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Downsizing for Seniors

Certainly as we age, but no matter what our age, our desires what what we want in a home can change. When this happens for seniors they may choose to downsize. What does downsizing for seniors look like? Seniors choose to downsize for many reasons. For some it can be as simple as wanting to live more simply and reducing costs. Seniors can be on a fixed income or a limited income. Moving to a smaller, less expensive home can men they save money. This savings can be on everything from house payment, home insurance, taxes and utility bills.

Seeking a simpler life

Some seniors choose to downsize to seek a simpler life. Maintaining a large home requires a lot of time and care. Some seniors, when downsizing, choose to also change the type of home they live in. Moving from a single family home to a patio home or townhome/condo can mean less maintenance responsibilities for the owner. Downsizing for seniors, in this matter, can simplify life.

Adapting to physical changes

Another reason for downsizing for seniors can be for adapting to physical changes. Seniors can have challenges that they are experiencing as they age. It may no longer be easy to navigate the stairs in a two story home. Some seniors also need space to accommodate new medical needs. Also some seniors with chronic conditions may need space for specific medical equipment that they now require.

Needing less space

Yet another reason for downsizing is simply wanting less space. When children leave home there can be unused rooms. This space still needs to be cleaned, heated, cooled and by downsizing seniors can obtained a home that fits them. This is why sometimes downsizing is referred to as “right sizing.” Seniors can find a home that fits their new empty nest lifestyle.

Downsizing can come with many benefits. It can also come with challenges. One of the huge challenges is the emotions that come with minimizing. It is hard for seniors that are told that they need to get rid of, or give away things in order to move. They can feel like the life they have lived is lost. Using a Senior Real Estate Specialist (SRES) that is trained in working with seniors can simplify the process. The compassionate assistance of a specially trained realtor can make the process less of a challenge. That agent can guide clients through one of life’s most challenging transitions. Lestel is proud to have this special training and is here to assist with downsizing for seniors.

Best of NoCo is out!

The best of NoCo came out recently. Best of NoCo is presented by Style Magazine. Each and every year for the last twelve years this local magazine has done their readers choice awards. The magazine has over 290 categories and received over 245,000 votes this year for the best of in those categories. Reviewing the results, you can discover what local business, people and places took the top three in the 2025 Reader Choice Rest of NoCo contest. If you are wondering. Every vote is legitimate. They have a platform that uses a two factor authentication process to ensure that there are no bots or fake email addresses to skew the results. These are hard earned winners, who are loved by our community.

Best food and drink

The categories are broad and include food, drink services and great places to shop for almost anything from automobiles to women’s fashion. My favorite category every year is food and drink. Some of the winners in this category include Gib’s Bagels for best bagel. Nordy’s for best Bar-b-Que and Silver Grill for best breakfast and best cinnamon roll. Walrus Ice Cream has won the best ice cream every year sine this competition began. This year Josh and John’s came in second place. Both place are special in their own way. Rio Grande Mexican Restaurant has won best margarita every year since 2014. Just in case you would like to know who won best pizza, this year it is PizzaVino NoCo Italiano. They best out Krazy Karl.s Pizza. PizzaVine has multiple locations. My favorite location is in Jessup Farm off of Timberline Road.

Other categories

Food and drink are only one of the 290 categories in the competition. Some of the other categories include beauty, health and wellness, home and garden, pet, recreation and entertainment and retail (or as I would say, shopping.) Home and garden and retail are two of the larger categories in the competition. They include everything from the best roofing company, NoCo Roofing, to best handyman, flooring company, glass service and home remodeling. For the retail category you can learn which bookstore received the most votes and also which flower shop, furniture store and bike store, to name a few of the categories. Services are another big category. That includes mortgage lender, coming company and best insurance agent.

Vote next year

As you review the votes you may not agree with who is best and may feel like your favorite place was over looked and should be included. Remember, this is an annual event and there is always next year. You can vote and have your voice heard for the Best of NoCo.

Welcome to 2026

Welcome to 2026. Fall 2025 was an interesting one for real estate in Northern Colorado, well all of 2025 was interesting. Last year brought us one of the strongest buyers markets we have seen in a long time. Many were saying it was the strongest buyers market in over seven years. Sellers wanting or needing to sell in in the market had to do more than price their home right. Often, the only way to get a buyer to write a contract on the home was to price below comparable sales and offer closing costs too. Buyers in the market in the fall of 2025 did not feel the sense of urgency. The buyers looking to buy were showing they wanted to feel like they were getting a deal. If the home was not a deal, they would continue to look.

Lack of urgency

The lack of urgency from buyers explained why homes were sitting on the market longer. This also explained why price reductions across all price ranges were common. Interest rates for mortgages remained stubbornly steady in the 6.25% to the 6.5% range. Some buyer had the mindset that the rate for a mortgage should be below 6%. If they were there, they were going to wait until they did drop to that point. The feds adjusting short term interest rates can have little affect on mortgage rates. However, buyers feel that if he feds reduce rates, it means that mortgage rates should fall too.

Supply and demand

As we start the new year in Larimer and Weld counties, we have approximately 1,200 active, listings on the market, per county. It is important to compare that number to get an understanding of what that number means. In 2022, inventory in Northern Colorado was at an all time low. We were seeing only 350 active, available homes for sale, in each county. As an additional comparison, we were in the financial crisis of 2008, we had double the number of homes for sale that we do now. So we have inventory climbing but still much lower than in the peak of the mortgage crisis. We seem to be sitting right in the middle. The most important things is demand. It does not matter how much is on the market, as much as it matter what the demand is for what is there.

Predictions

Beginning in January or starting in March, we will be moving into what is typically our strongest demand time of year. It will be interesting to see what buyer behavior will be for 2026. Homes in many price ranges were selling at 97 to 98% if asking price in December of 2025. As demand picks up this spring what should we expect? Zillow is projecting just over a one percent increase in median prices nationally, over the next year. The National Association of Realtors is predicting over two percent increase in median prices. These are modest national projections. Northern Colorado does not always follow national trends. We should expect as we move into the new year that prices will start to climb, January through June. Then as demand slows prices have tendency to slow their movement upward. This is based on historical data.

2026 is a new year filled with questions and predictions. We will all have to wait and see what will really happen.

January is the best time to start your home search

Many buyers think that spring is the best time to buy a home. This is something they have heard for years. But January is the best time to start your home search. There are several reasons why this is the case.

Why start in January?

Number one reason to start your home search in January is because there is a lot involved in buying a home. There is more than just finding a home that you would like buy. There is the financial preparation. That involves getting pre-approved for mortgage and understanding what you can truly afford. Then there is learning about the local inventory, touring homes, writing offers, negotiating terms and finally the closing. All of this takes time.

It is a buyer’ market now

Another reason for starting the home search in January is that it is finally a buyer’s market. This means that conditions are favorable for buyers. We are not sure that this will last into the spring. Right now in many areas in the United States there are 37% more sellers than buyers. that is one of the largest gaps since 2013. That gap gives buyers the opportunity to negotiate and even asked for seller concessions. This also means more selection for homes to buy. The buyer’s market also holds true for the real estate market in Northern Colorado. Getting started in January gives you the opportunity to enjoy conditions that may look very different in just a few months.

Talk to an agent first

What is the first thing to do if you are interested in purchasing a home in 2026? It is not to start scrolling listings or heading to open houses. It is time to have a conversation with a real estate agent. Set up an appointment so you can talk about the process of purchasing home. It will be important to have you questions answered and concerns addressed at this appointment. You can discuss your needs and wants in a home. And finally, and very importantly you can learn strategies to make your offer stand out and get accepted. Your agent can help with a timeline based, on your personal situation and the current market conditions. Lastly, they can recommend a lender for you to connect with to help you with the financial preparation. That lender can assist you in getting pre-approved so you are ready to purchase your home.

If you are even thinking of purchasing in 2026, getting the ball rolling in January can put you in a much stronger position. Remember, the first step is not scrolling on Realtor.com or Zillow. It is instead meeting with a real estate agent who can explain the local market and help you set goals. Lestel would love to be your agent. Give her a call.

Smart Timing

Selling a house is a complex journey. The process of selling a home can be filled with though decisions and uncertainty. One of the most important decisions that you will make is determining the right price for your home. If you do not get an offer right away and your home is not attracting the activity that you hoped, what should you do? It is natural to wonder when it is time to lower the price. Smart timing will be important.

Understand the market

Before you lower the price, it will be important to understand the local housing market. That includes the location of your home and how it might affect the price. Other things that can affect the sale of your home are current economic conditions and lastly the season of the year. These conditions can significantly influence your home’s selling price. It will be important to have your agent compare your home to other homes that have recently sold that are similar. Make sure that you notice the days on the market for these homes and the final sales price. Also notice the different between the asking price and the final sales price. Once you have that information, when do you decide that it is time to reduce the price?

What are signs?

What are the signs that you may need to adjust your price? One thing that could show that it is time to reduce the price is a lack of showings. If you home is getting little to no interest, this could mean that buyers are rejecting the home before seeing it in person. Also if you are having showings and feedback is negative about the price, it is clear your home is viewed as over priced.

When you compare your home to other homes on the market, how does it stack up? It is important to know both what has recently sold and what your competition looks like. If similar homes are under contract , priced below you are if other homes have sold for less, you need to get competitive in the market in order to sell. The best way is to reduce the price of your home.

Another thing to consider is how long you have been on the market. If it has been several weeks or even months without an offer, it is time to consider lowering the price. A common rule of thumb is a price change should be considered after 30 to 45 days on the market without an offer. Generally the longer a home sits unsold the less attractive it is to buyers.

Decided when to to lower your price and how much is an important part of the process of selling your home. It is important to understand market conditions, signs that indicate a need for a price adjustment. Selling a home is a significant decision. Making informed decisions taking into account smart timing along the way will help you achieve the best outcome.

Financing your land purchase

There can be challenges in financing your land purchase. Why you ask? The bottom line is banks don’t love dirt. Lending institutions can be surprisingly cautious when lending on raw land. A vacant property produces no income and offer very little collateral. For these reasons, lending institutions see it as a high-risk investment.

So, what does a loan look like on raw land? In order to obtain a loan on a piece of raw land, you could expect to make a large down payment, for one thing. That down payment can be as much as 35 to 50% of the cost of the land. Furthermore, the loan on a piece of land is typically not for a term of 30 years, like the mortgage on a home. The term that can be expected is typically five to 15 years. The approval process can take longer than expected also and the interest rate on the loan tends to be higher than for home loans. So, how is a buyer to make this all work if they want to purchase land? There are other options available.

Construction loan

What are options for purchasing raw land with a loan? One option, if you plan on building a home on on the property soon, is to take out your construction loan for the package of the land and home. The first draw from that loan would be to purchase the land. For the seller of the land, this would look like a cash transaction that would be able to close quickly and also not require loan approval or appraisal. If you do not plan on building on the land right away, what are other options?

Community bank

Another options is to work with a local credit union or community bank for your loan on the land. These institutions understand the regional markets better than large national banks and are more willing to take the risk on raw land. They also are often more flexible with terms on the land loans they provide.

Seller financing

An additional option is seller financing. This type of financing can streamline the process and bypass the banking process entirely. No need to have an appraisal or loan approval. This option also gives both parties room to negotiate terms that are desirable for both. Be aware that not every seller of land is able to provide seller financing. The seller must own the property free and clear of a mortgage and be willing to remain involved in the process for the agreed upon period of the seller financing.

Financing your land purchase is not as simple as financing for a home. You cannot just call up the bank that holds the mortgage on your home and ask for another loan. There are options available, but the terms on a land purchase will be different than those on a home loan. Going into the process knowing things will be different and allowing time for finalization of your financing you can be successful in getting a loan on your land purchase.

Purchasing land

The dream of buying a piece of land and building a home is deeply embedded in the American psyche. It is kind of like apple pie and baseball. The idea of owning land has become a symbol of freedom and opportunity. Buying land gives you the opportunity to build your dream home from the ground up. But unlike a standard home purchase, buying land comes with complexities. These complexities include zoning restrictions, utility costs, financing hurdels and possible environmental red tape. Before you buy it is important to understand what can actually be done with the land that you are interested in.

Due diligence

It is important to do your homework. The number one pitfall that can occur is that you can’t use the land for what you wanted to use it for. When looking at land, it is best to work on the idea that the land is completely unbuildable unless your research and due diligence shows otherwise. Don’t assume anything. All this means reviewing local ordinances for setbacks, height limits, ability to obtain affordable utilities to the property. The property should be surveyed. Doing your due diligence is important. It can make the difference between knowing you are purchasing a usable piece of land and making a big mistake. Let’s look into what should be included in yoru due diligence.

Zoning and permitted use

Verify exactly what can and cannot be built on the land. Not all land labeled as residential will allow for single family homes, for example. The land may have set backs that make it impossible to build a home that you are wanting in the building envelop. It is wise to consider using a land-use attorney to review all documents.

Access

The land isn’t worth much if you cannot legally reach it. It is important to verify that you have recorded legal access, through the use of a road or recorded easement. Also, in Colorado, access can mean that you can reach the property given any type of weather. For example, can you get to the property in the winter time when you would like to spend time there. It is is only accessible part of the year, are you still interested in the land?

Utilities

What will it cost to bring utilities to the property? If public water is not available, what will it cost to drill a well? Also can you provide septic on the property or is municipal sewer an available option. If a septic system is required, it will be important to do a percolation test. This will test to see that wastewater can be absorb by the land. If the soil cannot absorb the wastewater, your ability to build on the land could be denied.

Survey and boundaries

Know what you are buying. It will be important to know where the property lines are. Do not depend on the sellers old survey or tax maps. Spend the money to have a new survey completed on the property. Once the survey is completed you should be able to identify encroachments. Additionally the survey should ensure that the legal description matches the land that you are wanting to purchase.

Environmental assessments

The last thing to check can be considered the most important. A Phase I environmental assessment and possibly a Phase II along with geotechnical testing can be use to uncover conditions that can negatively impact building on the land you would like to purchase. These different tests screen for issues like contamination, soil instability or the possibility of subsurface items that could make building on the land unsafe or too expensive.

As you can see, buying land is not like buying a house. There is research that must be done to ensure that you can use the property the way that you intended. Since this is the case, it is important to take your time. Do your due diligence and make sure that you can live your dream on your land.

Is the appraisal important?

Part of the home buying process is the appraisal. Some agents refer to the appraisal as the last hurtle in the under contract process. Is the appraisal important in the real estate transaction? The answer in a word is, YES! The value of the appraisal can mean the difference between the house selling to a particular buyer or not.

What is an appraisal?

Let’s go over what an appraisal is and details about it. An appraisal is one person’s opinion on the value of a property. It is required by the lender most of the time, if the buyer is getting a loan. Sometimes if the buyer is putting a significant amount down, over 40%, the lender may not requiring an appraisal. A buyer that is paying cash for a property, may decide to get an appraisal just to make sure the price they are paying is fair. The appraisal is ordered by the lender or buyer if paying cash. Once the property has been viewed by the appraiser, the appraiser compares the subject property to others. The appraiser prepares a report and offers an opinion of the value of the property. Most of the time that value is the same as the contract price. But, what happens if it isn’t?

Appraisal is high

If the value of the property is higher, it can make the buyer feel like they got a “deal” on the home. Nothing changes. There is no price increase. The buyer does not have to pay more for the home. They purchase the home feeling like they have a little bit of equity already.

Appraisal is low

If the appraisal comes in below the contract price, there are several options. The buyer can bring the difference to closing and go ahead and close. What does that mean? Let’s say the buyer is under contract on a property priced at $500,000 and the appraisal comes in at $490,000. The buyer can pay the difference in the gap between the two numbers. Meaning, the buyer can bring an additional $10,000 that is not being used as their down payment to closing to cover the gap. If that is not possible, what else can happen? Another option is the seller can agree to sell the home for $390,000. Or also the buyer can choose to walk away from the home without penalty.

Contesting the appraisal

There is one final option for the buyer. This option involves contesting the value/opinion of the appraisal and asking that the appraisal be reviewed. This process is called a reconsideration of value. Often times, in order to have this done, the buyer or their agent needs to find errors in the appraisal. Another possibility is to note that the appraiser did not include important information. It is not common that this leads to a change in the appraised price. Remember, it is the opinion of the appraiser. Most people do not change their opinion.

As you can see, the appraisal is an important part of the process of purchasing a home. If the appraisal does not come in at the contract price, it can be a stumbling block in the transaction. This may be too significant to overcome and can mean the buyer is not able to purchase the home. There is not much that can be done to avoid problems. Involve your agent in determining the price that you arrive at in your offer. Make sure that your agent has comparable properties that can be provided to the appraiser if needed. Know that problems occur very infrequently. Hold your breath and hope it doesn’t happen to you.

Fall buyers can get some deals

In real estate we know that spring is often the best time to sell. Buyers are often told that it is the best time to buy a home. Buyers love that their kids are about to be on summer break. But what about buying in the fall?

Fall flexibility

Fall can be a quieter season with more flexibility. It can be an advantageous time from for home buyers. Seller who listed their home for sale in the spring and have not yet sold, are getting anxious. Furthermore, the sellers that are not very motivated often pull their homes off the market once fall arrives. This still leaves a good amount of inventory. This fall after a tough summer with sluggish home sales, it is a good time for well-prepared buyer to be in the market.

Less competition

Fall also means lower buyer competition and more negotiating power for buyers. Additionally, there are many sellers that have the mind set that they want to close before the end of the year. That can provide buyers with additional leverage in negotiating. Less competition means fewer bidding wars and more power to negotiate the extras. Extras can include closing cast, home warranties and repairs at time of inspection. Here’s an example. A seller knows that they need to replace the roof on their home. The house that they are selling has been on the market all summer without selling. The seller said they would negotiate the $30,000 cost of the roof. Now, when the seller received and offer, they say they will be happy to replace the roof for the buyer. No negotiation needed. What a difference a few months and fall weather can make in sellers attitudes.

Ask your lender for a deal

In addition to getting deals from sellers, buyers in the fall, may be able to look to their lender for savings. Lenders can offer closing cost incentives too. Many financial institutions set year-end volume goals. These can translate into savings for fall buyers. Many times these deals are not advertised and all a buyer needs to do is ask and close before the end of the year. Some lenders offer seasonal deals like discounts on underwriting fees, rate buy-downs or waiving processing fees. Be sure to ask your lender what deals they might be offering.

Builders are ready to deal

Another way to save money buying a house in the fall is if you purchase new construction. If you are considering a newly built home, fall might be one of the best times to make your move. This time of year, builders are eager to offload standing inventory before the end of the year. In fact, according to the National Association of Home Builders, 66% of home builders reported using incentives like mortgage rate buy-downs and discount in August. This is the highest number reported in five years.

Remember when shopping for a home that purchase price is important, but it only once part of the deal. Concessions, credits and agreed upon repairs can save thousands of dollars. Don’t forget to ask your lender if there are any special offers if you close your loan before the end of the year. Also consider buying or at least looking at new construction. New home builders may prove to provide some of the best options for fall pricing and incentives. All in all, fall is a great time to purchase a home!

You bought a fixer upper

Congratulations, you are the proud owner of a fixer upper. You are looking forward to rolling up your sleeves and getting to work. You are hoping that with some elbow grease the place will be the home of your dreams. Buying a home that needs work can be a great opportunity, as long as you know what you are getting yourself into. But, what should your first project be. There are so many things to do. It is tempting to start with the projects that are visible and bring instant joy. Like a stylish light fixture, fresh paint or a new kitchen. But that great new light fixture will not keep you warm if the furnace is on its last leg.

What is first?

Knowing what jobs to tackle and in what order is very important. Here is a simple breakdown. First start with core systems and safety items. Heating, cooling, electrical and plumbing should be looked at and dealt with before anything else. Another thing to look at is major issues like the roof. Also look at hazards that make the home unsafe. This can include things like broken stairs or holes in a deck. These items should be first on the to do list. What is after that? Keep reading.

Next on the list should be high impact living spaces. These include places that get daily use like the kitchen, bathrooms and main gathering areas. You also should look at practical upgrades like replacing the worn-out garage door. Simple outdoor improvements can also make a big impact. Tidy up the landscape, trim the bushes and edge the lawn.

Save for later

Then there are things that should be saved for later after all of the above items have been tackled. These include the cosmetic touches like fresh paint, flooring and new light fixtures. These are the things that it is so tempting to start with. You can tell from this, that the things that will earn you the biggest compliments are not what you should do first. Your friends are not going to get excited about your new roof, water heater or your shining new furnace. But they will appreciate the hot water and the warm house when they come to visit.

Figuring what needs to be done and in what order can feel a bit overwhelming. Experts can help you make smart decisions. The inspector that did a thorough inspection of the home before you purchased, probably outlined problems that were urgent. Your inspector may have even outlined the costs involved in the repairs. Lean on professional, set a budget and a realistic timeline for the work to be completed. Take it one step at a time and accomplish things in the order of importance. Following these guidelines will make your fixer-upper more than just a hopeful term. It can become the home you always imagined.