October 2017

What to expect for the remainder of the 2017 housing market
As we get ready to close out on yet another year, in the world of real estate, there is still plenty of time for people to find their next home. This article, from Forbes, outlines a few key qualities of what we can expect from the housing market for the remainder of 2017. Many of the forces that have driven the real estate market for the past several years will continue to plug into the equation for the final quarter this year. Inventory still remains tight, especially in entry-level price ranges, due to the pent up demand that has been forcing home prices upward now for some time. As for the coming year, Freddie Mac recently released its report for the 2018 housing forecast, which entails some predictions of inventory leveling out, due to new home builds increasing in the coming year. The increase in new homes, coupled with an expected mortgage rate increase may slow down price appreciation for existing homeowners in the coming year.

Home Maintenance Checklist for October
As the unofficial start of the fall season, there are many things to look forward to in October. Whether it's the cooler weather, watching the leaves turning, or the festive scares and sweets of Halloween, there's something for everyone to look forward to. In addition to the seasonal activities, there are a few things you should put on your monthly home maintenance checklist. As the temperature turns, it's the perfect time to check up on a few things in your home before the brunt of winter sets in for the season. Also, did you know October is typically a great time to look at buying new home appliances? That's right! Most manufacturers will debut the year's new models starting the fall - which means there may be some great deals you can snag up as they try to move older inventory to make way for the new in time for the holiday shopping season. Read all about these tips, here, from this article from HouseLogic!

Broomfield & Westminster Market Insight
August 2017 Snapshot
  2017 2016 % Change
Active Units 393 352 11.6%
Units Sold 344 296 16.2%
Average Days on Market 22 15 46.7%
Median Sales Price $375,250 $328,000 14.4%
Source: REColorado | Information deemed reliable but not guaranteed
The musical score for our current real estate market might sound familiar, since we’ve been hearing the same tune for a while now. Affordability of a home purchase is high and inventory levels are low, low, low.

While no change is expected in the immediate future this isn’t a sad song of negativity.

Colorado has historically been a major destination of choice for those desiring what they perceive as a healthier lifestyle and the influx of new residents has only increased substantially in the last few years. Although our real estate market may be experiencing an imbalance right now between homes available to purchase and the demand for a home, trends indicate a restored balance may occur as early as 2019.

Taking a closer look at what makes a healthy housing market we see there are many facets. Whether we talk about home prices, mortgage rates, new home construction or any other sector of the housing metrics, all have an effect on buyers and sellers. It’s just that some of those effects are not as obvious as others.

For instance, if you aren’t seeking to purchase a new home, this segment of the market may not seem important to you. Yet, it actually is though, because the demand for new homes results in increased building. That activity boosts the inventory of homes available which in turn affects prices and has an indirect effect on every home buyer and seller.

Currently the most pressing challenge is too few homes for sale, however affordable those homes may be. This atmosphere is why we see fierce competition for the homes on the market, which in turn has pushed prices upwards.