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.

 

 

 

How Covid-19 Is Changing The Real Estate Landscape

Real estate sales are continuing during the pandemic.

As stay-at home orders keep more Americans physically distant, the real estate industry is rushing to find ways to show properties for
those wanting to pursue a home purchase.

The use of online virtual tours has quickly increased and in some areas, agents are conducting private video showings.

Virtual tools give buyers a feel for homes — and are leading to offers.

A quarter of REALTORS® recently surveyed by the National Association of REALTORS® reported that their clients put contracts on homes without physically seeing the property.

Buyers who are looking for a home are being very decisive and acting quickly.

While offers are continuing for now — albeit in different ways — the real estate industry warns a slowdown is inevitable while the economy is shut down.

“Expect second-quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and
sellers indicate they’re still in the market or will be in a couple of months,” says NAR’s Chief Economist Lawrence Yun. “Home price remain stable as deals continue to happen with the growing use of new technology tools.” Yun further commented that as of mid- April, 10% of REALTORS® reported the same level or more business activity following the economic lockdown.

The April survey indicated that one-third of REALTORS® reported no closing delays from the COVID-19 outbreak. For those who did report delays, the top reasons cited were delays due to financing,
appraisals, and home inspections.

The entire home buying process is being adapted. A home inspector may be on the premises alone and video chat with buyers and their agents to review the inspection assessment. Some appraisals are being completed without a physical visit to the property.

The final walkthrough prior to closing may be conducted via video, or by allowing buyers to walk through on their own. Buyers are advised not to touch anything, maintain a distance of at least six feet from one another, and wash their hands when entering and exiting the house.

Here is an overview of recent changes occurring in the real industry:
• Increased use of virtual tours of listings
• Virtual showings
• Earnest money paid by wire transfer
• Virtual inspections with electronic delivery of reports
• Increased use of exterior only appraisals
• Electronic signing of contract and closing documents
• Drive through closings
• Remote Notary

Let’s talk about your options for buying or selling your home in the current market!
Source: National Association of REALTORS, REALTOR Magazine

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

Why Sell Your Home in the Winter?

Nobody buys or sells a home in the winter. Right? Wrong!

According to Dave Ramsey, about 19% of all homes sold between September 2018 and August 2019 closed between December 2018 and February 2019.

Here are some reasons to sell when the air gets chilly:
The Internet Has No Seasons – It’s estimated that 93% of buyers use the
internet during their home search. Instant access to property listings has had an impact on the typical seasons buyers look for homes. While spring is still the hottest home-buying season, serious home buyers are always on the lookout.
Fewer Sellers – Come spring, more sellers will enter the market. During the winter, the number of sellers on the market is limited. Based on 2018 statistics, Dave Ramsey estimates there’s 12% fewer listings during the winter months which means less competition for sellers!
Winter Buyers Mean Business – Buyers trudging around in freezing weather or breaking away from their holiday schedule to look at your home are likely serious. Winter buyers often have a deadline, whether it’s an expiring lease, or a contract on their current home.
Time Off – While the holiday schedule can be hectic, many people also have more time off during the holidays. That means more time for browsing their favorite home apps, and scheduling home showings.
Getting Tax Breaks Before Year-End – Some winter home buyers are motivated to capture the tax benefits of buying a home before year-end. This may include tax deductions such as mortgage interest, private mortgage insurance (PMI) premiums, and real estate taxes. Investors may be motivated to close before the end of the year to replace a property that recently sold.
Tips for Selling in the Winter:
• Keep it simple. If you’re selling around a holiday and have decorations up, make sure they accent – not overpower – a room. Less is more.
• Crank up the cozy. Light a fire in the hearth, play soft holiday music in the background, and prepare fresh-baked goods or mulled cider for guests.
• Shine a light outside. Winter days get dark early. Brighten your home’s exterior with outdoor spotlights, including the area where agents and buyers are accessing the lock box and entry door.
• Avoid a winter wonderland. Buyers want to see details of the house, not a blanket of snow. Make sure you have clear-weather photos of your home.

Call me to talk about the reasons to sell your home this winter!
www.daveramsey.com