May 2017

Should you stay, or go?
Many current homeowners have been asking themselves this very question as of late. With home prices on the rise, selling seems like a bit of a no-brainer for many folks; but the current barrier most people find themselves stuck behind is: where would you go? Even if you could make a small profit on the sale, if you're still in a position where you want to own your next home, selling might not always be the easy solution. Yet, over time, the home that you first fell in love with may start to show it's flaws, especially in times when sale prices are so drool-worthy. If you're not ready just yet to sell, you may instead look to remodel, or add-on to meet some of those needs your current home is no longer able to support. So what's a homeowner to do? When it comes time to make the decision - sell, or save - this article from RealtyTimes, offers some good thoughts to ponder before making your decision.



The argument against open concept kitchens
For several years now, home design trends have touted the open concept kitchen design as being a "must-have" on many home buyers' checklists. With the average square footage of homes on the decline, having the kitchen area flowing with the dining and living room areas has been a popular choice as home prices, for the most part, have also trended upward. But here's one take on the subject of open kitchen design that maybe hasn't been fully explored: why the open concept kitchen isn't quite all it's cracked up to be. While the open, free-flowing design brings about the abilities for one to entertain guests while cooking, it also brings up the question of, "do you really want your guests to watch you prepare food?" and "what about cleaning up? Does everyone really want to see that?", amongst others. If you're considering a kitchen remodel, and are waning from the open concept camp, this article from Realtor.com will be worth your while to read through for some great questions to ask yourself before you bust out the sledgehammer!


Broomfield & Westminster Market Insight
March 2017 Snapshot
  2017 2016 % Change
Active Units 142 117 21.4%
Units Sold 162 150 8%
Average Days on Market 20 17 17.6%
Median Sales Price $335,000 $311,500 7.5%
Source: REColorado | Information deemed reliable but not guaranteed
Can you believe we are moving into the Spring sales season already? Recent real estate data gives every indication that demand for homes to purchase remains high. How high? Sales of new single-family homes are at the highest levels they’ve been in the previous seven months!

Continued low mortgage interest rates have motivated interested buyers who are seeking to take advantage of these conditions, particularly as hints of rate rises hover on the horizon.

Meanwhile, tight inventory dictates that if you are a buyer searching for your perfect nesting place this season, odds will favor you increasingly based on how prepared you are to move very quickly once you spot the one that suits your fancy.

Tight inventory is also the culprit behind the elevated home prices we’re seeing. That’s also why the new build home inventory has become such an important player in this marketplace. The National Association of Home Builders, during its regular survey of local builders, says that optimism is high. As new home construction produces more choices for buyers and more competition among sellers it should also help balance the market.

Those homes that are available are selling rather quickly. In Broomfield/Westminster, 162 homes sold and closed within just 20 days on the market this past March. March also saw median home prices that rose from $311,500 in 2016 to $335,000. Available homes for sale sat at 142, an increase from the 117 available for sale this same time period last year.

Prolonged constricted inventory levels are fueling frustration for some buyers and making a purchase harder than it ought to be in such a favorable marketplace. Hesitant homeowners, fearing they won’t find a suitable move up home, need a bit of prodding to take the leap into a sale. Once they do though, we should see brisk activity that’ll carry right through to the fall.