March 2017

Takeaways from NAR's Aspiring Home Buyer Profile
The National Association of REALTORS (NAR) produces many beneficial reports of statistics and other trends that help decipher the national real estate trends and effects. In the past they've often tracked your typical sales figures (units listed, sold, average sale times and prices, and more) but there's one emerging trend they really wanted to better study - aspiring buyers. One of the things you may have heard about the real estate market over the last several years is that many people, primarily millennials, were waiting to purchase a home for a few main reasons. Maybe they had too much loan debt from school, or hadn't saved enough yet for a down payment, or not wanting to be tied to a home location in the long run are some of the more popular reasons given. These reasons gave the fire to fuel their latest quarterly report - the Aspiring Home Buyer Profile. Other surveys still tell us that a majority millennials believe in home ownership and DO want to own a home someday - so what's stopping them? Read the article below from NAR for the full report!

Keeping your Home Checklist in check!
Any car owner will tell you that maintaining the vehicle in good running condition is much less costly than repairing a damaged engine. Regular oil changes alone can extend the life of the vehicle while saving hundreds or even thousands in repair bills. Your vehicle needs more than just oil changes though. What about those drive belts? Changing a worn belt not only saves you on gasoline, but the low cost of a new belt is far preferable to the cost of parts that may be damaged if that belt breaks while you are driving (not to mention tow charges!).

Your home requires regular maintenance, too. Just like your vehicle needs a little more than just regular oil changes, your home needs a little more than just an annual furnace filter change. When you first buy your home, you'll want to through the house and make a checklist of everything that you'll want to regularly maintain. Unlike homes where you previously rented, there may be several things new to your home that you're not entirely familiar with yet - but that you want to be regularly maintaining yourself now that YOU are the homeowner.

Keeping tabs of all these maintenance items can quickly become a chore. Some things are recommended to be checked monthly, quarterly, or annually. To make sure you don't forget any of these important "to do" items, here are some tips from RisMedia on how to schedule and remind yourself of these items!

And don't forget! Spring is just around the corner - so if you haven't checked those quarterly tasks off your calendar already, here's a list of our recommended maintenance items for spring!

Adams County Market Insight
January 2017 Snapshot
  2017 2016 % Change
Active Units 251 266 -5.6%
Units Sold 258 215 20%
Average Days on Market 26 34 -23.5%
Median Sales Price $305,000 $283,000 7.8%
Source: REColorado | Information deemed reliable but not guaranteed
January 2017 saw 251 homes available for sale in Adams County. However, 258 sold and closed at a median price of $305,000. Of the 266 offered for sale January 2016, 215 made it to the closing table at a median price of $283,000. The 2017 sales took on average 26 days to go from sale to sold, 8 days less than the previous year.

Wrapping up the real estate overview, according to results of the S&P CoreLogic Case-Shiller U.S. National Home Price Indices, year over year home prices were up just under 6%.

Denver was reported to be in the top three markets with the sharpest increases. David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices declared “…one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago.”

Based on the numbers, we’d agree with Mr. Blitzer, at least in our marketplace.

The major contributions that supported the full recovery include low mortgage interest rates, falling unemployment numbers and consistent gains in per capita disposable personal income.

Not everything was an increase, evidenced by the final quarter of 2016 which did see some slow down, with sales dipping almost 3% in November. Even with those dips, sales were still slightly under 1% higher than previous years in the last quarter. Only December saw a decline year over year, and Lawrence Yun, NAR’s chief economist, thinks that blame lies squarely with low inventory levels.

The final analysis? People want to buy a home. Those buyer numbers will continue to increase as millennials wake up to the benefits of ownership and multiply the already swelling marketplace. In 2016, sales of previously owned homes reached their highest level that they’ve been at in 10 years, according to new estimates from the National Association of REALTORS®.