How Boulder County Attached Dwellings Behaved Compared to Single Family Homes in the Pandemic

How Boulder County Attached Dwellings Behaved Compared to Single Family Homes in the Pandemic

I had buyers get under contract for a $1,995,000 property on March 22, 2020 via a FaceTime showing.

I thought they were nuts.

Not because the clients were buying a house completely sight unseen, except on a screen.  I thought they were nuts because the world had just stopped spinning, surely the market would crash or at least slow.

It turns out, their timing was impeccable. They bought in right before the Covid induced real estate buying frenzy.

But was their timing only perfect because they bought what everyone would soon realize they wanted, a single family home with space for working from home and homeschooling? Or did attached dwellings do just as well as single family homes during this rush to buy?

I decided to take a look:

Boulder County Single Family Home Facts:

  • In 2020, in comparison to 2019, there was a decrease in single family homes that hit the market – a  ~7.5 percent decrease.
  • There was ~ 11 percent increase in closed sales in 2020 versus 2019
  • Days on market decreased about 6 percent in 2020 compared to 2019 and the percent of list price increased by .4 percent
  • This resulted in a 6.1 percent increase in median sales price in 2020 compare to the year prior

What it All Means:

More people wanted single family homes in 2020 as in 2019 and less people were wanting to sell their single family homes who already had them in 2020 versus 2019 and this has caused people to pay slightly more over list price than they did for a single family home in 2019 home and caused prices to increase.

Boulder County Attached Dwelling Facts:

  • Unlike single family homes there was an increase in attached dwellings that hit the market in 2020 versus 2019, an ~14 percent increase.
  • There was also an increase in closed attached dwelling sales in 2020 versus 2019 – 9.7 percent.
  • There was a .2 percent decrease in percent of list price and ~ 6.1 percent increase in median sales price in 2020 compared to 2019.

What it All Means:

Unlike single family homes, significantly more people wanted to sell their attached dwellings in 2020 than in 2019. But, more people also wanted to buy attached dwellings in 2020 than in 2019, albeit less than the increase of people who wanted to buy single family homes. As a result, people were able to buy attached dwellings slightly below the list price.

In Conclusion:

The pandemic, working from home, low interest rates and wildfires in the West has caused people to move around like chess pieces – and though the market was/is tighter for single family homes versus attached dwelling units- the discrepancy in median price increase from 2019 to the pandemic year of 2020 wasn’t remarkable between single family homes and attached dwelling units.

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you’re looking for a real estate guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com

 

 

Top Five Suburbs of Boulder Colorado

Top Five Suburbs of Boulder Colorado

Boulder proper is not the only game in town.

There are other towns/areas that have their own unique identities and that are definitely worth considering before making your decision on where to live in Boulder County. Here are the five best areas surrounding Boulder:

1. Louisville

Louisville used to be an afterthought to Boulder, now it is a show stopper. Historic Downtown Louisville is made up of five square blocks of creme-of-the-crop restaurants, small art galleries and coffee/wine/beer establishments – all housed in modernized 100-year-old buildings. This charming old coal mining town is brimming with town pride and many town events.

The housing inventory is a mix of old homes that have been expanded and modernized and small bungalows close to downtown. As you get further from Louisville’s epicenter the housing inventory becomes mostly subdivision homes built in the 70s, 80s and 90s.

2. Lafayette

Lafayette has been on the mind of more and more buyers lately as home prices are rising in Boulder and Louisville.

Lafayette is a small town with a big personality 20 to 30 minutes away from Downtown Boulder.  Mom and Pop shops and locally owned restaurants fill the old buildings in Old Town Lafayette, a downtown steeped in coal mining history.

Some of the old properties around the heart of town could use some love while other homes have been polished to make the old charm shine through. New builds/developments have been and are continuing to sprout up along the outskirts of Lafayette including the coveted Indian Peaks community.

3. Longmont

Longmont is more than a “suburb” of Boulder with a population of about 90,000, over 300 businesses and organizations and 29 square miles of sprawl.  There are many diverse neighborhoods within the vast city limits of Longmont. Depending on where in Longmont you live determines what town/city center you frequent, as parts of Longmont are actually closer to downtown Boulder than they are to Longmont’s historic downtown.

Longmont has the least expensive housing market of Boulder’s surrounding areas made up of historic, old and new developments.

4. Niwot

Niwot looks and feels like a quaint, charming, close-knit, artsy, small town straight out of a feel-good movie – with parades and all.

An old railroad town, located halfway between Boulder and Longmont, Niwot regrettably sometimes gets overlooked by outsiders but the locals are loyal to Niwot.

Niwot’s two block downtown – Second Street –  has a handful of locally owned restaurants, art galleries and a local market where you can get all the groceries you need.

Homes rarely hit the market in Niwot – as of the date of this article only 73 homes have been come up for sale since December 2019. There are suburban developments built in the 80s and 90s and then some very large homes built more recently on the outskirts of “town” (technically Niwot is not a town – though it feels very town-like).

5. Lyons

Snuggled into the Foothills with the St. Vrain River weaving through it, Lyons, which sits ~25 minutes from Boulder in one directions and ~ 30 minutes to Rocky Mountain National Park in the other, is more than just drive-thru town. It is a small town with grit and funk and tons of outdoor recreation.

Lyons has amazing mountain biking options, many hiking trails and places to kayak, tube, canoe and/or just dip your feet in the river.

And though the historic town sometimes can appear sleepy – the options are endless for some after activity cocktails and grub – Oskar Blues, Spirit Hound Distillers, Julie’s Thai Kitchen, etc.

There are many varying housing options in Lyons – from rustic log cabins, to mountain estates, to new development living.

Check out our Good Good Map for more details about these neighborhoods and other neighborhoods. You may also want to read our Moving To Boulder article if you’re new to the area and considering Boulder as your new home and our article below, Top 15 Boulder Colorado Neighborhoods.

Top 15 Boulder Colorado Neighborhoods

 

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you’re looking for a real estate guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com

Appraisals in a Real Estate Contract

Appraisals in a Real Estate Contract

An appraisal is a lenders way of making sure you and your agent are not idiots.

Your lender doesn’t know you, your agent or the market, so a person who is certified, the appraiser, goes out to the home and reports back to the lender that the home is worth the amount you are borrowing from the lender.

If the appraiser confirms that the property is worth the amount of money or more money than what you are borrowing from the lender – you do not have to worry or do a thing.

If the appraiser deems the home not worth what the lender is lending on the home, you have a few options:

  • Terminate the contract
  • Negotiate with the sellers to come down in price
  • Bring the difference in cash to closing – in other words, increase your downpayment amount to make up the difference between what the appraiser says the house is worth and what you are paying/borrowing for the house.

If you are in a bidding war situation, it strengthens your offer to do one of the two following things in your offer with the appraisal deadlines:

  • Waive appraisal, if you have enough cash. This means that you will have an appraisal done (because it is usually required by the lender) but that you agree to not ask for the sellers to come down in price if it doesn’t appraise at value, that you will not terminate the inspection because of the appraisal and therefore that you will bring whatever the difference is in cash to closing.
  • Put verbiage in the contract stating the you will bring X amount of money to closing to make up the difference in purchase price and appraisal value if necessary.

To learn the ins and outs of other parts of the home purchase process check out our other blogs: Backup Offers, Inspection Deadlines, What is Earnest Money, Making an Offer.

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you are moving to Boulder or thinking about moving to Boulder and need some help with logistics or need a guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com

Real Estate Driving Tour of Boulder Neighborhoods

Real Estate Driving Tour of Boulder Neighborhoods

Giving tours of Boulder is one of my favorite things to do. But if you want to ditch me, I understand.

Here is a link to an overview tour of Boulder real estate that I have created. The tour takes you to homes that are representative of different areas in the Boulder/Louisville area. By driving from one home to the next you will get a sense of the different areas and you will also be able to see what you can get for your money in different locations around Boulder/Boulder County.

Don’t forget to refer back to Good Good’s Map for more detailed descriptions of each neighborhood as you are going from area to area.

If you know your price range, the general location you want to be in, only want to look at condos, etc., I am happy to create a specific tour for you – just give me a call or shoot me an email.

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you are moving to Boulder or thinking about moving to Boulder and need some help with logistics or need a guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com

 

 

 

Boulder Colorado Real Estate’s Seasonal Trends

Boulder Colorado Real Estate’s Seasonal Trends

A lot of logistics go into a move – especially a move to a new town or state. The question I get the most from out-of-town buyers trying to figure out their move to Boulder is, what time of year do the most listings hit the market?

So, here is a short summary of Boulder real estate’s seasonal trends:

“Spring is nature’s way of saying let’s party.” – Robin Williams

The most action in the Boulder market happens in spring – listings hit the market like rapid fire and buyers gobble them up. The spring craze has been starting at the end of January and picking up real momentum by the end of March. The market is full bore in April and May and begins to slow around Memorial Day. 

“Deep summer is when laziness finds respectability.” – Sam Keen

The market goes on summer vacation right around July 4th. Few listings hit the market and those that do usually sit on the market longer because buyers are off backpacking or sun-bathing or at the water park with the kids.

“Autumn is a second spring when every leaf is a flower.” – Albert Camus

The market picks up again the first weekend of September and remains pretty active until Thanksgiving – though the market is still slower in fall than in spring. 

“Winter is a season of recovery and preparation” – Paul Theroux

The market goes into hibernation November through mid-to-end of January. But if a buyer is looking for a deal it is worthwhile to step out of the den to take a look at the winter inventory.

Check out our Moving To Boulder and Best Neighborhoods in Boulder Colorado articles if you’re new to the area and/or considering Boulder as your new home.

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you are moving to Boulder or thinking about moving to Boulder and need some help with logistics or need a guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com


Backup Offers Should Make Sellers Jump for Joy

Backup Offers Should Make Sellers Jump for Joy

If you are going to put in a backup offer, it should be an offer that makes the seller swoon. 

A backup offer is an offer a buyer submits even though a property is already under contract with another buyer. If the buyer with the contract in first position terminates the contract then the backup offer would go into effect.

In Colorado, once a seller is under contract he/she can’t legally get out of it. The only way out of the contract for the seller is to try to get the buyer to terminate by not being cooperative – not negotiating with the buyer on inspection, extending dates and deadline for the buyer, etc. Therefore, a backup offer should try to incentivize the seller to not be amiable with the buyer – entice the seller to try to force the breakup, if you will.  

So, how do you become a contract-wrecker with a backup offer? Submit an offer with a higher price and/or better terms than you believe the contract in first position has.

If your backup offer doesn’t impress the seller not only do your chances of getting the property not greatly increase, your chances might actually go down. A seller could use a not-so-good backup offer as a negotiating tool with the buyer they are under contract with. Once a buyer in first position knows that a backup offer is in place they tend to ask for less from the seller – making it harder for the seller to force a termination. 

So should you submit a backup offer? My answer is yes, but only if you are willing to sweep the seller of his/her feet. 

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you’re looking for a real estate guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com

1919 14th St.
Suite 700
Boulder, CO 80302

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