Colorado Real Estate News

Why Pricing Your House Right Is Essential

In today’s real estate market, setting the right price for your house is one of the most valuable things you can do.

According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase 4.7% in 2020 and 4.1% in 2021. This means experts anticipate home values will continue climbing into next year. Today, low inventory is largely keeping prices from depreciating. Danielle Hale, Chief Economist at realtor.com, notes:

“Looking at the sheer number of buyers, low mortgage rates, and limited sellers, the strength of home prices–which are now growing at the highest pace since January 2018–makes sense.”

When it comes to pricing your home, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

How to Price Your Home

As a seller, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. You’re thinking, higher price, greater profit, right? But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers and have them looking at the houses your neighbors are selling instead.

Even today, when the advantage tips toward sellers because there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running in the other direction if it isn’t priced just right.

Our Trusted Real Estate Professionals Will Help

It’s important to make sure your house is priced correctly by working in partnership with a trusted real estate professional. When you price it competitively, you won’t be negotiating with one buyer over the price. Instead, you’ll have multiple buyers competing for the home, and that’s what ultimately increases the final sale price.

The key is making sure your house is priced to sell immediately. That way, it will be seen by the most buyers. More than one of them may be interested, and your house will be more likely to sell at a competitive price.

Bottom Line

If you’re thinking about listing your house this fall, connect with a Kentwood broker, to discuss how to price it right so you can maximize your exposure and your return. Find a broker at www.Kentwood.com

Colorado Real Estate News

The Top Reasons People Are Moving This Year

Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many people to re-evaluate what homeownership means and what they find most important in a home.

In 2019, 67,000 people moved to Colorado according to the US Census Bureau. In July, the Front Range Housing Market remained very competitive. Many sellers were collecting multiple offers over asking price as people continue to move to and around the front range

According to Zillow:

“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.” 

With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

1. Working from Home

Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

2. Virtual Schooling

With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

3. A Home Gym

Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

“For many in quarantine, a significant decrease in activity is more than a vanity issue – it’s a mental health issue.”

Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

4. Outdoor Space 

Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

“People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”

Many urban dwellers remain enamored with the dynamic urban lifestyle and still enjoy condo living. Those that wish to remain downtown are looking at properties with larger patios or building rooftop decks. They look forward to the lock and leave lifestyle again in future months, but want to enhance their current space with a home office and an area to get outside on those lovely Colorado days.

Moving May Be Your Best Option

If you’re clamoring for extra space to accommodate your changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

“Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

It’s a great time to get more home for your money, just when you need the extra space.

Bottom Line 

People are moving for a variety of different reasons today, and for many people, their needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, contact a Kentwood broker to discuss your options!

Colorado Real Estate News

5 Things to Know When Buying a House in 2018

Buying A House in 2018Buying a house in 2018 is a big commitment. Knowing when to dive into the real estate market can be intimidating, especially when there is low inventory, high prices, and it feels like the rules keep changing. Even if you have purchased a home before and think you know the process, what worked back then might not be what works now. To help prepare you for what may come, here are a few things to know before diving head first into the 2018 real estate market.

Learn How the Tax Code Will Effect You

The recent tax reforms have caused some concern that they will put home-ownership even further out of reach for many Americans, while also decreasing the tax benefits for owning a home. But that shouldn’t be reason to deter you from making your move. For example – starting this year, home-owners can deduct mortgage interest on loans up to $750,000, that’s down from $1 million. This change is expect to affect 1.3% – 2% of mortgages. The bottom line is to educate yourself on this new tax plan and how it will effect you.

Buying A House in 2018

Mortgage Rates Are on The Rise

For the past several years, homeowners have benefited from historically low interest rates – around 3% – 3.90%. But the Fed has recently begun to make some noticeable increases. Last year, the rate for a 30-year fixed mortgage broke 4%. With economic growth gaining momentum, we could see between two to four more rate hikes this year. Rates could end up closing out the year at 5%. First time home buyers should keep an eye on these trends and forecasts.

Buying A House in 2018

Debt Limits Have Increased

In mid-2017, Frannie Mae announced that they would now be purchasing loans with borrowers who have debt-to-income ratios up to 50%. That’s up from their previous limit of 45%. This is a good bit of information for first time home buyers to know because it could make mortgage loans easier to obtain, especially for those who have a higher level of debt.

Buying A House in 2018

Home Prices Are Rising More Slowly

Home prices have soared over the last few years, forcing other-wise qualified buyers out of high priced areas. But in 2018, price increases are expected to slow and become more moderate. Economists expect prices to rise by 3.5% – 5% nationwide this year. But it all depends on where you live. Some cities, where economic momentum has been steady, could see larger gains. While red-hot markets are predicted to finally lose a little steam.

Buying A House in 2018

Prepare for Competition

Housing inventory continues to be at a record low across the country, meaning that the days of multiple offers won’t be subsiding anytime soon. Because of this we have seen the all cash buyer willing to pay full price or more. According to the National Association of Realtors, 23% of all homes purchased in January of last year were cash buyers. And some experts believe that number will rise this year.

Since these types of buyers don’t need to secure financing, they not only have an edge on the competition but they’re also more appealing to the seller. That doesn’t mean all hope is lost. There are plenty of creative ways to appeal to a seller, such as writing a letter about yourself, your family, and your situation. Learn more about surviving a seller’s market.

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Colorado Real Estate News

Your Home Staging Guide

When it comes to selling your home effectively and efficiently, home staging can truly make a difference in how the buyer places value on your home. A well-staged home can not only urge buyers to be more inclined to walk through the home that they viewed online, it can also help them visualize the property as their future home. Staging is an excellent tool that can give buyers the extra nudge that they need to purchase a home. Following is our guide to a successfully staged home!

Home Staging | Your Guide

Say Goodbye to Clutter

Home Staging

The single most important home staging element is to clean and organize your home in preparation for showings. Be sure to clean your home thoroughly, scrubbing the tile in the kitchen or bathrooms, steam clean carpets and drapes, and mend holes and cracks in the walls. You want your home to shine! A major contributor to a house feeling cluttered is too much furniture. Take a good hard look at your home and evaluate what things you can live without and how to create a feeling of spaciousness in your home.

Another important step in the home staging process is to depersonalize your home. When showing your house, you want your prospective buyers to be able to imagine themselves living there. This becomes a lot harder to do when they are in a space that has echoes of the current owner. So, remove family photos, personal collections, medications…etc. Be sure to secure your valuables and relocate your pets for the time being.

Lifestyle Appeal

Home Staging

Often, when someone buys a home they are also buying into a lifestyle. We are seeing these small neighborhoods popping up, all with their own unique cultures. When decorating your home for a showing, use bright colors, along with artwork and accent furniture to create a space that brings out the vibe of your neighborhood and bring life to an otherwise vacant and sterile room. Give them a glimpse of what it’s like living in the unique area!

Going Green

Home Staging

Going green is all the rage in real estate these days. Finding a way to reflect that trend in your home staging could give your home an extra boost over the competition. Some common green accents could be twigs or flowers from your backyard, wooden pallets to create an accent tray or coffee table, or an old bucket to use as a vase or on your front porch. Re-purposing antique furniture to create unique or hidden storage options in another great way to bring in a green element to your home.

Charm the Senses

Home Staging

Sight

This is the sense that is most associated with home staging, and rightfully so. The placement of furniture, decor, plants, and everything else is central to successful staging. But the most fundamental piece to catching a prospective seller’s eye, which often goes overlooked, is lighting. Not only does a dark home come off as unwelcoming, it will also make it hard to show off the unique qualities that could help you sell your home. So, if your home has a floor plan that doesn’t allow for much natural light, be sure to add vibrant lighting to help your home feel bright and inviting.

Sound

Music can have a powerful effect on our emotions, mood, and comfort levels; and can also be deeply evocative of memory. Therefore, playing music around your house during a showing can do wonders for filling a space as well as giving a touch of personality to your home. You want to be careful to stay away from anything too disruptive or loud that might take away from the staging or make it difficult to discuss with your prospective buyers.

Smell

Smell is the strongest, most personally connected sense that we have. It is also the sense that is most closely tied to memory. We often associate certain aromas with experiences we’ve had to a degree that different scents can make us feel nostalgic, comfortable, cozy, or just the opposite. In home staging, it’s important to use natural or neutral smells like sage, pine, or lavender to create an atmosphere that feels like home.

Taste

Let’s be honest, everyone loves a snack! Food is inviting and makes people feel welcome and comfortable in a new space. Not to mention it can add a feeling of sophistication to your home. Keep in mind that not everyone will be interested in your hors d’oeuvres, but most people will appreciate some fresh fruit, mild cheese, and even a glass of wine while they take a glance around your home.

Touch

The chance that your prospective sellers will go around touching every minute detail of your home such as walls, floors, and tiles is unlikely. But touch is our main exploratory sense, used to gauge everything from temperature to softness and quality. Outfitting a home with comfort and quality is important, but the main concern should be with temperature. If a home is too hot or too cold, it will make your prospective buyers uncomfortable and distract them from the other aspects of the home that you would like to show off.

Colorado Real Estate News

Real Estate Apps All Homeowners Need

 

Real Estate Mobile AppsWhile the process of buying a new home is an exciting one, paperwork, crunching numbers, real estate jargon, and moving boxes can also make it stressful. But in today’s world, any need you might have, small or large, can be made easier with mobile apps. To help make your home buying experience a little less trying, we compiled a list of some of the most useful real estate apps for all homeowners!

Kentwood Mobile App

This app enables users to search for properties via GPS location, mark favorite properties, and receive notifications when a home comes on the market.

Kentwood Real Estate has also included cutting edge, augmented reality “Scope View” capabilities where a user can literally stand on the sidewalk and point their smart phone towards a home for sale to instantly view the price or other relevant information. The app also ties in directly with Kentwood’s website for seamless client interaction and follow-up.

The state-of-the-art app features a variety of search options and filters, making it easier than ever to search for homes on-the-go in Denver.  The app syncs to the user’s account on DenverRealEstate.com, ensuring saved data is accessible on the user’s mobile device as well as Kentwood’s website at DenverRealEstate.com.

Houzz Interior Design Ideas

Called the “Wikipedia of interior and exterior design” by CNN, Houzz has the largest database of home design ideas on the net, with over 5,000,000 high resolution photos. Browse photos by style, room and location then save them to your virtual ideabook —the equivalent of clipping design magazines to a scrapbook — making ideas easier to search, save, and share.

Find everything from products curated by our editorial team to top-rated local designers, architects, contractors, and other home pros who can help you realize your ideas.

 Moving Van

In a nutshell, this app allows you to quickly and easily identify the contents of your moving boxes without ever having to open them. It essentially does a bit of inventory during the packing process.

While packing, you can use the app to take photos of the contents of the boxes and write down any details. You can also assign each box a name, number, or room it belongs in.

Using this app will allow you to relieve some stress from playing the guessing game when it comes time to unpack.

Eden Garden Designer

Eden Garden Designer lets you design beautiful gardens on your mobile device. Start with one of the included gardens, ready for planting, or create your own through your camera or photo library.

Eden’s plant library is stocked with beautiful, vivid photo-realistic plants and flowers chosen from the favorites of North American and European perennials and annuals. Search for plants by name, height, zone, color, blooming season, sun exposure, or type. Each plant has lots of useful information and has a custom wiki link to dig for even more detail.

If you are new to gardening or are a real green thumb, Eden Garden Designer lets you design beautiful gardens without having to learn expensive and complicated garden design programs. Eden is designed to be a delightful and useful tool for gardeners of all abilities and interests.

Behr Color Smart

Ready to take on your next paint project? This is a convenient, easy to use tool to help you find your perfect color, discover new designer – coordinated color combinations, and preview your choices in room scenes and on exteriors.

This is an easy way to find paint color combinations for any room in your home. You can choose your colors and then see what they look like on the wall of a simulated room.

You can also access colors by scanning the barcode on the back of a Behr color swatch or brochure – a quick, simple way to validate your color selections.

The Real Estate Dictionary

Are you looking to buy your dream house and find yourself caught between the crossfire of complicated real estate terms? Here is solution to all that real estate jargon. Packed with over 2000 words across 11 different categories, it’s very simple to use.

This dictionary app comes in handy as you can learn new terms while traveling, when speaking with a real estate agent or while looking for a property. This app will help you with the various terms regarding concepts, laws, and fundamentals.

Mortgage Calculator

Who knew calculating your mortgage payment could be so easy! Calculate, save your favorites, and get real time mortgage rates all from this mortgage calculator.

Whether you’re a home buyer, homeowner or real estate agent, you’ll love all the features this app offer. Determine your monthly payment on a home while you are house hunting, figure out what your monthly payment would be if you refinanced, calculate the total cost of your loan and how much you could save by making extra payments, and effortlessly learn how much home you could afford.

Around Me

The Around Me app quickly identifies where you are to show you a complete list of nearby businesses and attractions, including the distance from your current location. This can be helpful when looking for a house in an area that is unfamiliar to you.

You can search for the nearest bank/ATM, bar, coffee shop, gas station, hospital, hotel, movie theater, restaurant, supermarket, theater, or taxi company.