You're not alone if you're concerned about buying into today's market. Across the country, we are seeing housing prices much like 2006, but there are four key metrics that explain why this market is quite different than 12 years ago. 1. Home Prices 2. Mortgage Standards 3. Mortgage Debt 4. Housing Affordability HOME PRICES Yes, they are high, but if you account for inflation, after more than a decade, values should be much higher. Chief Economist for CoreLogic, Frank Nothaft, explains it like this, “Even though CoreLogic’s national home price index got to the same level it was at the prior peak in April of 2006, once you account for inflation over the ensuing 11.5 years, values are still about 18% below where they were.” MORTGAGE STANDARDS Some folks are concerned that lending standards are easing, which was a big contributor to the 2006 housing bubble. However, according to the Urban Institutes Housing Credit Availability Index (HCAI), the riskiest loan products have been eliminated and lending standards are much tighter on a borrower's credit situation. MORTGAGE DEBT In 2006, many homeowners continued to withdraw from home equity and spend it without concern for ramifications. That is not occurring in today's market. The Federal Reserve Board's household Debt Service Ratio for mortgages calculates mortgage debt as a percentage of disposable personal income. At the height of the 2006 bubble market, the ratio stood at 7.21%, today, the ratio is at 4.48%. This is the lowest in 38 years! HOUSING AFFORDABILITY Lastly, with home prices and mortgage rates on the rise, there is concern that homeownership may not be feasible for many buyers. From a National perspective though, the Housing Affordability Index shows that homes are more affordable now than an other time since 1985 (with the exception of after the 2008 crash). BUT WHAT ABOUT COLORADO AND BOULDER COUNTY? Here in Colorado and specifically Boulder County, it may not seem that we are aligned with National averages. However, according to Mark Fleming, Chief Economist at First American Financial Corporation, Boulder County homes are still more affordable than they have been in anytime over the last 40 years, and Longmont leads the pack! If you missed it, Kyle Snyder of First American Title, along with First American Financial Corp and the Longmont Association of Realtors released the Annual Longmont Affordabilty Review at the end of March. Read the full review here: http://bit.ly/2GbH8LO No matter the market, deciding to buy a home is one of the biggest decisions of a lifetime. Our team takes the time to educate our buyers on the local market and can help unravel the questions and concerns that come along with buying a home. Give us a call at 303-776-4004 or send us an email at firstname.lastname@example.org - we'd love to help YOU!
City of Longmont Waste Services is encouraging everyone to make a pledge to create a new recycling or composting habit this Spring. What is the 21-Day Challenge? The #LoCo21DayChallenge is hinged on the notion that it takes 21 days to instill a habit and asks participants to make a personal commitment to create a new habit to reduce waste and decrease our individual environmental impacts. Learn more about the challenge and sign up for the opportunity to win prizes and be part of the greater good! CLICK TO SIGN UP! Share your progress on our Facebook page!
Congratulations to our Buyers who JUST CLOSED on their new home in beautiful Southmoore Park!
Now it's time for summer bbqs, swimming at Kanemoto Park, riding bikes on the many bike paths and meeting new neighbors!
We wish you the best, can't wait for your housewarming party;), and appreciate you allowing us to help you along this journey.
Congratulations to our sellers, who JUST CLOSED on their Craftsman-style Old Town home! We are thrilled to have helped them onto the next adventure for their family...
It's always a gift in our business to have lifelong clients and friends. Cory can recall discussing strategies to maximize their return on this Old Town investment over 7 years ago... And wow, they did even better than expected!
If you loved 803 Collyer St, don't worry - we have others in the neighborhood!
600 Baker Street
4 bedrooms | 2 bathrooms | 2,406 square feet
Click HERE for a sneak peek at the photos, and mark your calendars for the Open House on May 6th & 7th, 11am - 2pm.
Cory feels blessed and honored to be a top producing, full-time real estate broker and business owner in beautiful Colorado. He gives everything he has to fulfilling his client's dreams of home ownership - and it's a privilege he doesn't take lightly. His family includes his wife and daughter, and they feel fortunate to call Longmont their home.
Cory can be reached by mobile at 303.641.8597 or email at email@example.com
Congratulations to our Clients!!! We’re so appreciative of the opportunity to help in their Sale and Purchase!
We just closed on their new home in Longmont Estates and new chapter of life. Cheers to mountain views, playing ball in the yard, gardening, room to play and so much more!!!
Congrats you guys! Thank you for allowing us to be a part of this exciting adventure.
AND, just to add to the excitement, we just went Under Contract ROCKET FAST on their previous residence!! With a steady stream of Buyers at the Open House last weekend, it was no wonder that their home went under contract within 24 hrs with an Offer they couldn’t refuse.
So much joy from this loving family. Thank you again!
Christa is a Licensed REALTOR for The Winning Team Real Estate Group at Old Town Real Estate in beautiful Longmont, Colorado. Christa is The Winning Team's Buyer's Specialist. Her business background gives her the experience and expertise a Buyer needs and wants in today's competitive market. Christa lives with her contractor husband, Guy, and their two pups Bubba and Whim in the foothills of North Boulder. Christa can be found spending her free time mountain biking, skiing, running and enjoying her home and property. It's all that Colorado has to offer that keeps Christa and Guy happy, healthy and enjoying life to it's fullest.
Christa can be contacted via email firstname.lastname@example.org or mobile 303.913.9698
Congratulations to our buyers who JUST CLOSED on a beautiful brick home near Old Town Longmont!
"Congratulations to my friend and client. We house hunted with a mission of finding a quaint, comfortable home, close to all that Longmont has to offer, but yet quiet and peaceful. From the first step on the porch, my Buyer felt at home. The home reminded her of her childhood home and everything felt right. She’s eager to be close to parks, views of the mountains, walking paths, coffee shops and with blocks and blocks of beautiful West Old Town to roam. Competition is heavy in Longmont and we were up against multiple offers for this home. We positioned ourselves strongly and my Buyer stuck with me late into the evening to secure the purchase. I couldn’t be happier for her."Christa is a Licensed REALTOR for The Winning Team Real Estate Group at Old Town Real Estate in beautiful Longmont, Colorado. Christa is The Winning Team's Buyer's Specialist. Her business background gives her the experience and expertise a Buyer needs and wants in today's competitive market. Christa lives with her contractor husband, Guy, and their two pups Bubba and Whim in the foothills of North Boulder. Christa can be found spending her free time mountain biking, skiing, running and enjoying her home and property. It's all that Colorado has to offer that keeps Christa and Guy happy, healthy, and enjoying life to it's fullest. Christa can be contacted via email at email@example.com or mobile at 303.913.9698