The transition from July to August felt like a shift as vacations slowed down in preparation for the school year. The report saw this reflected in the days in MLS, which increased from nine to 11 in August 2021. Likewise, the close-price-to-list-price ratio dipped ever so slightly month-over-month.
Month-End Active Inventory Dropped Dramatically
Month-end active inventory dropped 11.69%. Historically speaking, the change in inventory is relatively consistent from July to August.
Both Inventory and New Listings Decreased
The short-lived “loose grip” on inventory tightened once again. Months of inventory decreased from the previous month to 0.637.
The Luxury Market Remains Strong
In August 2021, the Luxury Market stayed strong overall. New listings dipped 18.56% from 598 homes to 487 and closed sales were down 13.97%, with sales volume trailing behind with a 12.65% lag. Following the trend of sluggish numbers, the average days in MLS shot up 71.43%, from 14 days in July to 24 days in August.
Detached Homes Experienced a Shift but Fared Well
In August, detached homes reported 413 new listings and 410 closed properties. However, new listings dipped by 19.34% from last month, while closed sales dropped 15.98% from 488 homes to 410. The most promising news in the detached market is that pending sales climbed slightly month-over-month by 8.24%, with 407 homes currently under pending status.
Attached Homes Marched to a Different Drum
New listings were down 13.95% to 74 while pending sales dropped 24.24% to 50 homes. Closed sales increased slightly from 49 homes to 52 resulting in a slight increase in sales volume. Average days in the MLS jumped 100% from 30 days to 60 days, while the median days jumped 83.33% to 11 days.
*Written September 10, 2021. Updates may be available after this date.
After an exhausting day at work, relaxing in the comfort of your own home is always something to cherish. Sitting on your couch and watching TV, settling in with a book, taking a bath—the options are endless. But even without the stress of work, there’s still that nagging reminder of your home responsibilities and chores.
For these reasons, many homebuyers are viewing modern backyards as an essential feature. There is no true sanctuary like your backyard; it can be as cozy as your living room with the added benefit of fresh air. Backyard remodels are the latest trend that is adding value to the home for year-round enjoyment.
Take a peek at these nine improvements you can make to your backyard to increase your home’s value.
1. Add a Deck or Patio
According to Forbes, 58% of homeowners plan to buy outdoor furniture this year, more than double last year. This past year has found people stuck at home, and backyards are a place of retreat now more than ever. Transforming your backyard with outdoor spaces such as patios or decks is an effective way of creating that special haven.
2. Stay Comfortable With an Outdoor Firepit
Who doesn’t love to sit around a warm and cozy fire? An outdoor firepit can replicate the atmosphere and heat that you feel inside. Whether you want fresh air on a cold winter day or s’mores on a cool summer night, an outdoor fire pit will keep you toasty. Jessica Yonker of HGTV Gardens says an outdoor fire pit can increase your home’s value by 15-40%—which is considerably high for an inexpensive option.
3. Install a Swimming Pool
A swimming pool can be a distinctive selling point when competing with other homes. Furthermore, buyers and homeowners have found a new appreciation for swimming pools. As people find more ways to enjoy spending time at home, installing a swimming pool can appeal to the general public and luxury homebuyers.
4. Outdoor Kitchen
Outdoor kitchens are rapidly growing in popularity among homebuyers. The pandemic resulted in many homeowners thinking outside the box when hosting guests. Outdoor kitchens are no longer a luxury feature but an item on many homebuyers’ wish lists. A study from Absolute Outdoor Kitchens found that homes with an outdoor kitchen can see a return of investment of 100% to 200% compared to homes without.
5. Outdoor Lighting
Simple, yet effective. Outdoor lighting can transform a bland backyard into a sophisticated, warm and welcoming oasis. It could be as easy as a string of white lights across trees or as complex as lighting your entire patio. Whichever route you choose, lights are a surefire way to make your outdoor space brighter and more inviting.
6. Revitalize Your Lawn
First impressions are everything for homebuyers. A well-maintained lawn can catch a homebuyer’s eye, and it can certainly influence their decision. According to the Lawn Care Institute, turf grass alone can increase a home’s value by as much as 15%.
7. Privacy Fence
One of the appeal factors of backyards is the seclusion they can provide. A privacy fence can help make your backyard feel like an actual place to retreat. Not only can a fence maintain your hideaway, but it can help support the safety and security of your family and pets.
Over time, a well-kept garden will make your home more enticing to homebuyers. It can demonstrate that the owners take extra care and pride in their property and potentially increase the chances of a sale. Based on a survey by Home Light, a well-maintained garden can boost property value by as much as 77%.
9. Shade Structures/Pergolas
It can be challenging for those in hot areas to relax in a backyard without any shade. Pergolas are a great way to make seating areas or dining tables more comfortable. In addition, pergolas come in all shapes and styles that can match any home design.
When deciding which features you should equip in your backyard, homeowners should stay up-to-date with current trends. The pandemic has persuaded people to rethink their outdoor design spaces, and as a result, companies are now more innovative with their outdoor products to craft an ideal backyard oasis.
These nine backyard improvements can boost the value of your family life while adding to the long-term investment of your home.
Homes are selling fast in Colorado, and a well-staged home is on and off the market in no time. Make sure your home is ready to sell and stand out among the rest with these four summer staging tips.
1. Make a Strong First Impression
Curb appeal is crucial; it is the first thing potential buyers see, so you want to make a good impression. Summer months can be extremely rough on grass, but you want your front landscaping to be looking its best. Skip the backyard if you need to manage water usage; buyers won’t blame you if all the neighborhood backyards are brown. Ensure your exterior entryway is swept clean and add a fun, welcoming element like a lush potted plant by the door.
First impressions go beyond the front door. When buyers walk into a summer showing, they want to feel the cool air conditioning as they enter, so make sure you get your HVAC inspected beforehand. Consider keeping your house off the market until fall if your home doesn’t have central air. Buyers don’t want to tour a warm home in 90-degree weather.
2. Set the Scene
When you’re staging your home for summer, put yourself in the buyer’s shoes. They should visualize it as their future home, and it’s essential to set the right mood. Set out a pitcher of fresh-squeezed lemonade in the kitchen before prospective buyers arrive (you can ask your listing agent to help if you’re out of town). Use fresh flowers and green plants or herbs around the house to brighten the atmosphere and add a splash of color. Play up any entertainment areas your home has, especially outdoor spaces.
3. Lights, Color, Action!
Throw open the curtains and let in the light! Take advantage of the summer sun and illuminate your home with natural light. If rooms don’t get much sunlight, amplify what’s available with some mirrors and decorative lamps.
One of the easiest ways to add some summer flair to your home is by incorporating bright pops of color into spaces with neutral color palettes. Whether that be some yellow throw pillows on the couch or hanging a bold, blue painting on the wall, it’s sure to bring life into the room.
4. Make Yourself Scarce
It may seem obvious, but everyone who lives in the home needs to get out of the house whenever buyers come in for a showing. Many prospective homebuyers do not feel comfortable if the seller is present and often are discouraged from purchasing. Find a coffee shop or spot nearby where you can hang out for an hour or two. If you have kids on summer break, take them out to the park and grab some ice cream to cool off while you wait.Taking a few extra steps to create a welcoming and pleasant environment can make a world of difference when listing your property. To further maximize your home sale, partner with an experienced Kentwood broker for marketing assistance and leverage Kentwood’s Amplify service for a spectrum of home improvements that will garner more profit for your residence. With renovation payments deferred until your home closes escrow, explore how to elevate your property and earn a premium when it sells at the link above.
In June of 2021, Windsor’s detached closed sales saw a 4,355.88% increase year over year going from 102 in 2020 to 4,545 in 2021, along with a 92.52% year-over-year increase in closed sales volume. The detached housing market in Boulder saw the second-highest increase of closed sales at 53.61% year over year, with a closed sales volume increase of 85.62%.
Berthoud’s detached market closed sales decreased by 21.43% year over year, yet the attached closed sales increased by 800.00% with a 1,385.94% increase in attached closed sales volume year over year.
Days on Market Decrease
Average days on market continues to decline across all of northern Colorado except for Loveland’s attached homes with a year-over-year increase of 7.95%. Attached housing in Timnath was quick to fly off the shelves as it saw the most significant year-over-year decrease of 80.84% with the lowest average days on market at 41. Fort Collins’ detached housing also earned some prominence with the largest year-over-year decrease of 49.15% and the lowest average days on market at 30.
Love for Loveland
Loveland’s average close-to-list price was the highest for attached homes at 104.10% and the second-highest for detached homes at 104.20%. Fort Collins gained some appeal as the average close-to-list price for detached homes snuck ahead at 104.70% and had the highest year-over-year increase of 6.19%.
Berthoud’s attached market had the highest average close-to-list price increase year over year of 6.40%, following May’s highest year-over-year increase across northern Colorado of 10.92%. As Berthoud’s average close-to-list price continues to climb, be wary of stiff competition in this region.
Sales Prices Rise
Timnath saw the largest year-over-year average sales price increase of 79.87% in the attached market, resulting in a price tag of $715,284. Windsor’s detached housing market had the greatest year-over-year increase in average sales price of 21.84%, resulting in $602,579.
*Written July 7, 2021. Updates may be available after this date.
We all know Denver is a mile high, but what’s even more elevated is its housing market. Chances are your home has been sold at lightning speed. So, what should you do after you say your final goodbyes?
Keep Copies of Closing and Settlement Papers
It’s imperative to keep relevant paperwork so you can show documentation when filing taxes. If you won’t need additional forms for your tax return, it is still helpful to hold onto these papers if you become audited. Buying a file box or clasp envelopes can make your documents more organized and easier to find, sparing you the headache of losing important information.
Hire a Reliable Moving Service
Your valuables are sentimental, from your baby’s first shirt to the vase your grandmother gave you before she passed. That’s why it’s crucial to hire trustworthy and competent movers. Kentwood’s relocation services offer various helpful tools, from temporary living and rental assistance to moving and settling-in services.
Be Mindful About Your Next Down Payment
When considering your next property, it’s vital to choose an appropriate size for your down payment since it has implications on mortgage programs. A 20% down payment is standard since it usually provides the best loan conditions and avoids expensive mortgage insurance; however, be sure to speak with an experienced mortgage lender to determine the best course of action for you.
It would be quite a shame if your dachshund’s hot dog costume arrived at your old residence. That’s why it’s essential to send change-of-address notices, especially for something more serious than your Amazon accounts like family and friends, places of employment, billing companies and investment accounts.
You can set up an overarching change-of-address through USPS that will route certain classes of mail for a period of up to 12 months for only $1.05.
Selling a property is a huge accomplishment. You are moving forward, ready for change and new beginnings. While challenging, following these tips will alleviate the hassle and uncertainty of “What’s next?” Through buying, selling and relocating to your new home, Kentwood Real Estate is here to provide ease and support on your homeownership journey.
June 2021 Displayed the Theme of What Goes Down Must Come Up
Overall, month-end active inventory increased 50.46% compared to May 2021, which is the highest percentage of month-over-month increase in the Denver Metro Association of REALTORS® records.
Listings Were Up Meaning More Opportunity
The number of new listings was up 23.89% month over month. Likewise, the number of closed properties increased 9.29%. More houses hit the market in June, and therefore more people had the opportunity to buy, which is reflected in the month of inventory increasing to 0.50. While historically, this remains incredibly low, it does show a slight shift from the previous month, which was 0.39.
Buyers Are (Finally) Competing a Bit Less
In last month’s market, buyers must compete with less competition, and therefore, the extreme bidding wars have drastically decreased. Sellers are now adjusting their listing strategy to what the comps suggest. However, while inventory did drastically increase from the previous month, Denver metro is still at less than one-third of the total inventory compared to 2019 at this time.
Attached and Detached Homes in the Luxury Market Also Had More Choices in June
New listings were up 20.42% from May. However, even with more options, sellers in this market barely felt the seasonal slowdown, with pending sales down only 1.51% month over month. Pending year-to-date sales were up 88.04%, and closed sales were up 138.20%.
June Also Reported Increased Sales in the Detached Luxury Market
Sales increased 24.20% from May to June and were up 132.28% year to date. On average, people buying luxury homes paid 104.74% of the list price in June, up 5.26% year to date. On the other hand, appearing to pull through the COVID-19 slump, the attached home market’s number of closed sales is up 306.25% year over year while closed sales are up 193.94% year to date.
*Written July 11, 2021. Updates may be available after this date.
On June 30th, 2021, Kentwood held its annual Top Producer Dinner, honoring leading agents and brokerage teams. This long-time tradition is one of Kentwood’s most influential and distinguished events, commemorating award-winning brokers with sales between 10 million and 90 million-plus in 2020.
The spectacular event was hosted at Denver Country Club, one of Colorado’s most prestigious and well-known country clubs, overlooking the breathtaking 18-hole golf course – originally designed by James Foulis in 1905. The dinner was held outside to practice social distancing.
Contrary to the traditional sit-down style of years past, premier bars and grazing stations were casually sprinkled throughout several terraces and perfectly manicured lawns. Food stations included Italian charcuterie, assorted sushi and seafood, and build-your-own tacos. Sophisticated polyrhythms and melodies filled the night sky with live music by The Pet-Friendly Jazz Collective – a local Denver band.
This was Kentwood’s first signature event since the pandemic. The event was a stunning evening bringing together colleagues and friends separated for the past 18 months – an exclusive gathering of Kentwood’s most brilliant talent.
With cell phones required to be turned off, intimacy and connectedness were a focal point. For the agents and teams themselves, the event exuded excitement, celebration, and inspiration.
“That was one of the best parties…everything worked!” raved Luisa Staerkel, Managing Broker.
“…and everyone was so happy to get back together.”
“Could not have been a more elegant evening, and nobody could have made the night more special for us,” said Edie Marks, Broker Associate and Top of her Profession since 1977.
With 30+ years of gathering top-producing agents, Kentwood looks toward the future for continued excellence in the Colorado real estate market.
Notable venues from past Top Producer Dinners include The Art – a Hotel, Ruth’s Chris Denver Tech Center, STK Downtown, EDGE Restaurant at Four Seasons Hotel, Coohills, and The Venice Ristorante and Wine Bar.
The Acceleration and Deceleration of Days on Market
In April of 2021, Berthoud’s attached housing market saw the largest year-over-year decrease in days on market of 83.54 percent, ending at 26 days. In May of 2021, Berthoud saw the largest year-over-year increase in days on market of 97.87 percent, ending at 93 days in 2021. As these factors fluctuate, speak with an experienced broker to ensure you have the most current statistics for an informed decision.
Berthoud’s Disparity in Close-to-List Price
Buyers seeking attached properties in Berthoud had to pay, on average, 105.60 percent of the original list price to secure their home. As the largest average close-to-list price for attached homes across northern Colorado, Berthoud’s close-to-list price also saw the largest year-over-year increase of 10.92 percent! Simultaneously, detached properties in Berthoud saw the lowest average close-to-list price across northern Colorado’s detached market at 103.00 percent and had the smallest increase of only 3.00 percent year over year.
Homebuyers Are Attached to the Attached
Attached homes in Timnath saw a closed sales increase of 250 percent and a closed sales volume increase of 280.51 percent year over year. With the average sales price only increasing by 8.72 percent year over year, homebuyers are open to living in attached properties as they can find opportunities in this market for fewer dollars compared to Timnath’s detached average sales price increase of 41.69 percent.
Berthoud’s attached housing market skyrocketed in 2021, with a closed sales increase of 600.00 percent and a closed sales volume increase of 936.62 percent! This massive shift came with a large dollar sign as the average sales price increased by 48.09 percent year over year.
Windsor and Fort Collins were the only two areas in northern Colorado without a year-over-year closed sales increase of over 100 percent for attached homes, meaning there may be more opportunities to secure housing in these regions.
May 2021 Data Demonstrated a Continued Extreme Seller’s Market
While it is an extreme seller’s market in the metro Denver area, closings still happened, up 18.78 percent, despite active listings being down 4.11 percent year-to-date from 2020. Showings being up is both a reflection of how the pandemic shutdown impacted the real estate industry this time last year and yet also supports the concept of increased buyer demand.
Cracks in the Attached Market Showed Themselves While the Detached Market Continued to Rise – But Stopped
Throughout 2021, the metro Denver area saw cracks in the attached market while the detached continued to rise in urgency and price. In May, buyers saw those cracks and moved on opportunities in the attached market, creating the lowest month-end active inventory on record, with only 739 properties available to sell. Those cracks are now gone, and it is a strong seller’s market for every property type and price point.
It Continues To Be an Unpredictable Year.
The Denver metro’s 2021 real estate market has turned into an unpredictable year, lacking seasonal consistency with rainy weather in tow while prices continue to skyrocket. The area hit a new average sales price record of $700,559 for single-family detached properties.
June’s Report Shows Luxury Buyers Making Decisions Faster Than Ever. In 2019, the detached market residences were available for tours for 20 days before accepting an offer. Last month, that same metric measured median days in MLS as six. The attached market is seeing the same trend, from 23 days in 2019 to seven days this year. So even if one were to take out the pandemic pricing of 2020, the metro Denver area still sees properties for fewer days in the MLS from 2019.
*Written June 12, 2021. Updates may be available after this date.
The past week, Kentwood Real Estate was honored to participate in the prestigious Reimagine Conference hosted by LeadingRe at the Luxe Wynn Hotel in Las Vegas. And wow, what an incredible experience it was! Kentwood’s Managing Broker at our Cherry Creek office, Brandon Brennick, and top-producing broker Lori Pace, participated in two amazing panels for diversity and competition, respectively. FYI, Lori is a member of Kentwood’s Diversity, Equity, and Inclusion counsel. Also, Jason Exley, Director of Relocation and Business Development, helped lead a panel on ‘Recalibrating Relocation in the COVID Era.’ So proud of our fantastic team and their participation in this great conference!
Featured Conference Topic: Recalibrating Relocation In the Covid Era
Panel held by Jason Exley of Kentwood Real Estate:
Relocation departments shifted to focus on lead business during COVID to top aggregators such as OpCity, Rocket Homes, HomeStory, etc., with traditional corporate relocations down. Coming out of COVID with inventory slim, one brokerage introduced a partnership with Ribbon, which converts a conventional buyer to an all-cash offer, buyers can compete and win. The virtual environment we were all thrown into during COVID has led to higher engagement among agents at Relocation trainings and weekly sales meetings. Also, By creating a more enhanced experience and upfront conversation via video/conversation with relocating clients, we are experiencing higher conversion rates.
Featured Conference Topic: Fair Housing, Diversity and Inclusion
Panel held by Lori Pace of Kentwood Real Estate:
The vitality of a brokerage’s future success will be contingent on how well agents and brokerages can respond to the changing circumstances of the world that impact global relationships. COVID -19 and social unrest due to the death of George Floyd turned the world upside down; meanwhile, real estate was declared an essential business.
Today, we face a lack of tools, resources, and leaders to ensure past real estate policies, laws, and business practices are inclusive and multicultural in creating positive solutions. While at the conference, it was the anniversary of the murder of George Floyd. Buyers, sellers, brokers, owners, and agents representing neighborhoods, businesses, and organizations can no longer feel comfortable with the dehumanization and perceived threat of a black man in a community that has been neglected due to redlining.
Redlining was used in our industry systematically to uphold racist philosophies and principles. LeadingRE recognized the need to do more than talk about inclusion but instead invest in inclusion by launching a Diversity Difference Experience program held in August.
Featured Conference Topic: Competing Against the New Competition
Panel held by Brandon Brennick of Kentwood Real Estate:
Now, more than ever, relationships matter! Clients are ready for eyeball time with their agents, and therefore, getting back in person with our clients is key. Competing against new competition requires being purpose-driven. Most agents are operating with a transactional model now; however, having a business plan that focuses on intention has proven to be a more successful and profitable route.
Most agents (70-80%) are buyer-centric, which contributes to the scarcity of inventory – the market is telling them they can’t get listings, but there are people out there ready to sell. They just don’t know how to do it. A more listing-centric strategy is key to more inventory. Approximately 14-23 million American will move in the next 1-5 years – 52% more than 2 hours away and 42% more than 4 hours away.
Why Should You Get to Know LeadingRE?
Over two decades ago, 50 of the top brokerage firms in the United States launched a network now known as Leading Real Estate Companies of the World® (LeadingRE). Today, LeadingRe has over 550 firms and 150,000 sales associates, operating in 70 countries. LeadingRE’s mantra is “Making the Best Brokerages Better.” LeadingRE accomplishes this by providing these top local brands with world-class business resources and national and global connections.
They must know, then, that the above-named gentleman whenever he was at leisure (which was mostly all the year round) gave himself up to reading books of chivalry with such ardour and avidity that he almost entirely neglected the pursuit of his field-sports, and even the management of his property; and to such a pitch did his eagerness and infatuation go that he sold many an acre of tillageland to buy books of chivalry to read, and brought home as many of them as he could get.
Over two decades ago, 50 of the top brokerage firms in the United States launched a network now known as Leading Real Estate Companies of the World® (LeadingRE).Over two decades ago, 50 of the top brokerage firms in the United States launched a network now known as Leading Real Estate Companies of the World® (LeadingRE). Kentwood Real Estate is not only honored to be a part of LeadingRE but grateful to be featured at their Reimagine Conference this past week.
Kentwood’s Involvement with Charities and Local Businesses
Thought leadership is our passion at Kentwood; however, we go beyond the real estate industry by supporting local charities and businesses to build a stronger local community. In today’s challenging times, we must lift each other up, now, more than ever. Kentwood agents and staff support over 170 local, national, and international non-profit organizations. Rooted in the Colorado economy, we are delighted to support local businesses through numerous civic and community endeavors, participating in regional events, and sitting on dozens of committees and boards.