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:
To fix or not to fix...that is the question
As the summer real estate market starts to ramp up, many homeowners may start right now to consider whether they want to sell in the upcoming year. If you've ever sold a previous home, you'll know that there's a lot of work that goes into selling and moving. You've got to declutter, pack up the chotskies, and stage the house. But beyond the basics, what if your home is a little older and might need some work? We found this great article
this month from Houzz that outlines eight questions you need to ask yourself when prepping your home for sale. Some basic things like a fresh coat of paint and new carpet will nearly always be worth the investment, but to truly enjoy the best possible selling experience it's important to prepared and ready to fix whatever lingering issues that have been left on that "honey-do" list.
Infographic: the psychology of color
Want to give your house a bit of a spruce up but don't know where to start? One of the easiest things you can do to give any room in your house a fresh look is a new coat of paint. When you decide what colors to choose for your walls, don't pick just any old arbitrary color! We found this great infographic
from Certa Pro Painters that shows you what colors you should paint the various rooms in your house to achieve a certain feeling & atmosphere. Want to know what colors to accent your paint choice with, also? Don't worry, this infographic has you covered there, as well! Be sure to check it out!
Northern Colorado Economic Snapshot
Units Listed - Single Family & Attached Dwelling
YTD* Units Sold - Single Family & Attached Dwelling
Source: Ires, LLC | *YTD represents through the month of March
If you’ve been assessing the stock market these past few weeks, you’ll note it’s been up and down like a yo-yo. There’s a high degree of uncertainty in where it may or may not go.
Real estate markets are somewhat similar to the stock market, but they shift at a much slower rate. The stock market is a sprinter. Real estate markets are a marathoner. They take time to find their pace, but once they do, it’s difficult to get them to adjust gears and alter direction.
The metro Denver, Boulder Valley, and Northern Colorado real estate markets have settled into a somewhat balanced market this past six to eight months. I say somewhat, because available inventory has been the key to overall market activity. For the Northern Colorado market, active listings in March 2014 were 1,699. That compares to 2,079 active single family & attached home listings in March 2013.
The average sales price of a single family home in Northern Colorado in the first quarter of 2013 was $253,540. In the first quarter of 2014 that number was $266,832. An increase of 5.24%. Scarcity creates demand, which escalates values. Average days on the market were 94 in the first quarter of 2013 and 78 in the first quarter of 2014. Inventory is selling at a relatively quick pace these days.
Spring, which is that time of year between the cold days of winter and the hot days of summer, is historically the busiest time for the real estate market. Buyers and sellers stretch those muscles and unwind from month’s hidden indoors watching football and hockey, and meander outside into the blossoming sun. It’s a time of renewal.
What should we expect from this rekindling of the real estate market? 1) Available inventory will continue to be an issue. There is any number of potential buyers waiting in the wings for a specific property or geographic location. Multiple offers, in certain price ranges, will be more the norm than the exception. Some sellers will have the prospect of “selecting” the best contract that fits their specific situation. Contracts will often be above list value.
2) New home construction has and will continue to be an important aspect of the housing landscape. With the upward movement in mortgage interest rates last summer/fall, new home builders have experienced a slowdown in some market areas in buyer interest, but that should change as we delve into spring.
3) Home mortgage interest rates have remained in the 4.125% to 4.375% range, for the traditional thirty-year fixed rate loan, over the course of the past few months. Unless something dramatic happens in the economic markets, rates should stay reasonably stable.
4) Motivation will continue to be a key element in the buying and selling process. Buyers need to be motivated to move quickly if the right property comes along. The real estate market today is a competitive environment. Wait and see could easily become look and lose for a prospective buyer.
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