Category: Uncategorized

Avoiding Regrets

Are you wondering if 2025 will be the year to move and buy a a home? If you are, you are not alone. Deciding whether to move and buy a home is a big decision. If you are considering a move, it is completely natural to fell anxious and unsure. It is a big change. You will be leaving something you know for the great unknown. That can be exciting, but you may be leaving familiar people and places behind. Will you regret this move? Most people do not regret moving somewhere new!

No regrets

A reason study on regret (https://studyfinds.org/the-road-not-taken-what-do-americans-regret-the-most/) nearly one third of baby boomers shared that they have regrets. Some of these regrets go way back more than thirty years and they still think about them more than three times a month. That is baby boomers, but what about younger people? Millennials report that they have regrets too. Some of these regrets include spending too much money, fighting with friends or family, and not speaking up for themselves. Notice that making a move or buying a house isn’t some of the top reasons for regret. In fact, only seventeen percent of those surveyed expressed regret over moving to a new area. This compares to half the people regret spending too much money. So, if you are thinking about moving, but are worried you might have regrets, flip that around and worry more about how you will feel, the future if you don’t take that step to buy a home and move now.

Work with an agent

Real estate agents can help you avoid regret. Working with an agent can make a huge difference by helping you reduce the chances that you will make a decision that you might later regret. Agent can share market insights with you. They know how to spot trends, and can help ensure that you buy at the right price. So you will have no regrets about spending too much money.

A real estate agent can also secure terms that benefit you. This will reduce the risk of buyers remorse. Agents know the different neighborhoods and the lifestyles that they offer. This will help you to find the right fit for you. Another thing that a real estate agent offers is emotional support. Your agent can be a great listener, help you cope with the feelings that you are wrestling with. Finally they can help you to make connections that will make you feel at home sooner. With the right agent by your side you can avoid any buyers remorse and find a home that fits you, your lifestyle and your future plans.

The Cost of Renting

If you are a renter, you’ve probably noticed that the cost of rent is high. But you have never known anything else, renting is what you do. Purchasing a place of your own is not something that you can even imagine. But have you ever consider the cost of rent over a lifetime? While you have been renting, have you ever thought about the long term costs of renting? Thinking about the big picture could be something that will motivate you to explore the idea of owning a place of your own.

According to a study done by Self Financial (https://www.self.inc/info.lifetime-cost-renting-america/). The average American will spend a staggering $333,065 on rent and related expenses over their lifetime. That is roughly $25,260 per year from age 22 to age 35. In Colorado, the annual number is more like $41,598. Additional costs include $12,145 for moving. The study factored in that renters move every couple of years. That is a lot of money. You may be asking why the study only figured from age 22 to age 35. I believe this may be because they figured that by that age many renters would have purchased a home. The study also factored in some additional expense like many renters only get about 25% of their security deposit back.

How can you keep the lifetime cost of renting down? It is scary to think of handing over that kind of money to a landlord. Let’s talk strategy and figure out how to minimize how much you spend on rent in a lifetime.

Live with family

The first way to save money on rent is to live with family for as long as possible. Not everyone can or wants to live with their family between the ages of 22 and 35, but if you can you are saving money. The reality is that many young adults do find themselves living at home. Eighty five percent of parents that were interviewed for the study listed above are thrilled to have their adult kids move back home. So live at home adn make an effort to save as much money as you can until you can afford to purchase a place of your own.

Move less often

Another way to save money on that lifetime cost of rent is to not move as often. The study mentioned above revealed that the average renter moves every 27.5 months. The study went on to say that a move, can cost a renter as much as $12,000. So if you rent, try to minimize how often you move. Not moving can add up to significant savings.

Don’t damage your rental

Another thing to consider when trying to save money is to avoid damaging the rental you are living in. The study above provided this statistic, 26% of renters surveyed claim to have lost their security deposit at least once. It is also estimated that renters will lose 25% of their security deposit over the course of time that they rent. It is true that landlords can sometimes make it tough to get your deposit back. But if you leave the place clean and it great condition, your landlord will not really have a reason to keep your deposit. This can save you money!

Renting for a period of time in life is almost unavoidable. There is nothing wrong with renting. But if you would like to purchase a home in the future, use this tips to save money. Then that down payment will be ready and waiting when you are ready to buy a home.

How to sell your home and buy another one

Buying a home as a first time home buyer is not easy. You have to pull together the money for the down payment. Then there is the process of trying to find a house in your price range that you actually like. Once you find the house you want to buy, hoping that you will not be competing with other buyers for the home. Going through what first time home buyers go through is not easy. When you are having to sell a a home before you can buy another one, you may be wishing for the simpler times when you just were buying a home.

So, you need to sell your home before you buy another one. Good news is your are not alone. Plenty of people navigate the process of moving up, buying and selling, just like you. Here are some common concerns people like you have and some tips on how to deal with them.

What if I don’t find a house I want to buy?

The first concern is: What if I Don’t Find a House I Want to Buy? This is certainly a legitimate concern. But waiting until you find your next home, before you put yours on the market isn’t necessary the best way to be successful in this process. Waiting to put your home on the market can lead to rush decisions that can cost you money. You also run the risk of the dream home being purchased by a buyer that doesn’t have a home to sell, before you are ready to buy.

What if the house I want to buy sells before I am ready?

A second concern is: What if the House I Want to Buy Sells Before I am Ready? You have found the house you want to buy. You do not want anything to get in the way of purchasing that home. If you wait, hoping your home will go under contract before you write an offer on the new one, you may lose out. You can write an offer that is contingent upon the sale of your home. But what if the seller does not want to accept an offer that is contingent upon a home selling? There are strategies that can be implemented in this situation so you don’t miss out!

What if I get stuck with two mortgages?

Another question that you may have is: What if I Get Stuck With Two Mortgages? You have decided to move forward with a contract on your new home before your old home sells. You know that you qualify for both mortgages, but certainly do not want to be paying a mortgage on your old home and your new one. This is something most everyone would like to avoid. The best way to avoid this is to not go under contract on the new home before all of the contingencies have been met with the contract on your existing home. Make sure that your agent puts language in your contract, on the new home, that gives you an out if you do not close on your existing home. This will keep you safe.

Could I end up homeless?

A fourth concern that you may have is: Where Will I Live if my House Sells and I have not Found the House I Want to Buy? This question can be easier to answer than most of the other questions. You will not be left living in your car. You have options. Some of those options can be as easy as family, or a temporary rental, or even a short term rental. There can also be a change in the closing date of the contract so that the dates of both contract match up and you are not without a place to live. You can also do a rent back of your existing home after you close, until the new home closing occurs.

These concerns are common concerns of people buying and selling. The process of buying and selling a home can be challenging. Work with an experience agent that knows the strategies that work so you can be successful. Then all you will have to worry about is packing and moving into your new home.

What NOT to Expect from Sellers

Congratulations you are under contract to buy a home. You are very excited and can hardly wait to move in. But what can you expect during the next phase of the transaction. Here are some things to remember that you should NOT expect of the seller during the under contract process.

No excessive showings

The first thing to remember, once you are under contract, is the house still belongs to the seller. During the under contract period the seller should allow you to get into the house for the necessary inspections. The seller should be willing to allow an additional quick showing for measurements. But, over and above those showings, endless visits to the house for whatever reason should not be expected. It is important to realize that it is still the owners home. They are living their lives and getting ready to move. They do not need a parade of people regularly visiting their home once the home is under contract.

No early move in

It is not uncommon to want to check and see if it is possible to move a few things in to the house before closing. It may happen that you end up in between places to live for a period of time, before you can close. If this happens it can be difficult to find a short term rental. In this situation, the question can come up, can we move in early? This is a tough request for the seller. The seller is trying to time their own move. It is also not in the best interest to allow for early move in or to allow the buyers to just move in a few things. When working with the seller, I always tell them to just say NO to this request.

No deliveries

Another thing that might happen, during the under contract period is needing to have things delivered to the new house. It would be so easy to just have it delivered early, before closing, and then you would not have to move it. As a buyer, if you are deliberately having Amazon or Wayfair deliver things to the house before closing you are not being appropriate. It is not the sellers responsibility to store or keep track of your belongings. The house is not yours until after closing. It is not uncommon for a piece of mail to be delivered to your new home before you close, but that is different than a delivery. No deliveries until the house is yours.

No head start on renovations

As a buyer, you may be buying a fixer upper. You are so anxious to get started on the renovations. It would be great if you could start before closing. You would like to ask the seller if it is okay. The short answer is NO! I know, I know, You just want to paint or have the hardwood floors sanded. Until it is your house, you need to stay excited and wait until after closing.

This blog post must seem like a lot of no’s. It is. Until after closing, the house belongs to someone else. Things happen and closings do not happen. If you have moved in or had things delivered to the home, what will happen now? Be patient and enjoy the process. The home will be yours soon enough. Schedule things to happen and packages to be delivered after closing.

2024 Real Estate in Review

What were the trends driving the real estate market in 2024? The year just ended was a mix for buyers and sellers. It was not an easy year for home buyers over all. It was particularly hard for first time home buyers that were dealing with higher interest rates and higher prices. The real estate market appears to be split into a couple of dominate groups. One is the first group is the first time home buyer that is struggling to get into the market. The other group is the current home owner, that may have a lot of equity and might be able to buy their move up home with cash.

First time home buyers

The percentage of first time home buyers has fallen to an historic low of only 24% according to the National Association of Realtors (NAR). As an example, prior to 2008 first time homebuyers made up 40% of the market. Today first time home buyers are finding that it take a lot of money to enter into the housing market. They have been hampered by high rent and may find themselves having a hard time saving the money for a down payment. The first time homebuyers that are able to get into the market to buy a home are older. The median age of first time home buyers in 2024 was at an all time high of 38 years of age.

Cash buyers

The other side of the real estate market in 2024 was the cash buyer. Cash buyers soared to an all time high of 26%, according to NAR data. Paying cash allows for these buyers to avoid a mortgage and the high interest rates that soared to over 7% in 2024. According to NAR, 31% of the repeat home buyers were able to pay cash for their home purchase. This is thanks to the appreciation that home owners have seen over the last several years.

Home sellers

That is the picture for homebuyers. What was 2024 like for home sellers? Nationally, home sellers were typically able to sell their properties at 100% of their asking price. This is the highest recorded list-to-sell median since 2002. Due to high demand sellers were likely to sell their homes quickly also. The majority of home sellers did not need to offer a sales incentive.

Bright spots in the market

There are two very bright spots in the housing market. One is for single women with no children or SINKs as they are called. Household with single incomes, women in particular, made up 20% of the home sales over the last year. Young males, on the other hand, only make up 8% of the home sales.

The other bright spot in the housing market is new home sales. New home sales nationally accounted for 15% of home sales. That is the highest number in seventeen years. Homebuyers are drawn to new construction for many reasons. Some reasons include the incentives that are being offered by builders, including a buy down of interest rates on the buyer’s loan. New homes also provide buyers with the ability to customize their home design and the ability to avoid renovations and problems with major mechanical systems in the home.

The National Association of Realtors update for 2024 shows a real mixed bag regarding the real estate market. First time homebuyers are struggling and sellers are doing well. The best way to stay updated on the market and how it affects you is to connect with an agent that you know like and trust that can guide you and help you to make good decisions in the market.

Are you ready to take out a mortgage?

Most buyers buy their home by taking out a mortgage. That can feel like a huge commitment and something that you may not feel like you are ready for. CNBC reported that an estimated 7.9 million renters were actually income “mortgage ready” to buy a home. What does that mean? It means that those people were qualified to buy and could have bought a home. This information is according to an analysis for the 2022 American Community Survey by the U.S. Census Bureau. Some of the people that were questioned may be perfectly happy to continue to rent. Others may not have been aware that they could qualify for a mortgage and would have bought if they knew that they could. If you are currently renting, but would love to buy, here are four things that may be keeping you from knowing that you are “mortgage ready.”

Fear of Rejection

The first thing that may be keeping you from applying for a mortgage is the fear of rejection. No one liked getting rejected, that is understandable. You may be underestimating your financial abilities and over estimating the strictness of the mortgage requirements. If you look past your fear and reach out to get pre-approved you can find out. Most lenders will also make a plan with you, if you are not ready. The plan can get you to a place that you are pre-approved.

Not Feeling Worthy

You may not feel like you are homeowner material. If you did not grow up in a family that owned a home, you may not feel that it is something that you can or should do. Renting is all that you have ever known. You may not see the benefits. The number one benefit is to build wealth.

Thinking the Process is too Difficult

Another reason you may not take the step to get pre-approved is because applying for a mortgage sounds like it is too complicated. The process probably sounds like it would require a lot of paperwork and time. The whole process from application, to closing can take 3 weeks to a month. But the pre-approval process may take you only a few minutes. In many situations a lender, that will be providing you with the loan, can tell you if you qualify, and how much money you can spend in a few short minutes. All you have to do is give them a call or fill out an online application, providing them with some basic information.

Assuming that Renting is Cheaper

A common misconception is that renting is always a more affordable option than buying a home. This may be another reason why you have not looked into applying for a mortgage. Depending on your area, and market conditions, buying a home can be more cost affective than renting. In addition. homeownership allows to grow your net worth by building equity. There are also potential tax advantages.

Don’t shut the door on homeownership before you explore if you can qualify and if the situation makes sense for you to buy. Call or email a trusted lender and real estate agent to explore your options.

Best Hikes Around Fort Collins

Hiking may not be on the top of your list of things to do this time of year. But, you can make plans for the next nice weather day. There are so many great open spaces and natural areas it is hard to pick the best hikes around Fort Collins. However, we did our best to come up with a comprehensive list that should have a little something for everyone. Whether you are just lacing up your hiking boots for the first time or you are a seasoned professional the Fort Collins area has hiking excursions perfect for you. Without further adieu let’s dive right in.

Best Hikes Around Fort Collins: Horsetooth Rock

Horsetooth Rock is a classic Fort Collins Hike. It is the one point that is easily identifiable from almost anywhere in town. Once you reach the peak you are able to take in so much of the front range it feels like you might as well be flying. 360 degree views are all yours if you are willing to brave the final rock scramble to the peak of Horsetooth Rock.

To get there take Harmony road in Fort Collins West until it turns into 38E. Continue West around Horsetooth Reservoir. Once around it is only a few more miles until you hit the Horsetooth Rock trailhead. Make sure to pay for a parks pass in order to park without being ticketed. Then follow the Horsetooth Rock Trail. It is well signed and hard to get lost as long as you stay on trail. This hike is a popular one so getting there early will always be your best bet.

Arthur’s Rock

Located in Lory State Park to the West of Fort Collins Arthurs Rock is another classic Fort Collins hike. Lory State Park is right on the outskirts of town and will take you about 20 minutes to get to from most places. Just follow CR 23 North along Horsetooth Reservoir. The turnoff for Lory is right after the final dam to the North. Stop by the gatehouse for a parks pass and then continue to the trailhead. This is another steep hike taking you up to some great vantage points that will allow you to see Fort Collins and many other neighboring towns and cities from up above. On a clear day from Arthur’s Rock visibility can be almost unlimited.

Best Hikes Around Fort Collins: Grey Rock

It only takes a short drive up the Poudre Canyon to reach the Grey Rock trail. With a large trailhead parking area it is pretty easy to find parking during slower times. However, weekends and holidays are very popular times for this hike. If you choose to do it during one of these times we recommend getting there early for the best parking opportunities. There is no pass required for parking and access. The trail to Grey Rock is a steep one that rewards you with some of the best views in Northern Colorado.

This was just a small selection of the amazing hikes we have around Fort Collins and in greater Northern Colorado. We are always happy to provide recommendations to folks. Whether you are new to the area or a seasoned local we probably have ideas for things you have never tried. Contact us and find out how we can help Fort Collins feel more like home.

Preparing for a Smooth Final Walk Through When Selling

You put your home on the market and you received a pleasing offer. You are under contract and headed to closing. Congratulations. You know what it was like to keep the house clean and clutter free for showings. You know how to create a great first impression. But what about a last impression? The last impression occurs at the final walk through before closing. This is the last time that the buyers see the house, before they make it their home at closing.

What the buyer sees

At walk through the buyer sees the home without all of your furniture and decor and sees the home for what it is. They see every nook and cranny and all of the details. Of course you want them to still love the home. What can you as the seller do to make sure that this is the case?

Broom Clean?

Many real estate contracts state that the home must be broom clean. But what does that really mean? That is such a subjective term. Most sellers think that they left the home in pristine condition, while buyers think that it looks like the aftermath of a party. The real picture is somewhere in between. What is the worst thing that could happen if you leave your home less than pristine? There are some things that could happen.

  1. The buyer could simply refuse to close until the house is clean.
  2. The Buyer could require that you credit them the cost of having the house professionally cleaned.

Avoid Problems

The easiest way to avoid losing time, money and stress, is to make sure that you leave the house like you would want it to be if you were moving in. Here are some suggestions on things you might overlook in cleaning your home in preparation for final walk through.

  1. Door frames
  2. Baseboards
  3. Ceiling fans
  4. Grout
  5. Tops of cabinets
  6. Stove tops and the inside of the oven
  7. Refrigerator
  8. Removal of all trash
  9. Garage swept

Cleaning these items can help to ensure that you are leaving the right impression at the final walk through. Another thing to make sure is done is all of the inspection items that you agreed to repair are completed and receipts of work are to the agents. This will help avoid any last minute hiccups. Put yourself in the buyers’ shoes and try to leave the home in better condition that you might expect if you were the buyer. A home that is clean and ready to move into, sends a message that you have taken care of the home and that the buyers can enjoy it.

The Fed cut rates. Why are they still high?

If you are like most buyers, sellers and even some real estate agents, you get excited when the Federal Reserve cuts benchmark interest rates. After all, shouldn’t lower rates from the Fed mean lower interest rates for mortgages? It is understandable that so many people believe that a fed rate cut leads directly to lower mortgage rates. It is a common misconception. Media outlets fuel this assumption, highlighting potential benefits to home buyers and sellers.

What are rates based on?

So, what does a rate cut really mean for buyers and sellers? When the Fed cuts rates they are typically trying to stir the economy by making borrowing cheaper in the short term. Mortgage rates, don’t always move in lockstep. The Federal Reserve controls short-term interest rates. But the 30 year fixed rate mortgage rate follows long-term rates. The long term rates are primarily influenced by the bond market-specifically the yield on the 10 year U.S. Treasury Bond. Since mortgage lenders tend to set their rates based on what’s happening with these long-term bond yields this is the key thing to watch. But, even watching the 10 year U.S. Treasury Bond doesn’t give you a clear picture of what to expect regarding mortgage interest rates and where they are going. There is so much more that goes into whether interest rates go up or down. It is hard to predict even for a mortgage expert or economist.

How it affects you

Of course mortgage interest rates matter somewhat when you are deciding to buy or sell a home. The current interest rate will make a difference in your monthly payment and what you can afford. Remember, if you can afford the payment, whether you buy or sell a house should be based on if it makes sense for you personally. For example, if you need to sell a home because you are getting a divorce or because you just had a new baby, you should make the change in your housing because it is important to you personally. Interest rates, whether they go up or down this week, should not really matter.

Home Buyers

So what do the Fed’s interest rate changes mean for home buyers and sellers? It is important to understand that mortgage interest rates are influenced by complex factors. This includes, but is not limited to, the Federal Reserve. As a buyer you should stay informed about what is happening in the economy. You should work closely with your lender to get a feel for what mortgage rates likely will do and how that could affect you. Don’t want to time the market perfectly. There is no perfect. Lock your rates when the numbers work for you.

Home Sellers

As a home seller, it is easy to get caught up in the belief that the lowering of rates will mean that home buyers will be flocking to your home. Lower rates may mean more buyers in the market. The most important thing for you to focus on when selling your home is pricing your home competitively and making sure it looks its best.

Famous last words

Here are five things that home buyers often say that they may later regret. As an experienced real estate agent, I know that each and every buyer is different. However, it is amazing, how often home buyers will say the same things to me. Here’s a fun post of common, famous last words of buyers.

Five things you might say

  1. “I know what I can afford.” I asked that the buyers that I work with get pre-approved before we start looking at homes. Some home buyers find this annoying and tell me that they know what they can afford. You may think that you know, but unless you are in the mortgage business, the odds of you knowing exactly where you stand and what you can afford is slim. Before you look at houses get pre-approved.
  2. “I will never buy a _____ style house.” I know whenever I say never that it too often happens. It is best to leave the words always and never out of any conversation. Keep an open mind and your perfect home may be hiding behind a style of home that you would have never considered.
  3. “I want to sleep on it.” Sometimes sleeping on it means that you miss out. There is a saying that I like to use: “if you sleep on it, you may not sleep in it.” Taking a night or a day to think about it seems reasonable, but depending on the market that you are shopping in, that hesitation could lead to heartbreak. Walking away for an hour to think about it probably will not cost you the house, and will give you a chance to clear your head and decide how you would like to proceed.
  4. “I don’t want to get involved in a bidding war.” You have found the house that you love and you want to buy. When your agent calls, they find out that there are two offers on the home already. Are you going to walk away? More often that not you will have your agent write up your best offer to see if you can buy the home that you love. The fear that buyers have in this situation is that they will pay too much for the home.. Make sure that you have your agent guide you. Have your agent look at comparable properties that have recently sold, so you are making informed decisions.
  5. “We can always increase our offer, but we can’t reduce it.” All buyers want to buy a home for the best price possible.In order to accomplish this some buyers want to write an offer that is unrealistically low. In doing this they risk insulting the seller. In this case you may not get a response. Sometimes even if the price is increase, the seller may not be willing to sell the home to you. Coming in too low may work against you.

As the buyer you are wanting to get the best deal. You also want to be able to find the house of your dreams. You want time to go through the process without the pressure of competing with other buyers. Make sure you connect with an agent to guide you through the process looking out for your best interest along the way. By doing this you can make wise decisions.