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Month: December 2015

2016 Colorado Real Estate Forecast

In the last 2 years we’ve seen a double digit increase in median property values in Northern Colorado.  Will they continue to rise at such high rates?  According to research done by Everitt Real Estate Center at Colorado State University there will be increases in property values in 2016 but at a more modest rate.  For example, while Loveland saw a 13% increase in median property values in 2015, a more modest rate of 7% increase in property values is projected for 2016.   Berthoud is expected to see a 7% gain while Boulder will see a 5.5% gain in the coming year.  Communities along the front range can expect to have similar increases in property values.  This is of some relief to buyers who will see a break from the significant increases during the last two years.  Homeowners will continue to benefit from increasing property values.  For those that purchased homes at the tail end of the housing crisis, there could be significant equity in their homes and 2016 may be a good year to cash in.

The market in Colorado should be able to sustain continued growth.  There will be continued demand for homes due to an increasing influx of people into Colorado.  It is projected that 2016 will see 95,000 people moving in to the state and an estimated growth of 97,000 for 2017.  What is the cause of the migration of people to Colorado?   Colorado is a great place to live for recreation, a milder climate, lower property taxes than other states, a stable job market and of course, the marijuana industry surely plays a part as well.

The job market will continue to be stable in Colorado.  According to a report by the University of Colorado Boulder, The 51st Annual Colorado Business Economic Outlook 2016, there will be continued growth in all job sectors except for the oil and gas industry.  Richard Wobbekind, PhD, Executive Director of the Business Research Division at the Leeds School of Business at University of Colorado Boulder, stated, “The state is measurably outperforming due to the talented workforce, key infrastructure for entrepreneurship, diverse industries, and the aggressive efforts by state and local economic development.”  According to the study, it is expected that we will see 65,100 new jobs in 2016.  Specifically, the construction sector should see 9700 new jobs; education and health services should see 10,900 new jobs; leisure and hospitality will see 9000 new jobs and the professional and business services sector should see 15,500 new jobs.

Looking at the data, it seems that 2016 will be another good year for Coloradans with regard to the economy and the real estate market.  Buyer’s can have confidence knowing that the value of a newly purchased home will increase over the course of the year.  There is significant benefit for sellers as the demand for homes will still be strong.

Want to know what your property is worth?  Contact me for a Comparative Market Analysis of your home or if you have any questions.

Sean Gilliam, RE/MAX Alliance

 

 

 

 

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Tips To Get Your Home Ready for Sale

Preparing your home for sale is best done well in advance (several months at least).  This will reduce stress as you won’t be doing several projects at once and it won’t be such a big hit on your budget.   The more your home makes prospective buyers feel comfortable and even impressed, the better your chances of getting your home sold more quickly. Here are a few basic touch-ups that can go a long way in attracting buyers to your home.

Exterior

First impressions are very important when it comes to selling your home.  It pays to update the exterior paint and maintain the lawn.  Why?  Good curb appeal can help make buyers more interested in seeing what’s inside.  Touch ups may include caulking around windows, planting flowers in garden beds or putting in fresh mulch.

Got weeds?  If you have noxious weeds on your property, the county you reside in may require you to remove them.  Further, buyers may want you to have the yard treated prior to closing.  It’s best to just get rid of them.

Interior

On the inside of your home, dust thoroughly and clean the areas that often gather dirt and grime: stove tops,  top of refrigerator, threshold of main entries, etc.  Is there a lot of dirt stuck to the top of your base trim?  Quick hint, take a damp rag and gently wipe the dust off that collects there.  Be careful not to scrub too hard as this may remove paint on the drywall.

If your walls and ceilings are in need of a repaint or drywall repair, it may be a good idea to have the job done by professionals.  It will save you the time and hassle plus it will look great to buyers.  Go with mild colors.  I’ve seen many a buyer point out overly bold colors, bad cut lines and paint marks on cabinets, doors and trim.  In some cases, they moved on to a different house as they didn’t want to deal with the hassle.

If you have carpeting, it may be a good idea to get it shampooed prior to putting your home on the market.  It’s one more thing that prospective buyers won’t notice.  Take some glass cleaner to your windows to remove any smudges, especially on the patio door.

While this isn’t an exhaustive list, these are a few good ways to spruce up your home and make it ready for buyers to come shopping!  Let me know if you have questions or if I can be of assistance to you in selling your home.  Sean

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