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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:
5 tips for buyers & sellers
Five is the magic number this month. Here, we found two great articles; the first, with 5 stats that every house hunter should know
for all you potential buyers out there, in addition to this month's "Fit to Sell"
Video from RE/MAX, LLC for those thinking of selling. It's always important to know what things to look for whether you're on the buying or selling side of the equation. In the above buyers article, Trulia outlines the five stats that any savvy homebuyer needs to familiarize himself or herself with when starting their home search. In the selling video, RE/MAX, LLC outlines the top five basic items to prep in your home before putting it on the market.
5 things every homeowner should know about
Here's a great article from the home improvement site, BobVila.com about the five things every homeowner should pay attention to in their home. The five elements Vila offers up his advice on are what he calls "ticking time bombs". These five elements are things you want to pay attention to and fix, before the repairs become too costly for your house. To see the full list of elements, and read about how you can fix & prevent costly repairs to your home, click the link below.
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 December
Since the peak year of 2005, the Northern Colorado real estate market has been climbing a steep hill back to respectability. It has been a slow process. Sales activity in years 2006 through 2009 were on a downward spiral. The market stabilized in 2009 through 2011, then began an upward shift in 2012. This past year we saw market activity approach 2007 in Northern Colorado for single family home and attached unit sales. The market still trails 2005 sales numbers, but is headed in the right direction.
Here is an overview of sales activity for the past two years for single family homes and attached units in the Northern Colorado area, courtesy of IRES – the Northern Colorado MLS. In looking at the Northern Colorado real estate market in 2013, there were several things that characterized it.
Inventory continued to be at historic lows. The year ended with 27% fewer active listings than at the end of 2012 (1,342 vs. 1,707). Home mortgage interest rates trended up beginning in late June. The traditional thirty-year fixed rate loan started in 2013 at 3.42% and ended the year at 4.48%. For an average priced home of $267,621, with 20% down ($53,524), the monthly principle & interest payment on a $214,097 mortgage increased $130.40 ($1,082.26 vs. $951.86).
Scarcity creates demand and home values improved across the board in all geographic areas and most price ranges. The average price was up 7.01% in 2013 vs. 2012 for single family homes. That’s a little better than what banks were paying on savings accounts (less than 1%). Real estate was a good investment.
New home construction continued to be a viable part of the marketplace. Bank foreclosures and short sales no longer dominated the airwaves and the press. There were still some out there, but they weren’t as prevalent as a few years ago.
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