Northern Colorado Real Estate Update (October 2022)

Curious about the Northern Colorado Real Estate Market? There is a lot of information out there that is built on hype and not actual real estate market stats. Below are multiple videos regarding what is really going on. This is your Northern Colorado Real Estate Market Update. I make new videos each month when the latest market stats are available. I make a seperate video for Fort Collins, Loveland, Windsor, Greeley and an overall Northern Colorado Video each month.

 

FORT COLLINS Real Estate Market Update:

Loveland Colorado Real Estate Market Update:

This video features the latest real estate market data available in October 2022 for the Loveland Colorado Real Estate Market.

Windsor Colorado Real Estate Market Update:

The following video breaks down exactly what is happening in the Windsor Colorado Real Estate Market. This Real Estate Update features the data for October 2022. If you have more questions about Windsor, Co, give me a call.

Greeley Real Estate Market Update:

Greeley Colorado has been a really hot market for the last few years. Many people are moving to Greeley because it’s a little less expensive as compared to Loveland and Fort Collins but it still has all of the great things you want in Northern Colorado. The below video has the latest real estate market data about Greeley, Colorado.

That’s what is going on across the Northern Colorado Real Estate Market. Each video discusses what this data means for both buyers and sellers. If you have specific questions about your personal situation, reach out to me directly. I would love to answer your questions. Call or text Andy Hawbaker at 970-203-5066.

The 2022 Real Estate Bubble?

What is going on in the Northern Colorado Real Estate Market? You’ve probably heard that the NOCO Real Estate Market has shifted. The post-pandemic frenzy market has come to an end. This is actually great news for both buyers and sellers for multiple reasons. Let’s talk about the market and what this means to you.

Throughout 2021 and early 2022 the real estate market was going crazy. Interest rates were at all-time lows and everyone wanted to buy a house. This increased demand and very low inventory sent home prices sky rocketing for average annual appreciation of over 20%.

Potential home buyers were having to see houses and place offers immediately. They often times offered 10% above the asking price and waived inspections and other contingencies. BUT that is all over and we’re switching toward a buyers market.

Now that interest rates are at 15 year highs, buyers are getting spoked and deciding not to buy which is forcing home sellers into offering discounts and concessions.

Surely this all means we are headed into a real estate bubble that is about to burst. Watch the above video to see all of my opinions about this real estate bubble and how this market is different form the 2008 real estate bust. 

5 Repairs That Add Value to Your Home

Before you sell your house, you might want to think about making some updates to make sure you get the highest value for your home. You are willing to do some work but you don’t want to waste any money on things that won’t make a difference. Follow this advice for 5 repairs that add the most value to your home.

Let’s focus on the top updates and repairs that will actually help your home sell for more money and to sell more quickly. Number one is fresh interior paint. If your home has been lived in for any amount of time, especially with kids and pets, chances are you have scratches, marks and dings in the walls. The walls can appear dirty and damaged but a fresh coat of paint will give your home a clean, fresh look and a fresh coat of paint won’t break the bank.

The second update that will make a big difference is new carpet. Buyers will notice stains and normal wear and tear on your carpet. Sometimes the carpet gets really worn in high traffic areas on on the stairs. While carpet isn’t that expensive to replace, buyers love seeing new carpet versus having the hassle of replacing it before they move in.

Home Repairs to Add Value

If you are considering a small remodel, go with a kitchen update or bathroom remodel. Home buyers place the most value on nice kitchens and bathrooms. You won’t see the same return on built in shelving or other updates in a living room. Another good option is finishing a basement to add additional bedrooms. 

Don’t take on a large home remodel just to get more money from your house unless you have experience with this. You could easily spend far more money than you’ll get back. Before you do something like this, ask a professional.

Also check out these tips of Things to Do Before You Sell Your Home.

 

5 Things to Do Before You Sell Your Home

Here are 5 things to do before you try to sell your house. I’m not talking about hiring a realtor, cleaning or staging a home but these actual larger items can break a deal when you sell your home. So before you do anything, look into the 5 items discussed in the video below.

These 5 items tend to be pretty costly to repair and can definitely deter buyers from wanting to buy your house. Due to that, you’ll want to review each item and make any necessary repairs to ensure that you can sell your home and sell it fast. 

  • Roof – A new roof is very expensive. Buyers want to know that they are getting a home that isn’t going to cost them a lot of money so a damaged roof can definitely cost you a deal. Call a roofer and get a free roof inspection before putting your home on the market.
  • Foundation – Look for cracks or foundation problems. These problems can be very costly. Know that your home is in good shape before selling it.
  • Furnace/AC – A new furnace is pretty expensive. Make sure you’ve at least serviced and cleaned your furnace so it will perform well in your home inspection.
  • Hot Water Heater – These really aren’t that expensive but a new hot water heater is a relief for a new buyer. If you have a 15 year old unit, consider an upgrade.
  • Carpet – Extremely worn and stained carpet will not show well. You can offer a carpet allowance but it’s often cheaper to just replace the carpet so your home will show in the best light and the buyers won’t have to worry about doing the work.
5 things to sell your home

Paying attention to the above 5 things can help you sell your home for more money and in less time. Add in a deep cleaning, great staging, professional real estate photography, and a Realtor® who knows the marketing and you’ll have no trouble selling your home. 

*Andy Hawbaker is a licensed Realtor with 8z Real Estate in Windsor, CO. He serves home sellers in Fort Collins, Loveland, Windsor, Greeley and surrounding areas.*

Can’t Afford A Home? What to do?

I talk to a lot of potential home buyers who feel like they can’t afford to buy a home in Northern Colorado. The prices of homes in the area have appreciated at over 20% over the last few years and now mortgage interest rates are climbing. This means home affordability is at an all time low. However, things aren’t going to get better any time soon. Home prices are expected to continue to rise. So let’s look at some things to think about to help you get into the real estate market.

The most important thing you need to know is that home prices are going to continue to go up. They always have. There is an old saying, “Don’t wait to buy real estate, buy real estate and wait.”

Rents will continue to rise, rates will go up and down which allows you to refinance, and demand to purchase a home will always remain high. So you should do whatever you can to get into a home as soon as you can. 

The biggest opportunity that I see for renter is buying a condo or townhome. I hear from potential buyers that they want to have a yard but they’ve been living in an apartment. Why not buy the best condo you can get, live in it for two years and then use that gained equity to buy the house with a yard. Usually the other options is to just keep paying rent in that apartment.

 

Colorado Home Affordability

There are a lot of things to consider when it comes to buying a home. Don’t wait for a housing bubble to burst because it isn’t going to happen. Call me to discuss what other options you might have. Also, improve your credit scores, save for a down payment and pay down your debt to give yourself the best chance to be able to buy a home