Real Estate Blog Archives - The Barrington Group Real Estate Company

Wellspring Community, an Important Resource for the Community and Housing

May 16, 2023 by Anne Barrington

Wellspring Community - Castle Rock Collective

As the owner of a real estate company, Barrington Group Real Estate, I would like to introduce you to Wellspring Community. My hope is to help you understand not only about buying and selling in the real estate industry, but also about other important resources for housing.

I had the pleasure of meeting with Peter Barber, the Development Director of Wellspring Community in Castle Rock, Colorado. Wellspring Community is a nonprofit dedicated to providing three key things for adults with intellectual and developmental disabilities (IDD).

Three key things that Wellspring Community provides adults with IDD:

Educational Day Programming
Meaningful Work Opportunities
Housing Solutions

The first key service is a day program where they provide a variety of different classes for adults with IDD to enjoy. The second key program is to provide work opportunities for the Stars (the participants in the programs) so that they have a sense of engaging in meaningful work. The third key service is to provide a housing solution for adults with IDD.

In an effort to provide the third key aspect of Wellspring’s work, they are transitioning an old LaQuinta hotel into apartment complex for adults with IDD. Once the remodel is finished, the housing community will be called Unity Park and will offer 42 units ranging from studio apartments to one bedroom apartments that will provide housing for adults with IDD in the community.

Why is housing for adults with intellectual and developmental disabilities so important?

Unity Park, the development for housing apartments for adults with IDD, is such an important piece of the community. The options for housing for adults with IDD in Douglas County are very limited. There are 20,000 adults with IDD who are living with a caregiver and they don’t know what the plan will be for housing once those caregivers are unable to care for those adults. This is a very real need that Douglas County saw the demand for and partnered with Wellspring Community in creating this facility that’s providing housing in such an important way.

To support what Wellspring Community does, donations can be made through their website. Beyond monetary donations, they love for the greater community to come and meet the Stars. The program participants call themselves Stars because they are the stars of the Wellspring story. Tours are offered once a month and people are welcome to come and see the hotel if they want. Visitors can see the program, see some of the Stars engaged in the various different classes offered, or come and visit the coffee shop. Wellspring & CO. Coffee is located in downtown Castle Rock, Colorado at the Castle Rock Collective, which employs adults with IDD as baristas.

I can’t tell you how excited I was to take a tour with Peter at the Wellspring Community. I encourage you to contact Wellspring and take a tour of this amazing place.

Whether you’re buying or selling real estate, or just looking for housing resources, you’ll find it here at Parker is My Town. And don’t forget to like this video and subscribe to the Barrington Group Real Estate YouTube channel.

Affordable housing is a problem

April 25, 2023 by Anne Barrington

Affordable housing is a problem.

As the owner of the Barrington Group Real Estate company in Parker, Colorado, I know first-hand. There is no proof that more affordable housing options will be created with the proposed Colorado Senate Bill 23-213.

Unintended Consequences of Colorado Construction Defect Action Reform Act

The state capitol is shouting “build more housing now!” This one-size fits all approach to our affordable housing issues, offers no solutions. And, in fact, it will create more problems just like the Colorado Construction Defect Action Reform Act (CDARA) did. The Colorado General Assembly enacted the law in 2001 and amended it in 2003. It was intended to protect homeowners from shoddy construction work. The unintended consequences it created toward affordable housing in Colorado has been devastating. Builders had to stop building affordable housing, like condos, because of the frivolous lawsuits and skyrocketing insurance costs.

It simply made it cost prohibitive.

Because builders were, and still are, reluctant to build affordable housing, this is what led to the shortage of affordable homes in Colorado. In turn, it has led to higher home prices and rents, making it very difficult for low-income families and individuals to find affordable housing.

The Colorado Construction Defect Law failed miserably at striking a balance between consumer protection and affordable housing. It ultimately hurt the very people it was meant to help.

Colorado Senate Bill 23-213

Colorado Senate Bill 23-213 puts a singular state agency in charge, and that is a scary government. In order to address our affordable housing problems, it is going to take all cities, towns, counties, and the state working together.

If you want to learn more about this bill and how you can oppose it, then give me a call.

And don’t forget, please like this video and subscribe to our YouTube Channel.

Multigenerational Homes offer Cost Savings

April 18, 2023 by Anne Barrington

Have you ever thought about living under one roof with more of your extended family in a multigenerational home? That means three or more generations living together, so with kids, parents, and grandparents all under one roof.

If you haven’t considered a multigenerational home, then here is why you may want to think about it.

Multigenerational Homes Provide Cost Savings

A recent study from the National Association of Realtors (NAR) found that 28% of first-time homebuyers who live in a multigenerational home chose this option for cost savings.

When you pool your incomes together, you can afford a larger home, and at the same time, it can bring your loved-ones closer. Multigenerational living is a great way to care for both the younger and older generations and spend some more quality time together as well.

There are endless reasons to choose a multigenerational home and it may just be the creative solution you need to reach your home ownership goals.

Multigenerational Households offer Many Benefits

According to Generations United, the following benefits are cited.

Proximity provides enhanced bonds or relationships among family members
Makes it easier to provide care for family members
Offers an improved financial situation for at least one family member
Can provide a positive impact on the physical and mental health of family members
Can make it possible for family members to train for a job or continue education

Making Multigenerational Living Work

While there are some obvious drawbacks to a multigenerational home like less privacy, more tendency for family conflicts, and potential caregiving burnout, some tips can help alleviate these challenges.

Maintain open communication on feelings and expectations
Define separate and shared living spaces
Have respect for one another’s space, time, and rules
Plan activities for intergenerational bonding
Setup recharging time for caregivers

Multigenerational living is on the rise, so if you are in the market for a new home, then connect with the Barrington Group Real Estate company. We can help you decide if it may be an option for you. Let’s connect and explore what’s available in the real estate market in Parker, Colorado and the Denver Metro Area.

And don’t forget, please like this video and subscribe to our YouTube Channel.

How Much Have Home Prices Changed?

April 12, 2023April 11, 2023 by Anne Barrington

Do today’s headlines have you a little concerned about the change in home prices? How much have home prices changed?

The Keys to Selling Your Home this Spring

April 4, 2023 by Anne Barrington

Backyard Patio - Exterior Upkeep Ket to Selling Your Home this Spring

If you’re planning to sell your house soon, then you are going to want to know what is in store for this spring housing market and the keys to selling your home.

While things have calmed down a lot compared to the buyer frenzy we saw during the pandemic and 2022, homes that are updated and priced at market value are still definitely selling.

Keys to Selling Your Home this Spring

Price your home at market value
Make sure your home is in ideal condition
Provide buyers good access
Make the first impression count

According to Jeff Tucker, a Senior Economist at Zillow, “…sellers who priced and market their home competitively shouldn’t have a problem finding a buyer.” You just need to be sure that your house in priced to sell and in ideal condition, because today’s buyers are definitely more selective.

Price your home at market value

One of the most important aspects in selling your house in today’s housing market is to price it competitively. Understanding the home prices in your area and comparing your house to others on the market is key.

Make sure your home is in ideal condition

With increased buyer selectivity, it is important to make your home is as inviting as possible. This can include staging, fresh paint, steam cleaned carpets, and decluttering the garage.

Provide buyers good access

If a buyer cannot access your home to view it, then how can they decide whether or not to make an offer? Limiting access could have your house sit on the market for a longer period of time and even sell for a lower price.

Make the first impression count

The first look a buyer gets when walking up to your home is critical in setting the stage for their interest in the house. Sweat equity in cleaning up the exterior is as important as the condition of the interior of the house. Curb appeal makes a huge impact.

This is where working with top real estate agents is important because we know what makes a good realtor. We know what it takes to sell a house in Parker, Colorado and the Denver Metro Area right now. The best realtors provide the expert advice you need each step of the way to selling your home. See Selling your Home in a Slower Real Estate Market.

After understanding the keys to selling your home this spring, do you want to talk more about moving? Then connect with the Barrington Group Real Estate company today.

And don’t forget, please like this video and subscribe to our YouTube Channel.

Why is it Still a Seller’s Market?

March 29, 2023March 28, 2023 by Anne Barrington

Why is it a seller’s market right now?

There are not enough homes available to meet today’s buyer demand in the real estate market. That means it is an ideal time for those who are ready to sell because there are likely buyers out there right now who would love to buy your house today.

To put the real estate market in perspective, check out this graph which shows the number of active listing on the market for the last seven Februarys.

Active Monthly Listing Counts Over the Last Seven Februarys

2017 – 1.15 Million Active Listings
2018 – 1.04 Million Active Listings
2019 – 1.10 Million Active Listings
2020 – 927 Thousand Active Listings
2021 – 463 Thousand Active Listings
2022 – 344 Thousand Active Listings
2023 – 578 Thousand Active Listings

As you can see, even though there are more available homes in February 2023 than in February 2021 and 2022, there are still far fewer listings than we saw in a normal pre-pandemic year.

That is creating a sweet spot for sellers right now. Housing inventory is low, which means that you have the advantage of a seller’s market. However, the housing inventory is also increasing, which means that you will have more options when you are home shopping and move.

As the pace at which buyer demand outpaces the housing supply continues to shrink, the need for buyers to enter into bidding wars and waive contingencies for things like appraisals and inspections also decreases.

Moving Toward a Balanced Market

According to BankRate, the guideline for a balanced real estate market, or one that neither favors sellers or buyers, is defined by a five to six month supply of homes. While we are still in a seller’s market, the balance between the housing inventory and buyer demand is progressing.

If you are thinking about selling, then this can be your chance. Connect with us at the Barrington Group Real Estate so that you can make the most out of this market.

And don’t forget, please like this video and subscribe to our YouTube Channel.

Sources: Realtor.com | BankRate

Worried about a Housing Market Crash?

March 21, 2023March 20, 2023 by Anne Barrington

Are you worried that the hosing market is headed for a crash? You aren’t alone! Two in three Americans think that there is going to be a housing market crash in the next few years.

However, here is the reality… a crash like we saw back in 2008 is far from likely.

Today’s housing market isn’t like it was 15 years ago.

Mortgage standards are stricter now than they were in 2008
There are fewer foreclosures in today’s real estate industry
There are fewer homes for sale in today’s housing market

Mortgage standards are higher today than during the 2008 housing market crash.

Back in the 2008, it was so much easier to get a home loan. If you could fog a mirror, then you qualified for a mortgage. Mortgage standards are way tighter now with laws and regulations in place to prevent predatory lending, which means that buyers are more qualified.

The real estate industry has fewer foreclosures today than the housing market crash of 2008.

With the higher mortgage standards and more qualified buyers, homeowners are less likely to default on their loans. According to Rick Sharga of ATTOM in an article on U.S. News, “ninety-three percent of borrowers who are in foreclosure today actually have positive equity in their homes” that provides more options for better landing places.

Back in 2008, there were far more homes for sale in the housing market compared to the number of buyers.

Excessive building prior to 2008 is one reason why home prices dropped, with supply outstripping demand. Now there are too few homes on the market, mainly due to a number of years of under-building, and that is the key reason that home prices are still strong.

When we look at the facts, it is clear that today’s real estate industry is very different from the housing market crash of 2008. There is no need to fear a crash.

Connect with us at the Barrington Group Real Estate and lets talk. While we take the real estate process and business seriously, we also like to have fun working as some of the best realtors in Denver.

And remember, please like this video and subscribe to our YouTube Channel.

Sources: MBA | ATTOM | NAR

Is it a Seller’s Market right now?

March 14, 2023 by Anne Barrington

If you are looking at selling your house while shopping for a new home, you have a couple key advantages right now in the seller’s market today.

Advantage for Buyers in Current Seller’s Market

There are more homes for sale in the housing market right now than there were previously at this time last year. This means that home buyers have more options to choose from. Additionally, this also means that buyers are more likely to find what they are looking for when home shopping versus last year, where 80% of buyers said that they had to settle according to LendingTree.

Advantage for Sellers in Current Seller’s Market

While the housing inventory is increasing, it is still 43.2% lower than 2017-2019 according to Realtor.com, so if you price your house right, then it’s going to be in high demand. There aren’t enough homes on the market today for the number of buyers who want to purchase them, which means your house could sell very quickly and sellers need to be prepared for that.

With more homes to choose from but still an overall shortage of real estate listings, you may be in a true sweet spot this season.

Seller’s Market Sweet Spot

With less competition, the market sees higher prices and quicker sales
Sellers have more negotiating power, where you’ll need to make less concessions
Frequently older homes means premium location and larger lots which leads to more demand and generally higher sale prices

If you’re ready to make a move, then we at the Barrington Group Real Estate can give you expert guidance (we know what makes a good Realtor). Let’s connect so that you don’t miss out on what today’s housing market has to offer.

And don’t forget, please like this video and subscribe to our YouTube Channel.

Pros and Cons of New Construction Homes vs Resale Homes

March 7, 2023 by Anne Barrington

Are you planning to make a move this year? With so few homes available to buy right now, it is important that you really consider all of your options. Let’s take a look at the Pros and the Cons of building a new home versus buying one that already exists.

Pros to New Construction Homes

Customizable Features
Warranties
Energy Efficiency

Cons to New Construction Homes

Higher costs can come in the form higher price per square foot, material cost, and features potentially not included like fences, basements, and sod.
Limited negotiating power as the builder is frequently the seller and wants to maximize profit.
Decision fatigue can happen when deciding between all of the customizable features.

Building a new home lets you choose the features that you like the most, it’s customizable, and everything is brand new. Plus, new homes usually come with warranties and greater energy efficiency, both of which can help you save money in the long run. New construction homes tend to have lower maintenance with no immediate projects to manage, which can provide peace of mind.

Pros to Resale Homes

Variety of Styles and Floorplans
Established Neighborhood
Move in Faster

Homes that have been lived-in, or resale homes, offer a wider range of styles and floorplans. They allow you to join an established neighborhood, plus you can usually move-in faster without waiting for a new home to be built. New construction homes can work on a longer timeline, so if you have a short buying window, then resale homes might be the best fit.

There is a lot to consider when thinking about new-build homes versus buying an existing house. This is why it is so important to work with an expert advisor and top real estate agents to help you weigh all of the options in todays real estate market.

Things to Remember when looking at New Construction Homes

A couple important things to remember before you wander into a model home all by yourself. Look around you, everything you see is likely not included or it is an upgrade. You will not save money by not using a real estate agent, but the builder will make more money. The nice salesperson onsite works for the builder, and not for you, so make sure you have representation.

If you’re thinking about your next move, then let’s get together and talk about what is available for real estate in Parker, Colorado and the surrounding area (Homes for sale in the Denver Metro Area).

Please like and subscribe to follow more real estate news and tip from the Barrington Group Real Estate.

Is the Housing Market Going to Crash?

February 28, 2023 by Anne Barrington

Let’s clear up a misunderstanding in today’s real estate market about an imminent housing crash. Despite what you may have heard, today’s housing market isn’t like what it was back in 2008. The housing market isn’t going to crash.

From the National Association of Realtors, we know that the supply of homes in different in today’s housing market than it was in 2008. Back in 2008, there were too many homes for sale compared to the number of buyers in the market. There was also a wave of short sales, foreclosures, and overbuilding that put the market into a bubble.

According to the latest data, the unsold inventory sits at just 3.3 months supply at the current sales pace. This is significantly lower compared to month’s supply during the housing market crash of 2008.

Is the housing market going to crash like it did in 2008?

There isn’t enough inventory for the housing market to crash in today’s market. Despite what the media may be telling you, this is the reason why the data shows that the current market isn’t like it was during the crash.

What other key indicators show that today’s market differs from 2008?

We have a strong labor market today, while the last housing downturn saw, in just a single year, 8 million job losses.
We are seeing much less risky home loans offered while subprime loans were common during the 2008 housing market bust.
The rate at which mortgage borrowers were delinquent on their loans was at 10% in 2008 versus 3.6% today.
We are seeing an historically low foreclosure rate at 0.6% whereas 2008 saw a 4.6% foreclosure rate.

If you have questions about what is happening is today’s housing market, then the Barrington Group Real Estate is here to help. Let’s connect and you can get the answers that you need today.

What is the key to the real estate market in 2023? Inflation?

Don’t forget to like and subscribe to the Barrington Group Real Estate YouTube Channel where you can watch my next episode of Parker is My Town.

Give me a call at 720.244.1308 or email me at Anne@BarringtonGroupRE.com.

Three key things that Wellspring Community provides adults with IDD:

Why is housing for adults with intellectual and developmental disabilities so important?

Affordable housing is a problem.

Unintended Consequences of Colorado Construction Defect Action Reform Act

Colorado Senate Bill 23-213

Multigenerational Homes Provide Cost Savings

Multigenerational Households offer Many Benefits

Making Multigenerational Living Work

Keys to Selling Your Home this Spring

Price your home at market value

Make sure your home is in ideal condition

Provide buyers good access

Make the first impression count

Why is it a seller’s market right now?

Active Monthly Listing Counts Over the Last Seven Februarys

Moving Toward a Balanced Market

Mortgage standards are higher today than during the 2008 housing market crash.

The real estate industry has fewer foreclosures today than the housing market crash of 2008.

Back in 2008, there were far more homes for sale in the housing market compared to the number of buyers.

Advantage for Buyers in Current Seller’s Market

Advantage for Sellers in Current Seller’s Market

Seller’s Market Sweet Spot

Pros to New Construction Homes

Cons to New Construction Homes

Pros to Resale Homes

Things to Remember when looking at New Construction Homes

Is the housing market going to crash like it did in 2008?

What other key indicators show that today’s market differs from 2008?

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