Fort Collins is "Just the $h*t" when it comes to "Best Places to Live" in America, among 745 places with populations greater than 50,000, according to MONEY Magazine. They cited its natural setting, vibrant downtown, and the presence of Colorado State University. Ranked #1 in 2006, MONEY ranked us second (after Plymouth, Minnesota) in 2008, but--for many reasons--we still think we're the BEST!
"With an educated workforce, solid labor supply, steady job growth and a cost of living that's below the national average, the Fort Collins/Loveland area ranked third on Forbes' 2008 Top 10 Places for Business and Careers. That's up 25 spots from last year's 28th-place ranking."
On March 25, 2009, Forbes ranked Fort Collins #2 on its list of "Best Places for Business and Careers" and on November 24, 2008, Forbes ranked Fort Collins #10 on its list of "Best-Educated Cities" in America.
Also, Business Week named Fort Collins in its "20 Best Affordable Suburbs in the West."
******** Sales statistics for the month of OCTOBER 2009 are included here.
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Over the past few months, there have been suggestions that the U.S. housing market might finally be bottoming out. Since July, the decline in sales of both new and existing homes has moderated. Moreover, over the past three months, there has been a very modest increase in home prices at the national level as measured by the 20-city S&P/Case-Shiller home price index. However . . The present high level of unsold housing inventories, the poor state of the labor market and the current wave of foreclosures suggest that home prices may have a further 10% to fall (in real terms).
~ Oxford Analytica "Housing Prices May Fall Further" Forbes.com - 27 October 2009
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You have come to the right place for accurate and specific reporting of current real estate market conditions for Fort Collins, Colorado, and surrounding area. Here you will find targeted narrative and statistical reporting designed specifically to give you the most recent and best possible information to assist you in your decision-making regarding buying or selling real estate in Northern Colorado.
On Wednesday 4 November 2009, the Federal Open Market Committee announced that it would keep the range for the Fed Funds Rate at 0 to 0.25%. [The decision to set a range for the fed funds rate reflects an admission that the US central bank--which normally targets an exact rate--is no longer able to tightly control the actual rate that prevails in the market because of the massive creation of reserves.] To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $175 billion of agency debt by the end of the first quarter of 2010. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.
For the week ended October 30th, the Mortgage Bankers Association said that the Refinance Index decreased 14.5% from the pace of the week before and seasonally adjusted Purchase Index decreased 1.8% from last week. Borrowing costs on 30-year fixed-rate mortgages, excluding fees, decreased to 4.97 from 5.04 percent, with points decreasing to 1.01 from 1.25 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The average rate on 15-year fixed-rate mortgages increased to 4.33% from 4.53, with points increasing to 1.33 from 0.78 (including the origination fee) for 80 percent LTV loans. The four week moving average is down 5.0 percent for the seasonally adjusted Purchase Index, while this average is down 5.7 percent for the Refinance Index.
TOP TIP ON HOW TO SELL YOUR PROPERTY: Many people start with an overly-optimistic price, knowing that they will be prepared to negotiate. But such tactics could prove counter-productive in the current market conditions and simply deter potential buyers. Sellers whose property is overpriced for the current market are taking a very considerable risk of loss in value.
We report median prices rather than average prices because they are a more reliable indicator of current trends. The median is simply the middle price; half the buyers paid more and half paid less. Some reporters use average real estate prices, which are usually higher than median prices, because they include some very expensive properties that skew the central tendency upward.
However, now the median price is being skewed downward because of the difficulty that borrowers are having refinancing or qualifying for jumbo mortgages (loans exceeding the limit for what government-chartered Fannie Mae and Freddie Mac can buy). This has become increasingly difficult as lenders tightened standards and as home prices drop.
For the month of October, 2009, here are the numbers for SINGLE FAMILY HOME and MULTI-FAMILY (Condo and Townhouse) sales:
In Fort Collins, during this period there were 185 single family homes sold (as compared with 142 during the same period last year), up 30.28% in number of homes sold from the same period last year; new median price $230,000 (down 2.13% from last year, when the median price was $235,000). Ten (10) new homes were sold (median price $262,808), as compared with thirteen (13) new homes sold (median price $254,900) in October last year, down 23.08% in number of homes sold, but up 3.1% in median price.
Also, in Fort Collins, 39 condos were sold (median price $145,500), as compared with 28 sold in October last year (median price $158,015), up 39.29% in the number of units, but down 7.92% in median price. Four (4) new condos were sold (median price $132,500), as compared with seven (7) new condos (median price $218,600) sold in the same period last year, down 42.86% in number of units, and down 39.39% in median price.
In Fort Collins, in October, we had 5.76 sellers for every buyer of homes on the market priced under $250,000; 7.12 sellers for every buyer of homes priced from $250,000 to $350,000; 12.15 sellers for every buyer of homes priced from $350,000 to $450,000; 14.09 sellers for every buyer of homes priced from $450,000 to $600,000; 22.4 sellers for every buyer of homes priced from $600,000 to $1,000,000; and 60 sellers but no buyer of homes priced over $1,000,000. No homes sold for more than $700,000 although 118 higher priced ones were available. [Only 12.97% of all available listings were sold. The ones that were priced correctly, i.e., the ones that sold, were on the market for an average of 99 days. Overall, in Fort Collins in October, there were 7.71 sellers for every buyer.]
In Windsor, during this period, 41 single family homes were sold, median price $315,000, as compared with 35 single family homes sold in October of last year, median price $370,000 (down 17.14% in number of homes sold, and down 14.86% in median price). Nine (9) new homes were sold, median price $449,000, as compared with twelve (12) new homes sold in October of last year, median price $464,493 (down 25% in number of homes sold, and down 3.34% in median price).
In Windsor, in October, we had 17.83 sellers for every buyer of homes priced under $200,000; 9.24 sellers for every buyer of homes priced from $200,000 to $350,000; 9.4 sellers for every buyer of homes priced from $350,000 to $450,000; 15.43 sellers for every buyer of homes priced from $450,000 to $600,000; 16.5 sellers for every buyer of homes priced from $600,000 to $1,000,000; and 13 sellers but no buyer of homes priced over $1,000,000. No homes sold for more than $680,000, although 29 higher-priced ones were available. [Only 8.2% of all available listings were sold. The ones that were priced correctly, i.e., the ones that sold, were on the market for an average of 185 days. Overall, in Windsor in October, there were 12.19 sellers for every buyer.]
In Johnstown, during this period, 16 single family homes were sold, median price $235,000 (as compared with 17 sold during the same period last year, median price $185,000); down 5.88% in number of homes sold, but up 27.03% in median price. Three (3) new homes were sold in October this year, median price $530,000, as compared with four (4) sold in October last year (median price $210,000), down 25% in number of new homes sold, but up 152.38% in median price.
Also, in Johnstown, no condos were sold in October this year, as compared with two (2) sold in October last year (median price $145,000).
In Johnstown, in October, we had 8.18 sellers for every buyer of homes priced under $250,000; 9.67 sellers for every buyer of homes priced from $250,000 to $300,000; and 17.5 sellers for every buyer of homes priced above $300,000. [Only 10.39% of all available listings were sold. The ones that were priced correctly for current market conditions, i.e., the ones that sold, were on the market for an average of 132 days. Overall, in Johnstown in October, there were 9.63 sellers for every buyer.]
In Berthoud, six (6) single family homes were sold, median price $311,000, as compared with 16 single family homes sold in October of last year, median price $230,000 (down 62.5% in number of homes sold but up 35.22% in median price). One new home was sold (price $250,418), as compared with one (1) new home sold in October last year (price $409,626).
In Loveland, 98 single family homes were sold, as compared with 107 sold in October last year; new median price $185,000 (down 8.41% in number of homes sold, and down 14.75% in median price from the same period last year, when the median price was $217,000). Seven (7) new homes were sold (median price $319,000), as compared with twelve (12) sold in October last year (median price $343,905), down 41.67% in number of new homes sold, and down 31.97% in median price.
Also in Loveland, thirteen (13) condos were sold (median price $156,000), as compared with four (4) sold in October last year (median price $154,000), up 225% in number sold, and up 1.3% in median price.
In Loveland, in October, we had 6.64 sellers for every buyer of homes priced under $250,000; 13.29 sellers for every buyer of homes priced between $250,000 and $350,000; 17.86 sellers for every buyer of homes priced between $350,000 and $450,000; 17 sellers for every buyer of homes priced between $450,000 and $600,000; 88 sellers but no buyer of homes priced between $600,000 and $1,000,000; and 31 sellers but no buyer of homes priced over $1,000,000. No homes sold for more than $521,000, although 145 higher-priced ones were available. [Only 10.41% of all available listings were sold, and the ones that sold were on the market for an average of 108 days. Overall, in Loveland in October, there were 9.61 sellers for every buyer.]
In Greeley, 90 single family homes were sold, as compared with 110 sold in October last year, down 18.18%; new median price $129,900 (up 22.55% from last year, when the median price was $106,000). Two (2) new homes were sold, median price $114,000 (as compared with five (5) new homes sold last October, median price $184,300); down 60% in number of units, and down 38.14% in median price.
In Boulder, 48 single family homes were sold, as compared with 70 sold in October last year, down 31.43%; new median price $533,500 (up 0.67% from the same period last year when the median price was $530,000).
[Source: Information Real Estate Services, IRES]
WORD TO THE WISE: The number of Americans able to find prospective buyers for their homes has fallen to a record low since August 2007. The housing market is continuing to decline since lending conditions tightened and credit markets seized up.
Sellers who have their property priced too high may find themselves with NO SALE or CHASING THE MARKET DOWNWARD, eventually having to settle for MUCH LESS than they could have gotten by correct pricing from the beginning.
Resellers are having a very tough time competing with new home sales, since homebuilders (in many cases) are liquidating assets in desperation sales. Often, they are selling new homes at any price they can get, in addition to which they are throwing in huge buyer incentives that make such deals impossible to resist.
New home sales have continued to drop, however, because builders cannot slash prices as ruthlessly as banks have on foreclosed homes. Also, there is a huge "shadow inventory" out there, including not only foreclosures, but also frustrated sellers who have temporarily taken their homes off the market, and others who are waiting to enter it.
The vast majority of sellers on the market right now are forced sellers--those who don't have any choice. So, if you don't need to sell, you should not be in the market now. You are almost certainly not going to realize any profit on your sale. Moreover, you definitely need to be priced at or BELOW current fair market value (as determined by a VERY RECENT comparative market analysis or professional appraisal) to generate a sale. Homes priced "right on the money" will sell. Buyers with poor credit have essentially been closed out of the market now, and buyers with sterling credit (and a sizeable down payment) have the luxury of waiting now. The longer they can wait the better deal they are likely to get.
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WHY USE RE/MAX? Quality Service When you choose a RE/MAX Sales Associate to sell your home or help you purchase a new home, you'll experience a whole new level of service.
First, RE/MAX Associates are The Hometown Experts With a World of Experience®. Across the globe, they make their living in the same communities in which they live. They're the people next door, or just down the block.
Consummate professionals, RE/MAX Associates lead the industry in advanced real estate education and production. That's why they're known as "The Real Estate Leaders®" and why no one in the world sells more real estate than RE/MAX.
Customer Satisfaction The proof of quality service is in repeat customers and in customers who refer RE/MAX Associates to their friends. RE/MAX Sales Associates average 70 percent of their business from repeats and referrals, while other agents average about 30 percent from those sources.
Education RE/MAX Associates lead agents of competing companies in professional designations which denote specialized training and education. They dominate the Accredited Buyer Representative (ABR), Certified Relocation Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training Graduate (LTG) ranks.
Production That experience and education means RE/MAX Associates are better qualified to set the right price for the homes they list, are better equipped to market those homes, and are likely to find a buyer in a shorter period of time. That experience and education also means they are better qualified to find the right home for any buyer. As a result, the average RE/MAX Sales Associate out-produces competing agents three to one.
Deciding to sell or buy a home is a big step. Make sure it's a step in the right direction by choosing the person best qualified to handle your real estate needs: a RE/MAX Sales Associate.
ZIP Codes: 80521, 80522, 80523, 80524, 80525, 80526, 80527, 80528, 80553, 80537, 80538, 80539, 80550, 80551, 80620, 80631, 80632, 80633, 80634, 80638, 80639, 80534, 80513, 80534, 80546, 80549 Location Characteristics: Northern Colorado - Front Range of the Colorado Rocky Mountains
About B.J. Johanningmeier:
To B.J., selling real estate isn't just selling homes. It's about helping families and establishing friendships. That's why he works hard to ensure that your family's needs are met through every step of buying or selling your home, so you will be satisfied for years to come.
B.J. entered real estate in 1992 and was involved in new home construction. He helped bring on line seven new home subdivisions: River Lakes Estates, Country Meadows, Windsor Estates, Country Farms, Highland Meadows, Brooklind Estates, and Steeplechase. He was responsible for all aspects of the marketing, sales and builder/customer relationship during the construction process.
Industry Certification and Advanced Education: GRI - Graduate Realtor Institute (GRI) MCSP - Master Certified New Home Sales Professional from NAHB CMP - Certified New Home Marketing Professional from NAHB MIRM - Member of the Institute of Residential Marketing from NAHB (Candidate) e-PRO Technology Certification Program (as established by the National Association of Realtors) IRES - International Real Estate Specialist Sales and Marketing Council of Northern Colorado (Board Member) President's Club
Accolades: Fort Collins Board of Realtors 'Rookie of the Year' in 1993 Chairman for the Realtor Builder Committee in 1993 Brokerage Sales Associate Sterling Society Brokerage Sales Associate International President's Circle 1996-2001 Brokerage Top Ten Agents 1997-2001 97.54% Customer Satisfaction Rating
Overview Personal History: A Fort Collins resident since 1968, B.J. was born in Clinton, Iowa, graduated high school in Dubuque. He attended Colorado State University on a football scholarship and earned a degree in Education.
Following several seasons in the National Football League playing for Green Bay, Redskins, and Denver, B.J. continued his educational pursuits by becoming a certified teacher and helped coach the Arvada West football team to the Colorado State AAA Championship. During this time, he became a licensed insurance broker and a licensed securities representative.
As a concerned citizen, B.J. has participated in local service groups. He is currently on the Board of Directors of the Former Athletic Association at CSU. B.J.'s wife, Debby, now a Registered Nurse, was active in real estate for 11 years. Their son Ryan, a graduate of the University of Colorado, played football for the Buffaloes from 1995 to 1999. He received many honors as a student athlete. Their daughter, Nichole Graham, is an Animation Director and lives in Los Angeles, California.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
