Housing Market

Coronavirus prompts record Colorado home sales

As the coronavirus prompts exoduses from New York and California, more and more people are committing to buying homes in Colorado. The Colorado Association of Realtors reported a monthly record of 10,771 single-family home sales in July— a 21 percent increase year-over-year. The state also saw an 8.6-percent jump in new listings, though the number of single-family home active listings dropped by about 42 percent year-over-year. Colorado Springs realtor Jay Gupta said in the report that homebuyers “waited on an hour-by-hour basis for the new listings to show up, then competed to win the bidding wars.” The state has become a Top 10 destination for wealthy Gen-Xers and Millenials in recent years, personal finance technology company SmartAsset reported on Friday. Denver-area contracts contributed heavily to Colorado’s total home sales, while high demand and a limited supply of houses drove up average mortgage amounts, the report found. “Despite the inventory increase in July, the robust buyer activity continues to consume any and all new listings that are priced appropriately within 30 days of coming on the market,” Denver realtor Karen Levine said in a statement. She added that the current market is a “challenge for buyers, as they have fewer properties to choose from, competition is fierce and the average and median prices continue to move upward.” At the same time, the state is experiencing record unemployment rates. Nearly 15,000 Coloradans filed for unemployment for the first time last week, and about 280,800 state residents continue to receive unemployment benefits, The Colorado Sun reported Thursday. Colorado Gov. Jared Polis extended the state’s $300 individual weekly unemployment benefit for another 13 weeks on Thursday. “There is a total disconnect with half the economy being crushed and yet, housing has mostly shrugged it all off. Like the stock market. Bad news is good news for both, it appears,” Colorado Springs realtor Patrick Muldoon said in a statement. “The total number of business closings is catastrophic. It is estimated by many that a third of all restaurants are simply not coming back.”

Potential good news for anyone selling their house in Colorado.  For more, click on the text above…

After coronavirus, here’s how to stage your home to sell it fast

It’s become almost an expectation that when entering a home or condo on the market, you will see the dining room table set with candlesticks, placemats and wine glasses; and the kitchen set with stylish canisters, dried pasta displayed in glass flasks and a colorful fruit basket. I’m being a bit facetious because, in fact, those are not at all the true elements of current professional home staging, but you get my drift. Staging starts with an emotional direction or theme. Stagers are not realtors, and realtors are not stagers. With that said, there should be a meeting between the real estate professionals before the showings begin to establish the theme and how to best stage each room. They should know in advance who the target buyer is and what any particular buyer’s needs are, i.e. sleep, work, play, entertainment or maximum usage of the floor space. There are certain ground rules to work with from the beginning regardless of whether it is a home or a condo geared to appeal to someone young, middle-aged or older; to someone single, a couple or a family. The current trend is Zen-like, minimalist and clutter-free. The goal is to set a soothing and functional vibe. Everyone aspires for a good life: stress-free, calm and without drama. A home that is painless, easy to care for and nondemanding after we plunk down our big down payment is what we crave. We just want to move in and let the good times roll. Even though life always has its ups and downs, we secretly hope that moving into our new home will start a new chapter of good times, prosperity, friendships, new experiences, financial growth and security. For some people, it might be one of these things, and for others, it might be all of them. The staging needs to remind a buyer of how close he or she is to living the dream. It all starts with a good plan. Start by thinking “clutter-free.” Remove unnecessary stuff; either donate it or toss it. The complete transformation of space includes all your senses. The subtle use of color probably evokes the most emotion over your entire canvas. All the organic colors that come from nature make an area look soothing and comforting. Organic materials, soft colors and avoiding clutter will best enable you to show your beautiful place. Whether you have a large or small space, it’s about opening it up and making it fitting and functional. Concentrate on “less is more.” No chatchkes. If you use a prop, it should have significance and offer a lifestyle suggestion. Concentrate on clean lines and simple shapes, and always focus on making your rooms feel welcoming and relaxing. For example, the warmth of real wood under your feet gives an incredible organic tactile feeling. Lighting is also an important consideration. The best lighting is a combination of natural sunlight, overhead can light and accent lamps. Mood lighting can be adjusted at night, and natural light will make a cheerful statement in the daytime. Installed lighting is a needed backup to sunlight. In conclusion, think Zen: clean lines, minimalism and soft colors all focused on easy living. Decide in advance the function of each room. Will it be an office or a playroom? A gym or a studio? The rest is about making your home meet potential buyers’ expectations and making them say, “I could live here … quite happily!”

Wow!  That was excellent!!  Our thanks to Ron Wynn for that really great advice!  Ron has been among the top 100 agents in America for over 10 years, as noted on REAL Trends/Wall Street Journal. Ron has represented over 2,200 sales totaling over $1.5 billion in sales volume in his 30-plus-year career as a real estate broker in California.   🙂