Your Real Estate Connection (Issue 25) - Presented by John Simmons & Jesse Laner

You r Real E state Connec ti o n

A PRODUCT OF C3 REAL ESTATE SOLUTIONS, LLC

ISSUE 25

LOC A L R EA L E STAT E

INSIDE THIS ISSUE

Statistics

REGIONAL SNAPSHOT Nov ‘19- Mar ‘20 DETACHED RESIDENCE REGIONAL SNAPSHOT

TERMINOLOGY TIP: TITLE INSURANCE

FORT COLLINS MEDIAN SALES PRICE LOVELAND/BERTHOUD MEDIAN SALES PRICE GREELEY MEDIAN SALES PRICE

$500,000 $340,000 $450,000 $320,000 $400,000 $350,000 $300,000 $300,000 $280,000 $250,000

FUN FACT/QUOTE

PANDEMIC CAUSES RETHINK OF HOME PRICE

$200,000 $260,000 $150,000 $100,000 $240,000 $50,000 $220,000 $0 $200,000

NOV '19

DEC '19

JAN '20

FEB '20

MAR '20

JAN

FEB

MAR

APR

MAY

PREDICTIONS

TERMINOLOGYTIP

FEATURED LISTINGS

TITLE INSURANCE - Title insurance is often required as part of the closing costs. It covers research into public records to ensure that the title is free and clear, and ready for sale. If you purchase a home and find out later that there are liens on the home, you’ll be glad you had title insurance.

R E S I DE NTIAL | COMMERCI AL | PRO PERTY M ANAG EM E N T

FUNFACT / QUOTE

The world’s largest treehouse has over 80 rooms, 10 floors and took the builder over 14 years to build.

Pandemic Causes Rethink of Home Price Predictions Housing forecasters are scrambling to adjust their price expectations.

recession in March.

“Unemployment claims have reached record highs and this economic environment will further impact the housing market into the foreseeable future.”

Home prices nationwide were still up 4.5% Back in January, CoreLogic was predicting in March, reflecting purchases contracted a more than 5% gain for nationwide home before the pandemic hit. prices this year.

Now CoreLogic researchers are predicting that home prices across the country will be up by only 0.5% a year from now thanks to the impact of the COVID-19 pandemic.

Dallas-area home prices were 2.68% higher than in March 2019, CoreLogic estimates.

Looking at other Texas markets, the biggest annual price gains were in Austin (5.21%) and Houston (4.34%).

Home purchases dropped by 26% yearover-year in the last two months of March, CoreLogic predicts that Houston home said Dr. Frank Nothaft, chief economist at prices will fall by 1.9% during the next year with the combined impact of the oil CoreLogic. price slide and the pandemic.

“Rapid decline of purchase activity starting in the middle of March can be seen in other CoreLogic data and is consistent with our home price index forecast of slowing price growth in April,” Nothaft said in the report. “The first quarter GDP results showed that the country entered a

“Although the economic fallout from lockdown orders, put in place to fight the spread of COVID-19, will be profound, the basic supports for a rebound in home purchase activity remain in place,” said Frank Martell, president and CEO of

OUR NO RT HE RN CO L OR A D O F E AT U R E D

5891 Highland Hills Cir - FTC $825,000 MLS#911103 6 Bed, 5 Bath, 4865 SF

4919 N Highway 1 - FTC $500,000 MLS#904536 4 Bed, 2 Bath, 2278 SF

239 Skinner Gulch Rd - LVLD $619,000 MLS#911665 4 Bed, 2 Bath, 2334 SF

472 Ute Ct - RED FEATHER $479,900 MLS#911243 3 Bed, 2 Bath, 2148 SF

1566 Spring Creek Dr - LFYT $1,349,000 MLS#903605 5 Bed, 5 Bath, 5246 SF

32747 Saltbrush Dr - LVLD 6358 Pumpkin Ridge Dr #1 - WNDSR 4317 Lyric Falls Dr - LVLD $505,000 MLS#912852 $450,000 MLS#904653 $519,000 MLS#911487 3 Bed, 4 Bath, 3510 SF 3 Bed, 3 Bath, 2871 SF 4 Bed, 4 Bath, 3612SF

CoreLogic. “Once the shelter-in-place policies are lifted, we expect millennials, who submitted home-purchase applications well into the crisis, to lead the way back to a positive, purchasedriven housing cycle.”

Zillow is predicting that nationwide home prices will fall by 2% to 3% through the rest of this year and rebound by the end of 2021.

Listings

39523 Sunset Ridge Ct - SVRNC

$1,100,000 MLS#906465 5 Bed, 4 Bath, 5504 SF

3996 Sand Beach Lake Ct - LVLD

$427,000 MLS#912115 3 Bed, 3 Bath, 1909 SF

chief economist. “However, housing fundamentals are strong — much more so than they were leading into the Great Recession — and that bodes well for housing in general.

“Despite the difficulties, we’re seeing several signs that there is still a good amount of demand for housing, and buyers, sellers and agents are growing more comfortable moving transactions forward where possible,” Gudell said.

Home sales across the country are “For those who need to sell, buyers expected to fall by as much as 60% this spring before beginning to recover, Zillow are out there, and there are ways to embrace technology and practice researchers anticipate. social distancing to ensure a safe process.”

“Much uncertainty still exists, particularly with some states beginning to reopen Source: athomecolorado.com and experts warning of a possible second wave of the coronavirus in the tonpost.com/business/2020/01/06/experts-predictwhat-housing-market-will-bring/ fall,” said Dr. Svenja Gudell, Zillow’s

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John Simmons

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