I received a very nice letter of recommendation from a past client!

To Whom it may Concern:

We lost my father unexpected in the spring of 2013.  Which left my mother alone in the house her and my father shared together for over forty years. 

I was concerned about this situation over the long term, as I lived nearly an hour drive away.  With no other family nearby that was going to leave her a little isolated. 

I wanted her move closer to me, so I could be more available to her.  And I wanted it sooner rather than later.  But since my mother has lived on the same block since she was two years-old, she was not eager to move anytime soon. 

Realistically, I thought it would probably be five, maybe even ten years before she might choose to make that sort of move.  However, I thought if I started having her look at houses near me, occasionally, it would encourage her to move forward sooner. 

This is how we met Kathy, in the spring of this year, 2014.  We were "window shopping" and called Kathy to view a house she was listing in my  own neighborhood. 

The house was very nice, but not my mom's style. However, we both found Kathy to be very personable and enjoyed viewing her listing.  We felt at ease with her, and there was a real "click" between her and my mother, in particular.  

I will tell you that I don't remember wether we contacted Kathy again or, she contacted us.  It was such a natural progression of communication that it doesn't stand out to me.  And I can tell you this is the beauty of Kathy's manner and professionalism.

Kathy really knows how to talk, listen, and respond to her customers.  In fact, she never made us feel as if we were her customers.  She made us feel more like good friends, and she didn't want us in just any old house.  Rather she was determined to help us find the house perfectly suited to our wants and needs.  She is very patient and thoughtful that way.

We felt truly cared for and listened to.  And, amazingly, because of her keen abilities to respond so seamlessly to the conversations we had while house hunting, my mother found her perfect home. 

It took less than 5 months, beginning to end --not years!  I was so astounded.  She really knew how to connect with my mother in a way that helped her make one of the biggest lifestyle changes she's made in a very long time.

I will always be grateful to Kathy for helping my mother find the house of her dreams, so close to my own house.  My mother now lives 10 minutes away, and can enjoy her grandkids daily.  Rather than an hour away, with only the occasional visits she got previously. 

We are all very happy with this new change in our life, and I give Kathy so much credit for that change.  We feel very lucky to have connected with her.  She is so personable, knowledgable, and professional!  I highly recommend her to anyone looking to make a move, she knows her business and is a pleasure to work with! 

Sincerely,

Darla Bradford

Boulder County economic update

Economic Snapshot

A look at the current real estate market, provided by RE/MAX ALLIANCE

July/2014

              Thus far this year home values continue to rise across the Boulder Valley as demand exceeds supply. New construction throughout the eastern portion of Boulder County has augmented a portion of the increased buyer demand, but resale listing inventory has plateaued, with monthly home sales somewhat mirroring monthly listings entering the market.

              In late June/2013 there were 1,353 active single family home listings in Boulder County. At the end of June/2014 that number stood at 1,284. Sales of single family homes through June/1014 are down 10.40% compared to through June/2013 (1,543 vs. 1,722). Attached unit sales for the same time periods are comparable (645 vs. 648).  

              Below is a brief overview of sales values by locale for single family homes from IRES (the Northern Colorado MLS). 

              

                                           2013 (Thru June)          2014 (Thru June)       

                Area                 Average Sales Value      Average Sales Value    % Change

              Boulder                         $749,116                     $804,668                     +7.41%

              Superior                        $469,584                     $504,825                     +7.50%

              Louisville                      $504,165                     $519,973                     +3.13%

              Lafayette                      $423,943                     $429,902                     +1.40%

              Longmont                     $280,923                     $304,563                     +8.41%

              Suburban Plains            $571,726                     $588,583                     +2.94%

              Suburban Mountains    $427,505                     $510,580                     +19.43%

              Broomfield                   $391,432                     $410,368                     +4.83%

                                                   =======                    =======                    =======

                 Average …               $476,568                     $499,963                     +4.90%       

              For Boulder County, this summer housing season is similar to last year’s. Here are some comparisons.

·            The Absorption Rate (the time it takes for the market to fully turn) for single family homes in June/2013 was 144 days; June/2014 was 150 days.

·            The thirty-year fixed rate mortgage could be had for 4.07% in June/2013; 4.16% in June/2014 … zero discount points on those rates. Thirty years ago (June/1984) the rate was 14.42%, with 2.5% in discount points. Each point lowers the interest rate by one-eighth to one one-quarter of the  interest rate. Zero discount points would have equated out to a rate of around 15% in June/1984.

·            As noted above, the level of available inventory for the two years is very similar. Inventory normally peaks around mid-summer and then begins to slowly drift lower as summer turns to fall and winter makes its presence known. 2013 ended the year with 679 active single family home listings in Boulder County.

·            Through June/2013 there were exactly 100 single family home sales in Boulder County for $1,000,000 (one million) and up. Through June/2014 that number stood at 110 single family homes.

              

Boulder Valley Real Estate Snaphot

Economic Snapshot

A look at the current real estate market; provided by RE/MAX ALLIANCE

April/2013

            One of the issues the area real estate market faced as the year began was available inventory of homes for sale across the Boulder Valley. 2012 ended with 814 single family active listings in Boulder County. That was down 27% from the end of 2011 (1121 active single family listings).

The decline in inventory was driven by sales activity. When comparing 2012 to 2011, single family home sales were up 24.44% (3258 vs. 2618) for Boulder County. Attached unit sales were up 20.80% (1144 vs. 947) for the same time periods. Collectively, those two market segments were up 23.47%.

Through March/2013 the Boulder County real estate market continues to sustain itself. Single family home sales are up 14.61% compared to through March/2012 (604 vs. 527). Attached unit sales are up 20.41% for the same time periods (230 vs. 191).

Below are some sold numbers for single-family homes for various geographic areas throughout the Boulder Valley. Information is courtesy of IRES (the Northern Colorado MLS).

                                                           2012 Sales                2013 Sales

                                                          1^st Quarter               1^st Quarter          

                         Area                        Single Family          Single Family       % Change

              Boulder                                        138                           143                  +3.62%        

              Erie                                              50                             70                    +40.0%

              Superior                                       19                             23                    +21.05%                  

              Louisville                                     28                             30                    +7.14%

              Lafayette                                     43                             51                    +18.60%      

              Longmont                                    172                           235                  +36.62%      

              Suburban Plains                           89                             96                    +7.86%

              Suburban Mountains                   34                             42                    +23.52%      

                                                                   ===                          ===                 ====

                  TOTAL                                  573                           690                  +20.41%

            This is the scenario that currently exists across the Boulder Valley, Metro Denver, and Northern Colorado – fewer listings and more sales. Combined with low mortgage interest rates the result is a perfect storm, if you’re a seller.

            Normally, scarcity creates demand, which in turn adds value to whatever is in short supply. Looking at the areas noted above and average sales value; here is what has happened to the average sales value for single family homes when comparing end-of-year 2012 to through March/2013: Boulder (+2.62%): Louisville (+1.56%); Lafayette (+12.61%); Longmont (+9.66%); Superior (+.96%); Erie (+9.50%); Suburban Plains (+5.45%); and Suburban Mountains (+3.40%). Collectively, these market areas are +5.14%.

            Look for the Boulder Valley spring real estate market to continue to flourish. Available inventory will creep-up, but will continue to be swept-up by prospective buyers waiting in the wings. Mortgage interest rates have trickled-up over the past few weeks, but there are no signs on the horizon they will shift noticeably either up or down for the balance of 2013. 

Boulder Valley Real Estate Economic Snapshot

Economic Snapshot

A look at the current real estate market; provided by RE/MAX ALLIANCE

February/2013

            The Boulder County real estate market continued its active pace in January/2013 as single family homes and attached unit sales outpaced January/2012 sales. Single family home sales were UP 20% (166 vs. 138). Attached unit sales were UP 29% (62 vs. 48). The collective market was UP nearly 23%. Sales figures for January/2013 approached January/2007 sales numbers.

            The inventory of available single family homes increased 5.77% at the close of January/2013 compared to the end of 2012 (861 vs. 814). Inventory levels will continue to grow as winter melds into spring and the real estate market gains momentum. Available inventory will be the key to how active the Boulder County real estate market is in 2013. 2012 ended the year with nearly 27% FEWER active single family homes on the market compared to the end of 2011 (814 vs. 1121). When you take 2010 into consideration, there were 40% fewer single family homes available at the end of 2012 (814 vs. 1353). The past two years have seen buyer activity increase swallowing-up available inventory. Expect this pattern to continue throughout 2013.

            On the financing side, the Federal Reserve has indicated they are going to keep lending rates at historic lows through the balance of 2013 and into 2014. The Fed’s goal is to get the national economy stabilized and then growing at a reasonable rate. National unemployment rates have dipped to slightly under 8%. Colorado’s unemployment rate has pretty much mirrored the national rate for the past five years.

When the Boulder County real estate market was HOT back in 2004 through 2007, the Colorado unemployment rate had dipped below 4%. The national rate dropped to around 4.5% at that time. In its August/2012 economic forecast, the Congressional Budget Office (CBO) estimated the unemployment rate would be 5.9% by 2017. Getting from there to below 4% again would require a Herculean effort on the part of the local, national and global economy.

But that’s the future. We have to deal with the realities of today. Here are some thoughts to chew-on in looking at the Boulder Valley real estate market.

1.    It’s a seller’s market, especially at the entry-level. Single family homes in Boulder County priced from $150,000 (yes, there are still a few out there at that price level) to $600,000 had an Absorption Rate of 114 days in January/2013. (That number will decline as the year progresses.) In January/2012 the Absorption Rate for the same price range was 236 days.

2.    If an entry-level property is priced competitively and in reasonable condition, multiple offers are now the norm. Short sale properties, especially, invite multiple offers.

3.    The upper end of the market (homes over one million) is showing some resiliency. In January/2013 there were nine million dollar plus homes sold in Boulder County. In January/2012 that number was seven.

4.    As buyer demand increases, home values follow suit. We’re seeing the trickle-up effect as mid-range and upper end homes are experiencing a positive movement in values.

In the Boulder Valley, spring and early summer are characteristically the busiest time of the year with home closings peaking in the March through August period.

2012 Boulder County Real Estate Update

Economic Snapshot

A look at the current real estate market; provided by RE/MAX ALLIANCE

January/2013

            In taking literary license with Charles Dickens’ opening line in A Tale of Two Cities, the 2012 Boulder County real estate market wasn’t the best of times or the worst of times, but it did experience a marked improvement over the past several years.

Single family home sales were UP 24.10% in 2012 when compared to 2011 (3,249 vs. 2,618). Attached unit sales were UP 20.48% for the same time periods (1,141 vs. 947). The collective market was UP 23.14% (4,390 vs. 3,565). This was the best year since 2007 for Boulder County sales activity, but it was still down 24.25% from 2005 when the market peaked (4,390 vs. 5,795).

The Absorption Rate (the length of time it would take for the market to fully turn) for single family homes ended the year at 91 days for Boulder County. 2011 ended the year at 156 days; 2010 at 189 days. Homes sold twice as fast in 2012 than they did in 2010. This was spurred my low mortgage interest rates and diminishing inventory.

For Boulder County, the year ended with 814 active listings. This was down 27.39% when compared to the end of 2011 (814 vs. 1,121) and down 39.84% when compared to the end of 2012 (814 vs. 1,353).

Below is an overview of sales activity for the past two years for single family homes in the various Boulder Valley areas, courtesy of IRES – the Northern Colorado MLS.   

   

                        2011       2012           %                 2011                  2012                 %

     Area           Solds      Solds      Change     Average Price   Average Price   Change

Boulder           614         786         +28.01%         $664,423          $668,423         +0.60%                 

Louisville        201         241         +19.90%         $412,121          $431,017         +4.58%        

Lafayette         251         302         +20.31%         $372,445          $385,179         +3.41% 

Superior           109         157         +44.03%         $423,885          $425,426         +0.36%

Longmont       831         995         +19.73%         $244,825          $258,856         +5.73%     

Sub. Plains      411         537         +30.65%        $552,552          $552,612         N/C          

Sub. Mtns.       253         296         +16.99%         $396,421          $422,299         +6.52%        

Broomfield      351         373         +6.26%           $354,650          $357,449         +0.79% 

                        ===        ===        ======          =======         ======           ======

   Totals …      3021    3687         +22.04%        $425,616          $440,742         +3.55%    

            2013 promises to be a year of continued change. Here are some thoughts relative to what the Boulder County market may experience.

• Lack of available inventory will further foster a seller’s market, with both the resale market and new construction benefitting.
• Land sales, once a dormant part of the real estate landscape, will experience a rebirth as production and custom builders seek out new opportunities.
• Home mortgage interest rates should continue to hover below 4.0% for the traditional thirty-year fixed rate mortgage as the economic impacts of the decisions surrounding the fiscal cliff become more apparent.
• Rental rates will continue to increase as the availability of rental units shrinks.    

Economic Snapshot

A look at the current real estate market; provided by RE/MAX ALLIANCE

April/2012

            With the advent of spring, there appears to be a ray of sunshine for the Boulder County real estate market. Through March/2012 single family homes sales are UP approximately 11% year-to-date versus 2011; attached unit sales are UP approximately 7% year-to-date versus 2011; the overall market being UP approximately 10% year-to-date versus 2011. Assuming the local real estate market keeps a similar pace over the balance of the year, there will be approximately 4,000 single family homes (73%) and attached units (27%) sold in 2012. This would be somewhat comparable to sales activity for 2008 (4,270 sales), but still considerably below 2005 figures (5,795 sales) when activity peaked. 

            Below are some sold numbers for single-family homes for various geographic areas throughout the Boulder Valley. Information is courtesy of IRES (the Northern Colorado MLS).

                                                           2011 Sales                2012 Sales

                                                          1^st Quarter               1^st Quarter          

                         Area                        Single Family          Single Family       % Change

              Boulder                                        92                             138                  +50%           

              Erie                                              46                             50                    +9% 

              Superior                                       15                             19                    +27%                       

              Louisville                                     35                             28                    -20%

              Lafayette                                     36                             43                    +19%           

              Longmont                                    140                           172                  +23%           

              Suburban Plains                           99                             89                    -10%

              Suburban Mountains                   31                             34                    +10%           

                                                                   ===                          ===                 ====

                  TOTAL                                  494                           573                  +16%

            In the April/2012 issue of RISMedia’s Real Estate Newsletter, they listed outside influences that may have an impact on real estate.

1.      The Election: Will economic conditions improve as the President seeks to remain in office or will there be upsets with a change in leadership?

2.      The Job Market: The overall employment picture is improving, but the pace and direction it takes is critical to the housing market.

3.      The Weather: Did the calm winter rob sales from the spring and summer and frontload stats for 2012?

4.      The Banks: Credit standards have strangled many would-be homebuyers. If and how much the criteria loosens this year will have a direct impact on housing.

5.      The Investors: Many feel investors will play a big role this year. Their impact on decreasing excess inventory could provide an unanticipated boost to home values.

6.      The Renters: A big benefactor of the housing decline, the rental market has been booming. However, recent stats show that rising rents combined with low home prices has now made owning a home more affordable than renting one.

Boulder Valley Economic Snapshot

October/2011

            The economic climate these days is reflective of a yo-yo.  One day it’s up, the next it’s down.  I believe we would all be a little happier if it would stay about the same from one day to the next; preferably up.

            The Boulder County real estate market has remained relatively stable the past few years.  According to IRES, the Northern Colorado Multiple Listing Service, in 2009 there were 3,665 single family/attached unit sales in Boulder County. There were 3,660 sales in 2010. Through September of this year that number is tracking about 6.5% behind last year, which would equate out to around 3,425 sales for 2011.

            Home mortgage interest rates have dropped to the lowest level in decades, which has impacted the refinance market, but not so much the resale market of homes.  As is characteristic of this time of year, the inventory of available properties continues to drop.  This pattern will sustain itself into the spring of 2012.

            If you are a home seller, where do you go from here in a real estate market that will naturally continue to soften? Where there are fewer prospective buyers, but also fewer options for the buyers who are actively in the market.  There’s an old saying in real estate: “Price overcomes all objections.” That statement holds most true in a declining real estate market – a buyer’s market.

            The Boulder County real estate market has struggled to right itself since 2005, when the local market peaked.  There were 5,795 single family/attached unit sales that year.  That’s a huge difference from where we are today.  Admittedly, the Boulder County real estate market hasn’t felt the significant negative impact in housing values that other parts of the country have experienced, but it still has been affected by the economic environment.

            The Absorption Rate for Boulder County (single family homes) at the end of September was 7.7 months or 233 days. If you are attempting to sell a home priced at over one million dollars, the Absorption Rate averages 24.8 months or 756 days.  That’s a long time to wait for a buyer.

            As we wind our way through fall toward winter, there doesn’t appear to be a white knight perched on the horizon that is going to magically lift us out of this somewhat stagnant real estate market.  Jobs are the white knight.  They are at the core of the economy.  As jobs are created, the economy shifts in a positive direction, which benefits the housing industry.

            So, if you are a home seller looking for that one buyer, you need to be the best value not only on your block, in your neighborhood or in your community; you have to be the best value out there from the perspective of that one buyer. Buyers have other options to choose from and they are willing to wait for the right opportunity.

            Real estate is a little different from many other types of business. It is a business of negotiation pitting buyers against sellers; each wanting to garner the “best deal”.  That is where the Boulder County real estate market is today.  Buyers have the upper hand. They call the shots. Sellers who aren’t willing to play in what seems like a “zero sum game” can be left standing on the sidelines; hoping for another prospective buyer to come their way.

Longmont has the best real estate values in Boulder County!

Looking to relocate to Boulder County? Of course, it's a great place to live and offers many opportunities for recreation with its open space, bike trails, hiking trails and fun events. The city of Boulders median price for a single family home is around $550,000 and $273,000 for attached homes!! Louisville's single family home median price is $389,000 and about $220,000 for attached homes. Lafayette's is $309,000 for single family homes and $179,000 for attached. Longmont's prices are a bargain in comparison!! Median price for a single family home is about $225,000 and about $168,000 for an attached property! Having lived in Longmont for 28 years, I can tell you the city is a great place to live. Longmont's population is about 85,000 and offers wonderful amenities, such as parks, bike and walking trails, fun festivals and events year round. Contact me if you would like more information on the housing market in Longmont Colorado!

Real Estate Stats for Boulder County

Economic Snapshot

A look at the current real estate market; provided by RE/MAX ALLIANCE



January/2011



The first decade of this new millennium was one of contrasts. It began on loose footing with the dot.com fiasco and the events surrounding 9/11. Then followed the years of unbridled economic growth, where people’s thoughts were centered on early retirement, travel abroad and procuring more adult toys. The decade limped to a close as the government attempted to pump new blood into an ailing economy by offering tax credits to homebuyers and salvaging the banking industry; home mortgage interest rates fell to historic lows. The question that begs an answer is, “Where are we ten years later?”

Let’s take a quick look back to see where the Boulder County real estate market was ten years ago relative to today. In January/2001 the traditional thirty-year fixed rate mortgage was at 7.07%. In December/2010 that same loan was at 4.86%. The average sales value of a single-family home in 2001 was $361,833. In 2010 the average sales value of a single-family home was $442,694. That equates to a 22.34% increase in the average sales value; approximately 2.23% per year. Using the above figures, with a 20% down payment, the principle and interest payment for the average home in 2001 was $1,945.28. In 2010, that number would be $1,879.88. Things have improved incrementally over the course of the past ten years.

The Boulder Valley real estate market appears to have weathered the economic storm and reached a point of stabilization. Boulder County sold properties in 2010, single-family homes and attached units, was 3,660. This compares to 3,665 sales in 2009. The inventory of available homes for sale still exceeds the number of potential buyers, with the Absorption Rate currently standing at 6.26 months.

Per the chart below, the average home values of sold properties have improved over last year in most market areas. This should continue as buyers who have been standing on the sidelines view this as an opportune time to purchase homes in the higher price ranges.

Home mortgage interest rates have trended-up slightly over the course of the holidays. As the economy continues to show signs of improvement, expect mortgage rates to vacillate around the 5% mark as we head into spring.

Below is an overview of sales activity for the past two years for single family homes in the various Boulder Valley areas, courtesy of IRES – the Northern Colorado MLS.



               2009       2010           %Change         2009                2010                    % Change


Area       Solds        Solds          Change          Average Price     Average Price        Change


Boulder    563           622         +10.48%         $647,584           $650,280             +.416%


Louisville   202          194           -3.96%           $394,214           $440,512          +11.74%


Lafayette    219         229          +4.56%          $352,667            $357,377           +1.33%


Superior     127         107           -15.75%         $413,935           $426,358            +3.00%


Longmont   891         831            -6.74%          $240,902           $256,175            +6.34%


Sub. Plains  373        449            +20.37%         $510,351          $549,796            +7.73%


Sub. Mtns.  203        230            +13.30%         $415,567           $411,662            -.940%


Broomfield   353       338              -4.25%           $353,343           $380,074           +7.56%


                    ===      ===             ======          =======           ======             ======


Totals …     2931     3000             +2.35%          $405,363            $433,427            +6.92%