2019 could bring great real estate opportunities for Colorado and beyond. Here are some ideas to help you make the most of it!
After 5 straight years of unprecedented growth, the uber hot Fort Collins and Colorado real estate market is showing signs of cooling. As a Realtor®, I came up with some resolutions that may help you make the most of your real estate situation.
1. Know the Facts
I was once talking to a client, who is a mechanic, about the price of using a Realtor®. He used his own profession as an example, and was complaining about how long it would take to get an estimate of what his home was worth. He wanted it instantly, instead of allowing me a day to do intensive research.
“I can tell you what is wrong with your car in an hour. Why does it take more than a day to figure out what my home is worth?”
The simple answer, as I told him, is scope. My car repair might cost a few hundred dollars. The value of my car is in the thousands. The home we were speaking of cost a hundred times that much (about $220,000 to be more exact).
While I have all the respect in the world for those who fix cars, the comparison was apples to gold bars. Properties are in a category of their own, and should be treated as such. When dealing with commodities that are this expensive, ready, aim, fire is a great plan to follow, with emphasis on the ‘aim.’
Real estate is a high stakes game. If a car repair goes wrong, it could cost a paycheck. Or two. If a real estate deal goes wrong, it could cost an annual salary. Or more.
There is more information about everything available to us than ever before. However, don’t confuse this ability to generally educate ourselves with true specialization in the high stakes field of real estate.
Knowing the facts, to me, means enlisting the help of a TRUSTED professional. Human intelligence is still the best intelligence. Estimators, articles and the ability to put a property up on the Internet pales in comparison to the ability of a professional like me, or other great Realtors®, to give your situation the hyper-local focus that it needs to fetch the highest price and for the deal to close.
Yes, the Internet is a great resource for educating yourself on everything. When it comes to real estate, use the Internet and a human, a Realtor®, to make the most of your situation. You can gather information, learn, and then vet the information you’ve gleaned through me, and I can tell you what is fact, what is fiction, and what toes the sometimes grey line in between.
3 Ways to Know the Facts
All of them start with enlisting the help of a Realtor® like me
- A good Realtor® will educate you on the subject of real estate, and doesn’t need to be paid until you close on a property
- The Internet provides a lot of information. Some of it is good, some of is completely bogus. A Realtor® will help you know the difference.
- Your dreams and your reality might be two different things. A Realtor® who cares is invaluable in understanding the difference between the two. Plus, we can advise actions that will aid in closing the gap between them.
2. Recognize the Signs
Exhibit A (above)
Exhibit A shows the rise in median sales price of homes in Fort Collins, Loveland, Windsor and Timnath. It’s almost meteoric, right?
The value of property in Colorado is on the up and up. Despite the aforementioned “cooling” of the market, property in Colorado is a great commodity, and could be an extremely valuable item to add to your investment portfolio. With uncertainty being a certainty for the future of the world, now is a great time to consider what owning property in Colorado could mean to your future.
A high quality of life is in demand, and the supply is low. Hence the rising prices of Colorado real estate. We’ve got it going on in the Centennial State, and world has taken notice. Most signs point to the solid value of owning a piece of colorful Colorado, so if you recognize those signs, perhaps 2019 is the year to take action.
3. Consider when you should take action.
If the market cools, what will your property be worth in 2021?
Colorado homeowners have become accustomed to massive gains in equity through appreciation of their property values. However, if the market cools and the rises become not quite so meteoric, will this be a year that is a better time to sell than, say, in two years?
The Denver Post predicts that Colorado, particularly metro Denver, will weather any slumps in home sales better than other areas of the country. But does that mean that your home will gain value the way that it has over the last five years?
It’s always hard to say.
My best advice is to consult a Realtor® and get into the micro details of your situation. Depending on your neighborhood, it might be more profitable to sell during the height of the hot selling season this year, and buy something new to you as the market sees it’s annual cooling that coincides with the aspen trees turning from green to yellow after the heat of the summer. It might mean hanging on to your property for a few more years.
Simply put, your situation is reflected by more than the value of real estate overall. Your annual income, what you’ve saved, what your expenses will be, they all figure into what might be the best move for you. But you never know until you investigate.
Even if you don’t make a real estate move, I refer you to the first point in this article—Know the Facts! It’s worth a few hours time and a consultation with your trusted Realtor® to make sure that the plan you are making concerning your real estate situation is the best for you.
Education is your best bet
As always, knowledge is power. And with the hyper-availability of information, both good and bad in our digital world, make sure that the knowledge you are using to make decisions is solid. Investigate for yourself. Google search the heck out of the situation. Then vet the information with a local human that has expertise and solid knowledge on the situation. In 2019, critical thinking and careful consideration are the order of the year.
Here’s to our real estate success!!
If you want to buy or sell Fort Collins or Northern Colorado Real Estate, I would love to serve you and I want you to know THREE THINGS!
- I have time for you
- I will listen to you
- I am early, happy, and ready, and excited to serve your real estate goals and dreams!