In This Issue:
Jeannine (J'9) Maxwell
Millennials dominating the housing market
Not long ago, millennials had earned themselves a bit of a bad rep in the housing industry. Millennials were dubbed as being flighty, not wanting to settle down, and being a major threat to the world of home ownership. It may come as a bit of a surprise then, to hear that according to the recent report from the National Association of Realtors, millennials made up the largest share of home buyers -- 32 percent. Adding to that, millennials also made up over 2/3 of all first-time home buyers. Those numbers are expected to continue for the next few years, as part of the report included a survey of roughly 1,000 adults, and nearly half of the millennials responded that they were looking to buy their first home in the next couple of years.
9 ways to burglarproof your home
If you are about to jet off for summer vacation, make sure your home is protected! Recently the Denver Post interviewed two Denver Police Department detectives on how to discourage potential burglars from breaking into your home.
1) Dogs: Keeping your dog at home can offer a little protection. Many novice burglars will hesitate breaking in. However, a more experienced thief can trick even the toughest dog with treats. Also, neighbors may not notice your dog's barking. So have more than just your canine protecting the home...
Northern Colorado Economic Snapshot
Units Listed - Single Family & Attached Dwelling
YTD* Units Sold - Single Family & Attached Dwelling
Source: Ires, LLC | *YTD represents through the month of June
I love a good yard sale, don’t you? Of the top three signs that get planted in our front yards, the yard sale sign causes almost as much excitement as the HOUSE FOR SALE sign does! When I say yard sale, I’m not talking about the “clean out the garage” kind, but a good estate sale, like when someone retires and is moving away. The kind that is filled with furniture, kitchen items and curios that no longer serve a purpose to the original owner, but offer a new season of usefulness to the one clever enough to recognize the potential.
Many houses in the Northern Colorado area are like that. Originally, just the right design to serve the owner’s need and purpose but now outgrown due to changing circumstance, they are homes that would be perfectly suited to other’s ideal living situations. Since housing prices have rebounded enthusiastically over the previous several years, those who have considered making a move will find this a great time to move forward with those plans.
In June, the Northern Colorado area saw an average market time of just 63 days. In many cases even less! While the bargain hunters are out snatching up new yard sale treasures, the real estate market is enjoying a pleasant flood of eager, ready buyers. These buyers are not discouraged by the home price increases. Quite the opposite has proved true, in fact. Mortgage rates that remain below 5% interest mixed with easy term loan packages have attracted plenty of buyers to venture into this marketplace with high hopes of sealing a great deal on a new place of their own to call home. These kind of stable equity gains and beneficial loan terms should result in a flourishing market, balanced between buyer needs and seller wants. And yet for some elusive reason, most Northern Colorado areas are experiencing what could easily be described as a housing drought.
Timing is a seller’s best friend, and friends, the timing is ripe for home sales. Numbers surely never lie, and these are the numbers:
In spite of very low active listing numbers in June, down significantly from last year, there were 926 closed sales. Sales prices stayed close to or went above listing prices.
Evidenced by stories of disappointed buyers beginning to fear their homeowner dreams may not come to pass indicates many potential sellers reluctant to plant that For Sale sign on the front lawn. It will be interesting to observe how the resulting scarcity of inventory throughout the county affects the numbers in coming months.
Discovering the secret to unblocking the apparent log jam in this real estate market may lie not in looking at past market performance but, much like those bargain items found at the yard sale, envisioning a fresh season of potential. The trick will be in transmitting that season of potential to sellers that will bring about the desired outcome; the steady flow of homes moving from sale to SOLD.
Stirring up interest, curiosity and exciting anticipation sometimes takes no more than planting the right sign out front.