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4 Key Home Buying Trends to Watch in 2019
As we look ahead to coming trends in 2019 real estate, home buyers and sellers nationwide will face changes in the marketplace, according to the economic research team at realtor.com. From housing inventory to generational shifts, here are four top trends to look for in 2019.
1. Inventory will grow, especially for luxury homes
Inventory has been tight nationwide, hitting its lowest level in recorded history in the winter of 2017, says realtor.com. Supply finally began catching up with demand in 2018. That inventory growth will continue in 2019, but at rate of less than 7 percent. While sellers will have more competition, it will still be a good market.
“More inventory for sellers means it’s not going to be as easy as it has been in past years—it means they will have to think about the competition,” says Danielle Hale, realtor.com chief economist.
“It’s still going to be a very good market for sellers, but if they’ve had their expectations set by listening to stories of how quickly their neighbor’s home sold in 2017 or in 2018, they may have to adjust their expectations,” she adds.
In markets with strong economies and high-paying jobs, most of the expected inventory growth will come from listings of luxury homes.
2. Affording a home will be challenging
Interest rates and home prices are expected to continue to increase. Hale says homebuyers will continue to feel a “pinch” from affordability, as costs will still be a pain point. She predicts mortgage rates will reach around 5.5 percent by the end of 2019, which translates into the typical mortgage payment increasing by about 8 percent. Incomes are growing about 3 percent on average. These factors are hardest on first-time home buyers, who tend to borrow most heavily.
3. Millennials will dominate
Millennials are now the biggest generation of home buyers. Some are first-time home buyers, while others are moving up from starter homes. The millennial group accounts for 45 percent of mortgages compared with baby boomers and Gen Xers at 17 and 37 percent respectively, reports realtor.com. And many millennials still have student debt, which adds to the challenge of affording a home.
4. The new tax law’s effect is still unknown
For many tax filers, the effect of the new tax law won’t be known until their April tax filing results in a bigger tax bill or a bigger refund.
Renters are likely to have lower tax bills, but the new increased standard deduction reduces the appeal of the homeowner’s mortgage-interest deduction. The new tax law may dissuade people from taking out large mortgages which will affect higher cost homes. Add these factors to the challenge of affording a home and homeownership for some may be harder to achieve or less appealing.
The net effect of the coming 2019 trends is that even with these challenges, sellers are in a good position and homeowners will continue to enjoy positive financial gains from their home.
For more information, read the full report at https://www.realtor.com/news/trends/real-estate-trends-expect-2019/
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Thursday, January 10th, 2019 at 10:05am.
November Sales Head in Opposite Directions
A tale of two markets emerged in November, as Boulder County’s single-family home sales skidded to a stop, while townhomes and condos took a significant leap forward.
Single-family home sales in the Boulder-area markets dropped 14.4 percent in November compared to October —310 vs. 362 homes—while condominium and townhome sales rose 14.5 percent—126 units vs. 110.
Yet when data for 2018’s first 11 months is considered, the two markets tracked closely together, and both appear to be slowing, according to Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
“This is the first month single-family home sales fell below last year, and condos and townhomes are only slightly ahead,” Hotard explains.
Year-to-date through November, sales of single-family homes decreased 1.4 percent compared to the prior year with 4,205 homes sold vs. 4,266. Attached home sales over the same period improved 3.3 percent – 1,445 vs. 1,399 units sold.
Inventory decreased in both housing categories, though more significantly for single-family homes, which dropped 13.1 percent in November compared to October with 821 vs. 945 Boulder County homes for sale. Condo/townhome inventory fell 6.1 percent in November compared to the previous month with 263 units for sale vs. 280.
“My guess is the growth of the townhome/condo market is due to a larger inventory and more affordable pricing,” says Hotard. “Interest rates are making people jumpy, but the reality is that mortgage rates are still historically low. The more complete view is the inventory and pricing dynamics of the Boulder-area markets.”
He notes that single-family home sales could recover in December, but it’s not likely.
“We have the ongoing headwinds of low inventory and rising prices. When we look back, we’ll see 2018 as market slowdown for housing in our market areas,” Hotard predicts.
Despite the slow-down in housing, Colorado’s economy continues to show strength, wage growth is increasing, and gross domestic product is up, according to recent news reports.
“What the Boulder-area needs is more housing that is desirable and more affordable for people,” adds Hotard.
Gifts and Volunteer Elves Bring Magic to Boulder County Families
More than 650 Boulder County families with children who might have been overlooked can feel cheer this holiday season, thanks to the power of giving Share-A-Gift makes possible.
Now in its 47th holiday season, each year Share-A-Gift helps connect community donations with hundreds of families, representing approximately 1,500 girls and boys from birth to age 14 years. The donations are collected with the help of businesses, citizens, and volunteers who give toys, money, and time to bring holiday magic to every family who lives in the Boulder County School District. Gifts include new and gently used bikes, toys, books, and clothing.
RE/MAX of Boulder is one of the businesses, which has proudly supported Share-A-Gift for more than 20 years. The Realtors at RE/MAX of Boulder encourage staff, clients, and friends to drop-off donated presents to the lobby of their main office at 2425 Canyon Boulevard. Many of the presents are donated from RE/MAX of Boulder’s Patrick Dolan Team and his clients.
RE/MAX of Boulder volunteers help gather the generously donated toys and take them to the Share-A-Gift Toy Shoppe. They work alongside the army of Toy Shoppe volunteers to ensure each family finds appropriate gifts for their children.
RE/MAX of Boulder Realtors including Patrick Dolan and his team have been gathering gifts from clients, friends, and staff to donate to Share-A-Gift. This incredible nonprofit brings holiday magic to Boulder County families in need. RE/MAX of Boulder and Patrick Dolan have been supporters for 20+ years.
This year, RE/MAX of Boulder volunteers included Managing Broker and Share-A-Gift Board Member Todd Gullette, and Realtors Patrick Dolan, Lisa Wade, and Timmy Duggan.
“For those less fortunate, this can be the hardest time of year,” Managing Broker Todd Gullette says.
With years of Share-A-Gift volunteering in his background, he knows the meaningful value the program brings to the community.
“Share-a-Gift does an amazing job of empowering parents and relieving some of the stress the holidays can bring. We would love to thank the hundreds of you who come out each year to help us create such a loving and caring event,” adds Gullette.
The hundreds of “Santa Helpers” who come together to create and share in the joy of giving include community members from all walks of life, the city of Boulder police department, schools, clubs, and organizations.
Volunteers work where help is needed, sometimes applying their special skills to make a difference. RE/MAX of Boulder Realtor Timmy Duggan – a former pro-bike racer and Olympic cyclist – found good use for his bike knowledge in the Share-A-Gift bike repair shop, getting bikes tuned up and ready to ride.
The volunteer elf work performed by community members adds up to thousands of hours, which any community would be proud of. Most importantly, sharing of time and resources gives families and children in need a chance to feel the magic of the season.
For more information visit shareagift.org.
Volunteers like REMAX of Boulder Realtor Timmy Duggan tunes up bikes of all sizes ready to ride at Share-A-Gift’s bike repair shop.
Leeds MBA Program Jumps 13 Points in Bloomberg Businessweek Rankings
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University of Colorado Boulder Leeds School of Business ranked No. 67 for its full-time MBA program, according to Bloomberg Businessweek’s 2018 rankings. The ranking is 13 points ahead of last year’s 80th placement.
When ranked only among public universities, Leeds rose to No. 29.
In the entrepreneurship category, the school ranked No. 10 overall, reflecting its Boulder and Front Range location’s access to a vibrant entrepreneurial business community with many venture capital and startup opportunities. Along with the Deming Center for Entrepreneurship, students have a strong network of connections and resources that enables them to excel.
Leeds attributes the significant rise in Bloomberg’s ranking to recent program enhancements, increased engagement and partnerships with the business community, and new faculty hires. Over the last two years, the school added faculty from noted universities including Berkeley, Northwestern, Wharton, London Business School, and Harvard.
Recently, Leeds partnered with more than 70 key business leaders and influencers, locally and globally, to understand essential skills and attributes students will need in the 21st century workplace.
“We are very proud of this momentum,” said Dean Sharon Matusik, “But we consider it just the beginning.” Matusik credits the teaching and research ability of a world-class faculty for Leeds success. “The classroom learning combined with access to our business community—which is known around the world for being entrepreneurial, innovative and with an orientation toward creating both economic and social value—provides a distinctive educational experience that prepares our graduates to positively transform the future of business.”
This year Bloomberg modernized the ranking methodology for business schools to assess MBA program value from the perspective of graduating students, recent alumni, and recruiting companies. Assessments are organized into four categories based on importance to respondents: Compensation, Learning, Networking and Entrepreneurship.
Bloomberg senior editor, Caleb Solomon, says this lets stakeholders decide critical factors for success. Bloomberg used the results and compensation data as building blocks for calculating overall ranking.
For more about University of Colorado Boulder’s Leeds School of Business, visit https://www.colorado.edu/business/
To see Bloomberg rankings visit http://www.bloomberg.com/features/2015-best-business-schools/
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, December 4th, 2018 at 2:26pm.
Despite Monthly Swings, Boulder County Home Sales Hold a Strong Course
If there is one constant in Boulder Valley, it’s a strong real estate market. October’s sales statistics show 2018 is on track to finish strong. This is despite that month-to-month, those statistics sometimes show significant fluctuation.
Take September and October 2018. When compared to October, September’s data is like Colorado weather: If you don’t like the statistics one month, wait a month, they are likely to change.
September’s single-family sales dropped 20 percent, then recovered to gain 8.7 percent in October with 362 homes sold vs. September’s 333. Despite the short-term fluctuation, year-to-date sales are holding steady through October, reaching just one unit short of the same volume as last year – 3,880 vs. 3,881.
“It’s hard to characterize our market here in Boulder County. Given all of the factors, it can be difficult to decipher trends as opposed to an event,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
“While the swings add volatility to the market, the market exhibits good health with strong demand, and prices and sales holding steady,” he says, adding that a strong economy and job growth continue to be drivers.
Condo/townhomes in Boulder County saw a month-over-month sales decrease of 5.2 percent, with 110 units sold in October compared to 116 in September. Year-to-date attached dwelling sales rose 4 percent through October – 1,317 vs. 1,266.
October’s inventory for attached dwellings also increased 7.3 percent over September with 280 units available in October compared to 261 the prior month. Single-family home inventory declined 10 percent, with 945 homes available for sale in October compared to 1,050 in September 2018.
Hotard projects November and December sales will be “anybody’s guess depending on the weather. But all things being equal, I don’t expect much change through the end of the year.”
The next big change he expects will be in early 2019. “I think we’ll see a big increase in inventory and sales in February and March. I think people will look at taking the gains we have seen in this market, providing inventory and set the market up for pretty strong increases in the big home selling months.”
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, November 27th, 2018 at 9:40am.
Colorado Dominates Outside Magazine’s 2018 Best Places to Work
Nearly half of the companies listed on Outside Magazine’s 2018 50 Best Places to Work call Colorado home – 23 to be exact. And 65 percent of the Colorado businesses are in the Boulder-Denver metro area – 15 in total – leading with No. 3 ranked Whipplewood CPAs in Littleton.
Outside Magazine’s editorial staff says health-oriented perks matter and adds, “It’s a commitment to fun and supportive work environments that really make these companies stand apart.”
Here’s a sampling of the perks offered by the 15 Boulder-Denver metro area companies listed:
3. Whipplewood CPAs (Littleton)
Whipplewood supports employees through the long hours of tax season with professional massages and year round stress-relief like a meditation and power naps and hikes on a private trail system.
6. BSW Wealth Partners (Boulder)
Perks at this financial advisory firm include Colorado skiing, craft beer in the fridge, and a paid three-month sabbatical at ten years of employment. The firm moved up from No. 39 on last year’s list.
8. GroundFloor Media (Denver)
The plan at this midsize advertising, public relations and marketing firm is simple: give employees a sum to put toward gym memberships, fitness classes, and outdoor recreation. Last year GroundFloor was No. 2.
9. Choozle (Denver)
The digital advertising software company offers flexible Fridays, yearly summer camping trip, and team trips to Breckenridge. Four-year employees get two months paid-time-off.
11. Avid4 Adventure (Boulder)
While creating summer camps for kids, employees receive monthly outings to local trails, free gear rentals and bike tune-ups, gym memberships, and a stipend to complete a dream adventure. The company jumped from No. 25 last year.
15. Asia Transpacific Journeys (Boulder)
Employees of this travel and tour agency enjoy flexible and remote scheduling, plus discounts on airfare, hotels, guides, car rentals, and trains.
16. TDA Boulder (Boulder)
Ad agency employees can earn $1,000 for the charity of their choice. But it’s no walk in the park. To qualify, staffers climb a Colorado 14er. TDA held the No. 36 ranking on last year’s list.
17. SmartEtailing (Boulder)
As providers of websites, marketing, and integrations for independent bike shops, perks include contributions of $100 to $200 toward the purchase of a bike frame every three years.
27. Pairin (Denver)
Pairin’s software products are for professional development and hiring. They walk the talk of professional development with employees coached to grow professionally and personally.
28. Sterling-Rice Group (Boulder)
Sterling Rice provides its advertising and public relations pros with extra PTO for competing in the 200-mile Ragnar Relay. Throw in an all-company powder day, company bikes, and on-site massage, and acupuncture, and you can see why Sterling-Rice rose from No. 35 last year.
30. Bonusly (Boulder)
As creators of recognition and rewards software for enriching company culture, Bonusly supports fitness for employees as well as kombucha on tap and flexibility that empowers employees to organize outings.
34. Turner (Denver)
Employees of this public relations, social media, and digital communications firm engage in “sweatworking platforms,” such as skiing, cycling, and sailing with clients and journalists.
36. CampMinder (Boulder)
Employees build web-based platforms and solutions for summer camp operators. Perks reflect the core value to “give joy,” including events to unwind and have fun.
44. GoSpotCheck (Denver)
GoSpotCheck creates management software for improving workforce operations. Benefits include unlimited PTO, catered Friday breakfasts, dog-friendly office and an annual retreat in the Rockies.
47. Mondo Robot (Boulder)
This creative digital agency jumped from No. 83 last year. Perks include three weeks PTO, a $300 wellness benefit, annual brew tour, loaner bikes, pet-friendly office, and an annual snow day at Arapahoe Basin Ski Area.
Other Colorado companies on Outside’s top 50 outside across the state:
4. Adaptive Sports Center (Crested Butte)
20. Backbone Media (Carbondale)
32. JRF Ortho (Centennial)
35. Powder7 (Golden)
37. Koru (Carbondale)
41. Bluetent (Carbondale)
42. Ascent360 (Golden)
50. SummitCove Vacation Lodging (Keystone)
See more company details at https://www.outsideonline.com/2357581/50-best-places-work-2018
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, November 21st, 2018 at 11:18am.
Real Estate Conference Set to Explore Boulder Valley Challenges and Trends
The eleventh annual Boulder Valley Real Estate Conference offers a packed day Thursday, November 15, exploring trends, commercial impacts, and inventory shortages in Boulder County commercial and residential real estate.
Organized by BizWest with presenting sponsor RE/MAX of Boulder, the event delivers an intensive schedule of national keynote speakers and panels made up of local real estate experts and development officials.
More than 500 real estate professionals and anyone interested in the local real estate market are expected to attend. Attendees get insights into residential and commercial real estate activity and coming opportunities in Boulder and Broomfield counties.
The conference kicks off with local real estate expert Todd Gullette, RE/MAX of Boulder Managing Broker, discussing the latest sales and price statistics and implications for residential real estate across Boulder Valley. The commercial forecast follows, with Angela Topel, Gibbons-White Senior Broker, exploring major commercial developments, sales and vacancy statistics.
Future technology – now turned present – takes center stage when Jay Kalinski, Broker/Owner of RE/MAX of Boulder, moderates a panel of real estate banking and technology experts, exploring “The Impact of Blockchain” on residential real estate. Blockchain technologies enable a shared, nationwide database of houses on the market. The panel will look at how Blockchain platforms affect Boulder County’s housing market and how Realtors should respond.
“Big Tech Settles In” focuses on the local impact of the tech economy and examines the surging Boulder tech scene, including expansions by Google, Twitter, Microsoft and Uber.
Conference keynote address presents the outlook of Wells Fargo’s EVP of Housing Policy and Homeownership Growth Strategies, Brad Blackwell, and MetroStudy’s Senior Director West Region, John Covert.
Next up, “Breaking Ground” – back by popular demand – reveals commercial and residential developments in the Boulder Valley and beyond. A panel of city-employed development directors from Lafayette, Longmont, Louisville, Superior, Boulder, Erie and Broomfield provide a complete rundown of the region’s top projects.
“Wrestling with Supply” tackles the top challenge for Boulder-area residential real estate markets. Lack of housing inventory, issues with infill development, height limits, accessory-dwelling units and zoning conspire to cause a critical housing shortage. Moderated by Duane Duggan, RE/MAX of Boulder Realtor, the panel will discuss policy changes developers believe would address the problem.
“Icons of Real Estate” is back by popular demand. Featuring long-time successful real estate experts Tom Kalinski, Owner/Founder, RE/MAX of Boulder; Stephanie Iannone, Managing Broker, Housing Helpers; and Seth Chernoff, CEO, Chernoff Boulder Properties, audience members will ask questions to learn proven best practices and advice for success in commercial real estate.
The conference will be held from 9:00 am to 4:00 pm on Thursday, Nov. 15 at the Embassy Suites hotel, 2601 Canyon Blvd. in Boulder. Registration opens at 8:15 am. For details and to pre-register visit http://fallrealestateconference.com. Breakfast and lunch are included. The conference is open to anyone with an interest in Boulder Valley real estate. Conference attendees can earn six Van Education credits.
Conference details in this quick video: https://bit.ly/2PAsWQV
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, November 13th, 2018 at 3:40pm.
Exterior Renovations Deliver Best ROI
A beautiful new kitchen is often the renovation homeowners dream of. But if getting a high return on investment (ROI) is at the top of your checklist, you may want to consider doing exterior work instead.
Seven out of the ten highest payback projects are exterior renovations, according to Remodeling Magazine Cost vs. Value Report 2018. Except for a minor kitchen remodel, work done on the exterior of the house generated higher returns than did interior renovations.
Here are the five renovations that give the highest return, according to Remodeling Magazine.
Garage door replacement
A new garage door can give your home instant curb appeal. Expect to spend about $3,500 to install a new 16×7-foot windowed garage door with lifetime warranty and new heavy-duty galvanized steel tracks. Average ROI is 98.3 percent nationwide and 96.7 percent in the mountain region.
Remodeling Magazine’s mountain region includes Colorado, New Mexico, Idaho, Nevada, Utah, Arizona, Wyoming and Montana.
Manufactured stone veneer
Stone is a popular siding, particularly in Colorado. Adding stone to your home’s exterior gives it character and gives high payback when you sell. At a cost of $8,221, ROI in the mountain region is 93.8 percent and 97.1 percent nationwide.
Wood deck addition
Speaking of trends, inviting outdoor living areas are hot, so wood deck additions add desirability to your home. Estimated cost is $10,950. Average payback in the mountains is higher than across the nation—84 percent compared to 82.
Minor kitchen remodel
At last, we can talk about redoing the kitchen. Expect to spend $21,198 to replace some of the components in your kitchen such as fronts of existing cabinet boxes and drawers, new hardware, new energy-efficient cooktop/oven range combination and refrigerator, laminate counter tops, and flooring. Average mountain region payback is just under 84 percent, and 81 percent nationwide.
Siding replacement
A $15,072 investment to replace old warped or cracked siding with new can help sell your home. You will get around 65 percent of that back here in Colorado and almost 77 percent nationwide.
Here are the top ten renovations with the highest payback.
For the full report, visit http://www.remodeling.hw.net/cost-vs-value/2018/key-trends-in-the-2018-cost-vs-value-report
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, November 7th, 2018 at 2:02pm.
Video Podcast: Boulder Valley Real Estate Conference 2018
The highly anticipated Boulder Valley Real Estate Conference will be here soon! It will be held on Thursday, November 15, featuring an outstanding line-up of speakers and panelists who will discuss the latest issues and trends in local real estate from our tech economy, Bitcoin, and development projects along the Front Range to housing policy, housing stock, and insights into commercial real estate. RE/MAX of Boulder is proud to be the presenting sponsor. Our Broker/Owner Jay Kalinski and Realtor Duane Duggan speak with conference organizer Chris Wood from BizWest to give you the details. Click below to see the video.
Originally posted here by RE/MAX of Boulder on Friday, November 2nd, 2018 at 1:22pm.
You can also find the original video here on the RE/MAX of Boulder YouTube Channel.
Colorado Economy Resurges, Adds Thousands More Jobs
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Colorado’s economy continues to expand in 2018, even after signaling a slowdown at the beginning of the year. Job growth was revised upward to 2.4 percent growth for the year, according to the mid-year economic report from the Leeds Business Research Division at the University of Colorado Boulder.
The rebound follows a slowing of employment growth last September to less than 1.9 percent – the lowest level in almost six years. In June 2018, job growth increased 2.8 percent year-over-year.
The increase means about 15,000 more jobs than expected will be added through 2018, bringing the total to 62,000 new jobs by the end of the year.
The state’s gross domestic product also rose 4.5 percent year-over-year for first quarter 2018. The increase shows Colorado’s economy is continuing to grow after slowing to just 1.4 percent in 2016— the lowest level since 2010. Economic output rose to 3.6 percent in 2017.
Meanwhile, Colorado still has one of the lowest unemployment rates in the nation, logged in June 2018 at 2.7 percent. While fewer people have been moving to Colorado – dropping from 67,781 in 2016 to 46,626 in 2017 – more Coloradans are going into the labor force. The increase in workers has enabled continued employment growth, despite the decrease of people moving to the state.
Sectors leading the way in job growth are natural resources and mining, and construction.
Natural resources and mining have shown strong employment growth, according to Business Research Division Executive Director Richard Wobbekind. “Energy prices are obviously factoring into it,” Wobbekind notes.
The construction industry is “finally back to the same level of employment that they were at pre-recession. They are really mostly constrained by lack of available workforce,” he says.
While a shortage of skilled labor continues to challenge the construction industry, Bureau of Labor Statistics data shows construction employment across the state was 171,200 in June 2018, a 5.2 percent year-over-year increase. This surpasses the last peak of 170,100 in July 2007. Average annual pay for construction workers was $59,446 in 2017, slightly above the average Colorado pay of $56,916.
Agriculture’s outlook is not as robust, however. Drought, wildfires, and low prices are slowing growth. For example, corn prices have declined more than 30 percent from five years ago.
“It’s a tough road to hoe in some of the rural areas,” Wobbekind said.
Read the full Mid-Year Economic Update at https://www.colorado.edu/business/2018/08/17/state-economy-adding-thousands-more-jobs-expected-report-predicts
Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, October 31st, 2018 at 11:01am.
