Kurtis Cleckner

02/18/2021

OPEN HOUSE! This Saturday 2/20 & Sunday 2/21 from 11am - 3pm. Come check it out!

Modern, urban living at High Street Lofts! This open and bright, two-story, renovated, loft-style home has a fenced-in patio on the first floor and two second-floor decks with views of the flatirons and foothills. Thoughtful details through-out: wood floors, 11-foot ceilings, solid fir doors, expose...

02/11/2021

OPEN HOUSE!

Saturday, 2/13 from 11am - 3pm
Sunday, 2/14 from 11am - 3pm

Come check it out!

Modern, urban living at High Street Lofts! This open and bright, two-story, renovated, loft-style home has a fenced-in patio on the first floor and two second-floor decks with views of the flatirons and foothills. Thoughtful details through-out: wood floors, 11-foot ceilings, solid fir doors, expose...

02/02/2021

What Low Housing Inventory means to you...

The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:

“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.” (See graph below):

What Does This Mean for You?

If You’re a Buyer:

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes:

“To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.”

If You’re a Seller:

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.

01/11/2021

Home Equity is the path to building wealth....

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are already baked into the rent payment – along with a profit margin. You don’t save money by renting.

As proof of this, First American broke down the net worth of homeowners and renters by income categories. Here are their findings below:

Only one income category ($127-192K) has a higher net worth for renters over homeowners if you take out the equity in their home. Every other category shows that being a homeowner leads to greater accumulated wealth.

If you include the equity in their home it isn't even close!

01/07/2021

OPEN HOUSE!

Saturday, 1/19 12pm - 3pm
Sunday, 1/10 12pm - 3pm

See you there!

Take in the spectacular views from this wonderful south/west-facing mountain home bordering National Forest. The home has been lovingly cared for by the original owners for over 48 years! An attached oversized 1 car garage enters into the above ground lower-level family room. Up one flight is the br...

01/07/2021

4 expert opinions on 2021...

The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

“In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.”

Danielle Hale, Chief Economist, realtor.com

“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)

“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

Mark Fleming, Chief Economist, First American

“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

12/23/2020

Think Houses are too Expensive? See what difference a year has made....

Over the past year, mortgage rates have fallen more than a full percentage point, hitting a new historic low 15 times. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them.

1. Move-up or Downsize: One option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit, especially if your lifestyle has changed this year.

2. Become a First-Time Homebuyer: There are many financial and non-financial benefits to owning a home, and the most important thing is to first decide when the time is right for you. You have to determine that on your own, but know that now is a great time to buy if you’re considering it. Just take a look at the cost of renting vs. buying.

3. Refinance: If you already own a home, you may decide you’re going to refinance. It’s one way to lock in a lower monthly payment and save more over time. However, it also means paying upfront closing costs, too. If you want to take this route, you have to answer the question: Should I refinance my home?
Why 2020 Was a Great Year for Homeownership

Last year, the average mortgage rate was 3.93% (substantially higher than it is today). If you waited for a better time to make a move, market conditions have improved significantly. Today’s low mortgage rates are a huge perk for buyers, so it’s a great time to get more for your money and consider a new home.

The chart below shows how much you would save per month based on today’s rates compared to what you would have paid if you purchased a home exactly one year ago, depending on how much you finance:

Bottom Line

If you’ve been waiting since last year to make your move into homeownership or to find a house that better meets your needs, today’s low mortgage rates may be just what you need to get the process going. Reach out to a local real estate professional to discuss how you may benefit from the current rates.

12/18/2020

OPEN HOUSE!

Saturday, 12/19 from 12pm - 3pm
Sunday, 12/20 from 12pm - 3pm

Come check it out!

Don't miss this BETTER THAN NEW centrally located condo with all the conveniences you will ever need. A back door leads you directly from your covered parking spot into the modern open floor plan. A quartz island brings high functionality to this sleek kitchen. The "one way windows" (you can see out...

12/17/2020

Reasons to be Optimistic about Real Estate in 2021....
This year will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons.

1. The Economy Is Expected to Continue Improving

Tim Duy from the University of Oregon puts it this way:

“There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.”

2. Interest Rates Are Projected to Stay Low

In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year. These low rates will continue to make homes more affordable, driving demand for housing in 2021.

3. Future Home Sales Are Forecasted to Grow

While the economy improves and interest rates remain low, homes are also expected to continue appreciating as more people buy in the coming year. Danielle Hale, Chief Economist at realtor.com, says:

“We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”

Bottom Line

Experts forecast that buyers and sellers are going to be active in 2021. If you’ve thought about buying or selling your home this year but have held off, now may be the time to take advantage of this market. Reach out to a local real estate expert to take the first step toward your new home today.

12/17/2020

I get this question a lot. Real estate is a great way to create wealth. I am happy to help you make a plan for your real estate goals! Give me a call!

The best timeline to buy a home is different for everyone. Here are some factors to help you decide if you’re ready to own your own home.

1. Rent will continue to rise. Owning a home allows you to lock in your monthly payment for the life of the loan, creating predictability with your payments.
2. Freedom to customize. When you own a home, you can decorate and personalize your home to make it your own.
3. Privacy. Owning a home allows you to have more privacy than a rental, where your landlord may need to occasionally enter, and you’re usually closer to your neighbors.
4. Flexibility to Relocate. Renting makes it easier to move quickly in the case of a job transfer, or if you decide it’s just time for a change.
5. Building Equity. When you pay rent, your landlord earns the equity, but when you own, the benefits of your investment go directly toward your net worth.
6. Tax Advantages. Similar to equity – when you own, you can deduct things like property taxes and mortgage interest. But when you rent, your landlord receives these benefits.
Deciding to rent or buy can be a difficult decision, and it’s different for everyone. If you’re on the fence, shoot me a message! We can talk about all your options so that you make the choice that’s best for you.

12/15/2020

Why Selling your House Now makes Sense...

If you’re one of the many homeowners thinking about taking your house off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers.

The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace.

In Colorado, inventory is sitting at 1.4 months, down 46.2% from this time last year.

Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below):

When the supply of houses for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.

As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.

Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.

Bottom Line

Home prices are appreciating in today’s sellers’ market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.