Bray Quarterly Newsletter_Q1 2024_Stewart

SPRING INTO ACTION:

Essential Maintenance Tips to Get Your Property Ready

As winter fades and the promise of spring emerges, property owners are preparing for the seasonal transition. From residential homes to commercial complexes, ensuring properties are primed for the warmer months is paramount. Here are expert tips for a seamless springtime transformation.

Inspect and Maintain Exterior Surfaces: Winter elements can damage exterior surfaces. Check facades, roofs, and siding for cracks, leaks, or loose shingles. Addressing issues promptly will prevent costly repairs later.

Landscape Revival: Clear debris and dead vegetation from flower beds and lawns Prune shrubs and trees, and add fresh mulch for curb appeal and plant health

Gutter Cleaning and Inspection: Schedule a thorough gutter cleaning to prevent water damage Consider gutter guards for future maintenance ease

HVAC System Tune-Up: Schedule a professional HVAC tune-up to improve efficiency and ensure comfort in spring and summer

Swamp Cooler Start-Up: Clean the unit, inspect pads, and check the water supply for optimal performance Test the cooler and establish a maintenance schedule for continued efficiency

Power Washing: Restore exterior surfaces with a power wash to remove dirt, grime, and mildew, enhancing property aesthetics and integrity. Inspect Irrigation Systems: Test irrigation systems for leaks or clogs, ensuring efficient water distribution to the landscape.

Window and Door Maintenance: Inspect seals, weather stripping, and hardware for wear, and consider energy-efficient upgrades for insulation and cost savings.

Pest Prevention: Seal cracks, repair screens, and schedule pest control treatments to deter pests seeking refuge indoors as temperatures rise.

By following these maintenance tips, property owners can prepare their properties for spring while safeguarding against potential issues Whether homeowner, landlord, or business owner, investing in seasonal maintenance now yields long-term benefits and peace of mind for the months ahead

QUARTERLY NUMBERS

Percent change from Quarter 4 2023

CONVENTIONAL MORTGAGE LOAN LIMITS on the rise

The Federal Housing and Finance Agency have raised the conventional mortgage loan limits for 2024 The increase happened in most counties across the US, including a raise of 5.56% to $766,550 in Mesa, Delta, and Montrose Counties. This change is based on research done to reflect the change in the average US home price, and according to the nominal, seasonally adjusted, FHFA House Price Index study, house prices across the US increased 5.56 percent, on average, between third quarter 2022 and third quarter 2023.

Garfield County, however, is considered a high-cost area by the FHFA standards, and the ceiling for loan limits in Garfield County is 150 percent of the baseline limit, or $1,149,825 A few other counties across Colorado also received higher conventional loan limits, including most of the counties surrounding Denver, and the mountain town communities.

A conventional loan is the most common loan for buyers, offering many advantages such as giving different options regarding mortgage insurance. With a down payment of 20% or more, mortgage insurance is not required and an option to waive the setup of an escrow account is offered. With less than a 20% downpayment, a conventional loan offers an option for a one-time fee to eliminate monthly mortgage insurance payments.

Buyers can also apply for a jumbo loan: a loan in which the buyer borrows more than the conventional loan limit, though these loans always require a more substantial down payment.

2023 PROFILE OF HOME BUYERS & SELLERS NATIONAL

CHARACTERISTICS OF HOME BUYERS

First Time

Buyer is 35 years old

Repeat

is 58 years old 59% were

cost-savings.

At 26%, the primary reason for purchasing a home was the desire to own a home of their own. For first-time buyers, this number jumps to 60%.

CHARACTERISTICS OF HOME PURCHASED

13% of buyers purchased a new home, and 87% of buyers purchased a previouslyowned home.

Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 45%.

For buyers, 60% cited quality of the neighborhood as the most important factor determining the location. Convenience to friends and family and overall affordability of homes were both cited at 45% and 39% respectively.

Overall, buyers expected to live in their homes for a median of 15 years, while 22% said that they were never moving.

HOME SELLERS & THEIR SELLING EXPERIENCE

The typical home seller was 60 years old.

For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (23%), because the home is too small (13 %), or a change in the family situation such as a marriage, divorce, or new child (10 %).

Sellers typically lived in their home for 10 years before selling. 39% of sellers traded up to a larger home and 33% purchased the same size home. 89% of home sellers worked with a real estate agent to sell their home, 7% sold via FSBO, and less than 1% sold via iBuyer.

Only 33% of sellers offered incentives to attract buyers. 71% of sellers were very somewhat satisfied with the selling process.

STEWART CRUICKSHANK

Sales Manager

970.260.1222 Cell

970.242.3647 Office

stewart@brayandco.com

www.brayandco.com

If your home is currently listed with another broker, this is not a solicitation

YOUR SPRING GARDENING CHECKLIST

Although the first day of spring is in March, as we know in Colorado go by the weather and then decide - and hopefully we don’t get rogue snowstorm. Spring is the time when temperatures begin trending upward and stay consistently above freezing. Most plants are starting to break out of dormancy, but haven't started actively growing yet.

1. CLEAN UP FLOWERBEDS

Clear away dead leaves and other debris from the surfaces where you're planting flowers and vegetables. Remove protective winter mulch and cut back last year's dried foliage.

2. DIVIDE YOUR PERENNIALS

Dividing perennials is a budget-friendly way to add more plants to your garden. It also aids in keeping your existing perennials healthy, and dividing the clump will encourage new growth.

3. ADD MULCH AROUND PERENNIALS

One of the easiest ways to make your yard look polished is to add a fresh layer of mulch This helps the soil retain moisture and keeps the weeds down It often takes more mulch than you think, so spread the mulch evenly, being careful not to layer it on too thickly or too close to your plants

4. PRUNE TREES AND SHRUBS

Now is the time to prune your fruit trees Prune before the buds begin to break into bloom, or you'll stress the tree and get a tiny crop (or none) It's also a good time to prune evergreens and shrubs

5 PERFORM BASIC MAINTENANCE ON YOUR HARDSCAPING

Check stonework for frost heaves, particularly in paths and edging. Check the condition of your deck or patio and make any needed repairs and clean off outdoor furniture so it's ready.

6. PLANT VEGETABLES

Hardy, cool-season vegetables, like potatoes, artichokes, peas, and some lettuces, germinate best in cool soil, so plant them in early spring, once the soil has thawed. They should be ready to harvest by early summer.

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