FortCollinsHomeForSale Archives - Page 6 of 7 - Ed Powers Real Estate - Fort Collins, CO

May 8, 2020May 27, 2020

Should I Sell Now

The pandemic has put the world on pause. Should you put your Fort Collins or Loveland real estate plans on pause, too?

This article reaches a sizable online audience, so there’s not just one answer to this question. In direct conversation with you—one-on-one—this question could be answered with specific reference to your location, property, finances, and desired outcomes, but there would still not only be one answer to this question.

Real estate, by its nature and its tremendous location-driven diversity, makes that question open-ended, with many possible answers:

• Each option has many perspectives.
• Each property is unique.
• The reasons homeowners love, or are ready to leave, their real estate are unique, too.

The greatest challenge can be uncovering and understanding the full range of options open to homeowners, not just during these bizarre times, but in any market—before making the decision to sell or not.

The seemingly-simple “sell or not” question can only be answered after tackling a series of other questions. Even without the pandemic, making the decision to sell your home is complex and usually involves significant emotional elements:

• If you had planned to list your property this spring, before you abandon that project, take a fresh look at that decision to sell. Identify your crucial criteria and how they may have changed during the pandemic.
• If you are now asking yourself whether you should sell because of the pandemic, the first step is deciding which are the crucial criteria involved in making a good decision to sell now or not to.

Don’t just let conflicting thoughts rattle around in your head. Jot down ideas to get your brain going. Identify issues and goals. Mind mapping may be helpful here. Keep track of what you discover.

What’s driving you?

1. The Heart: Why do you want to move from this home right now?

Is the motivation based on location, family changes, finances, work, or other issues important to you and your family? Prioritize these criteria. For instance, do record-low interest rates provide an exciting opportunity to buy your “dream home?” Has your work shifted permanently online, so where you live is no longer a work-related issue? Has your family situation changed, so that this home is no longer an ideal fit? How is the pandemic affecting your thinking? Will your decision be valid after the pandemic is resolved?

2. The Head: Why do you consider this the right time to cash in your main financial asset?

Pre-pandemic real estate values made many homeowners feel “house rich.” The pandemic has created stock market volatility and unexpected financial pressures that have devastated savings, investments, business assets, job security, financial prospects, and lives. Will real estate values in your area remain at, or return to, pre-pandemic levels? This financial pressure or its related uncertainty may be a driving force in your decision to sell. Does that make it the right decision?

No one knows the future, but a lot of people talk like they do. Be skeptical.

Real estate professionals are excellent resources and are experts at decision making. Real estate markets are local. Locate knowledgeable local professionals who understand the type of real estate you are interested in. Ask them what all your options are since their broad experience has taught them a degree of creativity that will amaze you.

Stick to the original sell decision?

Once you’ve re-examined your original decision to sell this spring, talk to at least one or two local experienced professionals to add a broader real estate perspective. Ask a lot of questions to understand exactly what has changed or improved in your local real estate market:

• Are current buyers intent on significant price declines which may conflict with your selling goals?
• How much could selling in this market net you?
• Are lenders receptive to mortgage lending in your area? Will deals close?
• In uncertain times, planning to close the deal months down the road can be risky. Would it be possible for you to close relatively quickly? How important is that for you?

Real estate professionals can help you separate fact from fiction.

Cash-in in the current market?

If you hadn’t planned to sell this spring, but now feel you should, what’s behind this dramatic change? With so much rumor, unsubstantiated opinion, and fraud out there, take care you don’t fall prey to flawed thinking or fraudulent scams that can take your property from you. Real estate decisions are not easily reversed.

Local real estate professionals can bring you up-to-date with what’s really going on in your area. They can share analysis of local sales and listings to provide solid information on what you could expect from the sale of your home and how quickly. They can explain the “nuts and bolts” of safely showing and selling in this altered “social-distance” market. They’ll also reveal risks that should be considered, including:

• What benefits to selling now do you want to cash-in on? Perhaps, you are concerned real estate values will drop and you’ll lose out on pre-pandemic values. Or, do you see advantages in what you could buy as your next home because of price depression in other markets?
• If you haven’t had time to renovate or modernize the most dated areas of your home, would low listing inventories cause buyers to overlook these failings just so they can now buy a home in their price range?

Real estate professionals can help you separate fact from fiction.

What’s the next step?

Before you get too involved in selling, take time to evaluate what your choices will be once your home is sold and you must move:

• Are you intent on taking cash out of the sale to invest or save? Is this the right time to take advantage of these financial strategies? Be cautious of a financial advisor who encourages the sale or mortgaging of your home to “make a killing” from stock market volatility. Be skeptical. If you lose everything, that advisor would still have made commission on the trades. What will you be left with?
• If you intend to rent once you sell, investigate your preferred rental market to be sure you can find what you want at the price you can afford. The pandemic has had devastating impact on many communities with no end in sight.
• Investigate the market you intend to buy into. What if inventories are so low that your choices are limited? This scarcity may inflate prices. On the other hand, low interest rates should enhance your purchasing power. Less competition from other buyers may give you a chance at property that might otherwise have been out of reach.

Should you sell now? Your decision should be based on research and thoughtful consideration, not fear. Relax into the decision. You’ll only be 100% sure in hindsight. Choose the answer that you can live with and thrive on.

Message me if your thinking about selling your Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 ed@EdPowersRealEstate.com www.EdPowersRealEstate.com

May 5, 2020May 27, 2020

Outdoor Projects for a Beautiful and Fun Homecation Space

As the weather warms up, more families are starting to look forward to getting outside of the home to have some fun or just relax in the sun. And while a vacation may seem like the ultimate goal, most people find that by creating a better outdoor living area, they can have even more fun “homecationing” in their own yards.

There are numerous projects that you can do to add some fun and recreation to your Fort Collins or Loveland home’s yard. The following 5 projects can help you maximize your space, improve your property, and increase your enjoyment of your space with the good weather.

Patio: Affordable and Versatile

When you think about your outdoor living area, your patio should be home base. Patios are one of the most versatile things to add to your yard in terms of enjoyment and use, as well as style and appearance.

Your patio can be covered or open, have a fire pit or fireplace for gathering around in the evenings, host a grill and table, or be the base for a pool deck. You can even add bigger projects to the patio itself, like a hot tub, pergola, or outdoor kitchen. Basically, adding a patio adds a blank slate to your yard that can give you endless ways to customize it to your needs. Start with leveling and adding some pavers, then add furniture, lights, and a gathering place such as a fire pit or picnic table to start using the area right away.

Project cost: Most homeowners spend around $4,000 for a living room-sized patio of 12 x 18 feet made of stamped pavers.

Pool: Perfect for Kids and Hot Climates

If you’re planning on staying home all summer, a swimming pool may be a good investment. Pools can be tricky, as a large, inground pool needs a lot of space while an above ground pool doesn’t add a lot to your home’s value.

However, any pool can add a great way to cool off on a hot summer’s day, and can give you a way to relax and have some fun. Pools come in a wide variety of shapes and sizes. You can add an inflatable pool that’s big enough to cool off in just for the summer or you can go further and add a small inground pool like a plunge pool or an endless pool that will give you the chance to cool off without taking up your whole yard.

Project cost: The cost of building a pool varies greatly depending on the type of pool you choose. Above-ground inflatable pools start at $200, while you would pay around $20,000 for a plunge pool and $29,000 for an endless pool.

Court: for Sports Lovers

If you’re a sports-minded family and you want to use your yard to play regularly, consider adding a sports court to your yard. Many basketball court materials can be used to create a more generic sports court – you can install hoops for a true basketball court, or put up a volleyball net or other game materials to get more use out of the space.

Sports courts don’t require landscaping or a lot of maintenance, which can be attractive for homeowners that want to use their space, but don’t want to spend a lot of time watering, fertilizing, and caring for it in the long term.

Project cost: Installing a full-sized basketball court costs around $30,000. For a more affordable option, you can have a half-court over concrete for $15,000.

Deck: for Enjoyment and Increased Home Value

Decks are a great addition to any home. Decks give you a place to relax, gather, entertain, cook, eat, and more. Decks are also incredibly versatile – they can be a low wooden platform on a one-story home or an elevated backyard oasis on a larger property. Wood decks also have a fairly good ROI, so you’re not only increasing your enjoyment in your property, you’re also increasing its value at the same time.

Think about what things you would do on the deck before building to get the most out of the project. A deck built for entertaining might include a gas fire pit, built in benches, and a bar, while a deck made for the family might include a table, shade, and some built in swings underneath.

Project cost: Homeowners usually spend $17,200 to $19,000 for a 16′ x 20′ composite deck.

Front Porch: for Trendy Curb Appeal

One of the biggest trends of the last few years has been the farmhouse. The modern farmhouse has commanded great prices at time of resale and has everyone clamoring for one. One of the things that every farmhouse needs and that helps make the style is the extra wide front porch. The front porch not only helps create the look of a farmhouse, it’s also practical and highly sought after for its use. The porch enhances your entry to the home, gives you a place to relax and unwind on beautiful spring mornings and long summer evenings, and is often big enough to fit the whole family along with furniture and a porch swing. Adding a front porch will add utility and enjoyment to any home, farmhouse or not.

Project cost: Homeowners spend around $21,440 to build a porch.

Enhance Your Home and Your Enjoyment this Season

These outdoor projects will not only increase your property’s appearance and value, they’ll also increase your enjoyment in being at home. Whatever your family’s idea of a good time is, it’s possible to add things to your home that can help you achieve your goals. Consider tackling one of these 5 projects and get more from your homecation.

Message me if your thinking about selling your Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 ed@EdPowersRealEstate.com www.EdPowersRealEstate.com

May 4, 2020May 27, 2020

Can Home Flippers Still Make Money on Their Investment?

Once upon a time, less than two or three decades ago, buying a run-down Fort Collins or Loveland home, revamping the building, and reselling the property was a very lucrative business for tens of thousands of individuals across the United States. As more of the less-desirable homes have been purchased and flipped in the past 20 to 30 years, the market has become more restricted, and investors are often forced to buy homes that require significant work, rather than the easy face-lift properties. Here are a few ways home flippers can still make money on their investments.

Buy on a Budget

Any builder can give you an estimate of what it will cost to make the necessary renovations to a property. But they are only estimating what they can see. Within the budget, you must include the marketing costs, repair expenses, standing costs while you repair it, insurance prices, and selling commissions. On top of that, don’t forget to add a buffer for the unseen and unforeseeable, such as discovering mold or bringing wires and pipes up to standard building code.

Buying Without Borrowing

For those investors that can purchase a property without the extra pressure that a mortgage payment can bring, success is much easier. Although your hard-money lender may present you with a short-term loan, it can be a costly partnership – often more than 10 percent. Investors can also find themselves in a bind when a property tear-out discovers costly needed repairs, and an acquisition and repair loan is required. The extra $30,000 to $100,000 in repairs can easily put the investor into the red.

Buying the Right Property

When you purchase a home that is run down, and you expect to put $3,000 into the renovations with just two weeks turn-around time, it probably won’t happen that way. The problem is you never know what the foundation is hiding, what is behind the walls, and if there is hidden water damage.

Buying at the Right Price

One of the long-time experts in the field of real estate, Steven Taylor landlord was asked, “What are the most important factors that need to be assessed when becoming a real estate investor?” After a thoughtful pause, he replied, “There are several, but I would say access to deals is critical and access to capital of course, but understanding your market and recognizing opportunities are factors that create successful real estate investors.”

Buying in a Good Neighborhood

It’s no secret that homes in some neighborhoods are highly prized and can sell for thousands of dollars over asking price. Sometimes there may even be a bidding war in a selected neighborhood that brings in $25,000 to $50,000 over market price. If you are lucky enough to locate a home in one of those prized neighborhoods, your chances of having a successful flip are high. Knowing the area is safe, schools are excellent, and values are rising can mean the home is a great deal and will be an easy flip.

Buying When You Have a Great Contractor

It may sound trite, but your contractor can make or break your project. Finding a professional that has a crew of his or her own, takes responsibility for crew reliability, and brings in a project when saying it will be done, is priceless. You will not find many of them in your lifetime, so if you know one, treat them like gold – because they are valuable.

Getting the money you put into the home back out of it quickly is always the main goal of a flipper. Doing so with an eye on quality can give you a reputation that excels. So, do a quality job, get it done quickly, and sell it for a reasonable price. That is the secret to flipping homes and making money – in a nutshell.

Message me if your thinking about selling or buying a Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 ed@EdPowersRealEstate.com www.EdPowersRealEstate.com

May 1, 2020May 27, 2020

Ed Powers Real Estate May 2020 Newsletter

Get the latest news in the May 2020 Ed Powers Newsletter Real Estate Update

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Newsletter Content Index:

Home Improvement Projects to Tackle During the Quarantine

You’re working from home, which means you don’t have a commute, which means you have extra time on your hands.
You’re working from home, which means you’re bored, and you’re looking for stuff to do. If you own your home, that “stuff” probably means home improvement projects. We’ve got tips on what to tackle during the quarantine.
Do an even deeper clean than usual It is spring, after all. This year, in addition to your annual spring cleaning list, add a few tasks that are specifically intended to kill germs and improve the air quality in your home.
“It’s best to check if your cleaning materials are in the list of approved products released by the US Environmental Protection Agency and the Centers for Disease Control and Prevention (CDC),” said the Philippine CO NTINUED >>>

Should You Ask for a Forbearance?

Whether you’ve lost your job, are worried you might be about to, or are finding your finances crunched by the coronavirus pandemic, you may be thinking about asking for a forbearance on your mortgage. But should you? Will it really help put you in a better financial position?
      We’re breaking down the details.
What is a forbearance?  “Forbearance is a temporary postponement of mortgage payments,” said Investopedia. “It is a form of repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure.”
      The key words here are “temporary” and “postponement.” Forbearance is a way to delay your mortgage payments CONTINUED >>>

How to Sell Your Home Now

Everything has changed in the real estate world, seemingly overnight. The incredibly hot market of the past couple years has taken a hit as the coronavirus has made its way across the country, and the world. But homes are still selling. Not with the same frequency, but people still have to sell.
If you’re one of them, you’re probably wondering what to do right now—especially since in-person home tours aren’t happening. These tips will help you get your home to stand out and get it sold even when others aren’t moving.
Spring for enhanced virtual tools It might cost you a little more, but creating a virtual experience for your home is as close as you can get right now to showing buyers what it would be like to walk through the place in person.
“As we’ve suddenly found ourselves adapting to a new normal, the meaning of home has never meant so much to CONTINUED >>>

Family Home Improvement Projects You Can Do During the Quarantine

All this quarantining making you want to fix up the house you’re stuck in? You are not alone. Despite the stay-at-home orders, the parking lot of our local Lowe’s is still packed every day!
The good news is, you can order just about anything you need, and with all that family togetherness, you’ve got the manpower to get some stuff done. Here are some great projects to take on while the family is hunkering down together.
Do your backsplash Tiling a backsplash seems like it would be a complicated project, but it’s actually relatively easy, even for novices. Little kids can get involved, too, since there are so many different tasks involved, from measuring all the way to grouting.
“If more involved renovations are on your to-do list, let the adults handle the removal of the old unit first,” said Home Jobs By Mom. “Then allow the kids to get creative with the new backsplash. If you’ve decided on a multi-colored mosaic backsplash, for example, the kids can work together to assemble the tiles on a sheet. This DIY home improvement project is not
CONTINUED >>>

Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

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April 28, 2020May 27, 2020

The Coronavirus Pandemic: Is This the End of the Vacation Rental Industry?

Wondering what will happen to your Fort Collins or Loveland Airbnb? After more than a month of closures due to coronavirus, Larimer County short-term rentals and accommodations can reopen April 27 with restrictions, the Larimer County Department of Health and Environment announced Thursday night.

The new restrictions on short-term accommodations apply through May 31 and include:

A guest occupancy limit of 50 percent of units within multiple-unit lodging facilities.
Single-unit accommodations, such as vacation rental homes and bed and breakfast inns, must limit occupancy to no more than 8 individuals.
State and local lodging regulations, when more strict, must be followed.
No common amenities or areas can be accessible to guests except for check-in and check-out areas.
Restrictions may be extended or amended in response to the pandemic.

The US short term rental industry has been under constant attack in the past few years as more and more state, county, and city authorities have been applying different measures to control its spread. However, the Coronavirus pandemic is posing a challenge of a magnitude that Airbnb-style rentals have not faced ever before. As a result, many real estate investors and other experts are wondering if the current pandemic will constitute the end of the vacation rental industry. Or will Airbnb hosts be able to survive this temporary slowdown and come back as profitable and successful as before?

The Immediate Impact of COVID-19 on the Short Term Rentals Industry

Guests started cancelling their reservations on Airbnb and other home-sharing platforms as early as February, as soon as the first infected cases were reported in the US. By March, the impact of the pandemic was already sizeable. Naturally, the major cities with the highest concentration of Coronavirus infections have been most affected.

According to Airbnb data from Mashvisor, a real estate data analytics company, the occupancy rate for short term rentals dropped significantly in the vast majority of large cities. For example, the Airbnb occupancy rate in New York declined from 70.7% in March 2019 to 49.3% in March 2020. Similarly, over the same period Seattle experienced a drop from 74.3% to 54.0%. The decrease in Airbnb rental activities has been comparable in other top markets: 33.1 percentage points in Atlanta, 29.6 percentage points in Dallas, 29.3 percentage points in Boston, 28.5 percentage points in Miami, 25.8 percentage points in Austin, 25.3 percentage points in Chicago, and 23.5 percentage points in Los Angeles.

These negative trends are further accelerating in April as the situation gets worse and worse within the US. From short term rental hosts’ perspective, these considerable drops in Airbnb occupancy rate translate into lost income. Thus, many are starting to wonder how individual real estate investors will be able to cope with the crisis and keep their rental business. This, in turn, poses a question about the general sustainability of the vacation rental industry and whether it will be able to survive the Coronavirus pandemic.

Industry and Government Support for Airbnb Hosts

Despite the pandemic and the impending economic recession, there is some good news for investors in short term rental properties. By early April, the home-sharing platform had announced a $260 million relief package for Airbnb hosts and Superhosts. As much as $250 million will go towards helping hosts cover the costs associated with cancellations of reservations with a check-in date between 14 March and 31 May. This will definitely soften the negative impact which owners of vacation rentals across the nation are feeling. This move is of particular importance for full-time investors who rely heavily or even exceptionally on the rental income generated by their properties rented out on Airbnb.

The Airbnb relief package is not the only financial help which hosts will receive during the crisis. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also provides support to Airbnb hosts who are losing income as a result of the pandemic. Under the provisions of the Act, depending on their particular situation, many Airbnb hosts can qualify for small business grants, small business loans, and unemployment assistance.

Yet another way in which some Airbnb hosts in a particularly detrimental situation might benefit from the CARES Act include the mortgage forbearance and foreclosure moratorium clauses. These apply to homeowners who have taken federally backed mortgage loans. The mortgage forbearance policy means that borrowers are allowed to reduce their monthly mortgage payments or even pause them for a limited amount of time. The foreclosure moratorium provision, meanwhile, prevents borrowers from foreclosing on properties because lenders failed to make the mortgage payments on time.

Government backed mortgage loans are not the only ones which benefit from such clauses. Many state governments have adopted similar measures to support both homeowners and real estate investors in precarious positions.

What Hosts Can Do

The above-listed policies and stimulus packages are definitely helping the short term rental industry survive the Coronavirus pandemic. However, the most significant indicator that vacation rentals will not simply go through the crisis but come out ready to continue flourishing is the steadfastness and resourcefulness of hosts themselves.

After all, operating in a challenging environment is something which vacation rental owners are used to. As mentioned at the beginning of this article, the last few years witnessed tightening short term rental regulations and laws in many US major cities as well as smaller towns. For example, non-owned occupied short term rentals are no longer legal in major tourist destinations such as Los Angeles, New York City, Miami, Las Vegas, San Francisco, Boston, Chicago, San Diego, and many others. This means that hosts are accustomed to being flexible and creative in order to retain their rental business and rental income without breaking any laws and rules.

Flexibility, creativity, and adaptivity are once again the qualities which will help investors in Airbnb rentals go through the crisis created by the Coronavirus outbreak.

For instance, many hosts have been quick to cater to the needs of a newly emerging group of hosts. Doctors and other medical personnel have been relocating to the areas that are most affected by the pandemic to help out their colleagues there. Many of them are willing to stay in short term rentals at the discounted rates which hosts are offering to them. It is a win-win situation for everyone as medical staff don’t have to share hotels with potentially infected people, and investors are able to regain some of their lost rental income.

Additionally, vacation rentals in small, secluded towns are attracting the elderly and other vulnerable groups who are looking for a safe haven amid the pandemic. Similarly, numerous people who are now working remotely choose to leave the big cities and relocate temporarily to more isolated, smaller towns. Airbnb hosts can employ different marketing techniques to attract this new segment of guests in order to bring back some of the demand and end up with a good rate of return even during these tough times.

The current COVID-19 pandemic is definitely challenging for short term rental hosts. Nevertheless, their willingness to adapt in order to retain their business is the sure sign that the Coronavirus will not defeat the Airbnb rental industry. To the contrary, as soon as things begin to come back to normal, Airbnb will once again emerge as the optimal rental strategy in the majority of US markets.

Daniela Andreevska is Marketing Director at Mashvisor, a real estate analytics tool which helps real estate investors quickly find traditional and Airbnb investment properties. A research process that’s usually 3 months now can take 15 minutes. We provide all the real estate information in easy to understand visualizations.

Message me if your thinking about buying a Fort Collins or Loveland home at m.me/EdPowersRealEstate