This article from CPR is allot of what I'm seeing, of course, remember it varies by neighborhoods, property type, house vs condo, etc...feel free to email for more specifics on what is going on in your neighborhood...properties sell due to condition, location, and pricing.
Homes sales in metro Denver rose in June amid scant inventory.
The number of closed transactions surged 57.3 percent compared to May, according to the Denver Metro Association of Realtors. That still marks a decline of nearly 7 percent compared to the same time last year. The average home price of $509,736 reflects a 3 percent increase from last month, and 2 percent relative to 2019, the report found.
Stay-at-home orders that kept potential buyers in their homes froze Colorado’s real estate market in March. Buyers are flooding the market now that in-person showings have resumed, according to Jill Schafer, chair of the association’s trends committee.
“We are seeing increased demand, few choices, record-low mortgage rates and rising prices,” Schafer said in the report.
The rules for open houses are looser but could still pose logistical challenges, according to Schafer. The state issued new guidelines that require a social distancing calculator and a ventilation system approved by the Occupational Safety and Health Administration, Schafer said.
The number of listings is plummeting, which puts pressure on buyers to act even during the economic uncertainty created by the COVID-19 pandemic and concern that businesses will have to shut back down. Active listings were down about 33 percent last month compared to the same time last year. They fell 11 percent from May, the report found. The average number of days on the market is unchanged at 24, the data show.
The luxury segment — defined as homes priced at $1 million and above — is lagging the overall market. Closed transactions in that price range fell 15 percent from the same time last year, according to the report.
Tuesday, July 28, 2020
Wealthy buyers snap up ‘safe haven’ private islands as they flee pandemic
fun article from carelyst.com
With its pristine beaches, coral reefs and 32 acres of lush tropical gardens, Fiji’s Mai Island could be the perfect place to hunker down and see out the coronavirus pandemic. And for a few million dollars it could be yours.
The island, which has previously been on the market for just over $4m, is one of a host of offshore retreats being marketed to the super-rich as ideal spots to escape the ravages of Covid-19.
The South Pacific, Caribbean and remote parts of the US and Europe are among the most popular destinations, according to real estate agents who are rushing to tap the surge in demand for private hideaways even as the world economy goes into a deep recession.
Trayor Lesnock, founder of Platinum Luxury Auctions, which is conducting the online sale of Mai Island on Saturday, said the pandemic had led people to reassess their lives and pursue the things they had fantasised about but always held off from doing.
“Owning an island has long been considered cool and desirable but it’s often been a whimsical dream,” he said. “But with Covid-19 it’s starting to look a lot more practical, as people rush to find private spaces for themselves and keep a distance from others.”
It is not just tropical paradises with fabulous weather that are tempting the wealthy. A mystery buyer last week snapped up Horse Island, a 157-acre private hideaway off the south-west coast of Ireland that had a €5.5m asking price. As well as an extensive main residence, Horse Island has six guest houses, a tennis court, helicopter pad and enough space for anyone who wishes to socially distance during a pandemic.
“There’s obviously a thought process in people’s minds — particularly those that can afford these multimillion-euro properties — that they can just get away and self-isolate,” said Callum Bain, a surveyor at Colliers International, the real estate agent that helped sell the island.
He said he did not know the buyer’s motivation but pointed out that Horse Island was previously an agricultural holding — meaning the new owner would be able to grow enough food to be self-sufficient if they wanted to. Its location close to an airport in nearby Cork city was also an attraction for anyone with access to a private jet, he added.
You don’t need to be a billionaire to buy an island. If you’re able to buy a very good car you can buy an island
But Covid-19 has thrown up complex travel challenges for would-be buyers tempted to relocate offshore, even for those with their own transport. Some nations, including Japan, New Zealand and Australia, have closed their borders to non-residents, making physical viewings of potential island purchases impossible in some cases.
The new owner of Horse Island reportedly bought it without visiting in person, while potential foreign-based bidders for Mai Island will not be allowed to set foot there before putting in an offer.
“We’ve sold some less expensive islands in Scandinavia and Canada recently to buyers who looked at photos and bought the properties,” said Farhad Vladi, a German businessman who said he had sold more than 3,000 islands in a career spanning 50 years. “But people generally want to visit more expensive islands before they buy.”
He agreed the pandemic had led to a spike in interest among high-net worth individuals looking to acquire their own island, but noted how the ultra-rich often preferred to rent their offshore hideaways due to security concerns, particularly if they were well-known.
He also insisted that owning your own private island was not as far-fetched as many people would have thought. “You don’t need to be a billionaire to buy an island. If you’re able to buy a very good car you can buy an island,” he said.
For example, a small island off the coast of Finland was currently for sale via Vladi Private Islands for less than €100,000. At the other end of the scale, a 1,100-acre Greek island retreat in the Ionian Sea would set you back €45m.
Agents said private islands in countries that had avoided the worst of the pandemic were proving popular with would-be buyers, with Australia, New Zealand and the South Pacific islands remaining relatively virus free.
Pumpkin Island, an eco-retreat in Australia’s Great Barrier Reef Marine Park that was put on the market with a price tag of A$25m, was described by its current owners as a “safe haven” from the pandemic.
“We’ve weathered the [coronavirus] storm well and people are looking for places where they will have space and where they don’t feel like they’re on top of someone else . . . I definitely think that’s an attraction,” said Laureth Rumble, whose family owns Pumpkin Island.
Whether the price tag can be met remains to be seen given that non-residents are currently not allowed to enter Australia. But opportunities to own such a home do not come around very often: the Rumbles bought Pumpkin Island 17 years ago for A$1.3m from the previous owner who had won it in a poker game in 1961.
“We’ll be very sad to leave,” Ms Rumble said. “It’s just stunning.”
With its pristine beaches, coral reefs and 32 acres of lush tropical gardens, Fiji’s Mai Island could be the perfect place to hunker down and see out the coronavirus pandemic. And for a few million dollars it could be yours.
The island, which has previously been on the market for just over $4m, is one of a host of offshore retreats being marketed to the super-rich as ideal spots to escape the ravages of Covid-19.
The South Pacific, Caribbean and remote parts of the US and Europe are among the most popular destinations, according to real estate agents who are rushing to tap the surge in demand for private hideaways even as the world economy goes into a deep recession.
Trayor Lesnock, founder of Platinum Luxury Auctions, which is conducting the online sale of Mai Island on Saturday, said the pandemic had led people to reassess their lives and pursue the things they had fantasised about but always held off from doing.
“Owning an island has long been considered cool and desirable but it’s often been a whimsical dream,” he said. “But with Covid-19 it’s starting to look a lot more practical, as people rush to find private spaces for themselves and keep a distance from others.”
It is not just tropical paradises with fabulous weather that are tempting the wealthy. A mystery buyer last week snapped up Horse Island, a 157-acre private hideaway off the south-west coast of Ireland that had a €5.5m asking price. As well as an extensive main residence, Horse Island has six guest houses, a tennis court, helicopter pad and enough space for anyone who wishes to socially distance during a pandemic.
“There’s obviously a thought process in people’s minds — particularly those that can afford these multimillion-euro properties — that they can just get away and self-isolate,” said Callum Bain, a surveyor at Colliers International, the real estate agent that helped sell the island.
He said he did not know the buyer’s motivation but pointed out that Horse Island was previously an agricultural holding — meaning the new owner would be able to grow enough food to be self-sufficient if they wanted to. Its location close to an airport in nearby Cork city was also an attraction for anyone with access to a private jet, he added.
You don’t need to be a billionaire to buy an island. If you’re able to buy a very good car you can buy an island
But Covid-19 has thrown up complex travel challenges for would-be buyers tempted to relocate offshore, even for those with their own transport. Some nations, including Japan, New Zealand and Australia, have closed their borders to non-residents, making physical viewings of potential island purchases impossible in some cases.
The new owner of Horse Island reportedly bought it without visiting in person, while potential foreign-based bidders for Mai Island will not be allowed to set foot there before putting in an offer.
“We’ve sold some less expensive islands in Scandinavia and Canada recently to buyers who looked at photos and bought the properties,” said Farhad Vladi, a German businessman who said he had sold more than 3,000 islands in a career spanning 50 years. “But people generally want to visit more expensive islands before they buy.”
He agreed the pandemic had led to a spike in interest among high-net worth individuals looking to acquire their own island, but noted how the ultra-rich often preferred to rent their offshore hideaways due to security concerns, particularly if they were well-known.
He also insisted that owning your own private island was not as far-fetched as many people would have thought. “You don’t need to be a billionaire to buy an island. If you’re able to buy a very good car you can buy an island,” he said.
For example, a small island off the coast of Finland was currently for sale via Vladi Private Islands for less than €100,000. At the other end of the scale, a 1,100-acre Greek island retreat in the Ionian Sea would set you back €45m.
Agents said private islands in countries that had avoided the worst of the pandemic were proving popular with would-be buyers, with Australia, New Zealand and the South Pacific islands remaining relatively virus free.
Pumpkin Island, an eco-retreat in Australia’s Great Barrier Reef Marine Park that was put on the market with a price tag of A$25m, was described by its current owners as a “safe haven” from the pandemic.
“We’ve weathered the [coronavirus] storm well and people are looking for places where they will have space and where they don’t feel like they’re on top of someone else . . . I definitely think that’s an attraction,” said Laureth Rumble, whose family owns Pumpkin Island.
Whether the price tag can be met remains to be seen given that non-residents are currently not allowed to enter Australia. But opportunities to own such a home do not come around very often: the Rumbles bought Pumpkin Island 17 years ago for A$1.3m from the previous owner who had won it in a poker game in 1961.
“We’ll be very sad to leave,” Ms Rumble said. “It’s just stunning.”
An Eye-Opening Tour of 'The Golden Girls' House—Now for Sale for the First Time
a fun unique house of the month, Golden Girls house for sale...from realtor.com
"The Golden Girls" house is for sale for the first time ever—and for a famous property, some might say this 2,901-square-foot, four-bedroom house in Los Angeles is a bargain, listed for a mere $2,999,000.
With lush landscaping full of exotic plants, the property—located in the Brentwood neighborhood—was used only for the exterior shots on the show, which ran from 1985 to 1992 and starred Rue McClanahan as Blanche, a widow who opened up her home to three roommates played by Betty White (Rose), Bea Arthur (Dorothy), and Estelle Getty (Sophia).
Yet most of these spunky senior citizens' antics—which occurred inside the house, around the kitchen table, or in the living room—were filmed on a Hollywood set.
As such, while this house has attracted a few fans to snap pictures curbside, the home's interior has long remained a mystery—which is all the more reason why this home is bound to receive tons of attention now.
The reality behind 'The Golden Girls' house
In real life, this house served as the longtime residence of David Noble Barry III and Margaret Carr Barry, a married couple who had the house built in 1955. The Barrys lived in the house for more than 60 years until their deaths in 2017 and 2019, respectively. The property is being sold by a trust.
James Barry, the late couple's son, reported that location scouts first noticed the property because of its verdant landscaping, thinking it had just the right aesthetic to represent the four friends' fictional home in Miami at 6151 Richmond St. (FYI, no such address actually exists.)
So the NBC network paid the Barrys a small sum of money to film exterior shots at the home. They agreed, in part because they wanted to show off their home's unique architecture.
In fact, the home was primarily used as a filming location for only the first season of the show. For later seasons, the Barrys loaned NBC the home's original blueprints so the network could build a replica at Disney's Hollywood Studios, where fans could tour the house until it was torn down in 2003.
So what's the original "Golden Girls" house really like?
An inside tour of 'The Golden Girls' home today
The Barrys modeled their Brentwood property after the Honolulu home of David Noble Barry III's father. Japanese and Hawaiian influences abound throughout the property, which features original oak floors, high ceilings, floor-to-ceiling windows, sliding Shoji screens, built-in cabinets, and an engawa, a traditional Japanese wood flooring surrounding the home.
Who will buy 'The Golden Girls' house—and how much will it cost?
So, who will be the lucky new owner of this iconic TV home? Many real estate experts say it's priced aggressively to sell and the buyer will likely be a toss-up between TV or movie producers who may want to use the location, or private buyers who may be fans of the show.
"The list price is strategic and meant to attract a lot of attention and interest," says Rachelle Rosten, the home's listing agent with Douglas Elliman. "The beauty of this pricing strategy is the market ultimately determines the value. I anticipate this property will sell over the list price. It’s an exciting and emotional house as well as being a nice-sized lot on a desirable street. The market will respond accordingly. It will be very interesting to see who ends up buying this property."
One potential buyer? HGTV, which in 2018 outbid Lance Bass to purchase the home used for exterior shots for "The Brady Bunch." The network renovated the house back to its 1970s glory on the hit show "A Very Brady Renovation."
"'The Golden Girls' home reminds me of 'The Brady Bunch' home sale scenario all over again," says Cara Ameer, a real estate agent with Coldwell Banker in California and Florida. "A television network could be an ideal buyer for the property, such as HGTV or even NBC, which originally aired the series. Perhaps Amazon, Netflix, or a studio like Paramount will want it for future projects—a 'Golden Girls' remake or a similar show with a new twist or even a movie."
As for dollars and cents, Ameer says it's hard to put a specific price tag on a home with celebrity status.
"I would venture that this is going to be subject to multiple offers and may go well above asking price—as much as by $1 million or a bit more," she says.
But not all celebrity-status homes sell quickly. Just look at the famous "Full House" home in San Francisco, which was last sold for $4 million in 2016 and has been listed twice since then with no success. One possible reason could be all the "Full House" tourists crowding the front, which might become a nuisance at "The Golden Girls" house as well, especially if it becomes the subject of a pop culture revival.
"A buyer of this house will need to contend with tourists and fans constantly taking photos and the privacy concerns that come along with that," says Shane Ray, a real estate agent in San Francisco with Domicile Properties/Compass.
Some real estate agents think that the headaches of owning a famous home make them a poor investment.
Cedric Stewart, a real estate agent with Keller Williams Capital Properties in Washington, DC, thinks "The Golden Girls" house will sell for under asking, at around $1.95 million.
"Is there a chance someone would buy it for sentimental purposes or use it as an attraction of sorts? Sure," Stewart says. "But the generation that would most appreciate that is on their way out, so this is not a place you buy to make money."
Only time will tell what will happen to this house, but in the meantime, it's fun to get a chance to see a piece of TV history.
Even though the Golden Girls house has a different interior from the show, here are some interior pics...
"The Golden Girls" house is for sale for the first time ever—and for a famous property, some might say this 2,901-square-foot, four-bedroom house in Los Angeles is a bargain, listed for a mere $2,999,000.
With lush landscaping full of exotic plants, the property—located in the Brentwood neighborhood—was used only for the exterior shots on the show, which ran from 1985 to 1992 and starred Rue McClanahan as Blanche, a widow who opened up her home to three roommates played by Betty White (Rose), Bea Arthur (Dorothy), and Estelle Getty (Sophia).
Yet most of these spunky senior citizens' antics—which occurred inside the house, around the kitchen table, or in the living room—were filmed on a Hollywood set.
As such, while this house has attracted a few fans to snap pictures curbside, the home's interior has long remained a mystery—which is all the more reason why this home is bound to receive tons of attention now.
The reality behind 'The Golden Girls' house
In real life, this house served as the longtime residence of David Noble Barry III and Margaret Carr Barry, a married couple who had the house built in 1955. The Barrys lived in the house for more than 60 years until their deaths in 2017 and 2019, respectively. The property is being sold by a trust.
James Barry, the late couple's son, reported that location scouts first noticed the property because of its verdant landscaping, thinking it had just the right aesthetic to represent the four friends' fictional home in Miami at 6151 Richmond St. (FYI, no such address actually exists.)
So the NBC network paid the Barrys a small sum of money to film exterior shots at the home. They agreed, in part because they wanted to show off their home's unique architecture.
In fact, the home was primarily used as a filming location for only the first season of the show. For later seasons, the Barrys loaned NBC the home's original blueprints so the network could build a replica at Disney's Hollywood Studios, where fans could tour the house until it was torn down in 2003.
So what's the original "Golden Girls" house really like?
An inside tour of 'The Golden Girls' home today
The Barrys modeled their Brentwood property after the Honolulu home of David Noble Barry III's father. Japanese and Hawaiian influences abound throughout the property, which features original oak floors, high ceilings, floor-to-ceiling windows, sliding Shoji screens, built-in cabinets, and an engawa, a traditional Japanese wood flooring surrounding the home.
Who will buy 'The Golden Girls' house—and how much will it cost?
So, who will be the lucky new owner of this iconic TV home? Many real estate experts say it's priced aggressively to sell and the buyer will likely be a toss-up between TV or movie producers who may want to use the location, or private buyers who may be fans of the show.
"The list price is strategic and meant to attract a lot of attention and interest," says Rachelle Rosten, the home's listing agent with Douglas Elliman. "The beauty of this pricing strategy is the market ultimately determines the value. I anticipate this property will sell over the list price. It’s an exciting and emotional house as well as being a nice-sized lot on a desirable street. The market will respond accordingly. It will be very interesting to see who ends up buying this property."
One potential buyer? HGTV, which in 2018 outbid Lance Bass to purchase the home used for exterior shots for "The Brady Bunch." The network renovated the house back to its 1970s glory on the hit show "A Very Brady Renovation."
"'The Golden Girls' home reminds me of 'The Brady Bunch' home sale scenario all over again," says Cara Ameer, a real estate agent with Coldwell Banker in California and Florida. "A television network could be an ideal buyer for the property, such as HGTV or even NBC, which originally aired the series. Perhaps Amazon, Netflix, or a studio like Paramount will want it for future projects—a 'Golden Girls' remake or a similar show with a new twist or even a movie."
As for dollars and cents, Ameer says it's hard to put a specific price tag on a home with celebrity status.
"I would venture that this is going to be subject to multiple offers and may go well above asking price—as much as by $1 million or a bit more," she says.
But not all celebrity-status homes sell quickly. Just look at the famous "Full House" home in San Francisco, which was last sold for $4 million in 2016 and has been listed twice since then with no success. One possible reason could be all the "Full House" tourists crowding the front, which might become a nuisance at "The Golden Girls" house as well, especially if it becomes the subject of a pop culture revival.
"A buyer of this house will need to contend with tourists and fans constantly taking photos and the privacy concerns that come along with that," says Shane Ray, a real estate agent in San Francisco with Domicile Properties/Compass.
Some real estate agents think that the headaches of owning a famous home make them a poor investment.
Cedric Stewart, a real estate agent with Keller Williams Capital Properties in Washington, DC, thinks "The Golden Girls" house will sell for under asking, at around $1.95 million.
"Is there a chance someone would buy it for sentimental purposes or use it as an attraction of sorts? Sure," Stewart says. "But the generation that would most appreciate that is on their way out, so this is not a place you buy to make money."
Only time will tell what will happen to this house, but in the meantime, it's fun to get a chance to see a piece of TV history.
Even though the Golden Girls house has a different interior from the show, here are some interior pics...
1 in 5 Americans Have Moved During the Pandemic
from realtor.com, the move is on...
Millions of Americans have relocated this year due to the COVID-19 outbreak, according to the Pew Research Center. New data released this week shows that 22% of Americans either moved or know of someone who did.
The reasons vary, researchers say, such as college students moving out of dorms as schools closed abruptly, homeowners and renters leaving communities perceived as unsafe, and people moving from housing they could no longer afford. The findings are based on a survey conducted in early June of nearly 10,000 people.
Young adults have been the most likely to move. Thirty-seven percent of those ages 18 to 29 said they either moved, someone moved into their home, or they knew someone who moved because of the pandemic.
Overall, 28% of those who have moved during the pandemic say the most important reason was to reduce their risk of contracting the virus. An additional 23% say it was because their college campus closed, 20% said they wanted to be with family, and 18% said it was a financial decision driven by either a job loss or another money-related reason.
Millions of Americans have relocated this year due to the COVID-19 outbreak, according to the Pew Research Center. New data released this week shows that 22% of Americans either moved or know of someone who did.
The reasons vary, researchers say, such as college students moving out of dorms as schools closed abruptly, homeowners and renters leaving communities perceived as unsafe, and people moving from housing they could no longer afford. The findings are based on a survey conducted in early June of nearly 10,000 people.
Young adults have been the most likely to move. Thirty-seven percent of those ages 18 to 29 said they either moved, someone moved into their home, or they knew someone who moved because of the pandemic.
Overall, 28% of those who have moved during the pandemic say the most important reason was to reduce their risk of contracting the virus. An additional 23% say it was because their college campus closed, 20% said they wanted to be with family, and 18% said it was a financial decision driven by either a job loss or another money-related reason.
Thursday, June 25, 2020
Magic Green Homes: A Hobbit House You Can Build in Three Days
Tiny homes have become quite a prominent trend in today's housing situations. They can be eco-friendly, affordable, easy to maintain, and promote a slower lifestyle. Not to mention, living in a tiny home helps get rid of unwanted clutter and helps you stick to a minimalist way of thinking. There are many creative ways tiny homes have manifested. One of these ways being homes that resemble those from The Hobbit. Magic Green Homes is the creator behind hobbit houses that you can build yourself.
This adorable prefab is a 400-square-foot hobbit home that almost anyone can build in only three days. Okay, that may be using "build" a bit loosely. The manufacturer claims that you can construct the prefab shell of the home in three days. This is not counting any site work (foundation), interior finishing, or exterior planting. But even so, that's a very fast assembly time for any prefab―and even more amazing for an earth shelter.
What's an Earth Shelter?
Tiny homes have been quite the trend in the past few years, but traditional earth shelters have been around for centuries and are so named because they are built partially underground. They rely on soil and plants to protect the home from the elements and to help regulate the indoor temperature—naturally. However, buildings like these are very difficult to waterproof and offer few options for finishing the interior.
The Magical Hard Shell
Enter Green Magic Homes. It developed a modular home building system that modernizes the humble earth shelter using vaulted panels. The panels are made from a fiber-reinforced polymer (FRP) and are designed to work in conjunction with Earth covering. The assembled structure is rated to hold 8 inches of soil and a live load of 44 inches per square foot. The additional load might be imposed by things like plants, snow, or people walking on the home.
So what makes these structures so easy and fast to assemble? Two words: perforated flaps. They make it a snap to attach and seal the vaulted panels together. A 400-square-foot module can be built in three days using three people with limited construction skills and no heavy equipment. Also, channels or ducts for plumbing and electrical runs can be added at any point during the assembly process.
These tiny dome-shaped homes can be adapted to suit different regions. They can also be personalized based on your housing needs. And future expansion is possible by adding more modules to an existing home.
So, are there downsides to these seemingly magical hobbit homes? Of course there are, just as there are with any type of home construction. For starters, these structures seem to be suitable only for warm climates, at least without some additional insulation beyond an earth layer. The estimated R-value of soil is only about 0.125 to 0.25 per inch (at 20 percent moisture content). That means an 8-inch-thick soil cover provides no better than an R-value of 2, which is about as good as a single-pane window with a storm window.
Another consideration is cost: Green Magic estimates the "turnkey" cost of building one of their homes at $125 to $200 per square foot. This is excluding the foundation, which is a significant cost for any home. Turnkey means the home is built by professionals from the ground up and is move-in-ready at the end of the job. By comparison, the cost to build a conventionally framed and insulated home with the highest energy-efficiency standards is around $150 to $200 per square foot.
Click for Full Article
Currently, Green Magic Homes has one distributor in the United States and its website has more information about costs and features, and you can view photos and renderings of these seemingly magical structures.
Wednesday, June 24, 2020
Mortgage rates set new record low, falling below 3% as concerns rise about coronavirus second wave
if you're looking to buy, record low interest rates will help...
from cnbc.com
Mortgage rates set new record low, falling below 3% as concerns rise about coronavirus second wave
The average rate on the popular 30-year fixed mortgage hit 2.97% Thursday, according to Mortgage News Daily, as the stock market sold off and investors rushed to the relative safety of the bond market.
The market sell-off is being fueled by new concerns that there may be a second wave of the coronavirus, which already decimated the economy in April and May.
Barely a week ago it looked like mortgage rates were finally breaking higher, but in a sudden reversal, they just set a new record low.
The average rate on the popular 30-year fixed mortgage hit 2.97% Thursday, according to Mortgage News Daily, as the stock market sold off and investors rushed to the relative safety of the bond market. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.
For top-tier borrowers, some lenders were quoting as low as 2.75%. Lower-tier borrowers would see higher rates.
“This is a very abrupt and arguably unexpected change given that last week looked like a potentially scary lift-off for rates after an extended stay near the previous all-time lows,” said Matthew Graham, chief operating officer at Mortgage News Daily. “It suggests we shouldn’t count out the ability of interest rates to maintain these levels (or improve upon them) even if the economy continues showing signs of healing.”
The market sell-off is being fueled by new concerns that there may be a second wave of the coronavirus, which already decimated the economy in April and May. Rates have been hovering above 3% for much of the past month and only broke higher last week, following a surprisingly more optimistic May employment report. That, on top of cities across the country reopening, fueled more selling in the bond market.
Interest rates also benefited from an announcement by the Federal Reserve on Wednesday that it would continue buying mortgage-backed bonds. That will keep liquidity in the lending market.
“I think rate levels will be directly tied to the ability of the economy to recover. If it goes better than expected, rates would rise, and vice versa if things remain sluggish. Either way, the Fed is committed to keeping shorter-term rates lower for longer, and that will help to anchor longer-term rates like mortgages to some extent,” added Graham.
Low rates have fueled a sharp and fast recovery in the housing market, especially for homebuilders. Mortgage applications to purchase a home were up 13% annually last week, according to the Mortgage Bankers Association.
A new housing recovery index from realtor.com, which combines home search activity, prices and inventory, showed continued improvements in the market, even as social unrest erupted in several large cities.
“The general sentiment from consumer surveys is that now is not a good time to sell a home because of Covid, economic uncertainty, and social unrest, but the data is saying the opposite,” said Danielle Hale, chief economist for realtor.com. “Home prices are back to their pre-Covid pace and we’re seeing listings spend slightly less time on the market than last week.”
Mortgage rates are just one piece of the puzzle. Mortgage credit availability is still key, and it fell last month to the lowest level in nearly six years, according to an MBA survey.
“Under the current economic environment, low rates are having very little impact due to depleted mortgage availability and a decline in savings, which are putting potential buyers on the sidelines, unfortunately, just as mortgage rates are making homes more affordable,” said George Ratiu, senior economist at realtor.com.
from cnbc.com
Mortgage rates set new record low, falling below 3% as concerns rise about coronavirus second wave
The average rate on the popular 30-year fixed mortgage hit 2.97% Thursday, according to Mortgage News Daily, as the stock market sold off and investors rushed to the relative safety of the bond market.
The market sell-off is being fueled by new concerns that there may be a second wave of the coronavirus, which already decimated the economy in April and May.
Barely a week ago it looked like mortgage rates were finally breaking higher, but in a sudden reversal, they just set a new record low.
The average rate on the popular 30-year fixed mortgage hit 2.97% Thursday, according to Mortgage News Daily, as the stock market sold off and investors rushed to the relative safety of the bond market. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.
For top-tier borrowers, some lenders were quoting as low as 2.75%. Lower-tier borrowers would see higher rates.
“This is a very abrupt and arguably unexpected change given that last week looked like a potentially scary lift-off for rates after an extended stay near the previous all-time lows,” said Matthew Graham, chief operating officer at Mortgage News Daily. “It suggests we shouldn’t count out the ability of interest rates to maintain these levels (or improve upon them) even if the economy continues showing signs of healing.”
The market sell-off is being fueled by new concerns that there may be a second wave of the coronavirus, which already decimated the economy in April and May. Rates have been hovering above 3% for much of the past month and only broke higher last week, following a surprisingly more optimistic May employment report. That, on top of cities across the country reopening, fueled more selling in the bond market.
Interest rates also benefited from an announcement by the Federal Reserve on Wednesday that it would continue buying mortgage-backed bonds. That will keep liquidity in the lending market.
“I think rate levels will be directly tied to the ability of the economy to recover. If it goes better than expected, rates would rise, and vice versa if things remain sluggish. Either way, the Fed is committed to keeping shorter-term rates lower for longer, and that will help to anchor longer-term rates like mortgages to some extent,” added Graham.
Low rates have fueled a sharp and fast recovery in the housing market, especially for homebuilders. Mortgage applications to purchase a home were up 13% annually last week, according to the Mortgage Bankers Association.
A new housing recovery index from realtor.com, which combines home search activity, prices and inventory, showed continued improvements in the market, even as social unrest erupted in several large cities.
“The general sentiment from consumer surveys is that now is not a good time to sell a home because of Covid, economic uncertainty, and social unrest, but the data is saying the opposite,” said Danielle Hale, chief economist for realtor.com. “Home prices are back to their pre-Covid pace and we’re seeing listings spend slightly less time on the market than last week.”
Mortgage rates are just one piece of the puzzle. Mortgage credit availability is still key, and it fell last month to the lowest level in nearly six years, according to an MBA survey.
“Under the current economic environment, low rates are having very little impact due to depleted mortgage availability and a decline in savings, which are putting potential buyers on the sidelines, unfortunately, just as mortgage rates are making homes more affordable,” said George Ratiu, senior economist at realtor.com.
Could the Open Floor Plan Be in Jeopardy?
an interesting consideration given the current times....
from realtor.com
Could the Open Floor Plan Be in Jeopardy?
The rise of remote work is prompting more households to reconsider the popular open floor plan. Some of the common complaints brewing include poor sound quality and echoes, lackluster lighting, lingering cooking smells, and a lack of private spaces for video calls.
Open floor plans have dominated real estate over the past few decades. The great room in an open floor plan combines the family room, dining room, and kitchen into one giant space. But as entire families scrambled to work and school from home during the COVID-19 pandemic, they've found it difficult to concentrate in these open spaces. Now some homeowners are calling for the walls to come back.
“Our homes will change post-COVID-19,” Bret Parsons, a real estate professional in Beverly Hills, Calif., and founder of the architectural division at Compass, told realtor.com®. “This pandemic is hardly just an annoyance, but rather a significant lifestyle change. I predict the pendulum moving back to more traditional homes, with segmented rooms for multiple uses, including office suites, an exercise room, and a separate en suite for multigenerational living. Who wants [parents] in a care facility anymore?”
Regardless of a potential evolution in preferences, homes with open floor plans are still selling. But Parsons predicts owners will explore walling off certain spaces. Pocket doors can be one solution, as can zoning certain sections for work areas.
However, not all real estate pros believe this is the death of the open floor plan. “I completely disagree with the great room being a thing of the past, and I don’t foresee a major correction for the open-plan home beyond the pandemic,” Sven Simon, a real estate professional with Swell Property in the San Diego area, told realtor.com®. “The open floor plan mostly relates to the kitchen, dining room, and living room blending together into one large space to entertain, for a larger feel and natural light. Those are the public areas of the home. People changing their work habits will not change that.”
from realtor.com
Could the Open Floor Plan Be in Jeopardy?
The rise of remote work is prompting more households to reconsider the popular open floor plan. Some of the common complaints brewing include poor sound quality and echoes, lackluster lighting, lingering cooking smells, and a lack of private spaces for video calls.
Open floor plans have dominated real estate over the past few decades. The great room in an open floor plan combines the family room, dining room, and kitchen into one giant space. But as entire families scrambled to work and school from home during the COVID-19 pandemic, they've found it difficult to concentrate in these open spaces. Now some homeowners are calling for the walls to come back.
“Our homes will change post-COVID-19,” Bret Parsons, a real estate professional in Beverly Hills, Calif., and founder of the architectural division at Compass, told realtor.com®. “This pandemic is hardly just an annoyance, but rather a significant lifestyle change. I predict the pendulum moving back to more traditional homes, with segmented rooms for multiple uses, including office suites, an exercise room, and a separate en suite for multigenerational living. Who wants [parents] in a care facility anymore?”
Regardless of a potential evolution in preferences, homes with open floor plans are still selling. But Parsons predicts owners will explore walling off certain spaces. Pocket doors can be one solution, as can zoning certain sections for work areas.
However, not all real estate pros believe this is the death of the open floor plan. “I completely disagree with the great room being a thing of the past, and I don’t foresee a major correction for the open-plan home beyond the pandemic,” Sven Simon, a real estate professional with Swell Property in the San Diego area, told realtor.com®. “The open floor plan mostly relates to the kitchen, dining room, and living room blending together into one large space to entertain, for a larger feel and natural light. Those are the public areas of the home. People changing their work habits will not change that.”
Potential homebuyers are going to face historically low inventory this summer
allot of what I'm seeing in the Colorado Market now....
from housingwire.com
Potential homebuyers are going to face historically low inventory this summer
With a decreased number of new home listings, what will happen when homebuyers re-enter the market this summer?
LendingTree says that 53% of homebuyers are more likely to buy a home in the next year because of the COVID-19 pandemic, with respondents saying they’re either tired of the small space they live in currently or don’t care where they live since they work remotely now.
Many even say they are ready to attend an open house again, according to a new survey from the National Association of Realtors, which found that 65% of people who attended an open house within the last year would do so now without hesitation.
Obviously, consumers are signaling a growing appetite for home-buying.
But as Chris Stuart, CEO and president of Berkshire Hathaway HomeServices and CEO of HSF Affiliates, said in this interview with Mansion Global, the lack of housing inventory is “the biggest pain spot at the moment as a result of the pandemic.”
Stuart said that in contrast to 2008 and 2009, when there was 10 months of inventory, the nation has only about three months right now. As a result, he is seeing several real estate markets heat up.
“We have a company in the Florida Keys where we’ve sold four properties sight unseen, and we’re seeing that elsewhere in the U.S., too. We’re seeing double-digit appreciation on the Gulf side of Florida, in the Keys and parts of the Carolinas,” Stuart said.
A lack of available homes was a serious problem even before the pandemic, as our reporting from February shows:
The nation’s inventory of homes for sale tumbled 14% in January, falling to the lowest level since at least 2012, according to a realtor.com report. The inventory of entry-level homes saw the steepest drop in the series that goes back to 2012, the report said. The supply of properties priced under $200,000 fell 19%, while homes priced $200,000 to $750,000 declined 12%.
Now, with more homebuyers coming into the market and fewer houses to choose from, competition is already fierce in many markets, including San Diego, Austin and Milwaukee, where buyers may encounter bidding wars to secure the home of their dreams.
from housingwire.com
Potential homebuyers are going to face historically low inventory this summer
With a decreased number of new home listings, what will happen when homebuyers re-enter the market this summer?
LendingTree says that 53% of homebuyers are more likely to buy a home in the next year because of the COVID-19 pandemic, with respondents saying they’re either tired of the small space they live in currently or don’t care where they live since they work remotely now.
Many even say they are ready to attend an open house again, according to a new survey from the National Association of Realtors, which found that 65% of people who attended an open house within the last year would do so now without hesitation.
Obviously, consumers are signaling a growing appetite for home-buying.
But as Chris Stuart, CEO and president of Berkshire Hathaway HomeServices and CEO of HSF Affiliates, said in this interview with Mansion Global, the lack of housing inventory is “the biggest pain spot at the moment as a result of the pandemic.”
Stuart said that in contrast to 2008 and 2009, when there was 10 months of inventory, the nation has only about three months right now. As a result, he is seeing several real estate markets heat up.
“We have a company in the Florida Keys where we’ve sold four properties sight unseen, and we’re seeing that elsewhere in the U.S., too. We’re seeing double-digit appreciation on the Gulf side of Florida, in the Keys and parts of the Carolinas,” Stuart said.
A lack of available homes was a serious problem even before the pandemic, as our reporting from February shows:
The nation’s inventory of homes for sale tumbled 14% in January, falling to the lowest level since at least 2012, according to a realtor.com report. The inventory of entry-level homes saw the steepest drop in the series that goes back to 2012, the report said. The supply of properties priced under $200,000 fell 19%, while homes priced $200,000 to $750,000 declined 12%.
Now, with more homebuyers coming into the market and fewer houses to choose from, competition is already fierce in many markets, including San Diego, Austin and Milwaukee, where buyers may encounter bidding wars to secure the home of their dreams.
Saturday, May 30, 2020
Float Away Any Summertime Blues: 7 Homes With Lavish Lazy River Pools
fun pool home ideas from realtor.com
May flowers are in full bloom, the school year is winding down, and temperatures are creeping steadily into the sweat zone.
While most of us simply crank up the AC and scroll through resorts for a respite, a lucky few just amble into their backyards. For those charmed homeowners with resortlike pools on their properties, we cop to a serious case of lazy river envy.
Lazy rivers are the finest pool-related amenity—allowing an aimless sunbather to float along, with jet currents so gentle a cocktail in hand won't spill.
It's the dreamy warm-weather experience most of us get only occasionally, on vacation—if we're lucky. What if you could indulge yourself whenever you wanted? To indulge in our own lazy river–fueled fantasy, we scoped out the coolest pools for sale from coast to coast.
We found seven homes on the market with lazy rivers, swim-up bars, grottoes, and other manner of high-end water experiences that might make your next trip to the resort feel downright dreary. This is how you do summer the right way.
Pass the (waterproof) sunblock and take a dip.
38508 N. 34th Ave, Phoenix, AZ
Price: $935,000
Desert dream: This home's pool cost a cool quarter-million dollars to build in 2006 and has been recognized among the top 10 in Arizona. More than just a spot to cool off, this home's backyard has a lazy river, grotto waterfall, tunnels, a slide, misting system, and much more. The rest of the five-bedroom home is more subdued, but it's all arranged to soak in the views of all the fun out back.
16810 Saddle Ridge Pass, Cypress, TX
Price: $4,999,500
Playtime perfection: This five-bedroom estate sits on more than 4 acres and was built first and foremost for fun. The interiors are luxurious to be sure, but it's what's on the outside that gives this home the feel of a resort. Out back, there's a covered kitchen, pond with pier, and pool with spa and dreamy lazy river.
42 Island Estates Pkwy, Palm Coast, FL
Price: $3,950,000
Island ideal: This five-bedroom estate was built in 1992 and sits on nearly 3 acres with 300 feet of Intracoastal Waterway frontage. If boating out of the floating dock or swimming at the private beach a short walk away aren't appealing, head out back. There you can take a dip in the 4,500-square-foot, glass-tiled pool with rock structure, waterfalls, spa, lazy river, swim-up bar, and grotto.
5 Wood Creek Ct, Las Vegas, NV
Price: $6,200,000
Million-dollar marvel: This pool connected to a 9,400-square-foot, Tuscan-style estate cost $1 million to build in 2006 and was featured on HGTV's top 50 pools series. In addition to the lazy river, the pool area includes waterfalls, a swim-up bar, and hot tub.
3720 Krenek Rd, Crosby, TX
Price: $2,500,000
50 acres of fun: In addition to over-the-top amenities like an indoor breezeway, loggia, and pet grooming room, this enormous 50-acre estate outside Houston has a bountiful backyard. There's a free-flowing pool, which includes a lazy river, waterfall grotto, slide, fire pit, and cabana.
6949 Chartwell Dr, Riverside, CA
Price: $1,999,900
'White House': Dubbed the "White House," this Colonial-style home from 1999 has seven bedrooms and more than 6,600 square feet. In addition to lavish interiors, this home has a backyard with a new lazy river pool, spa, shower, gazebo, and kitchen with barbecue and pizza oven.
2802 E. Benders Landing Blvd, Spring, TX
Price: $1,675,000
Best of benders: Built in 2008, this 10,000-square-foot mansion is big even for Texas. While the interiors boast extras like custom millwork and built-ins, rotunda ceilings, and a grand staircase, this 2-acre property truly shines with its outdoor spaces. Experience outdoor living at its finest with a heated pool with waterfalls, slide, spa, and beach entry. Apparently, sometimes even a spectacular pool isn't quite enough.
May flowers are in full bloom, the school year is winding down, and temperatures are creeping steadily into the sweat zone.
While most of us simply crank up the AC and scroll through resorts for a respite, a lucky few just amble into their backyards. For those charmed homeowners with resortlike pools on their properties, we cop to a serious case of lazy river envy.
Lazy rivers are the finest pool-related amenity—allowing an aimless sunbather to float along, with jet currents so gentle a cocktail in hand won't spill.
It's the dreamy warm-weather experience most of us get only occasionally, on vacation—if we're lucky. What if you could indulge yourself whenever you wanted? To indulge in our own lazy river–fueled fantasy, we scoped out the coolest pools for sale from coast to coast.
We found seven homes on the market with lazy rivers, swim-up bars, grottoes, and other manner of high-end water experiences that might make your next trip to the resort feel downright dreary. This is how you do summer the right way.
Pass the (waterproof) sunblock and take a dip.
38508 N. 34th Ave, Phoenix, AZ
Price: $935,000
Desert dream: This home's pool cost a cool quarter-million dollars to build in 2006 and has been recognized among the top 10 in Arizona. More than just a spot to cool off, this home's backyard has a lazy river, grotto waterfall, tunnels, a slide, misting system, and much more. The rest of the five-bedroom home is more subdued, but it's all arranged to soak in the views of all the fun out back.
16810 Saddle Ridge Pass, Cypress, TX
Price: $4,999,500
Playtime perfection: This five-bedroom estate sits on more than 4 acres and was built first and foremost for fun. The interiors are luxurious to be sure, but it's what's on the outside that gives this home the feel of a resort. Out back, there's a covered kitchen, pond with pier, and pool with spa and dreamy lazy river.
42 Island Estates Pkwy, Palm Coast, FL
Price: $3,950,000
Island ideal: This five-bedroom estate was built in 1992 and sits on nearly 3 acres with 300 feet of Intracoastal Waterway frontage. If boating out of the floating dock or swimming at the private beach a short walk away aren't appealing, head out back. There you can take a dip in the 4,500-square-foot, glass-tiled pool with rock structure, waterfalls, spa, lazy river, swim-up bar, and grotto.
5 Wood Creek Ct, Las Vegas, NV
Price: $6,200,000
Million-dollar marvel: This pool connected to a 9,400-square-foot, Tuscan-style estate cost $1 million to build in 2006 and was featured on HGTV's top 50 pools series. In addition to the lazy river, the pool area includes waterfalls, a swim-up bar, and hot tub.
3720 Krenek Rd, Crosby, TX
Price: $2,500,000
50 acres of fun: In addition to over-the-top amenities like an indoor breezeway, loggia, and pet grooming room, this enormous 50-acre estate outside Houston has a bountiful backyard. There's a free-flowing pool, which includes a lazy river, waterfall grotto, slide, fire pit, and cabana.
6949 Chartwell Dr, Riverside, CA
Price: $1,999,900
'White House': Dubbed the "White House," this Colonial-style home from 1999 has seven bedrooms and more than 6,600 square feet. In addition to lavish interiors, this home has a backyard with a new lazy river pool, spa, shower, gazebo, and kitchen with barbecue and pizza oven.
2802 E. Benders Landing Blvd, Spring, TX
Price: $1,675,000
Best of benders: Built in 2008, this 10,000-square-foot mansion is big even for Texas. While the interiors boast extras like custom millwork and built-ins, rotunda ceilings, and a grand staircase, this 2-acre property truly shines with its outdoor spaces. Experience outdoor living at its finest with a heated pool with waterfalls, slide, spa, and beach entry. Apparently, sometimes even a spectacular pool isn't quite enough.
Mortgage Rates Just Hit a New All-Time Low
from Money.com
Those who were holding out on buying or refinancing a mortgage in the hopes of getting even lower rates finally have their patience rewarded. Interest rates have reached a new all-time low for the third time since the beginning of the year.
The average interest rate for a 30-year fixed-rate mortgage was 3.15% with 0.8 points paid, for the week ending May 28, according to Freddie Mac. That’s 0.08 percentage points below the previous all-time low of 3.23% set April 30. A year ago today the average interest rate was 3.99%. It is the fifth consecutive week where interest rates have remained below 3.30%.
Average interest rates on 15-year fixed-rate mortgages fell by 0.8 percentage points to 2.62% with 0.7 points paid. Meanwhile, the average rate on a five-year adjustable-rate mortgage decreased to 3.13% with 0.4 points paid, a decline of 0.4 percentage points from last week’s 3.17%
Refinance loans continue to be in high demand as they make up almost two-thirds of all mortgage loan activity. Conventional refinance loans increased 2% over the previous week thanks to continued low interest rates. More recent refinance activity has also seen a $70,000 decrease in the average amount of refinance loan size. “This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy,” said Sam Khater, Freddie Mac’s chief economist in a statement.
Home purchase mortgage applications continue their six-week rise as lock-downs orders ease throughout the U.S. According to data from the Mortgage Bankers Association (MBA), applications were up 9% over the previous week and 54% over their level in early April. New York continues to lead the way with an increase of 19.7% over last week, while California saw an increase of 11.6%.
Those who were holding out on buying or refinancing a mortgage in the hopes of getting even lower rates finally have their patience rewarded. Interest rates have reached a new all-time low for the third time since the beginning of the year.
The average interest rate for a 30-year fixed-rate mortgage was 3.15% with 0.8 points paid, for the week ending May 28, according to Freddie Mac. That’s 0.08 percentage points below the previous all-time low of 3.23% set April 30. A year ago today the average interest rate was 3.99%. It is the fifth consecutive week where interest rates have remained below 3.30%.
Average interest rates on 15-year fixed-rate mortgages fell by 0.8 percentage points to 2.62% with 0.7 points paid. Meanwhile, the average rate on a five-year adjustable-rate mortgage decreased to 3.13% with 0.4 points paid, a decline of 0.4 percentage points from last week’s 3.17%
Refinance loans continue to be in high demand as they make up almost two-thirds of all mortgage loan activity. Conventional refinance loans increased 2% over the previous week thanks to continued low interest rates. More recent refinance activity has also seen a $70,000 decrease in the average amount of refinance loan size. “This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy,” said Sam Khater, Freddie Mac’s chief economist in a statement.
Home purchase mortgage applications continue their six-week rise as lock-downs orders ease throughout the U.S. According to data from the Mortgage Bankers Association (MBA), applications were up 9% over the previous week and 54% over their level in early April. New York continues to lead the way with an increase of 19.7% over last week, while California saw an increase of 11.6%.
New listings plunge across state
With limited market supply, it's a good time to sell...see Denver Post Article...
New listings plunge across state
Single-family home sales drop 20.3% amid stay-at-home orders in April
Stay-at-home orders dealt a heavy blow to home sales across the state in April, but they didn’t knock the market off its feet, according to a monthly update from the Colorado Association of Realtors.
Open houses were not permitted and in-person visits were limited until the final walk-through, which made marketing homes difficult. Concerned about their health and job losses, sellers and buyers alike pulled back.
Yet, contracts were closed on 7,590 residences across the state, with minimal discounting, and 6,761 properties were put under contract. And once showings were allowed again at the end of April, buyers came back out.
“Everybody expected there would be this massive tanking of our market when it opened back up, but on the contrary, we are back to where we were. It isn’t doom and gloom,” said Denver-area Realtor Matthew Leprino.
Yet, Leprino said he maintains a cautious outlook. Unemployment rates have spiked to their highest levels since the Great Depression, consumer credit scores are taking a hit, and lenders are tightening their loan standards, all of which could sideline many would-be buyers in the months ahead.
“We have rebounded, but now what is next?” he said.
Single-family home sales dropped 20.3% statewide, from 7,444 in April 2019 to 5,930 this April. Townhome and condo sales fell a steeper 32.4%, from 2,455 a year ago to 1,660 last month.
Buyers weren’t the only ones holding back. The number of single-family homes that Colorado sellers listed fell 24.1% last month, from 9,591 in March to 7,281 in April. Condo and town-home listings dropped from 3,024 to 2,064, a decline of 32.1% over the month.
Single-family listings took 40 days on average to sell statewide in April, down from 47 days the same month a year earlier, while condos and townhomes took 42 days to sell compared to 46 days last year.
Median home sales prices largely held up. Statewide, they fell 1% month-over-month, to $419,900, and are still up 5% over the year. Condo and townhome prices dropped 4.3% to $315,000 on the month but remain up 3.3% on the year.
A report last week from the Denver Metro Association of Realtors showed similar declines in metro Denver. There were 3,603 homes and condos sold, a 24.3% drop month-over-month and a 30.8% drop year over year. New listings came in at 4,679, down 29.8% from March and 37.8% from April of 2019.
Jill Schafer, chairwoman of the DMAR Market Trends Committee, said in the report that buyers mostly avoided making low-ball offers, asking for big discounts or stretching out the sales process. Sellers in metro Denver received 99.96% of the listing price on average last month.
The median price of a single-family that closed in metro Denver and surrounding counties last month was $475,425, down 2.2% from March and up 3.35% from April 2019. The median price of a condo sold was $322,000, down 2.4% from March but still up 6.9% from a year earlier.
The drop in buying activity was especially pronounced in mountain resort counties, which were hit earlier and harder by the novel coronavirus outbreak, according to the CAR report. Sellers held back listings at a higher rate in metro Denver and in some of the counties on the Eastern Plains.
Across the state, high-end homes saw the biggest drop in demand. Some agents in higher-priced mountain communities argue that wealthy buyers escaping congested cities will fuel a rebound, while others noted that the collapse in oil and gas prices could reduce demand from Texans and push current owners from that state to sell.
“We really are unsure of our real estate and tourist economy in that none of us have ever experienced a health pandemic like we are in now,” said George Harvey, a Telluride-area Realtor, in comments accompanying the CAR report.
New listings plunge across state
Single-family home sales drop 20.3% amid stay-at-home orders in April
Stay-at-home orders dealt a heavy blow to home sales across the state in April, but they didn’t knock the market off its feet, according to a monthly update from the Colorado Association of Realtors.
Open houses were not permitted and in-person visits were limited until the final walk-through, which made marketing homes difficult. Concerned about their health and job losses, sellers and buyers alike pulled back.
Yet, contracts were closed on 7,590 residences across the state, with minimal discounting, and 6,761 properties were put under contract. And once showings were allowed again at the end of April, buyers came back out.
“Everybody expected there would be this massive tanking of our market when it opened back up, but on the contrary, we are back to where we were. It isn’t doom and gloom,” said Denver-area Realtor Matthew Leprino.
Yet, Leprino said he maintains a cautious outlook. Unemployment rates have spiked to their highest levels since the Great Depression, consumer credit scores are taking a hit, and lenders are tightening their loan standards, all of which could sideline many would-be buyers in the months ahead.
“We have rebounded, but now what is next?” he said.
Single-family home sales dropped 20.3% statewide, from 7,444 in April 2019 to 5,930 this April. Townhome and condo sales fell a steeper 32.4%, from 2,455 a year ago to 1,660 last month.
Buyers weren’t the only ones holding back. The number of single-family homes that Colorado sellers listed fell 24.1% last month, from 9,591 in March to 7,281 in April. Condo and town-home listings dropped from 3,024 to 2,064, a decline of 32.1% over the month.
Single-family listings took 40 days on average to sell statewide in April, down from 47 days the same month a year earlier, while condos and townhomes took 42 days to sell compared to 46 days last year.
Median home sales prices largely held up. Statewide, they fell 1% month-over-month, to $419,900, and are still up 5% over the year. Condo and townhome prices dropped 4.3% to $315,000 on the month but remain up 3.3% on the year.
A report last week from the Denver Metro Association of Realtors showed similar declines in metro Denver. There were 3,603 homes and condos sold, a 24.3% drop month-over-month and a 30.8% drop year over year. New listings came in at 4,679, down 29.8% from March and 37.8% from April of 2019.
Jill Schafer, chairwoman of the DMAR Market Trends Committee, said in the report that buyers mostly avoided making low-ball offers, asking for big discounts or stretching out the sales process. Sellers in metro Denver received 99.96% of the listing price on average last month.
The median price of a single-family that closed in metro Denver and surrounding counties last month was $475,425, down 2.2% from March and up 3.35% from April 2019. The median price of a condo sold was $322,000, down 2.4% from March but still up 6.9% from a year earlier.
The drop in buying activity was especially pronounced in mountain resort counties, which were hit earlier and harder by the novel coronavirus outbreak, according to the CAR report. Sellers held back listings at a higher rate in metro Denver and in some of the counties on the Eastern Plains.
Across the state, high-end homes saw the biggest drop in demand. Some agents in higher-priced mountain communities argue that wealthy buyers escaping congested cities will fuel a rebound, while others noted that the collapse in oil and gas prices could reduce demand from Texans and push current owners from that state to sell.
“We really are unsure of our real estate and tourist economy in that none of us have ever experienced a health pandemic like we are in now,” said George Harvey, a Telluride-area Realtor, in comments accompanying the CAR report.
Back to work: As property showings resume, builders and agents see a quick resumption of spring interest from buyers, sellers
good article from Denver Post with what I'm seeing as well:
"Back to work: As property showings resume, builders and agents see a quick resumption of spring interest from buyers, sellers
“Indications are that we’re still going to have a positive market coming into rest of the year.”
In the few days since statewide restrictions were lifted on the showing of properties, Colorado builders and real estate agents were already seeing a quick upswing in buyer interest that’s being heralded as a sign of a possible early market recovery.
“We’ve already seen plenty of showings; there’s pent-up demand,” says Matt Leprino, spokesperson for the Colorado Association of Realtors who tracks data for the association.
“How long that will last is hard to tell, but showings are back up after dropping off,” he adds.
Initial stay-at-home orders had drastically cut into numbers of showings in the Denver area, by over 90 percent; but the orders were rescinded last week, as real estate was reclassified as an essential ‘field service.’
“Indications are that we’re still going to have a positive market coming into rest of the year,” says Rike Palese, who heads up Re/Max Professionals’ DTC office—just under $1 billion in residential sales last year.
“Sellers want to sell, and there’s a lot of buyer momentum,” Palese adds.
Office stats from last week indicated showings in the few days following the lifting had gone way up, already 20% above levels in mid-March when the virus crisis was descending.
“Are we back to normal? No, but we’re working our way to that,” Palese says. He notes that lending is now more of a challenge for some buyers, facing higher credit score requirements for some programs.
“The important thing to know is that there’s availability for financing at great rates, with reasonable down payments.” Some lenders have restricted jumbo market loans, but others are still offering them, Palese adds.
Meanwhile, some agents were marking how well they had done even during maximum restrictions. “It’s still been pretty stable,” says Jason Cummings with Compass Real Estate—noting that he had tracked eight homes closed during the height of the quarantine, with three new ones under contract and 11 new listings that arrived.
“As with 9/11 and other catastrophes, people want to move on in a positive way,” adds Re/Max’s Palese.
“People are getting out, experiencing more freedom, and will feel even more positive. We’re already seeing people who were holding off when the stock market dropped off now thinking about coming back in.”
CAR’s Matt Leprino cautioned that the national market, in the shadow of 30 million job losses, presented significant challenges to recovery. The Mortgage Bankers Association released new stats Monday showing that numbers of the loan in forbearance—with borrowers requesting a suspension of their loan payments—had jumped over the crisis from around a quarter-percent of all loans to 6.99%, with expectations the levels would increase.
Leprino cautioned borrowers contemplating forbearance, particularly if prospects for returning to work are imminent. “You sign on the line and say I don’t have to pay, but a lot of banks will require a lump-sum repayment,” he notes.
Although the CARES Act states that borrowers shouldn’t incur penalties, Leprino adds that credit scores could still be affected.
“Humans tend to like to forget the negative and move on,” adds Palese."
"Back to work: As property showings resume, builders and agents see a quick resumption of spring interest from buyers, sellers
“Indications are that we’re still going to have a positive market coming into rest of the year.”
In the few days since statewide restrictions were lifted on the showing of properties, Colorado builders and real estate agents were already seeing a quick upswing in buyer interest that’s being heralded as a sign of a possible early market recovery.
“We’ve already seen plenty of showings; there’s pent-up demand,” says Matt Leprino, spokesperson for the Colorado Association of Realtors who tracks data for the association.
“How long that will last is hard to tell, but showings are back up after dropping off,” he adds.
Initial stay-at-home orders had drastically cut into numbers of showings in the Denver area, by over 90 percent; but the orders were rescinded last week, as real estate was reclassified as an essential ‘field service.’
“Indications are that we’re still going to have a positive market coming into rest of the year,” says Rike Palese, who heads up Re/Max Professionals’ DTC office—just under $1 billion in residential sales last year.
“Sellers want to sell, and there’s a lot of buyer momentum,” Palese adds.
Office stats from last week indicated showings in the few days following the lifting had gone way up, already 20% above levels in mid-March when the virus crisis was descending.
“Are we back to normal? No, but we’re working our way to that,” Palese says. He notes that lending is now more of a challenge for some buyers, facing higher credit score requirements for some programs.
“The important thing to know is that there’s availability for financing at great rates, with reasonable down payments.” Some lenders have restricted jumbo market loans, but others are still offering them, Palese adds.
Meanwhile, some agents were marking how well they had done even during maximum restrictions. “It’s still been pretty stable,” says Jason Cummings with Compass Real Estate—noting that he had tracked eight homes closed during the height of the quarantine, with three new ones under contract and 11 new listings that arrived.
“As with 9/11 and other catastrophes, people want to move on in a positive way,” adds Re/Max’s Palese.
“People are getting out, experiencing more freedom, and will feel even more positive. We’re already seeing people who were holding off when the stock market dropped off now thinking about coming back in.”
CAR’s Matt Leprino cautioned that the national market, in the shadow of 30 million job losses, presented significant challenges to recovery. The Mortgage Bankers Association released new stats Monday showing that numbers of the loan in forbearance—with borrowers requesting a suspension of their loan payments—had jumped over the crisis from around a quarter-percent of all loans to 6.99%, with expectations the levels would increase.
Leprino cautioned borrowers contemplating forbearance, particularly if prospects for returning to work are imminent. “You sign on the line and say I don’t have to pay, but a lot of banks will require a lump-sum repayment,” he notes.
Although the CARES Act states that borrowers shouldn’t incur penalties, Leprino adds that credit scores could still be affected.
“Humans tend to like to forget the negative and move on,” adds Palese."
Thursday, April 30, 2020
What Your Real Estate Agent Wants You To Know About the Housing Market Right Now - Realtor.com - April 29, 2020
Spring is typically a busy time for buying and selling homes, but the coronavirus pandemic has pushed homeowners and shoppers into new, uncharted territory. Shelter-in-place orders and concerns about contagion have forced many real estate agents to cancel open houses, while unemployment is at a historically high level.
But even in the midst of a deadly pandemic that is devastating the economy, many Americans still want or even need to buy a home in the near future.
"I definitely have clients that are still interested in viewing homes but have been honest that they won't put pen to paper and write an offer until they know the health crisis has passed and they can assess the impact on real estate and the economy,” says Noah Grassi, a Realtor® for Compass in San Diego.
So, what does the current state of the housing market mean for buyers? With so much uncertainty these days, buying—or planning to buy—a home during a pandemic requires extra careful consideration. That's why we reached out to real estate agents to get their honest takes on what's really happening in the housing market in the time of COVID-19, how buyers can prepare, and what we can likely expect when the pandemic subsides.
There may be some reductions in home prices
The federal government has provided relief through cash payments, and lenders are also offering mortgage forbearance options. But with unemployment numbers rising, more people could be forced to sell their homes or enter foreclosure, potentially leading to reductions in home prices.
“Due to millions of job losses per week, and the long-term impact of COVID, I expect housing prices to shift into a downward trend,” says Justin Brennan with Brennan Real Estate Group, Pacific Sotheby’s International Realty. “To what extent they go down will be determined by how many job losses become permanent versus temporary."
If the price cuts materialize, that would be good news for buyers in locations where affordability was already stretched thin.
More homes will come onto the market
A bigger inventory of homes on the market may soon be on the horizon for buyers.
“There's an inventory of sellers on the sidelines, and it is growing every day,” says Grassi. “These are owners that still reside in their property and don't want strangers—agents and potential buyers—walking through their home at the moment due to the health crisis. Once it is clear the risk is minimal, I think we are going to see a big increase in the number of homes for sale.”
There's a chance that buyers are also waiting in the wings for the coronavirus pandemic to end and the economy to get back on its feet. But the likely big inventory of homes for sale could put buyers in a good position.
Interest rates are likely to stay low
Over the past few months, mortgage interest rates have been lower than we've ever seen. And experts expect that trend to continue.
“The general consensus of the experts is that mortgage interest rates will remain attractive for many months to come,” says Grassi. "If buyers are hoping to try to find a deal on their mortgage during this health crisis, they should be writing offers now."
If low mortgage rates and being stuck indoors have convinced you it's time to find a new home, this may be a time to consider buying.
Keep in touch with your mortgage lender
Serious buyers should always have their mortgage lender on speed dial, but in these unprecedented times, this advice is more relevant than ever.
“Make sure you are constantly speaking with your lender on updates in the lending market,” says Brennan. “If you fall in love with a home, focus on the long term and getting a great interest rate and payment versus trying to time the market.”
Link to Full Article
“Make sure you are constantly speaking with your lender on updates in the lending market,” says Brennan. “If you fall in love with a home, focus on the long term and getting a great interest rate and payment versus trying to tim
But even in the midst of a deadly pandemic that is devastating the economy, many Americans still want or even need to buy a home in the near future.
"I definitely have clients that are still interested in viewing homes but have been honest that they won't put pen to paper and write an offer until they know the health crisis has passed and they can assess the impact on real estate and the economy,” says Noah Grassi, a Realtor® for Compass in San Diego.
So, what does the current state of the housing market mean for buyers? With so much uncertainty these days, buying—or planning to buy—a home during a pandemic requires extra careful consideration. That's why we reached out to real estate agents to get their honest takes on what's really happening in the housing market in the time of COVID-19, how buyers can prepare, and what we can likely expect when the pandemic subsides.
There may be some reductions in home prices
The federal government has provided relief through cash payments, and lenders are also offering mortgage forbearance options. But with unemployment numbers rising, more people could be forced to sell their homes or enter foreclosure, potentially leading to reductions in home prices.
“Due to millions of job losses per week, and the long-term impact of COVID, I expect housing prices to shift into a downward trend,” says Justin Brennan with Brennan Real Estate Group, Pacific Sotheby’s International Realty. “To what extent they go down will be determined by how many job losses become permanent versus temporary."
If the price cuts materialize, that would be good news for buyers in locations where affordability was already stretched thin.
More homes will come onto the market
A bigger inventory of homes on the market may soon be on the horizon for buyers.
“There's an inventory of sellers on the sidelines, and it is growing every day,” says Grassi. “These are owners that still reside in their property and don't want strangers—agents and potential buyers—walking through their home at the moment due to the health crisis. Once it is clear the risk is minimal, I think we are going to see a big increase in the number of homes for sale.”
There's a chance that buyers are also waiting in the wings for the coronavirus pandemic to end and the economy to get back on its feet. But the likely big inventory of homes for sale could put buyers in a good position.
Interest rates are likely to stay low
Over the past few months, mortgage interest rates have been lower than we've ever seen. And experts expect that trend to continue.
“The general consensus of the experts is that mortgage interest rates will remain attractive for many months to come,” says Grassi. "If buyers are hoping to try to find a deal on their mortgage during this health crisis, they should be writing offers now."
If low mortgage rates and being stuck indoors have convinced you it's time to find a new home, this may be a time to consider buying.
Keep in touch with your mortgage lender
Serious buyers should always have their mortgage lender on speed dial, but in these unprecedented times, this advice is more relevant than ever.
“Make sure you are constantly speaking with your lender on updates in the lending market,” says Brennan. “If you fall in love with a home, focus on the long term and getting a great interest rate and payment versus trying to time the market.”
Link to Full Article
“Make sure you are constantly speaking with your lender on updates in the lending market,” says Brennan. “If you fall in love with a home, focus on the long term and getting a great interest rate and payment versus trying to tim
Should I Sell My House Now? The Essential Guide To Selling in the Age of Coronavirus - Realtor.com - April 13, 2020
Spring is usually prime home-selling season—but this spring is a whole different ballgame. With the coronavirus crisis intensifying and the economy in a tailspin, some homeowners may be asking themselves: Should I sell my home during the coronavirus pandemic, or wait?
To be sure, this spring's home-selling season will be anything but normal. So far, the latest National Association of Realtors® Economic Pulse Flash Survey conducted mid-March—which already feels like a very long time ago—revealed that 48% of real estate agents have noted a dip in buyer interest compared with a year ago.
“The coronavirus is leading to fewer home buyers searching in the marketplace, as well as some listings being delayed," says Lawrence Yun, chief economist for the NAR. But this news shouldn't necessarily serve as a dark omen or an intractable obstacle to all home sellers.
Is it safe to sell your home amid the coronavirus outbreak?
For starters: If you need to sell your home for personal reasons—because you are relocating for a job, in need of more/less space, or facing new financial circumstances that require a move—you shouldn't let the coronavirus stop you.
In late March, the Cybersecurity and Infrastructure Security Agency under the U.S. Department of Homeland Security declared residential real estate sales an "essential service" that will be allowed to continue. That said, check with your real estate agent and local government for what's allowed in your area, and keep in mind that things could change as this pandemic progresses.
In certain areas, in-person home showings are still happening, although how they are held (and how many people are allowed to attend) has changed. The NAR has released open house guidelines urging real estate agents to limit the number of guests per open house to 10 at a time. They also require potential buyers to wash their hands or use hand sanitizer when they enter the home, and remove their shoes or wear booties over their shoes.
“Sellers incorrectly assume that there will be no showings,” says Adam Kruse, a real estate agent with the Hermann London Group near St. Louis. “We haven’t experienced a significant reduction in showings."
This is particularly true for certain types of properties. Specifically: If you've already moved out and the home you're selling is vacant, you should have an easy job enticing buyers. Let's face it, an empty house seems far safer to visit than one where people still live.
Why your home's listing online matters more than ever
While certain hard-hit areas (such as New York City) have forbidden in-person home showings, this doesn't mean all is lost, thanks to the increased use of virtual home tours using tools such as Facebook Live, Immoviewer, Matterport, Kleard, and others. While virtual tours and showings are a great way to keep home sellers and buyers safe, this new reality has also raised the bar on how homes should be presented and marketed online.
In other words: A few nice photos of your home may not cut it during this period.
“You only get one chance at a first impression, so you don’t want to be using poorly shot and lit iPhone photos and videos," says Ressie Krabacher, a residential broker with the Chicago Home Partner team of At Properties.
So make sure the real estate agent you hire is well versed in digital technologies that will be used to show off your home in the best light. (We'll dive into this topic in more depth in a later installment.)
Coronavirus' impact on the housing market and buyer behavior
While your local real estate market could dictate whether this spring is still a good time to list your home, housing inventory is low nationwide. According to realtor.com®’s March Housing Trends Report, there were 15.7% fewer homes for sale this March compared with a year ago.
Low inventory spells good news for sellers, since there are fewer homes for buyers to choose from. Plus, prices are up, too, with the national median listing prices 3.8% higher than a year earlier, at $320,000.
That said, most of the home sales that closed in March were likely agreed to in February or even earlier, points out realtor.com Chief Economist Danielle Hale. April and beyond may be a different story.
“Our inventory and listing data can provide some early insight into how housing markets may be impacted by COVID-19, but the situation and reactions to it are still rapidly evolving,” Hale says. "I expect a slightly higher number of contracts to fall apart, either because mortgage market volatility or, in some cases, job or income loss prevents buyers from getting the mortgage they expected."
Mortgage interest rates remain low, enticing buyers, but uncertainty in the economy and layoffs have led some potential buyers to hold off on a home purchase.
“That doesn’t mean all transactions are going to stop, but everyone is taking a second look at if buying right now is the best decision,” says Noah Brinker, a real estate investor and owner of Cash Homes NWA in Northwest Arkansas.
While home prices remain fairly steady right now, if economic conditions worsen, more buyers might give up and home prices could drop. So, if your home is ready to list right now, you might want to strike while the iron is still (somewhat) hot.
“With uncertainty at a peak, it seems to me that if the market is going to teeter one way, it would be down at least temporarily,” Kruse says. “So why wait to sell when prices are possibly going to go down?”
Why a home sale might take longer today
If you do land a buyer, be warned that your sale might take longer than usual. On average, it takes 50 days to close on a house, but the pandemic could drag things out even longer.
What's the holdup? Specifically, buyers are asking for more contingencies on their offers in light of COVID-19, such as longer home inspection windows and extended closing times. Along with closings potentially taking longer, some buyers may face delays in mortgage pre-approval because of changing financial circumstances. Home inspections may be delayed, and it could take longer to get repairs made.
Worried your home might sit on the market? The stigma around stale listings is changing fast, too.
"Sellers also assume that their days on market will be high," says Kruse. "But we don’t think that people will be as interested in DOM in the upcoming six months."
In fact, the Real Estate Board of New York recently asked real estate listing sites to suspend the DOM clock on residential listings, and more areas might follow suit.
Link to Full Article
Sellers face unique and uncertain times, and, as such, patience is essential. In our next installment, we'll explore the various ways you can sell a house safely. Stay tuned!
To be sure, this spring's home-selling season will be anything but normal. So far, the latest National Association of Realtors® Economic Pulse Flash Survey conducted mid-March—which already feels like a very long time ago—revealed that 48% of real estate agents have noted a dip in buyer interest compared with a year ago.
“The coronavirus is leading to fewer home buyers searching in the marketplace, as well as some listings being delayed," says Lawrence Yun, chief economist for the NAR. But this news shouldn't necessarily serve as a dark omen or an intractable obstacle to all home sellers.
Is it safe to sell your home amid the coronavirus outbreak?
For starters: If you need to sell your home for personal reasons—because you are relocating for a job, in need of more/less space, or facing new financial circumstances that require a move—you shouldn't let the coronavirus stop you.
In late March, the Cybersecurity and Infrastructure Security Agency under the U.S. Department of Homeland Security declared residential real estate sales an "essential service" that will be allowed to continue. That said, check with your real estate agent and local government for what's allowed in your area, and keep in mind that things could change as this pandemic progresses.
In certain areas, in-person home showings are still happening, although how they are held (and how many people are allowed to attend) has changed. The NAR has released open house guidelines urging real estate agents to limit the number of guests per open house to 10 at a time. They also require potential buyers to wash their hands or use hand sanitizer when they enter the home, and remove their shoes or wear booties over their shoes.
“Sellers incorrectly assume that there will be no showings,” says Adam Kruse, a real estate agent with the Hermann London Group near St. Louis. “We haven’t experienced a significant reduction in showings."
This is particularly true for certain types of properties. Specifically: If you've already moved out and the home you're selling is vacant, you should have an easy job enticing buyers. Let's face it, an empty house seems far safer to visit than one where people still live.
Why your home's listing online matters more than ever
While certain hard-hit areas (such as New York City) have forbidden in-person home showings, this doesn't mean all is lost, thanks to the increased use of virtual home tours using tools such as Facebook Live, Immoviewer, Matterport, Kleard, and others. While virtual tours and showings are a great way to keep home sellers and buyers safe, this new reality has also raised the bar on how homes should be presented and marketed online.
In other words: A few nice photos of your home may not cut it during this period.
“You only get one chance at a first impression, so you don’t want to be using poorly shot and lit iPhone photos and videos," says Ressie Krabacher, a residential broker with the Chicago Home Partner team of At Properties.
So make sure the real estate agent you hire is well versed in digital technologies that will be used to show off your home in the best light. (We'll dive into this topic in more depth in a later installment.)
Coronavirus' impact on the housing market and buyer behavior
While your local real estate market could dictate whether this spring is still a good time to list your home, housing inventory is low nationwide. According to realtor.com®’s March Housing Trends Report, there were 15.7% fewer homes for sale this March compared with a year ago.
Low inventory spells good news for sellers, since there are fewer homes for buyers to choose from. Plus, prices are up, too, with the national median listing prices 3.8% higher than a year earlier, at $320,000.
That said, most of the home sales that closed in March were likely agreed to in February or even earlier, points out realtor.com Chief Economist Danielle Hale. April and beyond may be a different story.
“Our inventory and listing data can provide some early insight into how housing markets may be impacted by COVID-19, but the situation and reactions to it are still rapidly evolving,” Hale says. "I expect a slightly higher number of contracts to fall apart, either because mortgage market volatility or, in some cases, job or income loss prevents buyers from getting the mortgage they expected."
Mortgage interest rates remain low, enticing buyers, but uncertainty in the economy and layoffs have led some potential buyers to hold off on a home purchase.
“That doesn’t mean all transactions are going to stop, but everyone is taking a second look at if buying right now is the best decision,” says Noah Brinker, a real estate investor and owner of Cash Homes NWA in Northwest Arkansas.
While home prices remain fairly steady right now, if economic conditions worsen, more buyers might give up and home prices could drop. So, if your home is ready to list right now, you might want to strike while the iron is still (somewhat) hot.
“With uncertainty at a peak, it seems to me that if the market is going to teeter one way, it would be down at least temporarily,” Kruse says. “So why wait to sell when prices are possibly going to go down?”
Why a home sale might take longer today
If you do land a buyer, be warned that your sale might take longer than usual. On average, it takes 50 days to close on a house, but the pandemic could drag things out even longer.
What's the holdup? Specifically, buyers are asking for more contingencies on their offers in light of COVID-19, such as longer home inspection windows and extended closing times. Along with closings potentially taking longer, some buyers may face delays in mortgage pre-approval because of changing financial circumstances. Home inspections may be delayed, and it could take longer to get repairs made.
Worried your home might sit on the market? The stigma around stale listings is changing fast, too.
"Sellers also assume that their days on market will be high," says Kruse. "But we don’t think that people will be as interested in DOM in the upcoming six months."
In fact, the Real Estate Board of New York recently asked real estate listing sites to suspend the DOM clock on residential listings, and more areas might follow suit.
Link to Full Article
Sellers face unique and uncertain times, and, as such, patience is essential. In our next installment, we'll explore the various ways you can sell a house safely. Stay tuned!
In-Person Showing Regulations for Denver, Boulder, Broomfield and Jefferson Counties - Mountain Metro Association of REALTORS - April 30, 2020
The current regulations on real estate showings have been changing on a weekly basis and are subject to county regulations and city ordinances at this time. In-person real estate showings are permitted in several counties. Here are the breakdowns by county:
Jefferson and Boulder Counties:
- For unoccupied (vacant) homes and land only
- By appointment only (no open houses)
- Face coverings required for all participants
- Number of in-person participants limited to the greatest extent possible and participation by children is strongly discouraged
- Social Distancing Requirements must be met at all times by the clients and the Realtors
- Individuals shall maintain at least a six-foot distance from other individuals, wash hands with soap and water for at least twenty seconds as frequently as possible or using hand sanitizer, cover coughs or sneezes (into the sleeve or elbow, not hands), regularly clean high-touch surfaces, and not shake hands.
- Realtors must maintain a detailed log of customer interactions in case contact tracing becomes necessary. This log should include name, date, and location of contact, as well as the contact’s phone number and/or email address.
- Realtors must ensure or provide gloves and face coverings for any customer interactions
- Realtors should perform tasks remotely or virtually whenever possible, including pre- and post- visit conferences.
- Open houses are not permitted
Denver City and County:
- Open houses are not permitted
- Properties must be vacant, with no one living there, unless the only occupant in the home is the owner and not a rental tenant
- Social distancing requirements must be followed at all times
- All commonly-used surfaces must be wiped down and sanitized before and after the showings
Broomfield County:
- No in-person showings are allowed through May 8th
- In person-showings will be allowed beginning on May 9th (likely, with specific regulations that have not yet been posted)
Other Counties:
At this time, most counties in the Denver Metro area have extended their stay at home orders through May 8th, and have not stated whether in-person showings are now permissible. The regulations are changing constantly, so please contact me directly to get the latest information for your county.
In addition, specific HOA Communities, especially those with high risk populations, may have additional provisions which can exclude in-person showings in an effort to keep residents of these communities safe.
Jefferson and Boulder Counties:
- For unoccupied (vacant) homes and land only
- By appointment only (no open houses)
- Face coverings required for all participants
- Number of in-person participants limited to the greatest extent possible and participation by children is strongly discouraged
- Social Distancing Requirements must be met at all times by the clients and the Realtors
- Individuals shall maintain at least a six-foot distance from other individuals, wash hands with soap and water for at least twenty seconds as frequently as possible or using hand sanitizer, cover coughs or sneezes (into the sleeve or elbow, not hands), regularly clean high-touch surfaces, and not shake hands.
- Realtors must maintain a detailed log of customer interactions in case contact tracing becomes necessary. This log should include name, date, and location of contact, as well as the contact’s phone number and/or email address.
- Realtors must ensure or provide gloves and face coverings for any customer interactions
- Realtors should perform tasks remotely or virtually whenever possible, including pre- and post- visit conferences.
- Open houses are not permitted
Denver City and County:
- Open houses are not permitted
- Properties must be vacant, with no one living there, unless the only occupant in the home is the owner and not a rental tenant
- Social distancing requirements must be followed at all times
- All commonly-used surfaces must be wiped down and sanitized before and after the showings
Broomfield County:
- No in-person showings are allowed through May 8th
- In person-showings will be allowed beginning on May 9th (likely, with specific regulations that have not yet been posted)
Other Counties:
At this time, most counties in the Denver Metro area have extended their stay at home orders through May 8th, and have not stated whether in-person showings are now permissible. The regulations are changing constantly, so please contact me directly to get the latest information for your county.
In addition, specific HOA Communities, especially those with high risk populations, may have additional provisions which can exclude in-person showings in an effort to keep residents of these communities safe.
This Is the State of the Real Estate Market Right Now: What the Numbers Show - Realtor.com - April 30, 2020
As the COVID-19 health crisis continues to ravage the world, along with the global economy, it's not surprising that it's also sidelining prospective home buyers and sellers.
About 85% of residential Realtors® reported seeing a decline in home buyer interest, according to the National Association of Realtors® Flash Survey: Economic Pulse. About 2,500 real estate professionals participated in the survey, which was conducted April 26–27. Thirty-five percent of Realtors saw buyer interest fall by half—or even more.
"It's obvious that the housing market is still struggling in this crisis," says realtor.com® Senior Economist George Ratiu.
"A lot of buyers are coming to terms with the magnitude of the economic damage," says Ratiu. More than 30 million people have filed for unemployment since this crisis began last month, and more layoffs are expected. "Not surprisingly, you see that in [these] results."
The lack of buyer interest is particularly pronounced given that spring is usually the start to the normally busy home-buying and -selling season. Low mortgage interest rates often give the market a boost as well. Rates reached an all-time low this week, falling to 3.23% for 30-year fixed-rate loans in the week ending April 30, according to Freddie Mac.
In addition, more than half of residential Realtors, 60%, reported that sellers were delaying attempting to sell their homes or were postponing the process indefinitely, according to the survey.
In addition, about 24% of sellers reduced the prices of their abodes in light of the stunning number of job losses and folks losing additional income.
“There’s clearly a disconnect between sellers still active in the market and potential buyers," says Ratiu. "Homes that were priced for January 2020, when the economy and employment were still growing, are not likely to sell for the same price in the current downturn.”
As bad as this all sounds, it was worse two weeks ago, when 90% of residential Realtors reported buyer interest was down. Roughly 67% said sellers were delaying sales or pulling their homes off the market. This survey was taken April 12–14 with nearly 2,300 participants.
"Transactions are still taking place," says Jessica Lautz, NAR's vice president of research. However, "buyers and sellers should expect it's going to be a very different experience than perhaps they dreamed of. ... There very well could be delays throughout that process, and the transaction will be happening more virtually."
Link to Full Article
About 85% of residential Realtors® reported seeing a decline in home buyer interest, according to the National Association of Realtors® Flash Survey: Economic Pulse. About 2,500 real estate professionals participated in the survey, which was conducted April 26–27. Thirty-five percent of Realtors saw buyer interest fall by half—or even more.
"It's obvious that the housing market is still struggling in this crisis," says realtor.com® Senior Economist George Ratiu.
"A lot of buyers are coming to terms with the magnitude of the economic damage," says Ratiu. More than 30 million people have filed for unemployment since this crisis began last month, and more layoffs are expected. "Not surprisingly, you see that in [these] results."
The lack of buyer interest is particularly pronounced given that spring is usually the start to the normally busy home-buying and -selling season. Low mortgage interest rates often give the market a boost as well. Rates reached an all-time low this week, falling to 3.23% for 30-year fixed-rate loans in the week ending April 30, according to Freddie Mac.
In addition, more than half of residential Realtors, 60%, reported that sellers were delaying attempting to sell their homes or were postponing the process indefinitely, according to the survey.
In addition, about 24% of sellers reduced the prices of their abodes in light of the stunning number of job losses and folks losing additional income.
“There’s clearly a disconnect between sellers still active in the market and potential buyers," says Ratiu. "Homes that were priced for January 2020, when the economy and employment were still growing, are not likely to sell for the same price in the current downturn.”
As bad as this all sounds, it was worse two weeks ago, when 90% of residential Realtors reported buyer interest was down. Roughly 67% said sellers were delaying sales or pulling their homes off the market. This survey was taken April 12–14 with nearly 2,300 participants.
"Transactions are still taking place," says Jessica Lautz, NAR's vice president of research. However, "buyers and sellers should expect it's going to be a very different experience than perhaps they dreamed of. ... There very well could be delays throughout that process, and the transaction will be happening more virtually."
Link to Full Article
Picuris Earthship - Unique Property of the Month - Currently For Sale
This off grid green building has 2 generous size bedrooms, 2 unique bathrooms, copper counter tops in the kitchen and custom cabinets throughout. The interior greenhouse runs the length of the building. Even in the garage which was designed to be an electric car charging station! Set on a 1.76 acre lot in the Greater World Community which offers 340 acres of common land and borders the newly created National Monument
So, what is an Earthship? The Earthship archecture concept began to take shape in the 1970s. The architect Michael Reynolds wanted to create a home that would do three things: first, it would utilize sustainable architecture, and material indigenous to the local area or recycled materials wherever possible; second, the homes would rely on natural energy sources and be independent from the "grid"; thirdly, it would be feasible for a person with no specialized construction skills to build. Eventually, Reynolds's vision was transformed into the common U-shaped earth-filled tire homes seen today.
An Earthship addresses six principles or human needs:
- Reduce and even eliminate your utility bills.
- Get ALL of your electricity from the sun and the wind.
- Catch water from the sky for drinking, bathing, cleaning, showering, washing, flushing, etc.
- Contain and treat ALL of the sewage you produce in a healthy and beautiful way.
- Maintain comfortable temperatures in your building ALL year long, in any climate and reduce or even eliminate your heating and cooling bills.
- Some internal food production capability
Monday, April 6, 2020
Hundreds of metro Denver home sellers yank their listings Pandemic causes an unprecedented shift in housing market
interesting article from Denver Post....
An unprecedented number of metro Denver home sellers pulled their listing off the market last month, while thousands went the other way, rushing to list their homes before a major economic downturn made a sale tougher to achieve.
“How quickly our world has changed,” Jill Schafer, chair of the market trends committee at the Denver Metro Association of Realtors, said in comments accompanying the association’s monthly update.
At the start of March, the metro Denver real estate market looked like it would launch into one of ts best spring-selling seasons ever — until efforts to contain the novel coronavirus caused the economy to grind a halt.
Open houses became taboo, and showings became a virtual affair. Mortgage rates gyrated wildly, leaving buyers scrambling. Inspectors and appraisers couldn’t move around as easily. Notaries went into hiding and county recording offices closed, making it harder to register paperwork, something title insurers did not like in the least.
“By the end of the month, we were all wondering what was ahead for us, our industry and our country,” she said.
Sellers pulled an unprecedented 761 listings last month, with 625 of those withdrawals coming in the past two weeks, Schafer said.
Sellers may have been fearful of having strangers turning doorknobs and flipping light switches during a pandemic, she said. And uprooting everyone and everything at a time when the governor has ordered the entire state to shelter in place may have forced a reconsideration.
Some sellers may also be weighing whether they really need that upgrade given a record surge in job losses the state and nation are experiencing. If the paycheck won’t be there, why take the risk?
Even with those concerns, a large number of new listings, 6,663, came onto the market, a 30.2% surge from February’s number of new listings. Buyers closed on 4,296 homes and condos, a 12% increase from February, but down 5.12% from March 2019.
Still, enough was left to push the inventory of homes available for sale to 5,776, a 19.5% increase from the prior month. That’s almost four times the typical inventory increase measured between February and March and the second-biggest jump on record for March.
One explanation for the surge is that some owners, sitting on years of equity gains, may fear price declines are around the corner as the economy sours. Some forecasts are calling for the GDP to drop by 30% or more in the second quarter, and Redfin listed Denver among the 10 metros at highest risk during a coronavirus recession.
But it’s worth noting metro Denver enters this downturn with a tight inventory of homes for sale, unlike the last recession when a much larger number of homes were trying to find a buyer. Many of those were backed with mortgages worth more than the homes.
“People who are thinking about selling a home will probably pull it off the market this spring,” predicted Ralph McLaughlin, chief economist with Haus Inc. during a conference call hosted by the National Association for Business Economics on Thursday.
At the same time, as unemployment spikes, fewer buyers will be able to purchase a home, he said. That should reduce demand and offset decreasing supply. If a coordinated slow down can take place, the market can take a breather and stave off a drop in prices.
The median price of a single-family home sold in March in metro Denver was $487,950, up 4.2% from February and 8.4% from March 2019. The median price of a condo sold was $330,000, a 4.8% increase from February and a 10% gain from a year ago.
One by one, the industry has done its best to work through the numerous problems that popped up in March, even amending standard real estate contracts to allow for a host of COVID-19 contingencies. And while real estate agents were excluded from the governor’s shelter-in-place order, Schafer urged them to answer the call.
“Don’t panic, do your part and stay at home unless your clients need to buy or sell,” she said. “We must all do what we can to stop this pandemic.”
An unprecedented number of metro Denver home sellers pulled their listing off the market last month, while thousands went the other way, rushing to list their homes before a major economic downturn made a sale tougher to achieve.
“How quickly our world has changed,” Jill Schafer, chair of the market trends committee at the Denver Metro Association of Realtors, said in comments accompanying the association’s monthly update.
At the start of March, the metro Denver real estate market looked like it would launch into one of ts best spring-selling seasons ever — until efforts to contain the novel coronavirus caused the economy to grind a halt.
Open houses became taboo, and showings became a virtual affair. Mortgage rates gyrated wildly, leaving buyers scrambling. Inspectors and appraisers couldn’t move around as easily. Notaries went into hiding and county recording offices closed, making it harder to register paperwork, something title insurers did not like in the least.
“By the end of the month, we were all wondering what was ahead for us, our industry and our country,” she said.
Sellers pulled an unprecedented 761 listings last month, with 625 of those withdrawals coming in the past two weeks, Schafer said.
Sellers may have been fearful of having strangers turning doorknobs and flipping light switches during a pandemic, she said. And uprooting everyone and everything at a time when the governor has ordered the entire state to shelter in place may have forced a reconsideration.
Some sellers may also be weighing whether they really need that upgrade given a record surge in job losses the state and nation are experiencing. If the paycheck won’t be there, why take the risk?
Even with those concerns, a large number of new listings, 6,663, came onto the market, a 30.2% surge from February’s number of new listings. Buyers closed on 4,296 homes and condos, a 12% increase from February, but down 5.12% from March 2019.
Still, enough was left to push the inventory of homes available for sale to 5,776, a 19.5% increase from the prior month. That’s almost four times the typical inventory increase measured between February and March and the second-biggest jump on record for March.
One explanation for the surge is that some owners, sitting on years of equity gains, may fear price declines are around the corner as the economy sours. Some forecasts are calling for the GDP to drop by 30% or more in the second quarter, and Redfin listed Denver among the 10 metros at highest risk during a coronavirus recession.
But it’s worth noting metro Denver enters this downturn with a tight inventory of homes for sale, unlike the last recession when a much larger number of homes were trying to find a buyer. Many of those were backed with mortgages worth more than the homes.
“People who are thinking about selling a home will probably pull it off the market this spring,” predicted Ralph McLaughlin, chief economist with Haus Inc. during a conference call hosted by the National Association for Business Economics on Thursday.
At the same time, as unemployment spikes, fewer buyers will be able to purchase a home, he said. That should reduce demand and offset decreasing supply. If a coordinated slow down can take place, the market can take a breather and stave off a drop in prices.
The median price of a single-family home sold in March in metro Denver was $487,950, up 4.2% from February and 8.4% from March 2019. The median price of a condo sold was $330,000, a 4.8% increase from February and a 10% gain from a year ago.
One by one, the industry has done its best to work through the numerous problems that popped up in March, even amending standard real estate contracts to allow for a host of COVID-19 contingencies. And while real estate agents were excluded from the governor’s shelter-in-place order, Schafer urged them to answer the call.
“Don’t panic, do your part and stay at home unless your clients need to buy or sell,” she said. “We must all do what we can to stop this pandemic.”
Friday, March 27, 2020
High-Resale Value Projects You Can Tackle In a Weekend (or longer if you have it) - RISMedia's Housecall
“There’s no place like home,” as the old saying goes. That’s especially true when it comes to an investment.
You live in and love your home, but there might come a time when you have to leave it. And when that time comes, you’ll want to get as much money as you can for your property so you can move onward — and upward.
In order to increase your abode’s value, you might think you have to put in a ton of time, effort and money, but that’s not entirely true. Instead, you can take on weekend projects over time to spruce the place up so when it’s time to sell, you have a completely updated property that’ll end up selling itself.
Ready to get to work? Roll up your sleeves and start on one of the following five weekend projects.
1. Repaint Your Kitchen Cabinets
When it comes to smart investment in your home, the kitchen is one of the best places to start. Buyers expect kitchens to be updated. Stone countertops, stainless appliances and sleek flooring all make a space feel modern. Obviously, these changes require a lot of money and, sometimes, a lot of time. That’s why you can tackle it in bits and start first with your cabinets.
Old wooden cabinets with equally dated hardware — think oak doors with shiny brass handles — don’t require a complete gut job. Instead, spend a weekend repainting them a more neutral hue. Finish the project off with new metallic knobs and pulls to complete the modernized look.
2. Make the Eye Go up With Crown Molding
Most homes have roughly the same ceiling heights, but there’s a little trick to make yours look bigger — crown molding. Yes, that white line at the top of your painted walls will draw eyes upward, making the room appear airier than it may very well be.
The project is easy enough to complete, too. You might not be able to install molding throughout your entire home over a single weekend, but you can certainly tackle the project on a room-by-room basis. Again, start with the spaces likely to draw in the most moolah:
- Kitchens
- Bathrooms
- Living spaces
- Master bedrooms
These tend to be the make-or-break rooms when it comes to a big purchase. Crown molding adds a bit of detail, a feeling of luxury that’ll certainly add to the bottom line.
3. Boost Curb Appeal — and Backyard Bonuses
No one will come in your home unless the first impression is stunning. Another DIY project should be a landscape overhaul of your front yard. It can be something as simple as adding a path of pavers to your front yard or sprucing up your flowerbeds with colorful blooms. All of this will catch the eye of potential buyers — and fatten up the bottom line of the offers they make.
Another easy fix — your garage door. If it’s street-facing, it’s another area for prospective buyers to look at, and it has a great return on investment.
You don’t have to stop with the front of your home. Especially if you live in a climate that permits lots of outdoor activity, you’ll want a backyard to match. Some may require you rent or buy tools for landscaping and other applications, but imagine the payoff with, for example, the beauty of a functioning fire pit in your backyard. Not only will you be able to enjoy it while you’re still living in your home, but potential buyers will easily be able to envision themselves sitting around a fire.
4. Beautify the Bathrooms
Bathrooms have a big effect on buyers. They expect clean, modern updates, just like in the kitchen. Overhauling your powder room is an easy weekend task that might require small swaps, such as a new modern light fixture over the vanity or a new vanity altogether.
Your full bathrooms will require a bit more attention if you want them to be up to snuff. Again, look in the familiar places:
- Lighting fixtures
- Cabinets
- Hardware
- Countertops
- Tile
You don’t have to shell out a ton of money to have someone else re-tile a wall or backsplash in your bathroom, either, if you have the patience to demo and tile the space yourself.
5. Out With the Really Old
Some accents once considered fresh and fashionable now give your home a dated appearance. You probably already know what in your home screams 70s, 80s or 90s. Whatever it is should go in due course.
The list of outdated design elements is truly endless, but some of the biggest offenders are old-school wallpaper, the floor-to-ceiling wood paneling that may or not be actual wood, and, of course, popcorn ceilings. By removing these three offenders alone — a popcorn ceiling doesn’t take much effort — your home will snap right back into the 21st century.
Editor's Note: This post was originally published on March 1, 2017. Housecall continues to share this piece due to ongoing requests and reader interest.
Link to Article
Once people start envisioning themselves living in your home, you won’t have to envision offers pouring in — they’ll start coming thanks to your hard work. You go, weekend warrior.
You live in and love your home, but there might come a time when you have to leave it. And when that time comes, you’ll want to get as much money as you can for your property so you can move onward — and upward.
In order to increase your abode’s value, you might think you have to put in a ton of time, effort and money, but that’s not entirely true. Instead, you can take on weekend projects over time to spruce the place up so when it’s time to sell, you have a completely updated property that’ll end up selling itself.
Ready to get to work? Roll up your sleeves and start on one of the following five weekend projects.
1. Repaint Your Kitchen Cabinets
When it comes to smart investment in your home, the kitchen is one of the best places to start. Buyers expect kitchens to be updated. Stone countertops, stainless appliances and sleek flooring all make a space feel modern. Obviously, these changes require a lot of money and, sometimes, a lot of time. That’s why you can tackle it in bits and start first with your cabinets.
Old wooden cabinets with equally dated hardware — think oak doors with shiny brass handles — don’t require a complete gut job. Instead, spend a weekend repainting them a more neutral hue. Finish the project off with new metallic knobs and pulls to complete the modernized look.
2. Make the Eye Go up With Crown Molding
Most homes have roughly the same ceiling heights, but there’s a little trick to make yours look bigger — crown molding. Yes, that white line at the top of your painted walls will draw eyes upward, making the room appear airier than it may very well be.
The project is easy enough to complete, too. You might not be able to install molding throughout your entire home over a single weekend, but you can certainly tackle the project on a room-by-room basis. Again, start with the spaces likely to draw in the most moolah:
- Kitchens
- Bathrooms
- Living spaces
- Master bedrooms
These tend to be the make-or-break rooms when it comes to a big purchase. Crown molding adds a bit of detail, a feeling of luxury that’ll certainly add to the bottom line.
3. Boost Curb Appeal — and Backyard Bonuses
No one will come in your home unless the first impression is stunning. Another DIY project should be a landscape overhaul of your front yard. It can be something as simple as adding a path of pavers to your front yard or sprucing up your flowerbeds with colorful blooms. All of this will catch the eye of potential buyers — and fatten up the bottom line of the offers they make.
Another easy fix — your garage door. If it’s street-facing, it’s another area for prospective buyers to look at, and it has a great return on investment.
You don’t have to stop with the front of your home. Especially if you live in a climate that permits lots of outdoor activity, you’ll want a backyard to match. Some may require you rent or buy tools for landscaping and other applications, but imagine the payoff with, for example, the beauty of a functioning fire pit in your backyard. Not only will you be able to enjoy it while you’re still living in your home, but potential buyers will easily be able to envision themselves sitting around a fire.
4. Beautify the Bathrooms
Bathrooms have a big effect on buyers. They expect clean, modern updates, just like in the kitchen. Overhauling your powder room is an easy weekend task that might require small swaps, such as a new modern light fixture over the vanity or a new vanity altogether.
Your full bathrooms will require a bit more attention if you want them to be up to snuff. Again, look in the familiar places:
- Lighting fixtures
- Cabinets
- Hardware
- Countertops
- Tile
You don’t have to shell out a ton of money to have someone else re-tile a wall or backsplash in your bathroom, either, if you have the patience to demo and tile the space yourself.
5. Out With the Really Old
Some accents once considered fresh and fashionable now give your home a dated appearance. You probably already know what in your home screams 70s, 80s or 90s. Whatever it is should go in due course.
The list of outdated design elements is truly endless, but some of the biggest offenders are old-school wallpaper, the floor-to-ceiling wood paneling that may or not be actual wood, and, of course, popcorn ceilings. By removing these three offenders alone — a popcorn ceiling doesn’t take much effort — your home will snap right back into the 21st century.
Editor's Note: This post was originally published on March 1, 2017. Housecall continues to share this piece due to ongoing requests and reader interest.
Link to Article
Once people start envisioning themselves living in your home, you won’t have to envision offers pouring in — they’ll start coming thanks to your hard work. You go, weekend warrior.
Thursday, March 26, 2020
Memes that Made Me Laugh - Stephen Hughes' internet finds - March 2020
Governor Polis has confirmed that real estate is an essential business, and I know for many of you planning on buying or selling right now, it has brought up some questions. Please know I am here to answer what I can and support you during this time of transition. My two priorities are to create a safe experience for my clients and do my part to prevent COVID-19 from spreading. Please contact me to discuss what's on your mind. Also, remember to laugh at the simple joys in each day. Here are some memes that brought a smile to my face. I hope they will do the same for you.
If you have a meme you loved, please share it with me. We all need some extra laughter medicine these days. Take care and stay healthy!
Steve
If you have a meme you loved, please share it with me. We all need some extra laughter medicine these days. Take care and stay healthy!
Steve
How to strengthen your immunity: Exercise, meditation, sleep and stress management - CNN.com - March 26, 2020
As the coronavirus situation intensifies, you might be wondering: How can I keep myself healthy?
The answer lies in following the latest guidelines on social distancing, proper handwashing and your local stay-at-home directives.
But there are also ways to strengthen your own immune system. Diet is one of them, and we covered that here in part one of our immunity boosting series.
Yet what you eat is just one factor. Being physically active, meditating and managing stress, and getting adequate sleep help, too. Keep reading to find out why those habits boost your immunity and how you can take advantage of their benefits.
Find time for fitness
Engaging in regular physical activity is a great way to help manage stress and strengthen your immune system. In fact, research shows that "fit individuals" -- defined as those who partake in regular physical activity -- have a lower incidence of infection compared to inactive and sedentary individuals. What's more, being physically active may help reduce the risk of chronic diseases that could further weaken your immune system, including cardiovascular disease, diabetes and obesity.
How does exercise help? For one, physical activity helps to flush bacteria out of the lungs, decreasing your chances of getting a cold, flu or other illness. Exercise also reduces levels of the body's stress hormones, such as adrenaline and cortisol, explained MaryAnn Browning, CEO and founder of Browningsfitness. Lower levels of stress hormones may protect against illness.
"[Exercise] also stimulates the production of endorphins -- chemicals in the brain that are the body's natural painkillers and mood elevators," Browning said.
For at-home fitness essentials, Browning recommends getting a set of yellow, green and red resistance bands (the colors correspond with varying levels of resistance). "These can be used for back, bicep, triceps, shoulders and leg work," Browning said.
She also recommends looped bands to go around the calves or thighs, which strengthen the glutes and can help prevent knee and back injuries.
For an at-home cardio workout, Browning recommends jumping jacks, high knees, butt kicks, burpees and switch jumps -- during which you'll jump to turn 180 degrees and then back again -- for 15 seconds each. Then repeat the circuit five to 10 times, depending on what you can handle.
And don't forget about the joy of dancing! My girls and I love blasting our favorite tunes and engaging in impromptu dance parties for a wonderful mood-lifting indoor activity, no equipment required. Try making up fun dance routines, or have someone play DJ and compete in "freeze dance."
If you are looking for something a bit more structured, there are plenty of online options to choose from. My girls and I have enjoyed the Yoga with Adrienne YouTube channel,t which offers free yoga videos. Free on-demand programs are also available at YMCA360.org, and include boot camp, Barre, yoga and low-impact programs for seniors.
Another option is Melissa Wood's Health Workouts, which can be accessed online or via her app. "You can use light weights or your own body weight, and they're quick yet super effective. They have been an absolute godsend to me during this time!" said Jamie Plancher, who has a masters in emergency and disaster management and has been "tracking Covid-19 like a hawk."
"I'm obsessed with Alexia Clark's workouts," said Lindsey Schwartz, who is currently homeschooling her children in New York City. "Everyday is something different ... she's the queen of making sure you use as many muscles as possible in a circuit and knows how to keep it interesting."
While that program has a subscription-based app, you can also find free workouts on Alexia Clark's Instagram and IGTV.
Meditate
If you haven't tried mediation, now might be a good time to start. A recent review involving 20 randomized, controlled trials including more than 1,600 people suggested that meditation may help keep our immune system functioning optimally.
A stressful circumstance like what we are experiencing now can negatively affect the immune system, but "a consistent meditation practice can help us better respond to stressful situations," explained Ellie Burrows Gluck, a Vedic meditation teacher and the founder and CEO of MNDFL, a meditation studio in New York City that also offers live-streamed, at-home practices with meditation experts at MNDFL TV.
"Life is messy, and although meditation isn't a cure all it can help us to remember to breathe and that we'll never be able to clean it all up," Gluck said.
To start meditating, simply bring your full attention to your breath. Sitting with uplifted posture may help, and eyes may be closed or open. When you notice your mind wanders with thoughts like, "What am I going to have for lunch?" come back to your breath without judgment.
Gluck says once you've been practicing for a while and have learned how to choose between your breath and your thoughts, you can "apply that same mechanism of choice to [your] response to stressful situations." Most studies show you need to practice a minimum of 10 minutes a day for 8 to 10 weeks to see the benefits over time, Gluck added.
When meditating, it's a good idea to aim for consistency when it comes to the style of meditation; the time of day and length of your practice; and your surroundings. You might choose your favorite spot on the couch or a designated corner with a meditation cushion, Gluck advised.
Manage stress
Research dating back over 25 years has revealed that psychological stress increases susceptibility to illness. Prolonged or chronic stress can negatively impact the immune system by reducing the body's ability to defend against viruses and bacteria, explained Allison Forti, licensed clinical mental health counselor and associate director of the Online Master's in Counseling Program at Wake Forest University.
Additionally, when under stress, it's not uncommon for people to engage in coping strategies such as drinking excessive alcohol, smoking cigarettes, eating a poor diet, or not getting enough sleep, which can also negatively impact the immune system, Forti added.
To calm our anxiety during this stressful time, first acknowledge that it is okay to feel stressed, anxious and afraid. "It is okay to feel panicked ... look for ways to ground yourself in a safe and healthy way that does not cause harm to others," Forti said.
Maintaining a sense of connection with friends and loved ones is important. Email, call or FaceTime relatives, and have live-streaming cocktail hours with friends, like my husband and I did this past Saturday evening. (Good news: You can responsibly "drink and Zoom.") And children can benefit from staying connected, too. One of my mom friends recently organized a pajama party via Zoom for my daughter and her friends.
It's also important to avoid judging your feelings and thoughts, Forti explained. Acknowledge them with a sense of care and appreciation, and release the expectation that things should be normal right now. For example, if you are feeling stressed about not fine-tuning the perfect homeschooling schedule or web-based activities for your children, that's ok.
"Holding on to rigid patterns of thinking exacerbates stress and anxiety," Forti said. "Flexibility is required during this time of uncertainty and rapid change."
In my home, that means working with several interruptions, and allowing my girls to have some access to TikTok on my iPhone, along with some extra cookies.
For those experiencing high levels of stress or anxiety, it may be helpful to be mindful as you consume media updates. "Be aware of how the news affects you. Does it trigger your anxiety? Alternatively, does it make you feel safe because now you can choose what to do with that information?" Forti said. You may wish to ask a friend to keep you informed of major alerts so you do not have to check the media, Forti advised.
Don't skimp on sleep
Lastly, get your z's. Not doing so can negatively affect your immune system, according to the National Sleep Foundation.
To keep your immune system strong, the NSF advises aiming for seven to eight hours of sleep each night. But if your mind has been keeping you up or you simply can't get that amount, fill in the gaps with naps.
According to the NSF, taking two naps that are no longer than 30 minutes each — one in the morning and one in the afternoon — has been shown to help decrease stress and offset the negative effects that sleep deprivation has on the immune system. If that's not realistic, a 20-minute catnap during a lunch break or before dinner can help too.
Link to Article
The answer lies in following the latest guidelines on social distancing, proper handwashing and your local stay-at-home directives.
But there are also ways to strengthen your own immune system. Diet is one of them, and we covered that here in part one of our immunity boosting series.
Yet what you eat is just one factor. Being physically active, meditating and managing stress, and getting adequate sleep help, too. Keep reading to find out why those habits boost your immunity and how you can take advantage of their benefits.
Find time for fitness
Engaging in regular physical activity is a great way to help manage stress and strengthen your immune system. In fact, research shows that "fit individuals" -- defined as those who partake in regular physical activity -- have a lower incidence of infection compared to inactive and sedentary individuals. What's more, being physically active may help reduce the risk of chronic diseases that could further weaken your immune system, including cardiovascular disease, diabetes and obesity.
How does exercise help? For one, physical activity helps to flush bacteria out of the lungs, decreasing your chances of getting a cold, flu or other illness. Exercise also reduces levels of the body's stress hormones, such as adrenaline and cortisol, explained MaryAnn Browning, CEO and founder of Browningsfitness. Lower levels of stress hormones may protect against illness.
"[Exercise] also stimulates the production of endorphins -- chemicals in the brain that are the body's natural painkillers and mood elevators," Browning said.
For at-home fitness essentials, Browning recommends getting a set of yellow, green and red resistance bands (the colors correspond with varying levels of resistance). "These can be used for back, bicep, triceps, shoulders and leg work," Browning said.
She also recommends looped bands to go around the calves or thighs, which strengthen the glutes and can help prevent knee and back injuries.
For an at-home cardio workout, Browning recommends jumping jacks, high knees, butt kicks, burpees and switch jumps -- during which you'll jump to turn 180 degrees and then back again -- for 15 seconds each. Then repeat the circuit five to 10 times, depending on what you can handle.
And don't forget about the joy of dancing! My girls and I love blasting our favorite tunes and engaging in impromptu dance parties for a wonderful mood-lifting indoor activity, no equipment required. Try making up fun dance routines, or have someone play DJ and compete in "freeze dance."
If you are looking for something a bit more structured, there are plenty of online options to choose from. My girls and I have enjoyed the Yoga with Adrienne YouTube channel,t which offers free yoga videos. Free on-demand programs are also available at YMCA360.org, and include boot camp, Barre, yoga and low-impact programs for seniors.
Another option is Melissa Wood's Health Workouts, which can be accessed online or via her app. "You can use light weights or your own body weight, and they're quick yet super effective. They have been an absolute godsend to me during this time!" said Jamie Plancher, who has a masters in emergency and disaster management and has been "tracking Covid-19 like a hawk."
"I'm obsessed with Alexia Clark's workouts," said Lindsey Schwartz, who is currently homeschooling her children in New York City. "Everyday is something different ... she's the queen of making sure you use as many muscles as possible in a circuit and knows how to keep it interesting."
While that program has a subscription-based app, you can also find free workouts on Alexia Clark's Instagram and IGTV.
Meditate
If you haven't tried mediation, now might be a good time to start. A recent review involving 20 randomized, controlled trials including more than 1,600 people suggested that meditation may help keep our immune system functioning optimally.
A stressful circumstance like what we are experiencing now can negatively affect the immune system, but "a consistent meditation practice can help us better respond to stressful situations," explained Ellie Burrows Gluck, a Vedic meditation teacher and the founder and CEO of MNDFL, a meditation studio in New York City that also offers live-streamed, at-home practices with meditation experts at MNDFL TV.
"Life is messy, and although meditation isn't a cure all it can help us to remember to breathe and that we'll never be able to clean it all up," Gluck said.
To start meditating, simply bring your full attention to your breath. Sitting with uplifted posture may help, and eyes may be closed or open. When you notice your mind wanders with thoughts like, "What am I going to have for lunch?" come back to your breath without judgment.
Gluck says once you've been practicing for a while and have learned how to choose between your breath and your thoughts, you can "apply that same mechanism of choice to [your] response to stressful situations." Most studies show you need to practice a minimum of 10 minutes a day for 8 to 10 weeks to see the benefits over time, Gluck added.
When meditating, it's a good idea to aim for consistency when it comes to the style of meditation; the time of day and length of your practice; and your surroundings. You might choose your favorite spot on the couch or a designated corner with a meditation cushion, Gluck advised.
Manage stress
Research dating back over 25 years has revealed that psychological stress increases susceptibility to illness. Prolonged or chronic stress can negatively impact the immune system by reducing the body's ability to defend against viruses and bacteria, explained Allison Forti, licensed clinical mental health counselor and associate director of the Online Master's in Counseling Program at Wake Forest University.
Additionally, when under stress, it's not uncommon for people to engage in coping strategies such as drinking excessive alcohol, smoking cigarettes, eating a poor diet, or not getting enough sleep, which can also negatively impact the immune system, Forti added.
To calm our anxiety during this stressful time, first acknowledge that it is okay to feel stressed, anxious and afraid. "It is okay to feel panicked ... look for ways to ground yourself in a safe and healthy way that does not cause harm to others," Forti said.
Maintaining a sense of connection with friends and loved ones is important. Email, call or FaceTime relatives, and have live-streaming cocktail hours with friends, like my husband and I did this past Saturday evening. (Good news: You can responsibly "drink and Zoom.") And children can benefit from staying connected, too. One of my mom friends recently organized a pajama party via Zoom for my daughter and her friends.
It's also important to avoid judging your feelings and thoughts, Forti explained. Acknowledge them with a sense of care and appreciation, and release the expectation that things should be normal right now. For example, if you are feeling stressed about not fine-tuning the perfect homeschooling schedule or web-based activities for your children, that's ok.
"Holding on to rigid patterns of thinking exacerbates stress and anxiety," Forti said. "Flexibility is required during this time of uncertainty and rapid change."
In my home, that means working with several interruptions, and allowing my girls to have some access to TikTok on my iPhone, along with some extra cookies.
For those experiencing high levels of stress or anxiety, it may be helpful to be mindful as you consume media updates. "Be aware of how the news affects you. Does it trigger your anxiety? Alternatively, does it make you feel safe because now you can choose what to do with that information?" Forti said. You may wish to ask a friend to keep you informed of major alerts so you do not have to check the media, Forti advised.
Don't skimp on sleep
Lastly, get your z's. Not doing so can negatively affect your immune system, according to the National Sleep Foundation.
To keep your immune system strong, the NSF advises aiming for seven to eight hours of sleep each night. But if your mind has been keeping you up or you simply can't get that amount, fill in the gaps with naps.
According to the NSF, taking two naps that are no longer than 30 minutes each — one in the morning and one in the afternoon — has been shown to help decrease stress and offset the negative effects that sleep deprivation has on the immune system. If that's not realistic, a 20-minute catnap during a lunch break or before dinner can help too.
Link to Article
Subscribe to:
Posts (Atom)
Posts
