Solutions for Colorado Real Estate
Colorado real estate has never been more exciting and not just for the agents. Think about it: sellers and buyers are driving the market to all-time highs leading to economic stability and quality of living. However, seems there is a lot on everyone’s mind. My team has put together a few true, or false questions & answers for Real Estate 2021 to clear up some confusion. ‘Stay in the know’ with these solutions for Colorado Real Estate.
True or False: We hold REALTORS® to a high ethical standard through the state of Colorado.
Answer: True. REALTORS®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics.
True or False: Agents Do Not have to know current status of the market.
Answer: Agents MUST know current status of the market. There are too many factors where being sharp is crucial to avoid loss or disaster. Therefore, exceptional agents insist on staying knowledgeable.
T or F: Agents recommend the best time to sell a home is after the first of the month.
Answer: The answer is false. The best time to sell is when YOU ARE ready.
T or False: It is important to get an appraisal before listing a vacation home.
Answer: An appraisal conducted by a professional with an excellent reputation is a valuable asset of information. Prior to selling, it helps the seller and agent know more accurate numbers. However, the agent will recommend if he/she feels it is going to make the most dollars and sense! In other words, let the REALTOR® guide you to avoid unnecessary spending.
T or False: If you make a lot of money, you don’t need to show income and debt to the broker.
Answer: The answer is False! Regardless of how much you’re worth, the bank will continue to ask bank statements. High debt can mean less for a down payment, in some cases. A loan officer will give you proper guidance and provide you with the steps and explanation for any additional stipulations.
T or False: The cost of lumber drives the cost of a home.
Answer: True. “The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multifamily home, according to the NAHB.” Therefore, you can expect when lumber goes up so does the cost of newer homes as supplies are harder to maintain.
T or False: Prices with Larimer County Real Estate has been on a steady incline since 2016.
Answer: True. In 2016, the median home price was $325,000. For 2021 we are hitting closer to $475,000. More value throughout history, making Colorado one of the most desired places to live.
T or False? There were over 661 new listings for Larimer County as of April 2021.
Answer: Yes, you bet this is true, and the number continues to rise. Home sales in Colorado have skyrocketed since the beginning of Covid19 and 2020. While the wave is unpredictable, many home owners and sellers are taking advantage while they still can. Low rates, and homes selling at historically high pricing is driving the market to new heights altogether.
Review the key metrics here: http://marketstatsreports.showingtime.com/CAR-Colorado_hqac0/sst/202104/Larimer-County.pdf
T or False? Getting pre-approved before finding the right home is a waste of time.
Answer: False. A pre-approval is always the first step. While agents would love to take you home shopping right away, they want you to be confident in your purchasing decisions. However, REALTORS® can make recommendations for trusted loan officers to get the process moving. If you are a first-time buyer, you will want to check with the banks to see how much loan you will qualify for before looking at properties that may not work with the bank’s decision. Ultimately, the bank decides on where the loan will cap.
T or False? It is acceptable to offer much less than listing price.
Answer: This is false. One thing in 2020 and beyond, negotiation is key to getting a good deal. If you bid too low, you chance losing out. A moral agent who never sways from the customer’s best interest; will bat without leaving money on the table. Since these professionals are constantly being educated on the business of buying and selling real estate, it makes sense to pay attention to their recommendations.
T or False? Closings are happening in as little as 21-days.
Answer: True. Closings are happening in as little as 21-days as long as there are no hiccups. Sometimes, marketing the home to qualifying homeowners can close the transaction even faster. However, it is important to note, EVERY circumstance is DIFFERENT. Each real estate transaction differs from the others making each and every one unique. The closing ratio is only used as a guide.
T or False? Approximately 32% of real estate investors are going to rent out the property.
Answer: Many of our sales are coming from locals and out-of-state investors looking to rent out Airbnb to Luxury Resorts Living. Rentals are a hot for the market, currently. Whether it is a fix and flip or buying a home to rent out for vacationers & temporary residents, you can count on the idea these types of homes are in high-demand. Therefore, if you see something you like; do not procrastinate as the home may not take long to sell.
T or False? Some 72% of Vacation Property owners believe now is a good time to buy or sell.
Answer: VRMIntel states this to be true. VRMIntel is a vacation rental information site taking polls with owners and sellers to stay on top of progress with things like family rental properties. Many homebuyers reference this site to see what is happening and is current with home sales to rentals.
T or False? C3 Real Estate Solutions will help you ‘Stay in the Know, with R.E. in Colorado.’
Answer: True. C3 is a leader in Real Estate information and provides clients with a transparent form of communication while building strong relationships. The more we know, the more our clients know. Our homeowners are the reason we exist and we always want them to provide solutions to their problems.
T or False? Most agents rush to complete the sale and don’t think about the bottom line.
Answer: This is False. Experienced agents have thorough knowledge of the housing market in their specialty areas, and are apt to research what is in the client’s best interest, sometimes saving over 3%. Rushing a sale is not how C3 or the agents here believe in conducting business. We’ll take as long as is necessary to complete a transaction while aiming for 100% of client satisfaction.
T or False? Many people migrate here for the high quality of life.
Answer: True. People enjoy the health factors of living near or in the mountains. The high altitude is excellent for athletes in training or staying fit. Not to mention, a place like Loveland provides excellence in community, along with platinum neighborhoods making this city a prime choice for investing. It only makes sense why NOCO is a highly sought-after area.
Click here to be in touch with our loan & lender department. We only work with trusted lenders with long-term relationships to provide excellence in service. Get with our staff today to arrange a meeting.
Find out what your home is worth today. We provide real-time market stats to help our clients make their best decisions. In addition, when you hire us, you are hiring a team of people who remember, C3 Real Estate Solutions is a “Customer 1st” broker.