John DeWitt, Greeley Office
Thank you for visiting my website! I am ready to assist you with any of your real estate needs. My approach is customized for each client…..my solutions are never “one-size-fits-all”.
Please take some time to look at the information I’ve provided for you as well as view listings and market statistics. Then…give me a call or send me an email if you have any questions, if you need more information about purchasing a home, are ready to visit some homes or to schedule a free home selling consultation.
I look forward to working with you!!
In This Issue:
Spring cleaning from A to Z
Sure, spring cleaning can be such a cliche, but there's just something about that newfound harmony once you've cleared out the clutter, scrubbed the crevices and done everything in between on this annual endeavor. Plus, there are other benefits to completely going through your house from top to bottom and making it sparkle like it's brand new (for example, if you're planning to sell your house in the near future). To make sure you don't forget anything from the list, Zillow put together this
all-inclusive guide of the things you want to make sure you hit on your checklist this spring.
REO sales drop to lowest level in 9 years
Often times you'll see a news article or two that proclaims what a wonderful market and economy our country is in. Well, that's always partially true. If you look less than 10 short years ago there were very different times for many of our industries, particularly in real estate. Fraught with the fear of foreclosures or short sales the industry faced a brutal uphill battle for several years to get us to the point where we now are. Colorado particularly has been one of the hottest markets across the nation. Yet, it's important to take note of a particular metric -- distressed sales. Distressed sales aren't just an indicator of how well the industry is doing. There are often times other effects that distressed sales can be attributed to. Too many distressed sales in a given area can have a major impact on home values of other nearby sales, for instance. So we're glad to report that a recent study from Core Logic
announced that January 2016 saw the lowest percent of distressed sales since January 2007. Before the housing crisis, the average percentage of all sales that were distressed was about 2 percent. Then, overnight that figure jumped to almost one-third of all sales by 2009. As of January 2016, that figure is back down to 11.2 percent -- a much more manageable number than in our previous years.
Northern Colorado Economic Snapshot
Units Listed - Single Family & Attached Dwelling
YTD* Units Sold - Single Family & Attached Dwelling
Source: Ires, LLC | Areas listed as represented by IRES-MLS defined areas | *YTD represents through the month of February
Outdoor season is a constant in Colorado.
And it isn’t just the skiing or the backpacking, hiking, biking, trail walking, mountain climbing, bird watching, wild flower picking, camping, hunting or leisurely, enjoyable Sunday drives any day of the week that makes that so. It’s the weather. Really. It’s the weather. Folks from other states have the idea that because it snows here YEAR ROUND the weather is a hindrance. Folks who live here know that while there is heavy snowfall on the mountain tops, and there is a good amount of snowfall in season and there is the occasional hail storm in the middle of a summer picnic, the weather in Colorado encourages outdoor activities every season!
That “all season” attitude translates to our real estate markets, too.
It’s always the right time to invest in real estate. 497 people did just that, falling in love with and buying homes in Northern Colorado this past February. At 89 average days on the market, there were 1,380 available homes, so don’t wait to get out there and discover the charms of the one you’ll want to make your own.
With a marketplace flooded with potential buyers this is exactly the right time to put yours up for sale!
Median prices of $320,790 outshined last year’s median price of $258,742 this same time period. Looks like the whispers of a strong market have turned into roars of recovery.
Single female buyers were in the majority through 2015, while the millennial generation in general is proving to be a little reluctant change quickly as rising rent costs cause many to rethink renting as a housing strategy.
All markets fluctuate regularly between highs and lows and times of holding steady. The real estate market is no different. A healthy real estate market usually indicates a healthy economy and there’s no exception happening here in our markets.
Colorado growth rates continue to lead the country in several important areas besides real estate as well. Statistics show our population has increased by almost 2% each year for the last 10 years. New people are moving into Colorado cities every day and the number one reason is a perceived “healthier” life style.
That constant outdoor season may very well be a contributing factor to making the observation true for many Coloradoans.
Climbing a 14er has to rate high on the list of excellent cardio workouts. Speaking of 14ers, we saw a 14% increase in mortgage applications in January. This is great news as is the news that mortgage interest rates are moving in a downward motion! Some have even dipped back into the 3’s.
Will that cause home prices to rise? It could, which gives those on the buying fence another reason to lock in now rather than later.
With all the terrific outdoor activities to occupy our time what do we all need houses for anyway? Oh, that’s right! To keep the rain and hail off our heads!
This is the perfect time to spring into action if real estate buying or selling is on your list of To Do’s!
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