At Home Colorado: Boulder County Edition

Open Homes and Virtual Tour Quick Guide

Looking for a home? View comprehensive listings of local virtual tours and open houses taking place from all across the area.

While the Feds try to find a solution to the skyrocketing cost of living, it comes at a price for all of us. Is there any silver lining to this increase? There’s one: savings accounts.

It’s Time for Your Annual Real Estate Checkup

To maintain your financial well-being, it is essential to schedule an annual real estate checkup.

ATHOMECOLORADO.COM

COLORADO HOME & REAL ESTATE

CONTRIBUTING WRITERS

Sean McIllwain

Michaela Phillips

Duane Duggan

Paul F. P. Pogue

ADVERTISING CONSULTANTS

Thais Hafer

Toni McNeill

REAL ESTATE

ADVERTISING DIRECTOR

Mary Romano

MANAGING EDITOR

Greg Stone

Submit your news or home-related events to gstone@dailycamera.com To advertise, call 303.473.1456.

REAL ESTATE I’m calling it: we’re now in a buyer’s market

A Marketing Feature of

At Home Colorado is a Marketing Feature that is produced weekly by the Boulder Daily Camera and Longmont Times-Call. dailycamera.com timescall.com athomecolorado.com

©2022 Prairie Mountain Media.

With the results of election season still taking center stage, the virtue of patience is often required. It can take days, weeks, or even a runoff election before a result is confirmed. (I’m looking at you, Georgia.) In much the same vein, I’ve been watching the real estate market hover between a seller’s and buyer’s market for months now. But after reviewing recent data, I’m ready to call it: it’s now officially a buyer’s market.

SEAN MCILLWAIN

In a buyer’s market, there are several defining characteristics. For example, home prices decrease and listings linger longer on the market — and recently, both of these factors have been gaining steam. While most pundits have settled somewhere in the middle, there’s one particular aspect that pushed me into the buyer’s winning territory. Let me explain.

Year over year, Boulder still exhibits signs of growth in the average sales price, but when

HOME & GARDEN EVENTS

we focus in and take a look at the last six months, the average sales price has been decreasing, albeit not by a huge percentage, but a steady decline nonetheless. Indicator number one: home prices are decreasing.

Concurrently to the lower price trajectory, days on market are increasing. In the past six months, listings are averaging 20 percent more time on the market. This is a big change from the frenzied days of multiple offers, no contingencies, and quick closings. Indicator number two: listings are lingering longer.

Even with the two indicators alight, it was a third element

that tipped the scales for me: concessions. Sellers are now offering rate buy downs, paying a period of HOA fees upfront, and even owner financing in some cases. Six months ago, you were lucky to get an appointment for a 15-minute showing, and you were virtually guaranteed a bidding war no matter what. Oh, how the tides have changed. Now, the sellers are sweetening their deals to attract offers. The scales have tipped and I’m calling it: it’s a buyer’s market.

Sean is the founding broker of Mod Boulder Real Estate. Call 720.252.6051 or visit modboulder.com.

“Tipi

to

Tiny

House: Hands-On Homebuilding” exhibit

Presented by Longmont Museum, Now through Jan. 8, 2022. $8 Adults. $5 Students/Seniors. longmontmuseum.org.

DIY Moss Pole Nov. 26, 2-3 p.m. Terracotta, 2005 Pearl St., Boulder topterracotta.com/pages/ event-calendar

Thoughtful Climate Solutions for the Here and Now

Presented by University of Colorado Dec. 1, 2, 5, 6 Environmental Design, ENVD Gallery, Boulder calendar.colorado.edu/ event/thoughtful_climate_ solutions_for_the_here_ and_now#.Y36gH-zMIlE

Lunch N’ Learn Gardening Class

Presented by Northern

Colorado Libraries and CSU Extension Dec. 14, Noon to 1 p.m. Virtual Event lovgov.org/Home/ Components/Calendar/Eve nt/99535/20?curm=12&cu ry=2022

Send At Home your home/ garden events, email gstone@ prairiemountainmedia.com. View more events at: DailyCamera.com/Calendar or TimesCall.com/Calendar.

REAL ESTATE Silver lining of the feds raising interest rates

supplies and drove up costs as a result.

While the Feds try to find a solution to the skyrocketing cost of living, it comes at a price for all of us. Not only do the higher rates hit our pocketbooks, but the hike increases the likelihood of a recession, something that’s been looming since the world shut down in 2020. So, is there any silver lining to this increase? There’s one: savings accounts.

Savings accounts offering higher returns

Of course, there are other reasons to open a savings account in addition to the returns. Savings accounts are an essential part of financial planning, there are few requirements to start one, they offer a unique digital experience when banking online, and you can easily link them to other accounts, such as your checking account.

The Federal Reserve is raising interest rates yet again, announcing in early November that it’s increasing rates by .75 percentage points. This is the fourth consecutive time

the Feds have raised rates in an attempt to counter the historic inflation the country is experiencing.

The higher-than-normal inflation is the result of the perfect storm of supply chain hiccups and shortages, the COVID pandemic, overspending from stimulus checks, and Russia invading Ukraine. The latter impacted gas and food

The one good thing about the Federal Reserve’s decision to raise rates is that savings accounts are paying higher rates, as well. Many typical accounts may still be paying around 1% as they normally do, but highyield accounts are paying 3% or more. This means it’s a good time to open a savings account and see what options work best for you.

The Federal Reserve will raise rates whether any of us like it or not, but opening a savings account can make that increase work for you, one deposit at a time.

Michaela is the Senior Lender for Synergy One Lending in Boulder. She enjoys teaching her clients the pros and cons of being a Real Estate Investor. Contact Michaela at 303.579.5517, e-mail michaela@michaelaphillips.com or visit michaelaphillips.com. NMLS: 312874.

MICHAELA PHILLIPS

The one good thing about the Federal Reserve’s decision to raise rates is that savings accounts are paying higher rates. (Photo: Josh Appel, Unsplash).

To keep yourself healthy, you make sure to schedule an annual physical. To maintain your financial well-being, it is essential to schedule an annual real estate

annual real estate checkup

checkup. November is a great time to conduct that review so you can make any adjustments in the year ahead.

If you’re not a homeowner yet or don’t own any investment real estate, the real estate checkup can be done pretty quickly. Ask yourself, “Do I own any real estate?” The answer is no -- so it’s time to start to lay the groundwork. In general,

the sooner you can own real estate in your life, the more likely it will be a useful source of retirement income. Now is a good time to get started. You can meet with a Realtor® and develop a plan to make that first purchase as soon as it is feasible for you.

If you already own a home or investment real estate, here are a few things you should evaluate

during your annual real estate checkup:

Get a market analysis from your Realtor

One of the wonderful things about real estate in our area is that it has gone up in value over time. Sure, it’s had its ups and downs, but looking back when I started my real

DUANE DUGGAN

estate career in 1978, Baseline Subdivision homes, in the city of Boulder, were selling for under $30,000. Now, in 2022, they start at around $750,000. As a homeowner, it is a good idea to get an updated value of your home each year and apply that information to your financial statement. You can use that information for planning and studying your financial future, relative to real estate and anything else you might invest in.

Check your insurance coverage on your real estate

As mentioned above, keep track of your real estate values. It is also a good time to double check your insurance coverage and see if it is in line with replacement coverage. Remembering our 2013 flood, it is also a good time to check if you need flood insurance, sump pump failure insurance, etc.

Check your loan balance on your home and/or your rental properties

If you have an amortized loan on your home, that means the loan balance goes down each month. On a 30-year loan, principal reduction is fairly slow in the first half. If you keep the property and the loan for a long time, at about year 14, the principal reduction happens pretty rapidly. It makes it fun to see how much your equity has increased each year.

Mortgage insurance removal

Mortgage insurance, for purposes of this discussion, will pay off your lender if you default. There is another kind of mortgage insurance that, like life insurance, if you die the loan gets paid off so your loved ones don’t have the burden of a mortgage payment.

Knowing your loan balance can help you determine if you can get rid of mortgage insurance. Many homes were bought with low down payments. As a result, many homeowners have private

mortgage insurance as part of their payment. The combination of rising values and principal reduction could make you eligible for removing the private mortgage insurance and lowering your payment. Check with your current lender to see if the mortgage insurance can be removed or if you need to refinance to get rid of it. You may not be able to do it now, but you can make a plan for how soon you could get it removed.

Check your interest rate

Over time, we tend to forget what the interest rate is on our home mortgages. Interest rates currently remain at historical lows, so now might be a good time to refinance into a lower payment. Remember, if you have a five-year-old, 30-year amortized loan, for example, if you refinance, you start over on a new 30-year schedule. Refinancing at a lower interest rate and starting over on a new 30-year amortization, could substantially lower your payment. If you are able to eliminate mortgage insurance as well, you might really like your new payment.

Decide on your loan term, if you refinance

If starting over on a 30-year loan doesn’t excite you, it is possible to refinance into a 15-year loan.

If your goal is rapid principal reduction this is one way to do

it. The payment will be higher, however, possibly making it tougher to meet the qualifying requirements. Some lenders will allow you to recast your loan at a new interest rate and over a term you would like. In other words, if you are 10 years into a 30-year loan, a lender might be able to make a new loan at today’s rates, but on a 20-year amortization. You might have the benefit of a lower payment if the interest rate is lower than your current rate, and not add 10 years to the loan.

Meet with your real estate lending professional and Realtor

Knowing the current value and loan balances on your property gives you a wealth of information with which to discuss with your mortgage lender and Realtor. By knowing this information, you will learn how much equity you have. If you have equity, you have options to continue to grow your real estate portfolio.

If your family size has increased, you might need a larger home. It could be possible to purchase a larger home and build your real estate portfolio at the same time. You can check into refinancing your old home, rent it, pull cash out for your down payment, and then buy your next personal residence.

If you are happy where you are, it might be possible to refinance and pull cash out to buy a rental property. By

meeting with your mortgage lender, you can determine if you can qualify, or formulate a plan to be able to qualify in the future.

Get a home inspection

A home and a rental property can be an individual or family’s biggest investment in their life. Like anything else that is important to you, it is advisable to take good care of it. It is vital to get a home inspection every once in a while. Spring is a great time to do that, to ensure that snow won’t be covering up any potential issues. For example, when was the last time you crawled up in your attic? There might be a family of raccoons living there! The point is, a home inspector can alert you to simple repairs and maintenance items that might prevent significant problems down the road. This helps you maintain your property and allows you to anticipate big-ticket updates like a roof or furnace replacement, and budget accordingly.

Check into a home warranty

It has been common for an independent home warranty policy to be part of a real estate transaction. These policies cover many working parts of the house, such as the furnace, air conditioners, water heaters, etc. Some of these companies provide coverage for a home you are already living in and own. For instance, if a failure of a water heater or furnace at the same time might create financial hardship, it is a good idea to look into the premiums, coverage, and deductibles on such a policy.

Get started on your real estate checkup today by contacting your Realtor®, mortgage lender, and home inspector.

Duane has been a Realtor for RE/MAX of Boulder since 1982. Living the life of a Realtor and being immersed in real estate led to the inception of his book, Realtor for Life. For questions, e-mail DuaneDuggan@boulderco.com, call 303.441.5611 or visit boulderco.com.

REAL ESTATE NEWS

RE/MAX of Boulder and RE/MAX Elevate Realtors named to RE/MAX Top 100 in U.S.

BOULDER – Five local RE/MAX of Boulder and RE/MAX Elevate Realtors were named to the prestigious RE/MAX Top 100 — the annual ranking of the top 100 RE/MAX Realtors and real estate teams across the U.S. Realtors named to the top 100 individual residential agents are Daryl Smith, no. 12; Lynn Ryan, no. 33; and Sue Masterson no. 47, all with the RE/MAX of Boulder of ce. Each of these Realtors also received this recognition in 2020, and each advanced in their standing this year with Smith moving up from 33 to 12, Ryan going from 46 to 33 and Masterson progressing from 73 to 47— all in the top 50.

The Top 50 U.S. residential medium teams include the Patrick Dolan Team ranked number 3 and the E and L Team number 27.

Agents and teams are scored on exceptional residential sales volume. But the management teams at the RE/MAX of ces emphasize the stand-out factors that enable the success of these Realtors. RE/MAX of Boulder Broker/Owner Tom Kalinski and Broker/Owner Jay Kalinski of sister franchise RE/MAX Elevate believe these results can only be achieved by superb agents who are skilled, driven, and focused on achieving outstanding results for their clients.

“We are honored that these distinguished Realtors and teams are recognized for their achievement. Their notable success is made possible by their extensive experience and deep knowledge of Boulder Valley real estate. Clients bene t from the care and dedication they show in serving with the utmost

professionalism and excellence,” says RE/MAX of Boulder Broker/Owner Tom Kalinski. Jay Kalinski adds that these Realtors reached the top of their class by demonstrating “unwavering commitment to excellence in serving their clients, exceptional attention to each and every detail, supreme negotiation skills, and a tremendous work ethic. We are extremely fortunate to have Realtors that are unmatched in their professionalism, knowledge and caring.”

RE/MAX of Boulder is celebrating 45 years serving

the community and is the third franchise to open in RE/ MAX history. The company has more than 100 awardwinning Realtors, averaging over 15 years of experience. The company has been awarded RE/MAX Outstanding Brokerage of the Year and #1 RE/MAX of ce in the U.S. eight times. RE/MAX of Boulder has been voted Best Real Estate Group in the Boulder Weekly’s Best of Boulder County and in Colorado Daily’s CU & Boulder’s Best.

In 2019, with Broker/Owner

Jay Kalinski at the helm, RE/MAX Elevate opened in downtown Louisville, the heart of Boulder’s East County. This boutique of ce is the sister franchise of RE/MAX of Boulder. RE/MAX Elevate has been voted Best Real Estate Company in East Boulder County in the Boulder Weekly.

For more information on the RE/MAX 100 designation, RE/MAX of Boulder or RE/MAX Elevation, visit boulderco.com and elevatedrealestate.com.

NEW HOME BUILDERS / COMMUNITIES

BOULDER, BROOMFIELD & LONGMONT AREA

BOULDER

1 Velo Condos Builder: Thistle Velo LLC

BROOMFIELD

8 Baseline Colorado Builders: Boulder Creek Neighborhoods, Meritage Homes, Thrive Home Builders

7 Vive on Via Varra Builder: Meritage Homes

ERIE

22 Coal Creek Commons Builder: Century Communities 23 Colliers Hill Builders: Boulder Creek Neighborhoods, KB Home, Richmond American 20 Compass Builder: Lennar 21 Erie Commons Builder: Boulder Creek Neighborhoods

Our region is home to more than 300,000 residents and includes some of the most diverse, natural landscapes and sustainable development along the Norther n Front Range of Colorado

From open space, land use and sustainability policies to forwardthinking and compassionate human services programs, our city and town gover nments help foster a vibrant, healthy and active community It’s no wonder why those who live here stay and why our the area is coveted as a place to relocate to. Here we highlight a selection of the area’s new home communities and which builders are building where.

To view new home communities and builders across the Colorado Front Range, view our interactive map online at: www AtHomeColorado.com/NewHomeMap

24 Erie Highlands Builder: Oakwood Homes 27 Erie Village Builder: Porchfront Homes 18 Flatiron Meadows Builder: KB Home, Taylor Morrison, Toll Brothers 26 Morgan Hill Builder: Lennar 19 Rex Ranch Builder: Taylor Morrison 25 Westerly Builder: McStain Neighborhoods, SLC Homes, Wonderland Homes 28 Wild Rose Builder: Lennar

FIRESTONE

9 Barefoot Lakes Builder: Brookfield Residential, Creekstone Homes, Lennar, Richmond American Homes

FREDERICK

10 Seasons at Silverstone Builder: Richmond American Homes LAFAYETTE 15 Blue Sage Builder: Markel Homes 16 Avalon Meadows Builder: Von’s Colorado Concepts 17 Silo Builder: Cor nerstone Homes 14 Silver Creek Builder: Markel Homes

LOUISVILLE 13 North End Builder: Markel Homes

SUPERIOR

3 Downtown Superior Builder: Thrive Home Builders, Remington Homes

4 Heights at Downtown Superior Builder: Toll Brothers

5 Lanter ns at Rock Creek Builder: Boulder Creek Neighborhoods

6 Montmere at Autrey Shores Builder: Koelbel

2 Rogers Farm Builder: Boulder Creek Neighborhoods

LONGMONT

11 Highlands at Fox Hill Builders: Dream Finders Homes, Landmark Homes 12 Parkside Builder: Coast to Coast Development 29 Terry Street Townhones Builder: New Leaf Properties

“We originally thought we did not need an agent to help us with our new home purchase and after several months of frustration, a friend suggested we contact Mar y at Boulder Home Source, within a month she helped us find the perfect new build and negotiated a lower rate and upgrades that we never expected.” The Smiths

By Paul F. P. Pogue Ask Angi (TNS)

The colder months after the holidays, especially January and February, will be here before you know it. These tend to be times when we put a lot of home maintenance out of mind. But winter can be an excellent time for home renovations. Pros

are less busy, certain supplies experience less demand and thus cost less, and you’re not likely to be planning big events around your home for a while after New Year’s. Read on for six renovations you can start preparing right now.

Home addition

Average cost: $80-$200 per

square foot

Adding a new room or rooms likely tops the list of things you didn’t think you could or should do in the colder months. But winter provides several advantages for building additions. Humidity is low, and the ground is very dry, which makes the work easier for

remodelers. Plus, it’s easier to protect exposed sections from snow than rain, so your pro will spend less time keeping the elements out of your work.

Install hardwood flooring

Average cost: $3,000

As with home additions, the cool, dry air provides

considerable advantages for flooring work. This climate allows adhesive to dry more quickly and prevents gapping between freshly placed boards.

Flooring receives a great deal of wear and tear during the holidays, so this may already be on your mind. You’ll also see an immediate benefit, as new hardwood provides better insulation than worn-out flooring.

For a less intensive remodel, you can refinish an existing floor, which gets the same benefits from the cool, dry air and costs about $1,800.

Bathroom remodeling

Average cost: $11,000

Bathroom remodeling is quite popular in winter, and it’s no wonder. After all the use it gets and the guests who’ve been in and out of your house, you may have been considering how you want it to look in 2023. So, it’s a great time to update that bathroom with new fixtures, tubs and sinks, or even a complete overhaul. The cost of your remodel will, of course, depend heavily on the extent of your plans.

Interior painting

Average cost: $2,000

You probably don’t want to put a new coat of paint on your exterior walls in February, but winter is an excellent time for interior painting and giving your rooms a quick spruce-up. Once again, lower humidity plays a role. Paint tends to dry more quickly and evenly in lowhumidity conditions, so whether you’re hiring or DIYing the work, you’ll probably get it done faster.

As a bonus, whatever furniture you need to move around to finish the work will give you a head start on spring cleaning.

Finish a basement

Average cost: $18,400

Adding new insulation is an excellent winter job.

(Photo: Arturs Budkevics/Dreamstime/TNS).

Winter makes the job more manageable if you’ve been thinking about turning that stone-walled basement into a comfortable living area, game room, craft zone, or just plain hang-out space. Basements are prone to mold, but the cooler temperatures make that less of a problem and thus one less thing for remodelers to look out for. In a few days or weeks, you can turn a beat-up storage area into a part of your home you look forward to spending time in!

Re-insulate your home

Average cost: $5,800

Insulation provides one of the most vital lines of defense for keeping hot and cold air on the right sides of your walls. Renewing your insulation could make a significant difference in both comfort and energy bills all year round. And winter isn’t too late to get this work done. Talk to an insulation contractor who can analyze your space, offer you the best options and figure out where you’re most losing air. Your cost will be most affected by which insulation material you select.

Tweet your home care questions with #AskingAngi and we’ll try to answer them in a future column.

OPEN HOUSES

QUICK GUIDE

BOULDER

1286 Aikins Way

$935,000 Sun., 1 to 3 p.m. Margaret Flaherty WK Real Estate (303) 668-2926

2190 Dartmouth Ave. $999,900 Sun., 10 a.m. to Noon Margaret Flaherty WK Real Estate (303) 668-2926

5350 Illini Way $999,900 Sat., Noon to 2 p.m. Craig Peterson

WK Real Estate (303) 913-7594

EVANS

3412 Conestoga Ave. $475,000 Sat., 11 a.m. to 1 p.m. Natasha Hubbard RE/MAX Alliance (303) 909-3810

GREELEY 2029 8th Ave. $475,000 Sat., Noon to 2 p.m. Jenny Oliveira Getting WK Real Estate (970) 534-1188

VIEW THIS WEEK’S OPEN HOUSES AT: OPENHOMES.ATHOMECOLORADO.COM