which will act as a headwind to price growth. Although I do not see rates getting above 4% until 2023, the increase in borrowing costs will start to have a greater impact on home prices.

In addition to rising mortgage rates, the significant growth in prices over the past year has started to impact housing affordability. Although the market will continue to perform well, rising financing costs and lower affordability may slowly move the market back toward some sort of balance.

All things considered, I am moving the needle a little toward buyers, but it still heavily favors home sellers.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Housing Trends • March 4, 2022

Townhome Surge

by Windermere Colorado

Townhome construction has surged in the last 12 months. This is welcome news for first-time buyers who benefit from the lower prices that multi-family product tends to provide.

According to the National Association of Home Builders, townhome construction has jumped up 28% compared to the previous year.

Townhomes now represent 13% of all new residential construction starts.

For Buyers • March 2, 2022

Simple Tips to Make Your Move Easier

by Windermere Colorado

Your needs as a homeowner change over time, and you need the right home to fit those needs. Accordingly, it’s highly likely that at some point in your future you will experience another moving day. While moving can be challenging, there are resources to make it easier. If you are remaining in your current area, your Windermere agent can continue to be a valuable resource on communities, schools, utilities, transportation, recreational opportunities, and more.

If you are moving out of the area, your agent can help you with a referral to another reputable agent in your new community. Many agents also have relationships with real estate-related service companies in their area whom they can call upon for information regarding title, escrow, mortgages, temporary housing, and moving services. They can also help guide you in your search as you learn more about new communities and relocation services.

You’ve decided to move. Now what?

Once you have reached your decision, it’s time to gather information, start making decisions and get organized. Begin by creating a “move” file to keep track of your estimates, receipts, and other information. If you’re moving for a job, some expenses may be deductible, so you’ll want the paperwork when tax time comes.

If you are moving out of the area, start researching your new community and ask your agent for help in finding a referral agent in your new area. You’ll also want to determine whether you want to rent first or buy immediately. Your new agent should be able to help you with your decision. Once you know where you’re going, you’re also ready to get estimates from moving companies.

Closing one door, opening another

After you have chosen a moving date and either hired a moving company or reserved a rental truck, it’s time to wrap things up in your old neighborhood and start establishing relationships where your new home is located. This is particularly important if you are moving to a new town/city. You may want to ask your current doctors, dentists, etc. if they have any referrals on care providers in your new location. Be sure to check their recommendations on your insurance company’s online provider search list. Once you arrive, you may also want to ask new coworkers, friends or the school nurse for their recommendations.

Contact your children’s school and/or day care and arrange for their records to be sent to their new school district or day care. Call your insurance agent about coverage en route to your new home and also arrange for insurance in your new home. Remember to contact utility companies to disconnect, transfer or end service in your current home and turn on service in your new home.

You’ll want to file a change of address form with the U.S. Postal Service, either online or at your local office. If you don’t know your new address, have them hold your mail at the post office in your new locale. Don’t forget to cancel or transfer magazine and newspaper subscriptions as well.

If you belong to a health club or other association, contact them about ending or transferring your membership. Some clubs require written notice before cancellation. Finally, contact your bank or credit union to transfer or close accounts; if you have a safe-deposit box, don’t forget to clean it out before you leave.

Starting the countdown

With moving day in sight, it’s time to get organized. Here are a few items to check off your list before you start packing:

Tie up loose ends. Be sure to send out an email or change of address cards with your new contact information to family, friends, and associates. Return library books and any other borrowed items you may still have.
Triage your possessions. Determine what you are taking with you; what you are giving away to friends, family, or a favorite charity; and what is going to the dump or recycling center. If you have time, you can hold a garage sale or post items on craigslist.org or ebay.com.
Clean up. Drain all gas and oil from your mower, other machinery, gas grills, kerosene stoves and lamps, etc., before loading them onto a moving truck. Empty, defrost, and clean your refrigerator at least 24 hours before your move, and prepare other appliances for moving as well.
Have your car serviced. This is especially important if you are driving to your new home.

Packing strategies

If you are doing your own packing, start collecting boxes and/or buy them from your movers. It may take a few days to do your packing, so be sure to pack non-essential items first and label them carefully. If you have any valuables, it’s recommended that you take them with you as opposed to packing them. You risk the chance of losing those items if they’re packed away in boxes. It’s also smart to take along a box of essentials, including items such as toilet paper, paper towels, tape, soap, scissors, pens, paper, and your toiletries. That way you won’t have to track these items down once you’ve arrived in your new home.

For more information on how to make your move easier, visit our Moving Tips page here: How can I make moving easier?

Fun Facts • February 25, 2022

War and Interest Rates

by Windermere Colorado

Our clients are curious to know what the conflict in the Ukraine will mean for mortgage rates.

The short answer is down in the near term and up in the long term.

Generally speaking, economic and political uncertainty drive people to invest in bonds rather than stocks, which puts downward pressure on interest rates.

So, in the near term, the conflict in the Ukraine will push rates down slightly. We have already seen this happen as 30-year rates have dipped in the last few days.

The conflict is likely to push oil prices up which means higher gasoline prices. This will cause upward pressure on inflation, which ultimately causes upward pressure on interest rates.

So, the longer the war lasts in Europe, the more likely it is to push interest rates even higher.

Living • February 23, 2022

5 Ways to Create a Sustainable Kitchen

by Windermere Colorado

In many ways, the kitchen is the heart of a home. All the time spent making delicious food, sharing recipes, and enjoying meals with loved ones gives it a central role in home life. A consequence of the time spent in the kitchen is the creation of waste. But by adopting more sustainable practices in the kitchen, you can reduce waste and make your home more eco-friendly. Here are five ways you can create a sustainable kitchen.

5 Ways to Create a Sustainable Kitchen

1. Cut Down on Food Waste

It’s no secret that a certain portion of food always seems to go to waste, but how can you avoid throwing away perfectly edible food items? It starts with being intentional about your grocery shopping. This helps to prevent overbuying and will give you a better chance of cutting down your food waste. Food preservation is key, as well. Invest in high-quality, reusable containers to prevent food from rotting, wilting, or expiring before you intend to cook it.

2. Choose Energy-Efficient Appliances

Kitchen appliances generate a significant amount of power. By using an energy-efficient refrigerator, freezer, and/or dishwasher, you can reduce the overall energy consumption of your household. When deciding on which appliance to purchase, the most sustainable choice you can make is the one you plan on sticking with for a long time. When deciding on a gas versus an electric range, know the pros and cons of each option before making a final decision.

A young man and a woman take care of their kitchen herbs and houseplants.

Image Source: Getty Images – Image Credit: Pekic

3. Reusable Materials

Getting more uses out of the items in your kitchen will help make your household more environmentally conscious. Reusable kitchen towels are an eco-friendly replacement for paper towels when you’re cooking, wiping down your counters, or doing dishes. Using reusable grocery bags is an effective way to transport groceries sustainably. It will also help keep your kitchen organized by avoiding a plastic or paper bag pile-up under your sink. This line of reusable thinking in the kitchen can even extend to design. If you’re looking to give your kitchen a makeover while keeping sustainability in mind, consider incorporating reclaimed wood, sustainably-sourced countertops, or natural materials like bamboo.

4. Use Natural or Organic Cleaning Products

Creating a sustainable kitchen isn’t just about reducing food waste and choosing reusable materials. By using organic and/or natural cleaning products, you can ensure that your cleaning practices are sustainable as well. Using natural cleaners, like baking soda and vinegar, can also create less waste when you repurpose jars and bottles to create your preferred solution. Buy ingredients in bulk, then re-purpose old spray bottles and use towels instead of paper products to clean. Certain conventional cleaning products with synthetic chemicals can negatively impact the air quality in your home, which can have harmful effects on your health, especially if you have respiratory sensitivities.

5. Be Mindful About Water Usage

Neglecting to monitor your water usage is a slippery slope. Not only will using too much water increase the overall waste output of your home, but it will also increase your water bill. Be mindful about using only the required amount of water for cooking, do your best to avoid leaving the faucet running, and if there is a drip, fix it as quickly as you can. Using too much water can also strain your home’s water systems, putting your pipes at risk of bursting. Tempering your water usage can help to prevent water damage and the high costs that come with it.

Going zero waste doesn’t have to be expensive. Try first to extend the life of the things you already have like plastic bottles and textiles. For more information on how you can adopt sustainable practices at home, read our guide to going low-to-zero waste:

A Guide to Going Low-to-Zero Waste