So how much real estate is sold in Northern Colorado?

As it turns out, a lot!

Last month alone there were 1,099 single family homes that sold in Larimer and Weld Counties

The average price was $429,144 which means the total sales volume for one month was $471,629,129 (almost a half a billion)!

Over the last 12 months, just over $4.5 billion worth of single-family homes have sold.

That’s a lot of real estate!

 

Posted on August 16, 2019 at 8:52 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate | Tagged , , ,

Extend the Life of your Roof

Your roof is one of the most important and expensive assets of your home, but no other element is quite as valuable. While the average lifespan of a roof is about 15 years, careful homeowners can extend the life of their homes without enduring too many hardships. Take a look at these three quick maintenance tips to help your roof last.

Keep Your Gutters Clear

Debris that accumulates and clogs your gutters adds extra weight and pulls at your roof’s fascia, which can be a costly fix. Look down the length of your roof for any signs of sagging or bending – that’s a sure sign your gutters are carrying too much weight and pulling at your roof.

Don’t forget the downspouts either, and don’t be fooled by easy-flowing water. Moss and algae buildup on and around your roof can slowly eat away at your roofing material and severely compromise its integrity.

 

Focus On The Attic

The exterior of your roof isn’t the only area you should focus on as your attic is your roof’s first line of defense against damage with a two-pronged approach: insulation and ventilation.

Insulating your attic has the double benefit of keeping your home’s internal temperature consistent while also preventing vapor and moisture buildup on the underside of your roof. When combined with proper ventilation your attic can stay dry and keep your roof’s rafters safe from moisture damage.

A great way to keep properly ventilate is to add a fan or dehumidifier to the attic.

Catch Problems Early

Check on your roof regularly, an easy time to remember to check is with every change of the season, or after a significant storm. Catching small issues early on will save you money in the long run, so utilizing the services of a reliable, professional roofer is an invaluable asset. As with any working professional, it’s a good idea to establish a working relationship with a roofer and even consider scheduling a yearly checkup for your roof just to make sure there aren’t any problems sneaking up on you. After all, spending a little each year to maintain your roof is a lot better than dropping $15,000-$50,000 on a new one, right?

Posted on August 9, 2019 at 9:55 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate | Tagged , , , ,

Protect Your Home With Homeowners Insurance

In addition to providing shelter and comfort, our home is often our single greatest asset, and it’s important that we protect that precious investment. Most homeowners realize the importance of homeowner’s insurance in safeguarding the value of a home. However, what they may not know is that about two-thirds of all homeowners are under-insured. According to a national survey, the average homeowner has enough insurance to rebuild only about 80% of his or her house.

 

What a standard homeowners policy covers

A standard homeowner’s insurance policy typically covers your home, your belongings, injury or property damage to others, and living expenses if you are unable to live in your home temporarily because of an insured disaster.

The policy likely pays to repair or rebuild your home if it is damaged or destroyed by disasters, such as fire or lightning. Your belongings, such as furniture and clothing, are also insured against these types of disasters, as well as theft. Some risks, such as flooding or acts of war, are routinely excluded from homeowner policies.

Other coverage in a standard homeowner’s policy typically includes the legal costs for injury or property damage that you or family members, including your pets, cause to other people. For example, if someone is injured on your property and decides to sue, the insurance would cover the cost of defending you in court and any damages you may have to pay. Policies also provide medical coverage in the event someone other than your family is injured in your home.

If your home is seriously damaged and needs to be rebuilt, a standard policy will usually cover hotel bills, restaurant meals and other living expenses incurred while you are temporarily relocated.

 

How much insurance do you need?

Homeowners should review their policy each year to make sure they have sufficient coverage for their home. The three questions to ask yourself are:

·      Do I have enough insurance to protect my assets?

·      Do I have enough insurance to rebuild my home?

·      Do I have enough insurance to replace all my possessions?

Here’s some more information that will help you determine how much insurance is enough to meet your needs and ensure that your home will be sufficiently protected.

 

Protect your assets

Make sure you have enough liability insurance to protect your assets in case of a lawsuit due to injury or property damage. Most homeowner’s insurance policies provide a minimum of $100,000 worth of liability coverage. With the increasingly higher costs of litigation and monetary compensation, many homeowners now purchase $300,000 or more in liability protection. If that sounds like a lot, consider that the average dog bite claim is about $20,000. Talk with your insurance agent about the best coverage for your situation.

 

Rebuild your home

You need enough insurance to finance the cost of rebuilding your home at current construction costs, which vary by area. Don’t confuse the amount of coverage you need with the market value of your home. You’re not insuring the land your home is built on, which makes up a significant portion of the overall value of your property. In pricey markets such as San Francisco, land costs account for over 75 percent of a home’s value.

The average policy is designed to cover the cost of rebuilding your home using today’s standard building materials and techniques. If you have an unusual, historical or custom-built home, you may want to contact a specialty insurer to ensure that you have sufficient coverage to replicate any special architectural elements. Those with older homes should consider additions to the policy that pay the cost of rebuilding their home to meet new building codes.

Finally, if you’ve done any recent remodeling, make sure your insurance reflects the increased value of your home.

Remember that a standard policy does not pay for damage caused by a flood or earthquake. Special coverage is needed to protect against these incidents. Your insurance company can let you know if your area is flood or earthquake-prone. The cost of coverage depends on your home’s location and corresponding risk.

 

Replacing your valuables

If something happens to your home, chances are the things inside will be damaged or destroyed as well. Your coverage depends on the type of policy you have. A cost value policy pays the cost to replace your belongings minus depreciation. A replacement cost policy reimburses you for the cost to replace the item.

There are limits on the losses that can be claimed for expensive items, such as artwork, jewelry, and collectibles. You can get additional coverage for these types of items by purchasing supplemental premiums.

To determine if you have enough insurance, you need to have a good handle on the value of your personal items. Create a detailed home inventory file that keeps track of the items in your home and the cost to replace them.

 

Create a home inventory file

It takes time to inventory your possessions, but it’s time well spent. The little bit of extra preparation can also keep your mind at ease.  The best method for creating a home inventory list is to go through each room of your home and individually record the items of significant value. Simple inventory lists are available online. You can also sweep through each room with a video or digital camera and document each of your belongings. Your home inventory file should include the following items:

·      Item description and quantity

·      Manufacturer or brand name

·      Serial number or model number

·      Where the item was purchased

·      Receipt or other proof of purchase / Photocopies of any appraisals, along with the name and address of the appraiser

·      Date of purchase (or age)

·      Current value

·      Replacement cost

Pay special attention to highly valuable items such as electronics, artwork, jewelry, and collectibles.

 

Storing your home inventory list

Make sure your inventory list and images will be safe in case your home is damaged or destroyed. Store them in a safe deposit box, at the home of a friend or relative, or on an online Web storage site. Some insurance companies provide online storage for digital files. (Storing them on your home computer does you no good if your computer is stolen or damaged). Once you have an inventory file set up, be sure to update it as you make new purchases.

We invest a lot in our homes, so it’s important we take the necessary measures to safeguard it against financial and emotional loss in the wake of a disaster. Homeowners insurance is that safeguard, be sure you’re properly covered.

Posted on August 9, 2019 at 9:53 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate | Tagged ,

Home-ownership Rate

An interesting stat which can give some insight to the national market is the Home-ownership Rate.

It simply looks at the percentage of Americans who own their home instead of rent.

The most recent report from the Census Bureau shows the rate at 64.2%.

Most importantly, this number is showing stability after many years of change.

After many years of hovering around 64%, the Home-ownership Rate started increasing in 1996 and reached as high as 69.5% in 2005.

2008 started several years of declining back to the pre-1996 levels of 64%.

So today it’s back to what seems to be “normal” based the long-term average.

Posted on August 9, 2019 at 9:48 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate | Tagged ,

On Sale

With interest rates so low, one could argue that money is essentially on sale.

It’s actually half off.

30-year mortgage rates hit 3.75% which is exactly half of their long term average.

Rates have averaged 7.5% over the last 40 years so today buyers are getting half of that rate.

The “sale” on mortgage rates creates a significant savings in monthly payment because of the 1%/10% rule.

For every 1% change in interest rate, the monthly payment will change roughly 10%.

So when rates go up to 4.75%, a buyer’s payment will be 10% higher.

For example, the principal and interest payment on a $400,000 home with a 20% down payment at today’s rates is $1,482.

If rates were 1% higher, the payments jump up to $1,669.

Posted on August 9, 2019 at 7:52 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate | Tagged , , , ,

2019 Economic and Housing Forecast

What a year it has been for both the U.S. economy and the national housing market. After several years of above-average economic and home price growth, 2018 marked the start of a slowdown in the residential real estate market. As the year comes to a close, it’s time for me to dust off my crystal ball to see what we can expect in 2019.

The U.S. Economy

Despite the turbulence that the ongoing trade wars with China are causing, I still expect the U.S. economy to have one more year of relatively solid growth before we likely enter a recession in 2020. Yes, it’s the dreaded “R” word, but before you panic, there are some things to bear in mind.

Firstly, any cyclical downturn will not be driven by housing.  Although it is almost impossible to predict exactly what will be the “straw that breaks the camel’s back”, I believe it will likely be caused by one of the following three things: an ongoing trade war, the Federal Reserve raising interest rates too quickly, or excessive corporate debt levels. That said, we still have another year of solid growth ahead of us, so I think it’s more important to focus on 2019 for now.

The U.S. Housing Market

Existing Home Sales

This paper is being written well before the year-end numbers come out, but I expect 2018 home sales will be about 3.5% lower than the prior year. Sales started to slow last spring as we breached affordability limits and more homes came on the market.  In 2019, I anticipate that home sales will rebound modestly and rise by 1.9% to a little over 5.4 million units.

Existing Home Prices

We will likely end 2018 with a median home price of about $260,000 – up 5.4% from 2017.  In 2019 I expect prices to continue rising, but at a slower rate as we move toward a more balanced housing market. I’m forecasting the median home price to increase by 4.4% as rising mortgage rates continue to act as a headwind to home price growth.

New Home Sales

In a somewhat similar manner to existing home sales, new home sales started to slow in the spring of 2018, but the overall trend has been positive since 2011. I expect that to continue in 2019 with sales increasing by 6.9% to 695,000 units – the highest level seen since 2007.

That being said, the level of new construction remains well below the long-term average. Builders continue to struggle with land, labor, and material costs, and this is an issue that is not likely to be solved in 2019. Furthermore, these constraints are forcing developers to primarily build higher-priced homes, which does little to meet the substantial demand by first-time buyers.

Mortgage Rates

In last year’s forecast, I suggested that 5% interest rates would be a 2019 story, not a 2018 story. This prediction has proven accurate with the average 30-year conforming rates measured at 4.87% in November, and highly unlikely to breach the 5% barrier before the end of the year.

In 2019, I expect interest rates to continue trending higher, but we may see periods of modest contraction or levelling.  We will likely end the year with the 30-year fixed rate at around 5.7%, which means that 6% interest rates are more apt to be a 2020 story.

I also believe that non-conforming (or jumbo) rates will remain remarkably competitive. Banks appear to be comfortable with the risk and ultimately, the return, that this product offers, so expect jumbo loan yields to track conforming loans quite closely.

Conclusions

There are still voices out there that seem to suggest the housing market is headed for calamity and that another housing bubble is forming, or in some cases, is already deflating.  In all the data that I review, I just don’t see this happening. Credit quality for new mortgage holders remains very high and the median down payment (as a percentage of home price) is at its highest level since 2004.

That is not to say that there aren’t several markets around the country that are overpriced, but just because a market is overvalued, does not mean that a bubble is in place. It simply means that forward price growth in these markets will be lower to allow income levels to rise sufficiently.

Finally, if there is a big story for 2019, I believe it will be the ongoing resurgence of first-time buyers. While these buyers face challenges regarding student debt and the ability to save for a down payment, they are definitely on the comeback and likely to purchase more homes next year than any other buyer demographic.

Originally published on Inman News.

Posted on February 15, 2019 at 7:07 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate, Sales | Tagged , , , , , , ,

Five Ways to Incorporate Pantone’s ‘Living Coral’ Into Your Home

Photo Credit: Pantone Color Institute

Design inspiration comes in many forms, but few carry the cache of the Pantone Color of the Year. For two decades, the Pantone Color Institute has convened to debate and determine an appropriate color that represents the current times. In a tradition harkening to the pageantry and mystique of secret societies, biannual meetings are held in private by color and design experts to determine the appropriate shade for the upcoming year. Through this deliberation, we have been delivered our next design baseline: the 2019 Pantone Color of the Year is Living Coral.

Living Coral is a mesmerizing pinkish hue with a light base that makes it a spectacular pairing with a variety of other options. Evoking the way natural coral often forms a basis for entire, vibrant ecosystems, Living Coral seeks to be eye-catching, while simultaneously drawing attention to what surrounds it. So how can Living Coral be best incorporated into your home this year? We have a few ideas.

 

Accent Furniture

Photo Credit: Fresh Idees on Pinterest

It can be overwhelming to dive headlong into an entire stylistic renovation. Even a single feature, like a Living Coral colored chair or settee can brighten a space.

 

Entryway and Living Room Walls

Photo Credit: France and Son on Pinterest

Make a bold first impression by inviting guests into a space that is framed by Living Coral walls on every side.

 

Subtle Accessories

Photo Credit: HoneyComb Studio on Pinterest

Any room can be brightened by a touch of Living Coral. From coral curtains to stylish gilded vases and accent pillows, there are numerous ways, great and small, to sprinkle this seaside shade throughout your home.

 

Accent Wall

Photo Credit: Krista4Coral on Instagram

One of our favorite interior design trends pairs perfectly with Pantone’s 2019 selection. Coating one wall with Living Coral is a great way to accent a space without committing to painting an entire room.

 

Brightened Door

Photo Credit: DesignStudio039 on Instagram

Whether gracing your front door or a unique space in your home, Living Coral inspires an optimistic feeling for what lies beyond.

Do you plan to incorporate Living Coral into your home this year? We’d love to hear about it!

Posted on February 13, 2019 at 11:53 pm
Sarah Schilz | Category: Fort Collins Real Estate, News, Northern Colorado Real Estate, Sales | Tagged , , , , , ,

10 Steps to Get Your Home Clean and Ready for Spring

Warmer months are ahead, so now is the time to plan for spring cleaning and maintenance. A clean home offers a fresh start for the year, and a checklist of tasks guides your efforts towards efficiency. For many homeowners, spring cleaning can be a personal challenge. It can also be one accomplished with the help of the rest of the family or other residents. In some occasions, however, professional assistance may be advised, or even necessary. Regardless, regular home maintenance not only increases your home’s value, but it can also make your home more comfortable and enjoyable.

Indoors

Check Your Attic

Once summer arrives, it can be too hot in many regions to comfortably perform an inspection. Use late winter and early spring to ensure the following: there’s ample insulation (10 to 14 inches), there are no signs of mice or rats (droppings, strong odor, nests), there are no bugs (flying, crawling, or otherwise), and there are no signs of roof leaks (water stains, etc.).

Schedule HVAC Maintenance

Annual tune-ups on your heating/cooling equipment will reduce your energy bill and help ensure you can maintain a comfortable indoor temperature.

Fix the Window Screens

It won’t be long before you’ll want to throw open the windows for fresh air, or relief on a warm afternoon. Take time now to ensure your window screens are ready for the challenge. Many traditional neighborhood hardware stores still offer re-screening services. Contractors also specialize in this service and are available for house calls.

Clean the Ceiling Fans

During the warm weather and the cold, ceiling fans can help moderate the temperature and better distribute the air. But your fans will be far more efficient if you give them a good cleaning a couple times each year. For fans mounted up to 10 feet in the air, you can use a ladder to access the tops of the fan blades. For those mounted on vaulted ceilings, use a long-handled duster.

Apply Weather Stripping

Many homeowners think of weather stripping as a cold-weather commodity, but it’s just as important during summer. To keep the cool air in and the hot air out, use any of the many filler materials available to seal gaps around windows, doors, exhaust fans, and any other point where you can see light peeking through.

Outdoors

Look for Damaged Roof Shingles

Use binoculars (with your feet safely planted on the ground) to scan for roof shingles that are curling, broken, or missing. If anything seems compromised, have a roofing company perform an inspection and provide a bid. If you or any members of your family are enterprising drone users, a camera-affixed drone can also be a useful aid in this reconnaissance effort.

Wash the Exterior

An easy way to extend the life of your exterior paint – and make your house look better than ever – is to give the siding a good washing. Use mostly water (to avoid harming any plants) and a stiff pole brush.

Search Out Rotten Wood

While you’re washing the exterior, keep an eye out for areas where there may be rot. Use a screwdriver to gently but firmly press on any siding or trim where you see black mold, missing paint, or exposed gray wood. If the area you’re probing feels mushy or bone-dry, contact a contractor to assess and stabilize the situation.

Clean the Gutters

All it takes is a handful of leaves to clog a gutter downspout and cause overflow and flooding. Hire a professional to give the gutters a thorough cleaning and you’ll avoid the very real dangers of working from a ladder. If you live in an area with lots of trees, consider getting quotes for some of the leaf-less gutter systems.

Prepare Your Lawn to Grow

The winter sets impediments for your lawn, and it takes preparation to help it shine. Rake away any dead grass and aerate the whole lawn to allow nutrients to access the roots. Reseed bare spots and apply a spring fertilizer to ensure your lawn has the fuel it needs to grow strong and beautiful.

Posted on February 12, 2019 at 11:18 pm
Sarah Schilz | Category: Fort Collins Real Estate, Listings, News, Northern Colorado Real Estate | Tagged , , , ,

Investing In a Green Home Will Pay Dividends In 2019

As we step forward into 2019, eco-friendly “green homes” are more popular than ever. Upgrading your home’s sustainability improves quality of life for those residing in it, but it is also a savvy long-term investment. As green homes become more popular, properties boasting sustainable features have become increasingly desirable targets for homebuyers. Whether designing a new home from scratch or preparing your current home for sale, accentuating a house with environmentally-friendly features can pay big dividends for everyone.

While the added value depends on the location of the home, its age, and whether it’s certified or not, three separate studies all found that newly constructed, Energy Star, or LEED-certified homes typically sell for about nine percent more than comparable, non-certified new homes. Plus, one of those studies discovered that existing homes retrofitted with green technologies, and certified as such, can command a whopping 30-percent sales-price boost.

There are dozens of eco-friendly features that can provide extra value for you as a seller. To name a few:

Cool roof

Cool roofs keep the houses they’re covering as much as 50 to 60 degrees cooler by reflecting the heat of the sun away from the interior, allowing the occupants to stay cooler and save on air-conditioning costs. The most common form is metal roofing. Other options include roof membranes and reflective asphalt shingles.

Fuel cells

Fuel cells may soon offer an all-new source of electricity that would allow you to completely disconnect your home from all other sources of electricity. About the size of a dishwasher, a fuel cell connects to your home’s natural gas line and electrochemically converts methane to electricity. One unit would pack more than enough energy to power your whole home.

For many years, fuel cells have been far too expensive or unreliable. But as technology has improved, so too has reliability. Companies like Home Power Solutions and Redbox Power Systems have increased the reliability of these fuel sources while reducing their size. Much like we’ve seen computers and cell phones shrink in size while improving reliability and power, fuel cells continue to be refined.

Wind turbine

A wind turbine (essentially a propeller spinning atop an 80- to 100-foot pole) collects kinetic energy from the wind and converts it to electricity for your home. And according to the Department of Energy, a small version can slash your electrical bill by 50 to 90 percent.

But before you get too excited, you need to know that the zoning laws in most urban areas don’t allow wind turbines. They’re too tall. The best prospects for this technology are homes located on at least an acre of land, well outside the city limits.

Green roof

Another way to keep the interior of your house cooler—and save on air-conditioning costs—is to replace your traditional roof with a layer of vegetation (typically hardy groundcovers). This is more expensive than a cool roof and requires regular maintenance, but young, environmentally conscious homeowners are very attracted to the concept.

Hybrid heating

Combining a heat pump with a standard furnace to create what’s known as a “hybrid heating system” can save you somewhere between 15 and 35 percent on your heating and cooling bills.

Unlike a gas or oil furnace, a heat pump doesn’t use any fuel. Instead, the coils inside the unit absorb whatever heat exists naturally in the outside air, and distributes it via the same ductwork used by your furnace. When the outside air temperature gets too cold for the heat pump to work, the system switches over to your traditional furnace.

Geothermal heating

Geothermal heating units are like heat pumps, except instead of absorbing heat from the outside air, they absorb the heat in the soil next to your house via coils buried in the ground. The coils can be buried horizontally or, if you don’t have a wide enough yard, they can be buried vertically. While the installation price of a geothermal system can be several times that of a hybrid, air-sourced system, the cost savings on your energy bills can cover the installation costs in five to 10 years.

Solar power

Solar panels capture light energy from the sun and convert it directly into electricity. Similarly to wind turbines, your geographical location may determine the feasibility of these installments. Even on cloudy days, however, solar panels typically produce 10-25% of their maximum energy output. For decades, you may have seen these panels sitting on sunny rooftops all across America. But it’s only recently that this energy-saving option has become truly affordable.

In 2010, installing a solar system on a typical mid-sized house would have set the homeowner back $30,000. But as of December 2018, the average cost after tax credits for solar panel installation was just $13,188! Plus, some companies are now offering to rent solar panels to homeowners (the company retains ownership of the panels and sells the homeowner access to the power at roughly 10 to 15 percent less than they would pay their local utility).

Solar water heaters

Rooftop solar panels can also be used to heat your home’s water. The Environmental Protection Agency estimates that the average homeowner who makes this switch should see their water bills shrink by 50 to 80 percent.

Tax credits/rebates

Many of the innovative solutions summarized above come with big price tags attached. However, federal, state and local rebates/tax credits can often slash those expenses by as much as 50 percent. So before ruling any of these ideas out, take some time to see which incentives you may qualify for at dsireusa.org and the “tax incentives” pages at Energy.Gov.

Regardless of which option you choose, these technologies will help to conserve valuable resources and reduce your monthly utility expenses. Just as importantly, they will also add resale value that you can leverage whenever you decide it’s time to sell and move on to a new home.

Posted on February 12, 2019 at 6:58 pm
Sarah Schilz | Category: Fort Collins Real Estate, Listings, News, Sales | Tagged , , , , , ,

Want results?

In case you don’t already know, I’m really fortunate to work for Windermere. This isn’t insincere marketing malarky, I really consider myself lucky to be here. The agents I work with everyday inspire and motivate me. We work together and take care of each other. It makes for a great career which is something not everyone can say. As it turns out, that greatness gets results and our clients reap the benefits. Windermere’s Certified Listings are outperforming the market. Check it out!

Posted on February 12, 2019 at 5:41 pm
Sarah Schilz | Category: Fort Collins Real Estate, Listings, News, Northern Colorado Real Estate, Sales | Tagged , , , , , ,