Coronavirus Real Estate Myths Debunked

Coronavirus Real Estate Myths Debunked

 

Have you heard that it’s a terrible time to sell a home since real estate prices are plummeting? Or that the coronavirus has forced all city dwellers to flee to the suburbs?

These misguided beliefs can lead to missing out on some profitable opportunities. Let’s compare these myths to reality.

1. It’s a terrible time to sell your home. On the contrary, the latest statistics suggest that now is one of the best times in years to sell a home. According to Danielle Hale,
chief economist at realtor.com, “the data suggests that buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer.”

2. Home prices are plummeting. Data shows just the opposite. Home prices are actually rising. According to the National Association of REALTORS (NAR), the national median price for single-family homes grew 7.7% during the first quarter of 2020. “We’re seeing home prices grow faster than pre-COVID-19,” Hale says. “In fact, they are on pace with the home price growth we saw this time last year.” The reason is record low mortgage rates which boost buying power.

3. Buyers are holding off on home purchases. According to the NAR, pending home sales jumped 44.3% in May, the largest month-over-month increase since the index’s inception in 2001. Buyer demand is being fueled by low interest rates which dipped below 3% for the first time in 50 years to 2.98% in July.

4. Everyone’s fleeing cities for the suburbs. While this rampant myth makes sense from an impulse level, it is only partly accurate. Data has shown that listings in the suburbs are drawing more attention. In May, the number of views on properties with suburban ZIP codes increased 13%, almost double those in urban areas, according to realtor.com.
That doesn’t mean everyone is fleeing to the suburbs, though. Many of those people surfing suburban real estate listings might fantasize about moving, but when it comes to making an offer on a house and packing up their belongings, many may prefer to stay put and see how the pandemic shakes out.

5. Homes can’t be viewed in person. Stay-at-home orders and social distancing mandates put a hold on in-person home showings and open houses. Now, these restrictions are being lifted in many areas of the country so homes can be viewed in person with extra safety measures in place.

As an added precaution and to eliminate non-serious buyers, in some areas potential buyers are required to have pre-approval letters before they can see a home in person.

In areas where infection rates begin to rise, restrictions on home showings may be reinstated. Give me a call to discuss current guidelines in our local market.
Source: realtor.com

Northern Colorado Happy Hours

 

 

 

 

Happy Hour may be the best hour of the day!
Check out these Northern Colorado Happy Hours!

FORT COLLINS:

4010 South College Avenue

3pm-6pm weekdays

Choose from a selection of imported beer & domestic beers, margaritas, cocktails, and various drinks.  Wed-Mexican Beer $2.99 and Thurs-Well Drinks $1.99

415 South Mason Street

3pm-6pm every day (closed Mondays)

House Cocktails $8, Microdrafts $4, Pacifico $3, Wind of the Day $6

100 W Mountain/2815 E Harmony

3pm-6pm

$3 Domestics, $3.50 Micros, $5 Cocktails & Wine

2670 E Harmony Rd

3pm-7pm, 10pm-12am (Excludes Saturdays)

$1 off draft beer, $4 BJs beer, House win specials.  ½ off most ap ps and mini-pizzas

1611 S College Avenue, Suite 1609

2pm-5pm Tues-Sun

$1 off Black Bottle Beers, $5 Moscow Mules, $3 Wells

214 Linden Street

Monday (ALL DAY)

Tues-Friday (2pm-7pm)

$2.50 Domestics, $3 select Micros, $4 House Wine

201 S College

3pm-6pm

$2 House Margs 3pm-6pm, $1 off beer, $1.50 off Margs, $2 off spirits

1939 Jessup Dr #110

Monday-Friday 2pm-6pm

Saturday-Sunday 11am-4pm

Mon-Thurs: $5 beer and wine on tap

Sat-Sun: $5 Mimosas, Blood Marys, Sangrias

2842 Council Tree Avenue

3pm-6pm Daily

$1 off wine and beer

613 S College Ave

4-6pm/Sunday all day

Wine $1 off CO Drafts $3

642 S College Ave

3pm-6pm weekdays

$1 off Craft Drafts, $2 Domestics, $3 Well Drinks, $3 Flavored Pinnacle &

3 Olives Vodka, $4 Mile High Spirits, Food-$2.50 Pork Sammy’s, $3 Poutin

931 E. Harmony

4pm – 6pm

$2 off Wines by the Glass, $1 off Drafts, $1 off Spirits, $2 off Martinis.
Wed – Martini Madness $2 off.
Thurs – Flight Night, wine flights $2 off.

2501 South Lemay Ave #8

4pm-6pm

$5 select cocktails

234 Linden St

4:30-7pm

$2 off Martinis and Tapas

1957 Jessup Dr.

2pm-6pm Tues-Sun

$1  beer, wine , cocktails and $1 off select appetizers.

232 Walnut St.

4pm – 6pm

$2 off drafts
Note: Cash only pub!

1335 W Elizabeth St

Mon: 9pm-12am, T-F all day

Mon: $3 18 oz Micros, $1 Tacos, Tues:$3 Rock Smarts Wed: $2 wells, Thurs: $4 Frozen Margs, $3 Micros, Fri: $3 Mexican Beer, W/E: $2 domestics, $3 Micros

2909 E Harmony Rd

3pm – 6pm

$2 Wells, Domestics $3 Micros, Calls.
Sat: $2 NBB pints all day.

2601 S Lemay Ave.

11am – 9pm

Tues: $2 Drafts, Wed: $2 Wine

146 N. College Ave.

4pm – 7pm

Mon: $2.50 Fat Tire & 90 Shilling Pints ,Tues: $3 Wells All Night, Wed: $2.50 Isolation & Accumulation Pints
Thurs: $3.50 Odell IPA Pints & $3.50 Jameson, Fri: $6.50 Moscow Mule & $5 Old Fashioned, Sat: $3 Modelo Pints & $3 Hornitos

249 S. College Ave.

2pm-5pm

1/2 off drafts with dinner purchase. 1/2 off apps.
Mon (4-7): $1 select bottle beer w/ dinner purchase.

320 Walnut St.

3pm – 8pm

$1 off signature drinks, $3 wells, $3.50 craft beers, $4 house margs

2601 S. Lemay

3pm-7pm

$3 Domestic Pints, Shot Specials, $3.25 Well Drinks, $4 Micro Beer Pints, House Wines, $4.25 House Martinis & Margaritas
*Everyday from 4pm-6pm
Buy one Island Snack appetizer and 2nd is 50% off

123 N. College Ave.

4pm – 6pm

$3 Drafts, $4 Wells, $4 Cocktails
Mon: Deals offered all night.

2350 E Harmony Rd.

11am – 6pm

CO Drafts $4 | Select Wine $5 | Various Cocktails $5-6 | Other specials
Appetizers 3pm-6pm

622 S. College Ave.

4pm – 6pm

Lots of 2 for 1s

1823 E. Harmony Rd.

All Day

“Longest Happy Hour in Fort Collins.  $1.41 Beer — All Beer, All Day,   Every Day.”

625 S. Mason St.

All Day

Every day: $6.50 Martinis, M: Micros $2.50, T: Fat Tire $2.50, W/Sat: All vodka drinks $2.50, Th: Margaritas $2.50, F: All rum drinks $2.50, Sun: Bud/Bud Light draws $2.50

820 City Park Ave.

4pm-7pm/10pm-close

$2 Single & $4 Double Well Cocktails, $2 Coors, Coors Light, & Bud Drafts, and $3 Select Micros.
Cheap Eats always available when the kitchen is open from our Pub Grub Menu (all items $4-$5)

2626 S. College Ave.

3pm-6pm

$1.50 off Drafts, $5 Select Wines, $5.50/6 Cocktails, lots of food!

244 N College Ave

3 pm -7 pm / All day Thurs

$1 off draft beer, $1 off frozen cocktails

1100 Oakridge Dr.

3pm-6pm, 8pm-10pm

$1 0ff every drink

107 Linden St.

5pm-close*hours vary

Mon: $2 PBR, Wed: $1 off Odell’s, Thurs:$1 off New Belgium, Fri:$1 off select Bottles, $3 select Drafts

220 Linden St.

Open – 6pm

$1 off Drafts, $3.50 Wells, $5 Grilled Cheese

107 E. Laurel St.

4pm-7pm

$3.50 Wells $4 red/white sangria, $5 cheese board, hummus plate, chips/salsa/queso and any single crepe.

144 N. Mason St.

3pm-5pm

BOGO 1/2 off drinks.

101 S. College Ave.

4pm-6pm

$2 off Beer, $6 Cocktails and Wine, $18 Carafe of Wine, $2-$10 selected apps.

143 W. Mountain Ave.

3pm-6pm

$1 off Margs, $3 Drafts, and special priced apps.

1213 W Elizabeth St.

4pm-8pm, All Day Sunday

$3 New Belgium and Odell Drafts, Tuesday is BOGO sandwich day.

152 W. Mountain Ave.

2pm-pm/All Day Sat. & Sun.

$2.50 Drafts and Wells, $3.50-5.50 Micros

210 S. College Ave.

3pm-6pm

$3 Wells, Drafts, and Wines

238 Linden St.

11am-7pm

$1 off Micros, $3 Wells, $5 Cheese Slice w/Pint, $15 Cheese Pizza w/Pitcher

307 S. College Ave.

11:30 am-6pm

$1 off ALL beers.

4633 S. Timberline Road

4pm-6pm

$3 Domestics, Margs $3.50 Micros, $5 apps

130 S. Mason St.

3-6PM

$6 house wines and cocktails, $5 well drinks, $4 canned beer, $1 off draft beer.
$1.50 raw oysters, $6 shared plates, $8 Reggie Burger (add a well shot and beer for $2)

253 Linden Street

2-6pm

All highball cocktails only $5

151 N. College

3pm -6pm

$2 OFF Specialty Cocktails, $1 OFF Draft Beer, $5 House Red Wine, $5 House White Wine, $5 House Sparkelin Wine, Various Food

124 N. College Ave.

3pm-8pm

Wells $3.00, most beers $1 off

148 W. Mountain Ave.

11am – 7pm

$2 PBR and Domestic Pints, $2.50 Micros and Wells, $3 Mico Premium Pints, Pitchers $6, Micro Pitcher $8, $10 Premium Micro Pitcher

23 Old Town Sq.

4pm-6pm

$2 off food and drinks.

224 S. College Ave.

10:30am* – 7pm

$1 off select drafts, $2 domestic drafts,  $3 wells and Freshies, $5 Moscow Mules, Selected Apps

250 Jefferson Street

3pm – 6pm Everyday / All Day Wednesday

House Rose, White, Red $5
Pear Cider (GF) $4
Rotating Beer $4
Other Selected Drinks $5-$6

234 N College Ave Unit A-2

3pm – 6pm

$2 OFF our Vato House Margarita (rocks or frozen), Vato Macho Margarita, and ALL draft beer

214 S. College Ave.

11am – 6pm

$5 House Cocktails, Mules and apps.

 

LOVELAND

110 E 29th St

3pm-6pm Daily

234 E 4th St

3pm-6pm Daily

548 N Lincoln Avenue

4pm-6pm Daily

4360 St Cloud Drive

3pm-6pm Daily

124 E 4th St

11-6 except Saturday

All Day Sunday

110 E 29th St

2pm-6pm Daily

 

WINDSOR

1600 Pelican Lakes Point

4pm-5pm Daily

205 ½ 4th St

3pm-6pm Daily

301 Main St

3pm-5pm Weekdays

 

*Happy hour times and specials are subject to change.

 

 

 

Changing Your Address?
Here’s Who You Need To Contact!

Preparing for a change of address? Here’s who you need to contact!

• The US Post Office:
www.usa.gov/post-office

• Tax agencies:
IRS: www.irs.gov/faqs/irs-procedures/address-changes/address-changes.
In Colorado: www.colorado.gov and search “change of address”.

• Social Security Administration:
www.ssa.gov/open/data/change-of-address-online-apps.html or call (800) 772-1213.

• Gas and electric:
Check with your utility company about online options.

• Phone, cable, and internet:
Call your cell phone service provider, cable, and internet providers.

• Other utilities:
Water department, sewer utility company, and garbage/recycling company.

• Homeowner’s or renters’ insurance:
Let your insurance agency know your new address and ask if they offer moving insurance.

• Your employer:
Make sure pay stubs and tax forms are mailed to the right address.

• Your bank and credit card company:
Services that bill through your bank account, loyalty programs, store credit cards.

• Lenders: Mortgage company, auto loans, and student loans.

• Other Insurance providers:
Health insurance, dental insurance, car insurance, and life insurance. If you have health
insurance through the federal marketplace, visit www.healthcare.gov.

• Other financial agencies:
Credit union, credit reporting agency, PayPal, an IRA/401k administrator, and/or an
investment account holder.

• Magazines and subscription services: Contact the customer service department.

• Online shopping sites — Update sites like Amazon and eBay.

• Clubs, organizations and charities.

• Membership places like Costco or Sam’s Club.

• Individual service providers.

• Doctor, dentist, veterinarian, etc.

• Friends and family:

Send change of address cards, or a mass email with your new information
and a BCC (blind carbon copy) to your favorite people.

Update your address sooner than later so you don’t miss any important information!

Source: Moving 05/30/2018 Laura Mueller

Summer Home-Buying Season May Be Much Hotter Than Expected

Summer Home-Buying

Summer home-buying season may be much hotter than expected!

Until recently, the prognosis for the housing market wasn’t great. With the economy in a free fall, some home sellers took down their “For Sale” signs and some buyers chose to wait out the pandemic. It was like the pause button was pushed on the normally bustling spring home-buying season.

But as states reopen their economies, the summer real estate market just might turn out to be hotter than anticipated. According to the Mortgage Bankers Association,
mortgage applications in May for home purchases increased compared to May 2019, rising an impressive 8.7% as buyers raced to lock in record-low mortgage rates.

Danielle Hale, Chief Economist for realtor.com, says “It’s a sign that we are going to see a delayed seasonal bump in home sales. There’s pent-up demand from people who
weren’t able to get out in the early part of the spring.”

“The pandemic really hit us right at the time when home-buying activity really ramps up,” says Joel Kan, economist for the Mortgage Bankers Association. That’s resulted in “a late home-buying season.”

The recovery may be due in part to more sellers listing their homes as cities and states loosen restrictions.

And, low mortgage rates are enticing buyers back into the market according to Lawrence Yun, chief economist of the National Association of Realtors®.

Plus, there is still a severe housing shortage, which has only gotten worse during the public health crisis. Sellers have pulled their properties off the market or are delaying listing until the virus is under control. That can make it tough for buyers to find the right properties.

“Buyers may be surprised by how competitive the market is,” says Hale.

This could result in higher prices this summer, as there could be more folks competing for homes than homes for sale. “Given the strength of this recovery, home prices will probably rise about 4% to 6% in 2020,” predicts NAR’s Yun.

If the coronavirus resurges in the fall and the economy continues to falter, prices could flatten or even dip a tiny bit by the end of the year. They’re not likely to plunge like
they did during the Great Recession, though, as demand is simply too high.

“We have so many millennials who are at ages when they want to settle down and they want to buy a home, and that really helps keep the market busy,” says Hale.

Give me a call when you’re considering your next home sale or purchase! https://ftcollinshomes.com/contact-us/

Source: Clare Trapasso, Senior News Editor of realtor.com®

Housing Forecast:
What’s Ahead in 2020?

2020 National Housing Market Overview
• Home price appreciation will flatten, with a forecasted increase of 0.8 percent
• Inventory will remain constrained, especially at entry-level prices
• Mortgage rates are likely to bump up to 3.88 percent by the end of the year
• Tight inventory and rising mortgage rates will lead to decreasing sales
• Buyers will continue to seek affordable housing

Supply and Demand
At the start of 2019, 2-out-of-3 national markets were seeing inventory growth. At year’s end, only 1-in-10 were seeing growth. In 2020, the market will continue to struggle with an inadequate supply of homes to meet buyer demand, and this inventory shortage has the potential to reach a historic low level. Nationally, the luxury market is cooling and builders are expected to shift to midlevel pricing. According to Matthew Gardner, economist, builders aren’t keeping up with demand for new housing stock because costs associated with land, labor, materials, and governmental regulation, are all increasing. “Twenty-five cents of every dollar spent on home construction is regulatory costs,” says Gardner. Overall buyer demand will remain very robust, particularly at the entry level. As a group, Millennials (born 1981-1997) will account for more than half of all mortgage originations in 2020.

Home Prices
At the national level, prices are estimated to tick up only 0.8 percent. In northern Colorado, analysts predict an annual average price growth close to the historic average of 5.5 percent due to continued in-migration and job growth exceeding many areas of the nation.

Housing Affordability
Over the past decade, demand for downtown living increased, driven by the
desire of Millennials for proximity and lifestyle amenities. As Millennials mature and start families, they are making a noticeable move toward affordable housing. The desire for affordability will continue in 2020, fueled also by Baby Boomers retiring and seeking sunnier weather, lower taxes and a lower cost of living.

Buyers
Compared to recent years, Buyers have less competition and more leverage. First-time buyers will continue to struggle with affordability, even with favorable mortgage rates, as entry-level inventory remains constrained.
Economist Matthew Gardner says 36.8 percent of homeowners in Larimer County and 29.5 percent of homeowners in Weld County have equity in excess of 50 percent of their home values. When these homeowners become move-up buyers, they acquire homes with more of the features they want without increasing their mortgage payment, and add inventory to the market with their home sale. First-time investors will use home equity or savings to buy rental
properties.

Sellers
Flattening price growth and slowing activity will require patience and thoughtful pricing on the part of sellers. Nationally, sellers of homes priced for entry-level buyers can expect the market to remain competitive and prices to stay firm. At the upper end of the price range, properties will take longer to sell, and incentives will become more common. Overall, homes that are prepared for the market and priced correctly will reap the benefits.
How can this year’s market opportunities support your real estate
goals? Give me a call and let’s discuss your options!

Source: Loveland Reporter Herald, REALTOR.com