Affordable housing is a problem

Affordable housing is a problem - Condos

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.
Affordable housing is a problem - Home Construction
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.
Affordable housing is a problem - Homeowners

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.
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Multigenerational Homes offer Cost Savings

Multigenerational Homes
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

First-Time Home Buyers Save Costs with Multigenerational Homes
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

Multigenerational Homes 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 Family
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.

The Keys to Selling Your Home this Spring

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.
Key to selling your home this spring are "...sellers who priced and market their home competitively shouldn’t have a problem finding a buyer.”

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.

Worried about a Housing Market Crash?

Front Patio - Worried about a Housing Market Crash?
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?

Is it a Seller's Market right now? Living Room
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

Construction Site - Pros and Cons of New Construction Homes vs Resale Homes
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).
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Is the Housing Market Going to Crash?

Neighborhood Street - Is the housing market going to crash?
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.
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.

Inflation, the key to the Real Estate Market in 2023

Living Room in house
Do you know what’s going to happen in the real estate market in 2023? Spoiler alert! It’s all about inflation.

Two key factors will shape the 2023 housing market:

  • Inflation
  • Mortgage Rates

The big factor in the real estate market in 2023 is inflation.

Here’s the thing, mortgage rates rose dramatically in 2022 (but Home Equity grew despite a cooled Housing Market). That was due to the Federal Reserve’s actions to try and bring inflation down. There are some signs that inflation maybe starting to cool, but where the market goes from here really depends on the Federal Reserve’s ability to keep inflation under control. If inflation continues to fall like we have seen lately, then mortgage rates will likely fall as well.
If there is anything that we all want in the real estate industry, then it is stability and predictability. If inflation eases, then we may see that with mortgage rates, too. In the mean time, plan for some volatility.

Remember, 2023 is going to be all about that word “inflation.”

We will keep following the latest information on the real estate market at Barrington Group Real Estate, so if you have questions on what we can expect this year, then let’s connect.
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.

Selling Your House in a Slower Real Estate Market

Kitchen - Selling your home in a slow real estate market
If you are hesitant to sell your house because you heard the real market has slowed over the past year, then here is what you need to know. You haven’t missed your window to sell your house, but you may need to think about things a little bit differently.

Here is what sellers need to consider in today’s slower real estate market:

(Sources: realtor.com and Bankrate)
  • Be willing to negotiate
  • Price your home at market value
  • Think about your first impression on buyers

Be willing to negotiate when selling your house.

At the peak of the pandemic, sellers held all of the leverage, but today’s buyers have more options. Sellers may see more buyers requesting an inspection, repairs, or help with closing costs. Hire a realtor (see Can I sell my house without a Realtor?) to help you navigate those conversations so that you still feel like making a move is a win for you.

Price your home at market value.

Today’s higher mortgage rates (see What Happens to Mortgage Interest Rates during a Recession) means buyers are more cautious with their budgets. If you want to attract potential buyers, then set the ideal price for your home.

Think about your first impression on buyers.

In other words, make your home attractive. A seasoned professional in the real estate industry can give you insight into updates and staging to help you stand out against the rest of the real estate market.
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.

Home Equity Grew Despite a Cooled Housing Market

Home Equity Grew in 2022
Did you know that even over the past year as the housing market cooled, home owners have gained an average of over $30,000 in home equity?

Here is how new equity in your home can make a big difference in your life. You can use your equity to (source: CoreLogic):

  • Buy a home that fits your needs
  • Reinvest in your current house
  • Pursue your personal goals
Are you short on space? Use your equity to power a move into a larger home. Do you have too much space? Use your new home equity to buy a smaller home that fits your lifestyle better.
If you aren’t ready to move just yet, you can also use it to reinvest in your current house to increase your home’s overall value. Partner with a trusted advisor (see Can I Sell My House Without A Realtor?) to help you decide which home improvement projects to prioritize so that you can get the greatest return on your investment if you do decide to sell down the line.
You can use an increase in home equity to pursue your personal goals like retiring, starting a business, or funding an education.
If you’re curious about how much home equity you have, then let’s connect. I can help you plan your next move.
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.