With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time.
According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.
Even though we have low inventory this is a great time to buy and take advantage of these low interest rates. You may also want to take a look at your current mortgage rate and see if a refinance makes sense.
If you are thinking of buying, downsizing or upsizing please contact me, Pete Veres via text or email at: 505-362-2005. If you are thinking of refinancing, I can also provide you with an excellent referral.
DENVER, Feb. 18, 2020 /PRNewswire/ -- Last month's home sales posted the highest year-over-year gain for January in 11 years, increasing an average of 10.5% in the 54 metro areas covered by the report. Meanwhile, the 15.6% year-over-year drop in inventory was the largest decline since May 2017 and marked the seventh consecutive month of year-over-year shrinkage in the number of U.S. homes for sale.
Despite very low inventory, January and December (+13.5%) marked the first back-to-back months with double-digit year-over-year growth in home sales since June and July of 2015.
"Strong buyer demand continues to be the defining theme in the housing market," said Adam Contos, CEO of RE/MAX Holdings, Inc. "January sales were encouraging, and were likely pushed in part by millennials coming into the market. It's a massive group of people, with many of them forming households and looking to buy their first homes. Affordability and limited supply are still constraints, but overall, housing is in a much better place than it was a year ago."
January's Median Sales Price of $256,000 - though 3.4% below December - was 8.9% higher than January 2019 and extended the string of year-over-year price increases to 13 months.
In the nearly 12-year history of the report, three January records were set or tied last month:
Fewest Months Supply of Inventory: 3.1
Fewest Days on Market: 59 (tied with January 2019)
Highest Median Sales Price: $256,000
Closed Transactions Of the 54 metro areas surveyed in January 2020, the overall average number of home sales is down 26.9% compared to December 2019, and up 10.5% compared to January 2019. Leading the year-over-year sales percentage increase were Los Angeles, CA at +31.9%, Burlington, VT at +28.7%, and New Orleans, LA at +22.5%.
Median Sales Price – Median of 54 metro median prices In January 2020, the median of all 54 metro Median Sales Prices was $256,000, down 3.4% from December 2019, and up 8.9% from January 2019. Only one metro area, Wichita, KS at -2.8%, saw a year-over-year decrease in Median Sales Price. Thirteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Trenton, NJ at +24.4%, Birmingham, AL at +18.6%, and Boise, ID at +16.6%.
Days on Market – Average of 54 metro areas The average Days on Market for homes sold in January 2020 was 59, up six days from the average in December 2019, and equivalent to the average in January 2019. The metro areas with the lowest Days on Market were Nashville, TN at 34, Omaha, NE at 35, and a three-way tie between Birmingham, AL, Cincinnati, OH, and San Diego, CA at 43. The highest Days on Market averages were in Des Moines, IA at 107, Miami, FL at 105, and Augusta, ME at 93. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months Supply of Inventory – Average of 54 metro areas The number of homes for sale in January 2020 was down 5.0% from December 2019 and down 15.6% from January 2019. Based on the rate of home sales in January 2020, the Months Supply of Inventory decreased to 3.1 compared to 3.6 in December 2019 and decreased compared to 4.5 in January 2019. A six months supply indicates a market balanced equally between buyers and sellers. In January 2020, of the 54 metro areas surveyed, seven metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the highest Months Supply of Inventory were Indianapolis, IN at 8.8, Miami, FL at 6.8, and Chicago, IL at 6.2. The markets with the lowest Months Supply of Inventory were Denver, CO at 1.2, San Francisco, CA at 1.3, and a four-way tie among Boise, ID, Charlotte, NC, Phoenix, AZ and Seattle, WA at 1.4.
Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!
There are many things for you have to consider when you chose the right time to downsize. Whether you move into an RV, tiny home, or a senior community, you must weigh-out other elements like how active you want to remain. This includes the proximity of grandchildren and travel. Here are some downsizing tips to help you remain well informed.
Americans are on the move, and the most recent Atlas Van LinesMigration Patterns Survey tracked the 2019 traffic flow from state-to-state.
Idaho held on to the top spot of ‘high inbound’ states for the second time since 2017, followed by Washington State.
New York was the country’s outbound move leader in 2019, a designation it most recently held in 2014.
NEW MEXICO is #4!
Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers Representative has is a Top RE/MAX Agent in Albuquerque who can help you navigate thru the process and make it a smooth and simple process for you. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.
You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].
Curb appeal really does have a major impact on the return you'll see at resale. Among the top 10 home improvement projects with the highest return on investment (ROI) in Remodeling magazine's newly-released Cost vs. Value Report, nine are outdoor projects.
Topping this year's list is Manufactured Stone Veneer, a project that has consistently ranked toward the top of the list since the project was added to the report in 2015.
Unsurprisingly, the report shows an increase in cost for all 22 projects listed; however, there is also a consistent dip across the board in terms of what the perceived value of each of these projects is. This is likely due to a market that was anything but smooth in 2019.
"Why the difference? The most likely answer is consumer jitters," says Clay DeKorne, chief editor of the JLC Group, which includes Remodeling magazine. "While remodeling professionals need to stay on point, they can breathe easy. Remodeling activity is growing at a slower rate than in years past, but it continues to grow."
Nationally, here are the 10 projects with the greatest ROI, according to the 2020 Cost vs. Value Report:
Manufactured Stone Veneer (95.6% ROI)
Average Cost: $9,357
Average Resale Value: $8,943
Garage Door Replacement (94.5% ROI)
Average Cost: $3,695
Average Resale Value: $3,491
Minor Kitchen Remodel (Midrange) (77.6% ROI)
Average Cost: $23,452
Average Resale Value: $18,206
Siding Replacement (Fiber-Cement) (77.6% ROI)
Average Cost: $17,008
Average Resale Value: $13,195
Siding Replacement (Vinyl) (74.7% ROI)
Average Cost: $14,359
Average Resale Value: $10,731
Window Replacement (Vinyl) (72.3% ROI)
Average Cost: $17,641
Average Resale Value: $12,761
Deck Addition (Wood) (72.1% ROI)
Average Cost: $14,360
Average Resale Value: $10,355
Window Replacement (Wood) (68.9% ROI)
Average Cost: $21,495
Average Resale Value: $14,804
Entry Door Replacement (Steel) (68.8% ROI)
Average Cost: $1,881
Average Resale Value: $1,294
Deck Addition (Composite) (66.8% ROI)
Average Cost: $19,856
Average Resale Value: $13,257
Nationally—and on the other end of the spectrum—here are the 10 projects with the lowest ROI:
Master Suite Addition (Upscale) (51.6% ROI)
Average Cost: $282,062
Average Resale Value: $145,486
Grand Entrance (Fiberglass) (53.3% ROI)
Average Cost: $9,254
Average Resale Value: $4,930
Major Kitchen Remodel (Upscale) (53.9% ROI)
Average Cost: $135,547
Average Resale Value: $72,993
Bathroom Addition (Midrange) (54% ROI)
Average Cost: $49,598
Average Resale Value: $26,807
Bathroom Addition (Upscale) (54.7% ROI)
Average Cost: $91,287
Average Resale Value: $49,961
Bath Remodel (Upscale) (56.6% ROI)
Average Cost: $67,106
Average Resale Value: $37,995
Master Suite Addition (Midrange) (58.5% ROI)
Average Cost: $136,739
Average Resale Value: $80,029
Major Kitchen Remodel (Midrange) (58.6% ROI)
Average Cost: $68,490
Average Resale Value: $40,127
Roofing Replacement (Metal) (61.2% ROI)
Average Cost: $40,318
Average Resale Value: $24,682
Bathroom Remodel (Universal Design) (62% ROI)
Average Cost: $34,643
Average Resale Value: $21,463
The 2020 Cost vs. Value Report compared the average costs for 22 popular remodeling projects and how much of that value they retained in 101 different U.S. housing markets. View the full report, including project descriptions and city-level data, here.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.
You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
DENVER – December posted a record finish to a year and a decade, with a year-over-year increase in home sales of 13.5% in the 54 metro areas covered by the report. That was the highest increase of any month in 2019, and the highest for the month of December since 2009.
Also posting a record for 2019 was the inventory decline of 14.5% year-over-year, accompanied by corresponding drops in Months Supply of Inventory – 3.3 vs. 4.8 a year earlier – and Days on Market – 54 compared to 55 a year ago.
“It was good to see the year-over-year spike in December home sales, indicating robust homebuyer interest,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “The strong December capped a solid second half of 2019, with year-over-year sales increases in four of the final six months. The gains were largely attributable to low interest rates and high demand, and with those factors still in place, we expect sales to continue at a solid pace into the first part of this year.”
Year-over-year, sales were up five months in 2019, with the majority occurring in the back half of the year. Inventory, meanwhile, grew year-over-year in each of the first six months, then shrunk in each of the last six months.
The Median Sales Price of $266,000 was 11.1% higher than December 2018 and the highest year-over-year increase for any month of 2019.
Closed Transactions Of the 54 metro areas surveyed in December 2019, the overall average number of home sales is up 4.1% compared to November 2019, and up 13.5% compared to December 2018. Leading the year-over-year sales percentage increase were Birmingham, AL at +34.3%, Burlington, VT at +26.7%, and Los Angeles, CA at +26.2%.
Median Sales Price – Median of 54 metro median prices In December 2019, the median of all 54 metro Median Sales Prices was $266,000, up 3.8% from November 2019, and up 11.1% from December 2018. Only one metro area, Burlington, VT at -3.3%, saw a year-over-year decrease in Median Sales Price. Fourteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +19.9%, Trenton, NJ at +19.1%, and Honolulu, HI at +15.3%.
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in December 2019 was 54, up five days from the average in November 2019, and down one day from the average in December 2018. The metro areas with the lowest Days on Market were Omaha, NE at 24, Nashville, TN at 31, and Cincinnati, OH at 34. The highest Days on Market averages were in Des Moines, IA at 110, and a tie between Augusta, ME and Hartford, CT at 89. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in December 2019 was down 13.7% from November 2019 and down 14.5% from December 2018. Based on the rate of home sales in December 2019, the Months Supply of Inventory decreased to 3.3 compared to 3.5 in November 2019, and decreased compared to 4.8 in December 2018. A six months supply indicates a market balanced equally between buyers and sellers. In December 2019, of the 54 metro areas surveyed, two metro areas, Miami, FL at 8.9 and Augusta, ME at 6.4, reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were San Francisco, CA at 1.4, Salt Lake City, UT at 1.6, and Denver, CO at 1.7.
Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!
With the start of a new decade, many changes are taking place. In regards to design trends, 2010 brought white kitchens, clean lines and minimalistic decor. Now, there’s a shift to older, more rustic looks.
While these trends may not peak until later on, now is the ideal time to start working with sellers to prepare their house for new buyers filtering into the market. This includes many Gen X buyers who are starting to reach the age when they’re thinking about homeownership. To help you educate your clients, here are some of the top design trends to look for in 2020.
Kitchen
In 2010, white kitchens were all the rage. In fact, according to interior design company Houzz, nearly 40 percent of homeowners are still installing white cabinets during their renovations. If your clients are part of this group, you may want to tell them to wait. Wood cabinets are projected to make a comeback this decade, as the rustic look has become more appealing.
Similarly, rather than sticking with a white palette, muted tones like grays and blues are catching buyers’ eyes. If your clients are more bold, though, Classic Blue, which is a shade of navy, is the 2020 Pantone Color of the Year. Kitchen decor is also making a reappearance, moving away from the minimalist design. The idea is to make the space feel like another room in the home, rather than a sterile environment for preparing meals. By hanging artwork or displaying their favorite dishes with an open-cabinet design, your client will be able to showcase the room as a warm, welcoming space.
Living Room
According to NAR, staging the living room was found to be the most important for 47 percent of buyers. Help your client stage it with style by focusing on vintage accents and more natural touches. Both vintage art and furniture are making their way back into this decade. Antique art that has a story to tell can be a great focus piece for potential buyers. In addition to this, furniture from the 1800s and early 1900s are also trending. Incorporating a couple of statement pieces, such as an apothecary table or secretary or spooled-leg table, can create the perfect balance.
Adding natural touches is also a great way to keep up with the times without spending a fortune on staging. While plants can add a relaxing ambiance to any living room, the sophisticated olive tree is expected to become popular this decade, replacing the more dramatic fiddle leaf fig or gaudy ficus. If your clients have been hanging on to any wicker or rattan furniture, encourage them to give it a place it deserves. These natural textures are expected to gain attention in the coming decade.
Bedrooms and Bathrooms
Warmth and comfort seem to be a recurring theme throughout these new trends. In the bedroom, while neutral color schemes are still expected to continue, consider a warm color palette for home decor. A coral-colored throw or ochre rug can enhance the room without going overboard. Comfortable, cozy fabrics are also on the rise and can help potential buyers imagine themselves curling up in the room with a good book.
If your client is already remodeling a bathroom, consider guiding their new selections. According to the 2019 U.S. Houzz Bathroom Trends Study, 38 percent of homeowners added or replaced a master bathroom tub. Of those, 50 percent chose to install a freestanding flat-bottom tub shape. In addition to this, while statement walls have been popular for a number of years, statement rooms are rising to the forefront. This means wrapping the room in an eye-catching design, such as bold floral wallpaper or a natural texture. Another new fad is installing a built-in bench or stool in order to add additional seating.
Whether your clients are looking for minimal staging or major renovation advice, these top trends of 2020 should help you guide them in the right direction. With these new design trends, you should feel ready to market yourself and the home to get it sold. With Homes.com’s City Sponsor Ads, you give active buyers the chance to interact with you. By prominently displaying your listings among the first search results in your city, buyers will automatically be drawn to the listing without thinking about how long it’s been on the market.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.
You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
When you show your home’s best features by staging it effectively, you help increase your final selling price without breaking the bank. In fact, on average, sellers receive $2 in increased sale price for every $1 they put into staging a home. As the infographic below shows, the following five golden rules of home staging will help you show off its best assets:
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.
You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
To avoid damage to your irrigation system from freezing temperatures, it is important to “winterize” it by protecting exposed outdoor fixtures. If your hose bib is left exposed or standing water is left in pipes, valves or sprinkler heads during freezing temperatures, that water may expand and damage your system fixtures. That could result in costly but avoidable repairs. Each irrigation system may be different, but the general idea is the same: protect your irrigation system now to save time and expense later. Here are a few tips you should take to prepare your irrigation system for winter.
1. Disconnect the water supply to your irrigation system
a. If you manually water using a hose or if the irrigation system is attached to an outdoor spigot, you should disconnect it and cover your hose bib using a faucet cover. A faucet cover is easy to install and is usually made from durable hard plastic. It protects your outdoor faucet from freezing temperatures. This in an easy, inexpensive fix that will provide you peace of mind when the temperatures drop.
Pro Tip #1
Faucet cover to protect hose bib from frost.
Disconnecting your hose and covering your hose bib is very important in winter. If you leave the hose connected, water can freeze in the hose all the way into the hose bib and the pipe that goes inside your home. If the house pipe breaks, you will have water flooding inside, and potential major water damage inside your home. It’s definitely worth the $10-$15 on these insulated covers to prevent potentially thousands of dollars in plumbing repairs and water damage to your home. Don’t assume that if the hose bib freezes it will drip and freeze only outside your home. Sometimes the damage is a whole lot worse.
b. If you have a below ground irrigation system, locate your shut-off valve (often hidden in a 3” PVC pipe; often with a white or yellow cap, as shown in the photo). Turn it to the right to shut it off. Be careful when turning so you don’t break the valve. Your shut off valve may look like this:
Irrigation shut-off valve.
Pro Tip #2
Sometimes the water shutoff for your sprinkler system is in the green box shown in the picture. If so, we recommend adding some heat tape and/or insulation in the box because it will be exposed to freezing temperatures. If you can insulate it and protect it you can avoid potential frozen pipes at the shut off and potential repairs in spring. Watch out for spiders, though, because the shutoff box is a warm wet place.
2. Turn off the irrigation system controller (if you have one)
Irrigation controller set to off.
Pro Tip #3
If you forget to shut off your irrigation system during winter you can potentially have your automated sprinklers running in freezing temperatures. That can freeze and damage your sprinkler heads. Make sure you turn off all automatic cycles for your system. If you have a drip system for trees and other plants that need to be watered periodically throughout winter run the system manually when you are home, and only in above freezing temperatures. Don’t just assume that setting it to run during the day will be okay, either. There are days in winter when the temperature doesn’t get above freezing. It’s best to just turn it on when you’re home and then watch it. If your sprinkler heads do crack or break and you don’t notice, you will likely flood your yard in spring when you turn your system back to automatic settings.
3. Drain the water from all pipes, valves, and sprinkler heads.
Drain cap at the end of a drip system.
There are several ways to drain your system.
Manual drain valves and automatic drain valves can be blown out with compressed air. Local irrigation specialists can help.
If you have an irrigation system with drip hoses, we recommend you locate the end cap (drain cap) of the drip hose and drain out the water.
Pro Tip #4
Sometimes irrigation systems don’t have drain valves. If you don’t have these, simply make sure you’ve turned off your sprinkler system prior to winter and freezing temps. Then you can have a professional inspect the system in spring before you turn it back on. A professional will inspect your system for leaks and make any repairs so you don’t flood your yard. So avoid the headache and have an inspection. If you consistently have problems year after year, drain valves can be installed to help clear the lines each winter.
Reminder: If you need to water in the winter season use your hose and remember to cover it when finished.
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.
You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
