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When is the best time to sell?

The best time to sell your home is at the peak of the market when you are able to obtain the highest price and pocket the most money for your home. This usually would mean that your home would sell quickly. If you were really lucky the buyers would wave inspection, appraisal, would pay cash for the home. But we live in the real world and to have the perfect situation is rare. So how do you find the best time to sell? The only time you know when prices have peaked is after the fact. There is so much involved in selling your home. It is more than a numbers game. There are the personal circumstances, timing around your life. Once that is all sorted out you need time to get your home ready for sale. The way that we live in our homes is not the way that we should sell our home. There may be improvements needed or repairs that have to be done.

You have been thinking about this

If you are thinking about selling your home, there is a good chance it has been on your mind for some time. Taking all of this time to get ready, may leave you feeling like you have missed the “best time.” You may also wish you had done it sooner. If you are feeling this way, you are not alone. Nearly 80% of sEllers wish they had not waited to sell. According to a Realtor.com survey 52.7% of potential sellers have been thinking about selling for between a year and two years.

Did you miss the boat?

Considering how hot the market was before the climb in interest rates it is natural to feel like the market isn’t as strong now. Here is some encouraging statistics for you. Zillow recently reported that homes selling in March of 2024 usually sold within 13 days. While that is a bit slower than in March of 2021 or 2022 it is still faster than average before the pandemic. In addition, nearly 27% of homes sold over list price in February 2024, compared to 24.2%. in 2023. Back in 2019 that number was only 19%.

It is impossible to predict when the best time is to sell your home. The only thing you can control is when you decide to sell. Consult with a Realtor and decide what timing is best for you and your situation. Then jump in and do it.

Inspection items blown out of proportion

You have fallen in love with the house. You made an offer and it was accepted. The next step in the process is the inspection. The report received, from the inspector has you very anxious. Take a deep breath. Before you jump to the conclusion that it is time to walk away, and find another home that is not falling apart. Remember the purpose of an inspection. The inspectors job is to find every little things that is wrong with the house and things that could go wrong in the near future. There are certainly things that the inspector might find that are deal breakers. But what are things that may not be that big a deal, that have you worried.

Let’s look at some things that the inspection report might point out that can get blown out of proportion.

Leaky faucet

A leaky faucet. This is something that should be fixed, if for no other reason that it is wasting water. It is also annoying. This is something that is typically inexpensive and easy to fix. Consider fixing after closing.

Cracked window

A small crack in a window. I am not referring to a spot that looks like a baseball went through it, but rather a small hairline crack in a window. A crack that does not affect how the window works, nor does it let cold air in. You probably will not notice it once you move in. Pick your battles and take care of this after you move in.

The roof

The roof. Inspectors have a phrase that they commonly use and that is “at the end of its useful life.” This phrase can be use to describe the roof, furnace, appliances etc. This does not mean that these items are not working, or that they need to be replaced. It is saying, rather, that you should budget for replacement of these items. If you have a major item that is near the end of its life you might asked for a credit from the seller for replacement or a home warranty that would cover the item for the first year of your ownership.

Missing GFCI outlets

The home is missing GFCI outlets. This is most common in older homes, where the electrical work was done prior to codes requiring GFCI outlets. It is not a bad idea to have GFCI outlets. They protect from electrical shock. But this is not something to kill the deal over. The house has been without them all of these years.

Evidence of a past leak

Evidence of a past leak. It is not uncommon, particularly in older homes for an inspector to find water stains. Or as they say, evidence of a past leak. Some may be completely dry, others may not be. As long as you may be able to determine what cause the stain and there is no mold. This may not be a big deal at all. A little paint may be all it takes once you own the home.

Let your real estate agent be your guide through the inspection process. Ask questions of the inspector and your agent so you can make informed decisions. Don’t let the little things stand in the way of you getting your home.

The Numbers are In

The US Census Bureau numbers are in for Northern Colorado. Windsor is one of the fastest growing, larger municipalities in the United States. Windsor’s population grew by 23.3% over the past three years. This means a growth of 32,712 people. Their populations is up to 40,349 as of July 2023. That ranked it as the 23rd fastest growing municipality by percentage of population among U.S. Cities with a population over 20,000. The top two fastest growing communities in the United States are both in Texas, San Antonio and Fort Worth.

How did the other Northern Colorado cities fare? Fort Collins is no longer seeing huge growth. Fort Collins only saw an increase in population of 0.2% for the period between 2020 and 2023. It is extimated that Fort Collins population is 170,376 as of July 2023.

During the last three years Timnath, Severance, Wellington, Loveland and Greeley have all seen population gains. Populations in these communities are: Timnath, 9,991. Severance, 10,820 Wellington, 12,078, Loveland, 79,352 and Greeley, 112,609.

Not all communities have seen growth in the last three years. Estes Park’s population decresed by 3%, Boulder lost 2.2%, Louisville, lost 3.9%, Wheat Ridge lost 1.8% and Westminster declined 1.5%

The state saw 1.8% growth in population between July 1,2020 and July 1, 2023. The state gained 103,903 people during that period. Colorado ranks number 21st among states in population. Our crrent population is 5,877,610. States with similar populations are Wisconsin with 5,910,955 and Minnesota with 5,737,915.

Northern Colorado continues to grow. Some communities faster than others. As long as we have sunshine, mountains, somewhat affordable housing and manageable traffic, growth will more likely continue. There is no place I would rather live. How about you?

Changes to make your home more sustainable

What does it mean to have a sustainable home? Being eco-friendly involves adopting practices that conserve and protect the environment. Sustainable homes are designed to function in ways that use resources responsibly. Making simple changes around the house can help the environment and also save you money. Here are some simple changes for you to consider.

  1. Switch to LED lightbulbs. LED bulbs can last up to 13 years and save energy. Purchasing LED bulbs can lower your electric bills and they last longer so you can have less frequent replacement costs.
  2. Compost kitchen scraps. A compost bin for food scraps is a small gesture but does help reduce landfill waste and create health nutrient rich soil for your garden.
  3. Replace paper towels with rags. Using rags when possible will reduce waste and save money on paper products. Use old T-shirts cutting them into cloth sized squares, helpful on cleaning day and provide less waste for the environment.
  4. Collect rainwater for your plants. Set up a barrel in your yard to collect rainwater. Watering your plants with this water reduces your need to turn on the hose. Less use of water from your municipality means savings to you!

Big changes to make your home more sustainable

There are other larger energy saying changes that you can make to your home to make in more sustainable and more eco friendly home. These changes include upgrading your windows. Single pane windows can use a lot of energy. Replacing single pane windows can save money on energy costs. Replacement may also qualify for rebates or tax credits. Using energy efficient curtains can also help reduce utility bills.

When it is time to replace appliances look for energy star certified appliances. Energy star appliances use less energy and save you money. If you are not in need of new appliances save energy by only running the dishwasher and washing machine when full.

Another option to save energy is a tankless water heater. A tankless water heater heats the water only when needed, rather than keeping water hot all of the time. A tankless water heater saves energy and they typically last longer than traditional water heaters.

Whether the changes you make are big or little, remember that any change is another step towards more sustainability and a more eco friendly home. These sustainable changes mean lower monthly bills and reduce the impact on the environment.

Floor plan matters. Which is right for you?

When it comes time to choose between options sometimes it can be difficult. Do you want chocolate or vanilla, red or blue, hardcover or soft cover? When we have to make a decision between one choice or the other, some decisions are more difficult than others. This is true in real estate too. The majority of homes fall into two options, ranch or two story. During the 1970’s and 1980’s builders provided other choices such as tri-levels and bi-levels.

What is the preference?

When home buyers are asked which floor plan they prefer, two story homes were favored by most buyers 77% versus 29% preferring ranch floor plans. Why the strong preference? Two story homes are more popular because there are more of them built. Two story homes have been found to be less expensive to build and won than ranch style homes. They offer more living space in a smaller footprint. Smaller footprint means a larger yard. Families like the greater separation between living areas and bedrooms that a two story provides.

Benefits to a ranch style

What are the benefits to a ranch style home? Some of the perks of a ranch style home are no interior stairs. This can be desirable living for seniors and people that want to age in place. Another desirable option in a ranch style home that can be very appealing is the ability to have vaulted ceilings in living spaces. An additional benefit to a ranch style home is they can be less expensive to heat and cool, because only one HVAC unit is required, rather than the possibility of needing one unit per floor.

Negatives to a ranch style

The down side of a ranch style home is the size of the footprint, requiring a larger lot to accommodate the home. This larger footprint can make for a smaller yard. If you are purchasing, in a market with many families this can be undesirable and therefore make your ranch style home harder to sell in the future. Builders are building fewer ranch style homes. As our population ages this may create a situation where the demand is greater than the supply.

Floor plan really matters

The floor plan of the home is one of the most important decisions that you will make in purchasing a home. The home can be updated, but changing the layout dramatically isn’t easy and can be very expensive. If you need to add more square footage, you have to build out with a ranch plan, robbing you or yard space. In a two story, many walls are load bearing and it may not be possible to alter.

Asking yourself several questions may help you decide which floor plan is right for you. What are your needs now and in the near future? Do you have mobility issues? Is your plan to age in your home? Do you plan on expanding your family and need more room to spread out? When purchasing a home, planning ahead and thinking about what changes you may see in your future can help you make a good decisions on what floor plan is right for you.

How accurate are online home value websites?

If you are like most people you are sometimes curious about the value of your home. This information can be helpful if you are wanting to make an informed decision about financial planning or just want to make sure your insurance coverage is adequate. But, how accurate are the home value estimates that you can get online? Sites like Zillow, Trulia, Realtor.com, Redfin all make it possible to get your home value with just a few clicks. But can you trust the value that they give you? Good question!

Are they accurate?

These websites make it possible for you to compare your home’s value with those of other homes in your neighborhood. This can help you decide if it would be a good time to do some updating or make home improvements. All of this without having to meet with a real estate agent. However, all of this information can provide you with misleading information. The algorithms that are used by these companies cannot account for subjective factors. What is a subjective factor? Subjective factors include having attractive paint, new flooring, upgraded appliances, white trim rather than natural wood. These online tools also do not take into account special features, improvements or upgrades that are in your home. For the reasons listed, these websites are best used for fun and a guide post only. Your home’s true value is likely within ten percent up or down from the value that is provided by an online evaluation tool.

What they leave out

Only home value websites do not take into account supply and demand, the local economy and the specific location of your home. The best way to get the “real” value of your home is to do one of two things. One is to hire a professional home appraiser or the other is to call a real estate agent. The real estate agent will complete a market analysis for you on your home and let you know what they feel your home would sell for in today’s market. This market analysis will take into account the market, the home’s improvements. upgrades and the location of the home. The report is prepare at no cost to you. An appraiser can do the same thing, however they will charge between $500 and $1,000 for their service.

Online home value estimates can be used as a fun tool to get an general idea of what your home is worth, but if you need accurate information, please call a real estate agent.

What is mortgage insurance?

Home buyers should understand the costs that they will be responsible for when they purchase a home, with a mortgage loan. One of these expenses that might be a part of the mortgage payment is mortgage insurance. What is mortgage insurance? Private mortgage insurance (PMI) is a type of insurance that protects the lender if you can’t pay the mortgage loan. The cost of mortgage insurance is included in your mortgage payment for various loan types. Generally if you put less than 20% down on a home loan, most loan types will require you to purchase PMI. The mortgage insurance will be in addition to the principal (P), interest (I), taxes (T) and insurance (I), that are a part of your monthly payment. The mortgage insurance makes it possible to purchase a home without putting 20% down.

Cost of mortgage insurance

On average you can expect to pay approximately 1% to 3% of the purchase price. The amount depends on the type of loan you are getting and other factors. Your premiums for PMI will depend on the following factors:

Whether your interest rate is fixed or adjustable.

The length of the term of your loan.

Your loan to value. (LTV)

Your credit score.

Your home’s value.

Other risk factors that are determined by your lender.

Mortgage insurance covers the lender, not you. It is an expense that you want to avoid if you possibly can. Here are some things that you can do to avoid PMI! The first thing that you can do is put 20% down or at least one fifth of the home’s purchase price. Another option to avoid PMI is to take out a first loan and a second loan on the home that you are purchasing. In this situation the first mortgage for the home is 80% of your contract price. The second mortgage makes up the additional 10% of the contract price. The last 10% is the down payment. Because your first mortgage is 80% you will not need to pay PMI. Make sure that you compare the total cost of a loan with PMI and the option of the first and second mortgage before making a final decision.

If your loan requires mortgage insurance it is important to cancel the mortgage insurance as soon as possible. Monitor your home’s value and your mortgage balance. Once the value of your home loan falls below 80% of the home’e value, contact your lender to find out what needs to be done to remove PMI. Removing PMI might require an appraisal or refinance, but it is more than likely worth the money savings each month.

What home buyers can do to get their offer rejected

The goal of any buyer, buying a home, is to get the best price and terms for the home. But to be successful, in buying a home, the buyer has to have the seller accept the price and terms. Unfortunately some buyers make mistakes that do not go over well with sellers. These mistakes can make it impossible to successfully negotiate the contract. Sometimes even going so far as to lose them the opportunity to buy the home. Here is some things that seem to help get a better deal but can instead backfire.

Starting too low

How low will you go? Many buyers have the philosophy that you can always go up in price, but you cannot lower your your offer. Keeping this in mind, buyers will offer a ridiculously low number to start. When presented with a low offer a couple of things can happen. The seller then gets so angry they will not budge on the price. Other times the seller will refuse to even respond to the offer at all.

Not being flexible on the closing date

Buyers and sellers have timing needs that should be taken in to consideration in order to put a successful transaction together. For a buyer to say that their needs are most important and refuse to be flexible can cost them the ability to purchase the home. It is wise to check before an offer is written to find out what the sellers ideal timing is. The more accommodating the buyer can be, the more likely the offer is to get accepted.

Asking the seller to throw in stuff

When you buy a home, typically what is attached to the home is included in the sale. For example, light fixtures, dishwasher, stove and built in microwave. But asking for the washer, dryer, and dining table and chairs could seem greedy and cause the seller to reject your offer. Sellers do agree to throw in some personal possessions during negotiations. Have your agent asked up front to see how willing the seller is to include items before writing the contract.

Asking for too large of a seller concession

It is not uncommon for buyers to ask sellers to contribute to buyers loan closing costs. While many sellers are willing to contribute, asking for more money than customary can cause the offer to be rejected. Remember this is money that the seller will not be netting from the sale of the home. Talk to your loan officer to find out what is needed. Be considerate in your ask.

Take it or leave it

Take it or leave it is rarely the best way to go into any negotiation. Unless you really mean it, this tactic can backfire. Sellers do not want to feel pressured into accepting terms. The seller may just tell you to leave.

Negotiations in the purchase of a home are just that, negotiations. An offer is a starting point in the negotiations. When an offer is presented taking to account the needs and desires of the seller, as well as the buyer the negotiations are off to a strong start. In this case the negotiations will most likely succeed in a happy buyer and seller at the closing table.

Staying home in 2024

Are you planning on staying in your home and thinking of a fresh new look? Perhaps you are planning something bigger in 2024, like a remodel. It is nice to be up on what the current design trends are. What is fading away in 2024? Let’s look at what designs trends are past their prime that should not be in a remodel.

Grey is out

Remember when grey was all the rage? From walls to sofas and tile, grey was considered stylish for years. But now that time is up. Grey is out. The color grey is not considered too sober and serious. If grey is out, what is in? There is now a complete switch from overly neutral to bright colors, bold murals and colorful textiles. What are trends are old news?

Barn doors no more

Barn doors were once so popular. Many homes have a barn door or two in them. Barn doors fail to preform like a door should. They do not block out sound, light or smells. Barn doors have been found to rarely compliment the design of a home, unless the house is leaning into a farmhouse look.

Everything white no more

Another trend that is going away is everything white. For so many years it was white walls, white sofas, white window treatments. Now thing warm and neutral. This also means that those all white kitchens with white cabinets, counter tops and walls are starting to look dated. There is pull away from the starkness of white cabinets to stain grade cabinets and warmer tones.

Another color that is going away in 2024 is pale green. This color is ready for retirement. Many referred to this color as hospital green. It may have been soothing but not more because it just wasn’t warm and inviting. If green is a color you love opt for richer, darker hues like olive or hunter green.

Furniture to go

Furniture styles can come and go too. Here are a few furniture styles that are out for 2024. Practical seems to be theme in furniture. That is why curved sofas are out. They are very nice looking and have a flare for the mid-century but they are impractical pieces of furniture that are being phased out, as is the bench seat at the dining table. The bench seat does seat three nicely but is problematic.

Some things to include in the remodel for 2024 are curves. This can be anything from a barrel-vaulted ceiling to arched doorways and rounded windows. All of these items create character and add softness. Anything vintage is smart to add to your space to look “in” in 2024.

How do I pack for my move?

You are moving. What is the best way to pack for this move? The first thing to pack is the stuff that you have stored away. Pull out holiday decorations, gift wrap supplies and old baby clothes that cannot be parted with and pack them up. The items that you will be packing, at this point, will be things that should not be needed between now and moving day. This packing can start four to five weeks out from moving day.

Four weeks before moving day

The next thing to pack is out of season clothes. If you are moving to a different climate save some items to use once you arrive in the new location. When packing up bulky sweaters and puffy coats, use vacuum-sealed storage bags. This will reduce the amount of space these bulky items will take up in boxes. Consider packing out of season clothes four weeks before moving day.

Next wrap up fragile items. If you are moving , you probably will not be hosting a party. Time to pack up all of the dishes that are not used daily. The china can be carefully wrapped as well as any crystal or silver. Make sure that all dishes are packed carefully, using bubble wrap for protection. Also make sure to label boxes as fragile.

Three weeks before moving day

Three weeks from moving day it is time to pack up guest rooms and any rooms that are not often used. As a part of packing up guest rooms, break down beds, warp dressers and if there is a rug on the floor, go ahead and foll it up. Remember, anything that can be done ahead of time will save time on moving day.

Two to three weeks before moving day

Artwork and home decor is the next focus these items are nice to look at but certainly not necessary part of life. Artwork and home decor can be packed up two to three weeks from moving day. Also at this point, it is time to start packing up books. If you are a big reader, make sure to leave out a couple of books in case there is time to read. Remember when packing books to use small boxes or combine the books with lighter items so that the boxes are not too heavy.

Two weeks before moving day

Two weeks out it is time to pack up the linens. Leave out an extra set of sheets and towels and pack up all of the rest. A good place for towels and sheets is with fragile items or use them to fill heavy boxes. Be sure to label boxes so you can find things when you reach your destination. 

One to two weeks before moving day

One to two weeks out it is time to pack up kids toys. Pro tip, pack kids toys while the kids are not home or napping. Before packing toys, consider donating or selling toys that are not longer used. Now is the time to pack adult hobby gear. Decisions can be made about what to keep and what should go with these items too.

One week before moving day

One week before moving day it is time to pack up clothes, shoes and accessories. Leave out clothes that can be worn between now and moving day. These clothes can be packed in a suitcase. Pro tip for packing shoes. Wrap shoes in tissue paper and then in bubble wrap. If you follow this pro tip your shoes will be ready to wear when they are removed from the box.

Two to three days before moving day

The last thing to pack when moving is your kitchen. This room should not be packed until two to three days before the moving day. This room should not be packed until two to three days before moving day. There are items in the kitchen that get used every day. Those items should be saved for last, but items like small appliances, fondue pots and cookie sheets can be packed. Purge the pantry. Fill a box with items that you will need right away when you get to your destination. This box could include paper plates, glasses, coffee maker, utensils, paper towels and soap.

Moving to a new home is exciting, but can also be a lot of work. Knowing best way to pack, in what order can help the move go as smoothly as possible. Prep work makes the dream work. Here is to a stress-free moving day.