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Looking for the perfect retreat in Old Town Longmont? Look no further than 203 Judson Street! This 1932 cottage flawlessly combines classic charm and modern flair, giving it quite the stylish and contemporary look.

 

 

An enclosed front porch highlights the curb appeal and creates a cozy spot for your morning coffee or a neighborhood 'porch club' meetup! 

 

 

 

Original, refinished pine wood flooring make for a beautiful contrast to the contemporary palette inside. 

 

 

The free standing fireplace in the corner creates a truly cozy sitting area, where friends and family could gather on a winter day and enjoy the smell of pine throughout the home. 

 

 

Your oversized master bedroom is truly a retreat to be enjoyed, with tons of natural light and access to the outside deck. Utilize the corner office nook with built in shelving and space for a laptop! 

 

 

 

 

Right off the master bedroom you'll find a full bathroom that's been completely renovated with custom cabinetry and engineered flooring

 

 

Welcome to the sunny and bright kitchen! New stainless steel appliances and a Chef's gas grill mean you can cook up a storm for close friends or for date night. The eat-in dining space is a creative solution to make this cozy space feel welcoming to all....

 

 

 

The 2nd room can be used as an office space, 2nd bedroom or as a dining room! 

 

 

It's location on a roomy corner lot allows for fencing to be added if you so desired, or gives room to enjoy as-is. The mature landscaping provides a wonderful mix of sun and shade under fruit trees, and perennial beds to admire from the comfort of a just-right deck...

 

 

Visit our experienced Buyer's Agents, Christa and Sarah Jo

at the OPEN HOUSE this weekend!

August 12th & 13th

11 am - 2 pm

Get in touch with us if you'd like to see this home or others like it. If you simply can't wait until then, click on the virtual tour below...

 

 

 

 

Cory feels blessed and honored to be a top producing, full-time real estate broker and business owner in  beautiful Colorado. He gives everything he has to fulfilling his client’s dreams of home ownership - and it’s a privilege he doesn’t take lightly. 

Cory can be reached by mobile at 303.641.8597 or email at cory@justlistedcolo.com. 

 

Millenials Homeownership Rates Increasing

by Cory Dudley

 

 

Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group.

This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials.

 

Millennials are the most educated generation in the U.S.

Why does that matter? First American explains:

“Our model shows that, all other factors being equal, the likelihood of homeownership increases by 3 percent for those that earn a bachelor’s degree over those with a high school degree. The likelihood of homeownership jumps another 3 percent for those that earn a graduate degree.

The more educated, the better the likelihood for homeownership. And, as we mentioned: Millennials are the most educated generation in the U.S.

 

Homes & marriage go together

Marriage is a key determinate in homeownership. According to an analysis by First American, the homeownership rate is 30% higher among married couples compared to non-married households.

Millennials have put off marriage in the pursuit of higher education. As this group ages, more and more will marry and purchase a home.

 

Parents buy houses

According to the study:

“The homeownership rate is 1.7% higher for households with one or two children compared to households with no children, and it is 5.4 percent higher for households with three or more children.”

The report goes on to say that as Millennials grow older there may be an increase in not just marriage but also in married couples with children. That will probably also create a “corresponding” increase in homeownership demand.

 

Wages and the economy

The study goes on to explain that recent gains in income growth and a strengthening economy will also help all generations (including Millennials) be more willing and able to purchase a new home.

 

Bottom Line

We guess the time has come to announce – Here come the Millennials!!

 

Rising Home Prices Mean Good News for Homeowners

by Cory Dudley

 


 

Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases.

The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available).

 

 

For those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets.

The added equity is helping families put their children through college, invest in starting small businesses, pay off their mortgages sooner and even move up to the home that will better suit their needs now.

 

Bottom Line

If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!

 

How Much Equity Do You Have in Your Home?

by Cory Dudley

 

Do You Know How Much Equity You Have in Your Home? | MyKCM

 

CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.”

 

Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the market in 2017 as well, as he had this to say:

“Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014. The rising cushion of home equity is one of the main drivers of improved mortgage performance. Since home equity is the largest source of homeowner wealth, the increase in home equity also supports consumer balance sheets, spending and the broader economy.”

This is great news for homeowners! But, do they realize that their equity position has changed?

 

According to the Fannie Mae’s Home Purchase Sentiment Index (HPSI), more homeowners are beginning to realize that they may have more equity than they first thought.

“This is only the second time in the survey’s history that the net share of those saying it’s a good time to sell surpassed the net share of those saying it’s a good time to buy.”

 

78.8% of homeowners have significant equity (more than 20%) in their homes today!

 

This means that many Americans with a mortgage have an opportunity to take advantage of today’s seller’s market. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae spoke out on this issue:

“High home prices have led many consumers to give us the first clear indication we’ve seen in the National Housing Survey’s seven-year history that they think it’s now a seller’s market. However, we continue to see a lack of housing supply as many potential sellers are unwilling or unable to put their homes on the market…” 

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2017! Let’s get together to evaluate your situation!

 


Are We in a Housing Bubble?

by Cory Dudley

 

 

"Oh, you're in real estate? How is the market looking?"

"What do you predict will happen next summer?"

"My brother-in-law does construction and he told me that...."

"What will happen to the housing market when president-elect Trump brings in his policies?"

"What do you think?"

"What do you know?"

"Tell me!"

 

None of us have a crystal ball. I can't wave my hands in the air and give some sort of guarantee or promise about what will or will not happen with the housing market in the months (and years) to come. What I can do is break down how the economics of our housing market in Colorado works, and why we in the field make the predictions that we do. Whether you're currently searching for a home, trying to decide if you should list or real estate simply fascinates you, my hope is that once you've read this, you will feel more confident and knowledgeable!

 

 

6 Factors Required to Create a 'Housing Bubble'

We need more YES's than NO's in order to qualify as being in a 'red flag state'... Let's count!

 

Home Flipping - Are more homes being bought and sold for a profit in a 1 year period than before?

 

 

NO.

In short, Boulder County home prices discourage this. It has become less lucrative to flip homes in Colorado than in past years because there are fewer bargains to be had. Home values continue to increase and foreclosures are rarely heard of anymore in this area. There simply isn't much distressed inventory along the Front Range left to buy!

 

Percentage of Mortgages in Default - Are there many mortgages in default?

 

 

NO.

A curious spike in October 2016 is due to the remnants of risky FHA lending back in 2009, after the last housing boom had ended. FHA and VA loans from 2009 to 2015 account for 49% of all actives loans currently in foreclosure, indicating that we are now seeing the affects of government remedies given at that time. Studies also show that there is typically an increase in foreclosure activity during the third quarter. One month doesn't make a trend, so there are likely other factors in play as well.

 

Price Appreciation  - Are home prices outpacing inflation?

 

 

YES.

What does this mean? Both Boulder and Denver ranked among the top 10 metro areas for home value gains in the last year nationwide. Home prices continue to outpace inflation, and the trend appears to be continuing into 2017. D.B.Wilson, the managing broker of RE/MAX, predicted that home prices will appreciate 9-11% during 2017 in Denver, Boulder and the Fort Collins-Loveland areas.

In addition, the Federal Housing Finance Agency listed Colorado as #3 in the country for appreciation of home prices at 10.2%, which is nearly double the national average of 5.6%.

 

Home Prices vs. Rent Prices - Does it cost less to rent than to buy?

 

 

NO.

Generally speaking. Rents in the Boulder county area are consistently higher on a monthly basis than it would cost to buy a home. Housing is the biggest expense for the majority of Americans, but can vary greatly depending on whether you're a renter or an owner, the area you live in and the level of luxury you demand. Either way, with mortgage rates at historic lows of 3.42% for quite some time now, most monthly mortgage payments are lower than rent would be.

 

Amount of New Construction - Are there too many homes being built to try and satisfy the demand?

 

 

NO.

Housing bubbles are created when housing production (and therefor prices) are run up due to demand, speculation and excitability. Colorado is experiencing an inventory shortage, meaning that supply cannot keep up with the demand of those currently in the market to buy.

 

Home Prices vs.Wages - Are homes more expensive for locals earning the local median income than in the past?

 

 

NO.

Home prices in Boulder County, for example, have grown by 308% since 1991, which is more than double the national average. Despite the steady increase in home prices, Boulder ranks 18th nationwide for average salaries. The Denver-metro currently has less than a 3% unemployment rate to top it all off! Household formations play a large role in this, too. Economic conditions continue to improve, especially in Colorado, and more people are choosing to move out of their parent's basement or trade in their rent check for a mortgage payment. 

Forbes ranked Boulder as having the highest-educated workforce in the entire country, with 58.5% college-degree attainment and 28.7% graduate-degree attainment rates. Higher education can be directly correlated with higher earnings, and therefor more ability to compete in a strong housing market.

To top it all off, Colorado continues to experience job growth year after year. At the end of the third quarter this year, 619,477 business were in good standing. It confirms that Colorado will likely experience continued moderate employment growth well into 2017.

 

 

Folks, Colorado is basically crushing the real estate market. From data collected by the Federal Housing Finance Agency, 3 of the top 10 metro areas nationwide with the most stable growth are located in Colorado. For the second year in a row, the Boulder metro area takes the #1 spot as the most stable market growth over the past 25 years! In a 2016 analysis done by SmartAsset, the average Boulder homeowner hadn't suffered any significant price decline since 1991 - and so far that hasn't changed.

Following close behind is Fort Collins at #6 and the Denver-Aurora-Lakewood area at #9.

 

 

That being said, according to Wilson, "The market will continue to be strong, but there may be a little bit of a wobble." The downside for homebuyers is that we've essentially lost the bottom of the market in terms of affordability. New construction of townhomes and condos have been increasing, particularly in Longmont, Lafayette and Louisville. But they aren't exactly a relief to the high prices seen in the market - the majority are high end and luxury projects.

For sellers, the low number of of homes for sale is predicted to increase in 2017 and in turn increase the amount of time that a listing could be on the market.

 

To sum it up - no, we are not in a housing bubble. If anything, we are only in a bit of a shift..

 

 

Sarah Jo is happy to now find herself settled somewhere that feels just right, and is excited to be helping buyers find the right home. With her client's wants & needs in mind, she strives to provide the best experience for everyone she helps! During the summer months she can be found soaking in the sun at Horsetooth Resevoir, snowshoeing and sledding in the winter, and driving up to see the aspen take on new colors in fall - no matter what, it's all Colorado, all the time!

Sarah Jo can be reached by mobile at 720.934.3404 or email at sarahjo@justlistedcolo.com.

Call us if you want a 'SOLD' sign in your yard!

 

Thinking of Buying A Home? What Are You Waiting For?

by Cory Dudley

With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.

  1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

  1. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained below 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

  1. Either Way You Are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

  1. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Bottom Line

If you are ready and willing to buy, find out if you are able to. Meet with us, we can help you find your dream home.


Future Home Values: Where Do The Experts Think They Are Headed?

by Cory Dudley

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years, and finally 3.1% in 2020 (as shown below). That means the average annual appreciation will be 3.3% over the next 5 years.

Future Home Values: Where Do The Experts Think They Are Headed? | Keeping Current Matters

The prediction for cumulative appreciation slowed slightly from 21.6% to 17.7% by 2020. The experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 10.9%.

Future Home Values: Where Do The Experts Think They Are Headed? | Keeping Current Matters

Bottom Line

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.


Homes Selling Quickly Across The Country

by Cory Dudley

Homes Selling Quickly Across The Country | Keeping Current Matters

According to the National Association of Realtors’ (NAR) Existing Home Sales Report, homes were on market for an average of 58 days in December. This was slightly longer than the 54 days in November, but still better than the 66 days experienced in December 2014.

32% of homes across the country were on the market for less than a month!

Colorado, Utah and Delaware led all states as homes are selling in 30 days or less on average. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.

Homes Selling Quickly Across The Country | Keeping Current Matters

Bottom Line

Buyer demand remains strong. The inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, meet with a local real estate professional who can help you take advantage of current market conditions!

Do You Know How Much Equity You Have In Your Home? You May Be Surprised! | Keeping Current Matters

CoreLogic’s latest Equity Report revealed that 256,000 properties regained equity in the third quarter of 2015. This is great news for the country, as 92% of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News For Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

“Home price growth continued to lift borrower equity positions and increase the number of borrowers with sufficient equity to participate in the mortgage market. In the last three years, borrowers with at least 20 percent equity have increased by 11 million, a substantial uptick that is driving rapid growth in home equity originations.” 

Anand Nallathambi, President and CEO of CoreLogic, believes this is a great sign for the market in 2016 as well, as he had this to say:

“Homeowner equity is the largest source of wealth for many Americans. The rise in home prices, expected to be at least 5% in 2016, will continue to build wealth and confidence across America. As this process continues, it will provide support for the housing market and the broader economy throughout [the] year.”

This is great news for homeowners! But, do they realize that their equity position has changed?

study by Fannie Mae suggests that many homeowners are not aware that they have regained equity in their home as their investment has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position (down from 9% in Q2).

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%), when in actuality, 74% do!

Do You Know How Much Equity You Have In Your Home? You May Be Surprised! | Keeping Current Matters

This means that 37% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Bottom Line

If you are one of the many Americans who are unsure how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2016! Meet with a local real estate professional today, who can help you evaluate your situation and assist you along the way!


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