Colorado Real Estate News

Kentwood Real Estate Announces Significant Sales for Month of October, Totaling Over $43 Million in Sales Volume

Kentwood Real Estate is pleased to announce the sale of homes that sold in October for over $2,000,000.  The listings and sales had a total sales volume of over $43,000,000.

“Our passion is to inspire people to dream about the next steps in their life journey,” said Gretchen Rosenberg, president and CEO of Kentwood Real Estate. “Our belief is always rooted in the philosophy that we accomplish more together. This guiding principle, coupled with the exceptional real estate expertise of our brokers, has continued to position our brand as the preeminent source for luxury real estate in Colorado for four decades.”

The significant sales in the month of October for Kentwood Real Estate are as follows: 

Kentwood Broker Associate Linda Hantman represented the seller of a six-bedroom, 11 bath, 11,922 square-foot home in Cherry Hills Village Neighborhood that sold for $4,600,000. Located on 2.5 private acres, this premier residence offers a gracious floor plan that includes vaulted ceilings, cathedral windows, and architectural details throughout the home. Two staircases lead to the upper level featuring a private master bedroom suite with a fireplace, sitting room, marble bath, his/her walk-in closets, and a balcony. This home highlights exceptional Colorado living with a finished basement that includes a wet bar, wine cellar, theater room, billiard room with fireplace, bedroom, and full bath. The spacious, professionally landscaped gardens and grounds are complete with a private outdoor pool with a deck, hot tub, and spa, and a pool house with bath, gas fireplace, built-in gas grill, pergola, and numerous patio seating areas ideal for year-round indoor and outdoor entertainment. 

Kentwood Broker Associates Jon & Peggy Gordon represented the seller of a four-bedroom, four-bath, 7,040 square-foot home located in the lovely Hilltop Neighborhood that sold for $2,350,000. Kentwood Broker Associate Gina Lorenzen represented the buyer of this home. Situated in one of Hilltop’s best locations, this stunning custom home features a first floor with a grand open living and dining room with ten-foot ceilings, a dramatic limestone-surround fireplace, and custom built-ins and sets of french doors from the dining room leading to a large covered patio and beautiful backyard. Rounding out the main is a beautiful study and powder room. The second floor, with dramatic high ceilings, features a master suite, huge master bath, and large walk-in closet, along with two more bedrooms, each with its own bath. The basement is delicately finished and flowing with the rest of the home, making this residence an entertainer’s dream.

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Kentwood Broker Associate Jill Schafer represented the seller of a four-bedroom, four-bath, 7,384 square-foot home in Cherry Hills Village which sold for $2,350,000. This spectacular, solitary 2 acre home in Cherrymoor features a peaceful pond and is located on a corner lot, adjacent to a bridle path that leads to only one neighbor. The overall floor plan features a large original kitchen that opens to a casual dining area or hearth room and floor to ceiling windows that host views of the pond. The expansive living room features a stunning wall of windows and sliders that lead to a balcony overlooking the backyard. The main floor master suite has a walk-in closet and a five-piece bath. Located upstairs are two expansive bedrooms and a bath, as well as a massive unfinished space where the owner can add-on. The walk-out lower level with a game room, a bedroom, bath, workshop, and a large amount of storage, makes this a breathtaking lot in one of Cherry Hills Village’s finest neighborhoods. 

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Kentwood Broker Associates Ann Kerr & Charlotte Connolly represented the seller of a five-bedroom, eight bath, 6,452 square-foot home in The Buell Mansion which sold for $2,344,000. This rare modern beauty is an elegant and stylish design that meets with warm and comfortable living spaces. With floor to ceiling windows, the entire home is bathed in light with contemporary architecture on a corner lot that hosts multiple patios and balconies, and thoughtful landscaping. The open concept main floor, designer kitchen, and formal dining with a temperature-controlled wine closet are just a few of the additional perks, along with a spacious master suite with his/her closets, steam shower, and a balcony overlooking the backyard. Finishing with a private and secluded guest suite, this home has been meticulously maintained with thought going into every design element. 

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Kentwood Broker Associate Jim Rhye represented the seller of a five-bedroom, six-bath, 4,607 square-foot home in North Country Club that sold for $2,320,000. This light, classic brick Georgian home sits majestically on Williams Parkway, one of Denver’s premier streets. In 2016, a major renovation was completed to this residence, making the home turn-key and ready to move in. Inside, there is a sparkling white kitchen with a large marble center island that opens to the family room, which hosts a fireplace and views of the landscaped outside. There are five bedrooms and six beautifully updated baths, plus a wood-paneled office. Majestic trees and a large parkway make for enjoyable short strolls to Cherry Creek.

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Kentwood Broker Associate John Fitzpatrick represented both the buyer and the seller of a six-bedroom, six-bath, 8,960 square foot home in The Preserve that sold for $2,320,000. Located in the Estate Section of the Preserve on 1.9 manicured acres, this property contains a traditional floorplan featuring a main floor master suite, and a finished walkout basement with two more large bedrooms, and a recreation room with a wet bar and fireplace. Separate billiard or pool room and lower study are also featured in the floor plan. With full deck access, the backyard overlooks the heated and filtered pond and pool, and a fire pit and hot tub. Close to the Highline Canal Trail, residents enjoy all the amenities of the Preserve with a large pool, tennis courts, and party pavilion. 

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Kentwood Broker Associate Sana Wood represented the seller of a five-bedroom, five-bath, 4,940 square-foot home located in the beautiful Washington Park neighborhood that sold for $2,299,000. Kentwood Broker Associates Gayle Glucksman & Tiffany Glucksman Appel represented the buyer of this home. A stunning residence, this home offers unique features like an open floor plan, gourmet kitchen, and a large family room with an oversized folding door that leads to the back patio. The main floor hosts a study or office and a gorgeous private master suite with heated floors and a master bath, while the upstairs features two additional upstairs bedrooms with ensuite baths, as well as a laundry room. Included in the floor plan of this home is a finished basement with a wet bar area, an exercise room, and plenty of space for family and game room. 

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Kentwood Broker Associate Chuck Gargotto represented the seller of a five-bedroom, five-bath, 7,672 square-foot home located in Cherry Hills Village that sold for $2,200,000. Kentwood Broker Associate Josh Steck represented the buyer of this home. This beautiful Georgian style residence in Old Cherry Hills was built from the ground up, with the master bedroom and three additional bedrooms located upstairs, and a finished lower level and lovely outdoor patios below. This two-story home features a large living room and dining room, high ceilings in every room, an open chef’s kitchen, and a family room which both open to the pergola covered backyard patio and fire pit. The finished basement contains high ceilings, a recreation room, home theatre, exercise room, wine room, and the fifth bedroom and bath. 

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Kentwood Broker Associate Julie Winger represented the seller of a four-bedroom, four-bath, 5,389 square-foot home located in the Park Hill neighborhood that sold for $2,150,000. This custom home features amazing living space and light with groove beadboard ceilings, and an open floor plan that hosts a spectacular grand entryway with a two-story, sky-lit atrium. On the main floor, the kitchen comes equipped with every bell and whistle and leads to an incredible master bedroom suite. Three additional bedrooms are located upstairs, and exceptionally high-end finishes and exquisite details can be found throughout the entire home, such as gorgeous quarter sawn white oak floors, multiple antique and custom stained glass pieces, and transom windows on all bedroom doors. Outside hosts professionally landscaped outdoor spaces, including an in-ground, heated pool, and delightful lounging space with a spacious patio for dining and hanging out by the fire pit. 

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Kentwood Broker Associate Edie Marks represented both the buyer and the seller of a six-bedroom, seven-bath, 5,665 square-foot home in Cherry Hills Village that sold for $2,148,400. The brick English Tudor sits on over 2 acres of land and displays panoramic mountain views from Pikes Peak to Longs Peak. Hardwood floors, exquisite transitional cabinetry, and extensive built-ins make this home ideal for its new residents. The “Prairie Style” windows and doors not only bring the mountain panoramas in, they bathe every room in filtered light.

Kentwood Broker Associates Bobbi Lou Miller & Jennifer Dechtman represented the seller of a four-bedroom, six-bath, 5,710 square-foot home in Cherry Creek North that sold for $2,100,000. An art lover’s dream home, this contemporary residence hosts soaring ceilings and natural light. The singular master suite has a roomy master bath that includes warm floors and a television in the mirror, and a kitchenette to round it all out. The distinctive and spacious gourmet kitchen is equipped with five dishwashers, a Miele master chef oven, three U-line refrigerators, and custom cabinets with a hidden walk-in pantry. The adjoining and well-lit artist studio or exercise room catches the north light. An elevator to all levels makes every room accessible, and the separate outside entrance provides space for an ideal home office, nanny, or guest suite. 

Kentwood Broker Associates Greg Margheim & Kelly Sophinos represented the seller of a five-bedroom, eight bath, 7,330 square-foot home in Polo Reserve Neighborhood that sold for $2,070,000. The idyllic gated community is among the best Colorado has to offer. This one-owner home has been meticulously maintained and is situated on a private cul-de-sac lot with mature landscaping, private patios, a fabulous pool, and a firepit designed for year-round entertainment. European inspired, this residence boasts five bedrooms and eight baths with a main floor office or library and a true cook’s kitchen with state of the art appliances that include a 300+ bottle wine closet as well as a full-size butler’s pantry. The upper level includes a library, four bedrooms with attached baths, a steam shower, his and her water closets, and a large walk-in closet. The fully finished walk-out basement hosts a large recreation room, bar, exercise room, steam shower, guest bedroom with bath, and plentiful storage. The oversized, side load, six-car garage with lift is the icing on the cake for this beautiful home. 

Kentwood Real Estate also represented the buyers of one luxury homes that sold in October as follows:

  • Kentwood Broker Associate Elizabeth Sacerdoti represented the buyer of a home in The Buell Mansion that closed for $2,800,000.

Colorado Real Estate News

October News Recap

From winning awards to a crazy housing market, October was a great month for Kentwood Real Estate. See the list of articles that Kentwood and our brokers were featured in.

Colorado Real Estate News

CEO Reflections – 6 Ways You Win by Working with a Real Estate Agent

Written by Gretchen Rosenberg, President and CEO of Kentwood Real Estate

There are many benefits to working with the full-service real estate professionals at Kentwood Real Estate. During challenging times, it becomes even more important to have an expert you trust to help guide you through the complex process of buying or selling real estate. If you’re considering going it alone to sell as For Sale By Owner or on your own as a buyer, or by using a less than full-service company, it’s critical to consider the following:

1. Your Safety Is a Priority

Your family’s safety should always come first, and that’s more crucial than ever given the current health situation in our country. When you FSBO or call on owners directly, it is incredibly difficult to control the circumstances of the showing or disclosure of information related to safety. A real estate professional will have the proper protocol in place to protect not only your belongings but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, real estate professionals are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to help protect you and your family.

2. A Powerful Online Strategy Is a Must to Attract a Buyer

Recent studies from NAR have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumps to 93%. Today, those numbers have grown exponentially. Kentwood real estate agents have developed a strong Internet and social media strategy to promote the sale of your house. They’re also adept at helping buyers through a complex process using those same virtual tools. A full-service professional owes a duty to you and your transaction to ensure you receive the information you need to make informed decisions. You don’t know what you don’t know. A service orientation and high level of experience are vital and will save you time and money in the long run.

3. There Are Many Negotiations

Here are just a few of the people we negotiate with throughout a transaction:

  • The buyer, who wants the best deal possible
  • The buyer’s agent, who solely represents the best interests of the buyer
  • Or the seller (if you’re a buyer) who wants the highest price, most favorable closing date, and fewest contract conditions/contingencies
  • Inspectors, who work for the buyer and will almost always find challenges or recommendations for a house
  • The appraiser if there is a question of value
  • Attorneys, title companies, and the other broker

As part of our training, brokers are taught to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers or sellers looking to complete what is probably the largest transaction of their lives. The best brokers advocate for their clients while keeping the end game in focus. A win for everyone is when the transaction is closed, and people can move on to the next steps in their life journey.

4. Is the Purchaser Is Qualified for a Mortgage?

Having a buyer who wants to purchase your home is the first step. Making sure they can afford to buy it is just as important. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress being made toward a purchaser’s mortgage commitment.

Further complicating the situation is how the current mortgage market is rapidly evolving because of the number of families out of work and in mortgage forbearance. A loan program that was available yesterday could be gone tomorrow. You need someone who is working with lenders every day to guarantee your buyer makes it to the closing table, or you as the buyer, gets the best mortgage service and advice possible.

5. Transactions are Becoming More Difficult from a Legal Standpoint

The documentation involved in the selling process has increased dramatically as more and more disclosures and regulations have become mandatory. In an increasingly litigious society, the broker acts as a third-party to help the buyers and sellers avoid legal jeopardy. This is one of the major reasons why the percentage of people trying to sell their own houses has dropped from 19% to 8% over the last 20+ years.

6. You Net More Money When Using an Agent

study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. Two of the main reasons for the price difference is effective exposure and informed pricing:

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

The more buyers that view a home, the greater the chance a bidding war will take place. Particularly if you’ve received topflight information on pricing competitively.

Bottom Line

Doing it alone leaves you to manage the entire transaction by yourself. Why do that when you can hire an agent and net the same amount of money or have a buyer agent negotiating for and advising you? Before you decide to take on the challenge of wading into the real estate markets, contact a Kentwood broker to discuss your options.

Colorado Real Estate News

The Exchange in Fort Collins: A Collaborative Space for Everyone

photo depicting The Exchange in Fort Collins. There are buildings, patios with games and dining and string lights.

As the first entertainment district in Fort Collins, expectations were high for this little hub. Created as a dog-friendly, open-air entertainment plaza where groups can enjoy their food, desserts, alcoholic beverages and more in an outdoor common area, they seem to have exceeded those expectations. The area is surrounded by string lights and murals as well as community use picnic tables and firepits. According to their website, “The Exchange connects the entrepreneurial spirit of Fort Collins to our love of bikes and the outdoors. Ample bike parking, a bike service station, and connectivity to the Poudre Trail make The Exchange a true bike destination.” Since its inception in 2017, The Exchange has become the central quarter for food, drink and entertainment in the downtown Fort Collins area. 

In preparation for your visit (we recommend it), here are a few of the must-see shops:

FOCO DOCO: Fort Collins Donut Co.

This little donut shop combines the newest technology and freshest ingredients. They make their donuts “Colorado Style,” utilizing the best ingredients the state has to offer. The donuts are made right in front of you with the help of their robot and served hot. 

Chick’nCone

Fried chicken in a waffle cone. Need we say more? With choices of 6 sauces ranging from a sweet Cinna-Maple to a spicy Peri Peri South African chili sauce, there is something for nearly everyone. 

Old Town Putt

Bring out the child in you with this incredible indoor putting range. This place is full of personality and fun. If you’re not a fan of putt-putt golf, they also have ping pong, corn hole, skeeball, shuffleboard and a full arcade. If that still doesn’t interest you, they have weekly drink specials. 

Old Town Churn Ice Cream

As a family member of the Little Man Ice Cream Company, Old Town Churn serves a rotating lineup of handcrafted ice cream along with shakes, malts, sundaes, banana splits and more. Churn serves as the flagship anchor in The Exchange housed at the center in a larger than life 26-foot-tall ice cream churn. 

We could go on and on showcasing the other shops that The Exchange has to offer, but instead, we’ll let you find out for yourself. With 4.5 stars on Yelp, we’re sure you’ll find something to enjoy in the heart of downtown Fort Collins.

Colorado Real Estate News

Questions to Ask Your Real Estate Broker

real estate agent and clients talking with masks on.

Whether you’re a first time or a veteran buyer, Kentwood has you covered. Here are some great questions to ask your agent before, during and after buying your new home.

Before Hiring Your Agent

1. Can I see your real estate license?

This should always be one of the first questions you ask a potential agent! Always make sure the person you are working with is an accredited professional. All established agents will be prepared to show you their license, so if they refuse, move on to the next.

2. How long have you been an agent?

The more experienced the agent is, the more industry knowledge and problem-solving skills they will have. To confirm the credibility and success of an agent you are considering, check out their testimonials and online reviews.

3. Are you familiar with the area I am interested in?

Find agents that have experience buying or selling in the neighborhood you are considering. Location does matter! You want to make sure they can answer all of your questions regarding school districts, development plans, crime rates in the neighborhood, surrounding restaurant and entertainment options, etc. For more information on areas that you may be interested in, check out the Colorado Communities section of our website.

During the Housing Search

1. Can you explain the homebuying process from start to finish?

This question is great for first-time buyers! You want to know what to expect going into the buying process. They should cover topics such as: how showings go, how to place an offer and what happens during a home inspection. The Realtor® should also be transparent about how their commission works since buyers do not usually pay agent commission fees.

2. How dated is the property?

It is crucial to find out how much extra money you will have to put into a property post-purchase. The most expensive renovation is typically roof replacement. Most roofs last for roughly 20 years and cost, on average, $6,000 to $10,000 with a maximum rate of around $45,000. It is also important to ask about the major appliances and what their predicted life expectancies are. Make sure to inquire about the water heater, stove, dishwasher, washer and dryer, refrigerator and HVAC system.

3. What was the seller’s motivation for putting the house on the market?

This question will determine your negotiation angle. If the seller is moving to a larger house in the same town simply to upsize, they probably are not too worried about the timeline of closing. On the other hand, if the seller is relocating for a job and has already moved out of town, they are usually more willing to work with you on the price to have a quick closing.

4. How many days has the house been on the market?

Another question related to negotiating strategy. According to Realtor.com, most houses are on the market for an average of 52 days. This statistic excludes winter, where the average is slightly higher. So, if a home has been on the market for over two months, the seller may be more receptive to a negotiated price.

After You Have Found a House

1. Can I see a CMA for this house?

You have found the house of your dreams, but you are not done yet! When it comes time to close on a house, you want to make sure you as the buyer are getting the most bang for your buck. A Competitive Market Analysis form will look at nearby, similar properties to determine your future home’s worth in today’s market. This will tell you whether your home is priced reasonably and can inform the route you take with negotiation.

2. What happens when I move to close on a house?

Make sure you coordinate with your agent on who will be handling the closing, where the closing will take place, what you will need to bring to the closing and what the closing costs will be. Both the buyer and the seller are always required to provide photo identification, and the seller must show proof of homeowner’s insurance. As for closing costs, they vary depending on the property, so be prepared to pay both broker and third-party fees at the closing.

Whether you are looking to list your property or search for a new home, Kentwood is always available to provide expert guidance on your real estate journey. Fill out our contact form to connect with a seasoned broker dedicated to fulfilling your homeownership dreams.

Colorado Real Estate News

Upcoming Winter Festivals

photo depicting a wintry town decorated with lights

There are many ways to appreciate the beauty of winter! Whether that is sipping hot chocolate, enjoying a ski weekend or simply creating your very own snow angel, Coloradans acknowledge how lucky we are during the winter season. With the ethereal Rocky Mountains just over the canyon, adventure is always at our fingertips. This winter season let us help you create your very own winter wonderland by discovering festivals all around Colorado!

Breckenridge Ullr Fest

A festival dedicated to the God of Snow? Say no more. This small winter obsessed ski town pays tribute to Ullr, the Norse god of snow, with the hopes that he will bless this winter with record-breaking snowfall. Since 1963, Breckenridge has dedicated a week towards their Norwegian heritage by throwing on their Viking hats and embracing the winter spirit. This year get involved in the town scavenger hunt, experience multiple art installations and watch a winter film series screening! Take a trip down to Breckenridge on December 9th-19th to help the town “Pray for Snow”!

Estes Park Winter Festival

I mean, who doesn’t love some local beer and live music? The annual Estes Park Winter Festival encompasses the joy of winter in one weekend. On January 16th and 17th, escape your worries and enjoy this monumental and idyllic town. This family-friendly atmosphere provides an assortment of activities, including bounce houses and obstacle courses, silent disco and retail vendors. If you have a homemade chili recipe that is sure to impress, make sure to sign up for the Chili Cook-off sponsored by the Chili Appreciation Society International. 

Steamboat Springs Winter Carnival

Throw on your ski boots and take a drive to Steamboat Springs to partake in the 108th Annual Winter Carnival! Hosted by Steamboat Springs Winter Sports Club, this gathering represents the community’s appreciation for athleticism and winter. Voted one of the Top Ten Winter Festivals by National Geographic, Steamboat Springs embraces their ski heritage by hosting various events showcasing their talented ski and snowboard community. Watch individuals flip and twist in the air as they show off their skills that make you wish you took an extra ski lesson or two! This 5-day festival from February 3rd-7th is the definition of a perfect winter wonderland.

Colorado Real Estate News

Real Estate Market Trends

Photo of a master bedroom with a fireplace

Denver-area Remains a Steadfast Seller’s Market in October.

The housing market continued to thrive in October, with a record-high for average sales price for both single-family detached and attached properties at $625,100 and $393,733 respectively, as well as a record-low of months of inventory at an astonishing 0.81. The effects of the COVID-19 months have again created historically low inventory with only 4,821 active listings, representing the lowest amount of active inventory for any October on record by nearly 2,000 listings.

Low Inventory Isn’t Halting Transactions.

The lack of inventory hasn’t slowed the actual process of buying and selling, with 5,984 closed transactions in October. With low interest rates and holidays around the corner, buyers are pushing budgets to find ideal homes. Detached closed properties were up 19.52 percent from September and up 32.15 percent year-over-year. With 1.88 months of inventory and median days in MLS dropping 8.33 percent to just 55 days, detached luxury homes firmly sit in a seller’s market.

Good News for Detached Luxury Homes Inventory.

Detached homes remain the preference for luxury buyers. While the Luxury Market firmly continues as a seller’s market, there is optimistic news for buyers as there are more detached home choices than last year with new listings up 14.62 percent. On the flip side, the attached Luxury Market is moving slower as buyers’ preferences lean towards detached homes. While there were 83.87 percent more listings this year than last year and 11.76 percent more listings than last month, the attached market is moving slower than the detached segment.

Don’t Count Out the Attached Luxury Market.

While the months of inventory is a stark contrast to the detached segment at 5.7 months, the year-over-year data proves new listings have steadily climbed from 233 in 2016 to 472 in 2020 and pending sales have climbed from 103 in 2016 to 247 in 2020.

*Written November 10, 2020. Updates may be available after this date.

Colorado Real Estate News

Rent vs. Buy: How to Decide What’s Best for You

According to the U.S. Census Bureau, median rent continues to rise in Colorado. With today’s low mortgage rates, there’s a great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.

While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.

1. Rent Will Continue to Increase

This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, the median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments.

2. Freedom to Customize

This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.

3. Privacy

When renting, your landlord has access to your space in case of an emergency. If you own your home, however, you’re the one to decide who can come inside. Given today’s health concerns around the pandemic, this may be a growing priority for you.

4. Flexibility for Relocation

If you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change. When you’re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market’s low inventory, this may no longer be the case. Homes are selling at a record-breaking pace, so you may have more flexibility than you think.

5. Building Equity

When you pay your rent, your landlord earns the equity the property gains. If you own your home, the benefits of your investment go directly toward your net worth. This is savings you’ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement.

6. Tax Advantages

When you own your home, there are additional advantages that work in your favor as well. You can deduct things like your property taxes and mortgage interest (Always make sure you check with your accountant to see which tax-deductible benefits apply to your situation). When you rent, however, the tax benefits are directed to your landlord.

Bottom Line

It’s up to you to decide if you’d prefer to rent or buy, and it’s different for every person. If you’d like to learn more about the pros and cons of each, as well as resources to help you along the way, reach out to a Kentwood Broker. This way, you can make a confident and informed decision with a trusted expert on your side.

Colorado Real Estate News

CEO Reflections

Written by Kentwood Real Estate President and CEO Gretchen Rosenberg

A question we’ve been asked recently is whether in 2021 we will face a foreclosure crisis when the forbearance mortgage relief options come to an end? If you remember the housing crisis that began in 2008, you might be feeling like you’re revisiting a familiar scene.  However familiar it may feel, plans have been put in place within the forbearance regulations to ensure history doesn’t repeat itself.

Mortgage Relief

Homeowners this time around are able to request 180 days of mortgage relief through forbearance. Once that first 180 days expires, they’re entitled to request 180 additional days, bringing the total to 360 days of deferred payment eligibility.

It would be wise for homeowners in forbearance to stay in touch with their lender, and create a plan for the deferred payments as a step toward avoiding foreclosure. By planning and communicating with your lender, foreclosure doesn’t have to be one of your options.

Some homeowners who are in the forbearance program have concerns they’ll have to pay their deferred payments back in a lump sum at the end of forbearance. Fortunately, that’s not the case. Fannie Mae explains:

You don’t have to repay the forbearance amount all at once upon completion of your forbearance plan…Here’s the important thing to remember: If you receive a forbearance plan, you will have options when it comes to repaying the missed amount. You don’t have to pay the forbearance amount at once unless you are able to do so.”

Fewer than thought

The number of people in the program has been decreasing. Fewer people than initially expected are still in forbearance, so the number of homeowners who will need to work out alternative payment options is declining.

This means there are fewer and fewer homeowners at risk of foreclosure, and many who initially applied for forbearance didn’t end up needing it. Mike Fratantoni, Senior Vice President and Chief Economist at the Mortgage Bankers Association (MBA), explains:

Nearly two-thirds of borrowers who exited forbearance remained current on their payments, repaid their forborne payments, or moved into a payment deferral plan. All of these borrowers have been able to resume – or continue – their pre-pandemic monthly payments.”

For those who are still in forbearance and unable to make their payments, foreclosure isn’t the only option left. In their Homeowner Equity Insights ReportCoreLogic indicates:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity during the past year.”

Many homeowners have enough equity in their homes today to be able to sell their houses instead of foreclosing. Selling and protecting the overall financial investment may be a solid option for many homeowners. As Ivy Zelman, Founder of Zelman & Associates, mentioned in a recent podcast:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

Bottom Line

If you’re currently in forbearance or think you should be because you’re concerned about being able to make your mortgage payments, reach out to your lender to discuss your options and next steps. Having a trusted and knowledgeable professional on your side to guide you is essential in this process and might be the driving factor that helps you stay in your home.

Our Prosperity Home Mortgage team can help if you’d like to discuss forbearance, refinancing, or would like to purchase a home and need to get a mortgage. You can find our PHM team on our website! Visit www.Kentwood.com

Check with your own advisors before making any decisions based on this information. The information contained in this article is not intended to be construed as investment advice. Kentwood Real Estate does not guarantee the accuracy or completeness of the information. Nothing should be construed as investment advice. Conduct your own research and obtain professional advice before making any investment decisions. Kentwood Real Estate will not be liable for any loss or damage caused by your reliance on the information or opinions contained in this article or blog.

Colorado Real Estate News

Kentwood Real Estate’s Amy Herrington Wins Bronze Stevie® Award

The Stevie® Awards shine an international spotlight on women executives, entrepreneurs, employees and organizations run by women. 

Kentwood Real Estate is proud to announce that Amy Herrington,  Director of Agent and Staff Services at Kentwood Real Estate, was recently awarded a prestigious 2020 Bronze Stevie® Award in the “Female Employee of the Year Business Category,” which recognizes the achievements of non-executive female employees.

One of the world’s premier business awards, The Stevie® Awards were founded in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals worldwide. 

A Kentwood veteran of 22 years, Amy Herrington’s accolade comes as no surprise to everyone who has the pleasure to work with her. Building on her career as a real estate assistant when joining Kentwood, Amy moved up the ranks to become the brokerage’s chief liaison between the company and individual brokers. Amy’s position continuously ensures brokers are educated and supported by the brokerage’s resources and programs, like updating individual marketing strategies, maintaining compliance, program implementations, and more.

Through the years, Amy’s relentless dedication to both broker and customer service has been critical to the success of Kentwood and is one reason the company has a record longevity rate for brokers that averages over 17 years at the company. A brokerage of 240 top-producing brokers, Amy has a dynamic and challenging role, yet always finds time to ensure she and Kentwood positively impact the local community to help neighbors in need.

Amy is credited with starting Kentwood’s annual “Adopt-a-Family” program. The now 21-year old program is a beloved Kentwood institution, where Amy leads partnerships with nonprofits and local government services to identify families in need of support through the holiday season. Last year alone, Kentwood donated 96 gifts, meals, and Christmas trees to single mothers and 36 families through the “Be the Gift” organization. This year Amy furthered the company’s alliance with HomeAid Colorado to assist the homeless in Colorado and helped administer food deliveries to COVID front-line workers.

“Amy’s success as a Kentwood employee is absolutely a testament to her personal character, and we are thrilled to learn that she has earned a Stevie® Award,” said Gretchen Rosenberg, President and CEO of Kentwood Real Estate. “Her significant and impactful contributions to aiding our clients, as well as those in need, guides Kentwood’s deep roots in the community and belief that “we accomplish more together.” Our clients and community know they can count on Kentwood staff, thanks in large part to Amy, for advice and support that drive tangible results for their personal businesses and beyond.”

In 2020, more than 1,500 nominations from organizations and individuals around the world were submitted for consideration in various categories, and more than 180 business professionals working in seven specialized judging committees determined the Gold, Silver, and Bronze Stevie Award winners. The 2020 Stevie® Awards ceremony will take place virtually on December 9th at 2:00 pm MST. To learn more about Kentwood Real Estate and Amy Herrington, visit www.Kentwood.com.