Archives for August 2012

July 2012 Northern Colorado Housing Market Statistics by Richard Jensen

Today is August 15, 2012 and it will be interesting to see if the momentum of the summer real estate market continues into the fall.  Traditionally, real estates experts agree that when the Months Supply of Inventory (MSI) falls below 6 months then the market is considered a "seller's market."  If we look at the MSI for homes in the $150,000 to $350,000 price point, we can see that the MSI is at 4.0 or under, meaning that July 2012 was considered a seller's market for Northern Colorado homes listed under $350,000.  On the contrary, Northern Colorado homes listed over $350,000 show MSI numbers larger than 6.0 months, meaning that Northern Colorado is still a buyer's market for homes listed over $350,000. 

When we compare July 2011 to July 2012, Fort Collins experienced a 12% decrease in the MSI down from 5.2 to 4.6 for single-family detached homes.  That number decreased even more for single-family attached homes (townhomes and condos) dropping from 4.7 to 3.4 – that's 28%!

So what does all this mean for home buyers in the Fort Collins market?  Well, if you are a home buyer looking for homes under $350,000 then be prepared to bring your best offer to the table and make sure you are already pre-approved for your loan.  If you are a home buyer looking at homes listed over $350,000 then you will have a bit more time to be selective and negotiate your offer.

For more information about Northern Colorado real estate or local market statistics, please contact Richard Jensen at (970) 818-6161.

Thanks for reading our Northern Colorado Real Estate and Lifestyle Blog.

Source: Broker Metrics Data-Fort Collins (Map Area 9), IRES

Buying a Fixer-Upper by Richard Jensen

Many first-time home buyers and investors have good intentions when they consider buying fixer-upper homes.  They often have the same "I'll do the work myself" philosophy when it comes to repairs and upgrades.  However, the majority of fixer uppers are in complete despair, which usually means that despite the attractive list price the home will often cost a buyer even more to fix it than to buy a home at market value in move-in condition.

If you are considering buying a fixer-upper as your primary residence, rental property, or flip investment, I recommend you use the following tips:

  1. Location.  Always consider the resale value of the home and the rental market if you opt to rent it.

  2. Numbers.  You have heard the phrase, "The numbers don't lie."  It is important that you get accurate repair estimates and understand the improvement costs before buying.

  3. Structure.  Avoid homes that require structural repairs.  If the "bones" of the home are good, then repairs and upgrades such as flooring, cabinets, counters, fixtures, and paint will provide a greater return at a relatively lower out-of-pocket investment.

  4. Permits.  Do it the right way.  If you are considering finishing a basement or expanding with room additions, always check local zoning and HOA restrictions.

  5. Market Value.  Once you know at what price comparable homes have sold you will be in a better position to make a realistic offer.

Remember, buying a fixer-upper is not for everyone.  If you would like more information about buying a fixer-upper in northern Colorado, please give me a call at (970) 818-6161 or send me an email for properties listed under market value in northern Colorado.

Thanks for reading our Northern Colorado Real Estate and Lifestyle Blog.

Bohemian Nights at NewWestFest 2012 (Written by Ryan Levander)

So every city has their "weekend" of the year. Where the city comes noticebaly more alive than other times and no one leaves for any illogical reason. While pretty much every weekend you can find something very fun, different, and unique to get into here in Fort Collins; I'd say this weekend is one that noticebaly stands out from the rest during the year. This weekend will mark the 8th annual Bohemian Nights at NewWestFest in downtown Fort Collins! 

The Fun kicks off Friday at 5pm with performances from the Patti Fiasco and Catch Bees on Linden Street stage and Library Park stage. Yeah, there's going to be three seperate stages to corral all the 90+ talented arists that will be playing from Friday until sundown Sunday evening! 

It might get a little overwhelming as to who is playing when, where, and for how long. So here is a one-stop calendar to check everything out! Highlight your bands you want to see and bring a bike to get around more efficiently to and from the event or stage to stage! 

The people behind this have been working very hard all summer and this promises to be a another great weekend here in Fort Collins! 

Check back here for a post festival writeup loaded with photos and some video. Also, there will be an interview with one of Fort Collins' biggest artists to get national attention and go on US Tours, Fierce Bad Rabbit. Who will also be playing Friday night at 7:10 on the Linden Street Stage! 

If you see me out there taking pics, shoot me a smile! 🙂