Real Estate News for Northern Colorado-2020
This week’s article captures 2020 real estate news for Northern Colorado. We’ll be covering some important topics for you to learn what is happening in our market, both present, past and a little future. Who knows? There may be something big for you to chew on while learning how NOCO is panning out during the end of the 4th quarter while getting ready for the new year.
“Housing prices are expected to climb 8.0% next year and 5.5% in 2022, with 30-year fixed mortgage rates of 3.0% and 3.25% for 2021 and 2022, respectively.” ~ National Association of Realtors
Why Realtors® are spending sweat equity online.
One thing we learned this past year is how vital it is to market a property online. Home sales continue to be strong for Loveland and other communities. Meanwhile, agents are acquainting themselves with using the Internet to connect with potential home buyers and sellers. For 2021 Realtors® will use sweat equity online rather than resorting to ‘Old school’ methods of marketing a property. We could not be happier with the results we are experiencing in the Northern Colorado market. On average homes are selling withing 45-days and buyers are offering over listing price. The buying frenzy has caused a shortage of inventory therefore, advertising is necessary. Real estate agents spending money on marketing properties stay top of mind with their client base. Also, with more people shopping from home has helped raise the spike. Some marketing we can foresee next year, which many of us are already using, are video production, professional photography, and social media spreading the word of available homes. Shopping in front of a screen narrows down their choices expediting the process of buying a house.
Why are so many people scrambling to buy homes during a pandemic?
Why are so many people scrambling to buy a home during a pandemic? While the pandemic itself isn’t causing home sales, lower interest rates are motivating buyers. Not to mention, moving to the suburbs seems to be in the highest demand. The National Association of Realtors found most homeowners requesting their big move be to suburbia. It seems people need to be further away from urban life while seeking a stable solution.
Let’s Move to the Burbs!
Besides a rise in suburban housing, the FEDS are claiming lower rates will be available for at least two more years. Particularly good news for those looking to refinance later down the road, this is also the driving force for many 1st home buyers. What we know is people are still pursuing a happy future and with rates as low as 2.49% who can blame them.
Lumber Shortage in Colorado Causing New Developments to Slow Down
If you were not aware, the state of Colorado is among others where there’s been a shortage in lumber. Builders have placed many of the recent developments on hold as supplies are shipped from places such as Canada and taking longer to get. We are contemplating the resource of lumber to improve, which will increase the build for newer construction. We are keeping close watch over this and other developing stories.
Optimizing property taxes for 2020.
How are you optimizing your taxes for 2020? Turbotax has offered some excellent advice on ways to boost your tax deductions and returns. The article found on their site recommends married couples file separately. They say you may receive a larger deduction by filing independently. Seek all the tax deductions you can for a bigger payout. Don’t forget to include charities, earned income credit, and childcare expenses, which make a significant difference. One Enormous benefit is making your mortgage payment before December 31st. By doing so, you can take advantage of your mortgage interest deduction. All these items optimize your taxes, giving the best return.
Home Improvement Trends for 2021
Home improvement trends for 2021 include mixed metals and neutral colors, which we see in fashion décor magazines recommended by interior designers. Many Realtors® predict ALL-white kitchens phasing out. On the contrary, the pristine look is still a fashionable and seems to stick around. Some homes in Northern Colorado include oak cabinetry getting a makeover. Stunning finishes incorporate two tones with light uppers and darker lowers. Homeowners are welcoming the contrasting colors. One very popular combination is white on top and deep sapphire or navy-blue on the bottom. Think nautical to mix it up.
Fort Collins Nominated as Best City for 2020
Some of you may have already heard, they nominated Fort Collins No 1. Best Place to Live for 2020. Livability.com chose our neighboring community for the friendly atmosphere, bike trails, and the breweries. While these attractions would make anyone agree, it is a wonderful place to live or visit when near the foothills of the Colorado Rocky Mountains. Way to go, FOCO!
Don’t Make This Mistake with House Flips
On to house flipping. If a fixer upper is something you have a passion for, do not make the mistake of expecting the home to fix the repairs by itself. According to Investopedia, time was the one area where many real estate investors did not take into consideration. Realistically, house flips can take months to complete and then sell. Keep in mind permits and other legal items can take a long time to approve and the list goes on. By speaking to knowledgeable real estate agents and those who have experience in this venture will place you in better standing. If you think it will take two months to complete, give it three.
New Year Celebrations
The New Year may seem light-years away when it is only days. While we agree it is going to be a bit strange compared to previous years, be sure you stay safe at the forefront of everything you do. Remember to follow the guidelines. There are plenty of things you can do to stay on point and still entertain before the ball drops. Just imagine the biggest celebration we all have to look forward to when we go back to ‘Normal.’
As we put on the ‘Big Wave’ for 2020, it excites us for a new beginning. We’ve been through a lot together over the last year, but the biggest news we can shout is how much you’re appreciated. Thank you for following and supporting us through this incredible time. Moving forward, we hope to embrace what is ahead and how we can do things better.