Where were you Tuesday morning? Wasn't that snow squall something? We woke up with no snow on the ground and no flurries in the air. By 10:00 AM most of the Metro Area was enveloped in a fast-moving snow squall that made it look like a February Christmas in less than 2 hours. The snow stuck to the streets and people were caught in whiteout conditions. Yet by noon in many areas, blue skies were peaking out again.   Let me tell you how that little snow squall saved an opportunity for some homebuyers I worked with earlier this week.   This past Monday, I had the opportunity to work with buyers in from out of town. Often, when a buyer comes into town we have a compressed amount of time to see properties. To my surprise, we were able to find twelve homes in their price range so we squeezed that into a long afternoon. Normally, I recommend not seeing more than 6 to 8 properties at any one time. It allows for processing what you've seen and not have the homes blend into one in your mind. In this case, however, it made sense to see the best of what was available since they had a plane to catch the following morning.   Weekends are typically the busiest for showings. More buyers than not are most often available on the weekends. Showing homes on a Monday, when the market is heating up, can sometimes lead to missed opportunities when the best properties begin to go under contract after a good weekend of showings. This past Monday was no exception, though it was still February. By the time we began our tour of those twelve properties, I had already received phone calls from listing agents saying their sellers had begun considering or even accepting offers. At 12:30 PM that had already occurred on two. Later that afternoon I received another couple of calls from agents saying we could show their listings but they too were accepting an offer and going under contract. By the time our afternoon ended, we were able to see 8 of the initial 12; the other four were under contract.   My buyers loved two of the eight we saw. They wanted to sleep on their decision, which is always a good idea, when you have the time. They also had a flight to catch Tuesday morning which took off just before the snow squall the hit the Denver Area. By the time they landed home another 3 had gone under contract!   Finally, Tuesday afternoon, my buyers had narrowed their search to one specific property. Good thing, because the other one they liked went under contract next.   We prepared to make an offer, all the while staying close and aware of the action all around us on their favorite listings. The dominos were falling. My buyers began to waffle a bit wondering why the property they were considering making an offer on hadn't gone under contract already. Were they missing something? Was this property really as good as it seemed? After all, we all agreed, it was hands down, the best property we toured on Monday. So why were they so fortunate to have their favorite still available? Hadn't anyone else loved that same property?   All along I had been communicating with the listing agent. They had indeed, received offers. In fact, the first offer, before we showed it, had come in with a protracted closing date. The sellers simply weren't interested in waiting that long. A second offer had been presented, but the agent who presented the offer turned out to be so aggressively difficult the sellers chose not to work with his buyers. He blew it for them. That's another story for another day.   Then the snow squall blew in Tuesday morning and the listing agent said that three buyers had canceled their showings. Only one showing still stood, scheduled for early evening.   We ended up being the third offer. We offered just before noon on Tuesday and set an acceptance deadline of 6:00 PM that same day knowing there was that other showing at 4:45 PM--just enough time for someone to sneak in and make an offer to compete with ours, though it would be tight. But what were the chances they too would love the property? Apparently pretty high becuase they did, in fact, try to get an offer in before our Acceptance Deadline. At 5:56 PM the sellers signed our offer and the other folks missed out. This listing had in fact, received 4 offers in 48 hours!   I share this story because it's a real life scenario of what's going on in some areas of our local market. People are ready to move this spring. These homes were priced between $740,000-840,000. The same price range that struggled to move last fall when mortgage rates blew past 8 percent.   In the end, we were saved by a snow squall and the market seems to have melted all the snow away…just in time for another not-quite-spring weekend. What happens later this spring…or if rates were to fall?

Mortgage rates inched up this week, prompting a pause among some prospective homebuyers. However, there are compelling reasons why waiting might not be the most advantageous strategy. Let's delve into the data and trends shaping the housing market landscape. Impact of Mortgage Rate Changes Home shoppers are keenly attuned to fluctuations in mortgage rates, as evidenced by the recent uptick in the average for the 30-year fixed-rate mortgage, reaching 6.77%. This increase led to a 3% decline in mortgage applications for home purchases, according to the Mortgage Bankers Association. While even marginal changes in rates can influence purchasing power, borrowing costs have generally stabilized. Jessica Lautz, Deputy Chief Economist at the National Association of REALTORS®, notes that despite the weekly uptick, mortgage rates have followed a downward trajectory since fall 2023, now sitting a full percentage point below recent highs. Considerations for Prospective Buyers Waiting for mortgage rates to decrease may not yield significant savings. Even a slight decrease in rates may not substantially alter monthly mortgage payments, particularly as home prices continue to rise. With the median price of existing homes reaching all-time highs and projected to climb further, buyers face the challenge of navigating a market characterized by low inventory and persistent price pressure. Regional Trends and Market Dynamics While national averages provide insights into broader trends, it's essential to examine regional nuances. In the Denver and Front Range area, for example, housing market dynamics may differ from the national landscape. The region has witnessed an increase in new listings, signaling growing interest from sellers. Additionally, inventory levels have seen a slight uptick compared to the previous year, potentially offering buyers more options. However, this increased inventory is accompanied by rising mortgage rates, which could impact buyer demand and price dynamics. Implications for Sellers and Price Dynamics As sellers ease back into the market, the region has seen a steady growth in active inventory, albeit at a fractionally slower pace than in previous weeks. While this may provide buyers with more choices, it also raises questions about the balance between supply and demand. Furthermore, the sensitivity of homebuyers to higher mortgage rates is reflected in the increasing number of price reductions, indicating a cautious approach among consumers. Future Outlook and Considerations As the housing market continues to evolve rapidly, monitoring key indicators such as inventory levels, sales growth, and price reductions is crucial for gauging future trends. While median home prices have remained relatively stable in recent weeks, the impact of sustained high mortgage rates on price dynamics remains uncertain. Whether home price gains will persist in the face of elevated mortgage rates is a question that warrants close observation in the coming months. Bottom Line In navigating the current housing market, prospective buyers in the Denver and Front Range area, like their counterparts nationwide, must carefully evaluate their options. While waiting for lower mortgage rates may seem tempting, the broader market context, including rising home prices and shifting inventory levels, suggests that delaying purchases may not necessarily result in significant savings. By staying informed and adaptable, buyers can make informed decisions aligned with their long-term goals in a dynamic real estate landscape.

Your Chance for a Private Showing of a Former Denver Celebrity's Local Home   Normally, we don't cover a lot of sports-related topics in ELEVATE…and why would we? This is a real estate based e-newsletter. But we do cover local interest stories, especially if they have a real estate slant.    That brings us to this story. Former Colorado Rockies star, Todd Helton, was elected to the Major League Baseball Hall of Fame this week. He will be enshrined later this year.   Todd was known as a simple kind of man. And while the home he owned while he played in Denver sold for over $2M, back in 2018, it wasn't as lavish and luxurious as some of the state's top athletes owned.   In fact, we covered this in a video a couple of years ago, called Top 5 Home Sales of All Time in Thornton Colorado.     We figured with Todd being in the news again this week, you might also like to see the listing for yourself. It's certainly got some unique-to-Todd upgrades and features, such as an archery range, but for others, many aspect's of the Helton's former home are widely appealing, and not as opulent as you might thing.   See for yourself: click here to see it online.   Additionally, for those of you who are big fans, Todd Helton will actually be available to the public tomorrow (1/27)at 4:17 PM downtown near Coors Field.  

As you embark on the journey of purchasing your dream home, it's crucial to delve into the details of the inspection phase, and one aspect that often deserves heightened attention is radon testing. Radon, a naturally-occurring radioactive gas, possesses the potential to impact your health, specifically increasing the risk of lung cancer. In this blog post, we'll explore the significance of radon testing, the associated risks, and the proactive steps you can take to ensure a safe and healthy living environment. To begin, it's essential to understand the nature of radon—it's colorless, odorless, and inert. These characteristics make radon testing a vital component of the inspection process, allowing you to uncover potential risks that may otherwise go unnoticed. For a comprehensive guide on radon, we recommend exploring the EPA's resource, which provides valuable insights into the testing process and mitigation strategies: EPA Radon Guide. In Colorado, the entire Front Range falls into the EPA's Zone 1 designation, indicating predicted average indoor radon screening levels greater than 4 pCi/L. Both the CDC and EPA recommend mitigation at a conservative level of 4.0 pCi/L, emphasizing the importance of addressing this concern during the homebuying process. Understanding that radon levels in the soil vary based on soil chemistry, it becomes apparent that the escape of radon into the house depends on multiple factors, including weather conditions and soil porosity. Particularly, the basement is susceptible to radon accumulation, making it a focal point for testing and mitigation efforts. Builders are increasingly recognizing the importance of radon mitigation, with some incorporating passive radon mitigation systems as a standard practice. Despite varying opinions on radon's significance in real estate transactions, it's evident that awareness and action are on the rise. Radon testing is a straightforward process, typically taking a couple of days. Most home inspectors can facilitate the testing, leaving the kit in the home for at least 48 hours. The results empower you to make informed decisions, such as requesting the seller to install a mitigation system or provide a credit for one. At the time this blog post was published the associated cost of radon testing generally ranges from $125 to $150. Beyond meeting regulatory requirements, testing for radon offers a specific understanding of your home's potential hazards. This knowledge provides peace of mind, especially when radon levels test low. Whether you're planning to occupy the basement regularly, the basement is already finished, or you have future finishing plans, radon testing is a proactive step toward ensuring the safety and well-being of your household. Bottom Line Because Colorado ranks among the top ten states in terms of radon prevalence in the US, it's clear that addressing radon during the homebuying process is not just a regulatory requirement but a crucial step in securing a healthy living space. Feel free to share your thoughts or reach out if you have any questions. Your proactive approach to radon testing contributes to the overall assurance of a safe and healthy home.

The latest housing news for November 2023. In our professional opinion, here's what you need to know about today's real estate market conditions--despite what you may have heard: Mortgage Rates and Market Trends In a surprising turn of events, traders are not currently pricing in another rate hike for the first time in two years! Yesterday, we saw RATES at their LOWEST POINT in 3 months. The 10-year treasury's fall from 5% to 4.4% adds weight to the expectation of a downward trend in mortgage rates. So far in November the market has already experienced about a half to one percentage drop in mortgage interest rates. It’s difficult to forecast if this dip represents a long-term trend at this time, but homebuyers should welcome the improvement.This could make late fall and early winter an opportune time for home shopping before rates potentially fall into the 6% range, as they did yesterday. The market moves quickly and some of those gains evaporated today, but that’s the market. If rates were to dip into the 6s in the spring, there’s a good chance for a frenzy of new homebuyers entering the market, driving up competition for the already low supply of available homes to buy. Federal Reserve and Market Dynamics Despite conflicting signals, the market largely believes the Fed is done tightening monetary policy. Recent data on the consumer price index (CPI) sparked a major rally on Wall Street, with traders almost completely taking potential Fed rate hikes off the table. The flat reading on the headline CPI, along with a decrease in energy prices, contributed to this sentiment. Local Market Conditions The local market conditions provide interesting insights. With over 50% of units under contract experiencing price reductions and motivated sellers willing to negotiate, repair, and offer concessions, 2023 stands out as a year where sellers are driven by necessity. Traditional seasonal patterns indicate a rise in homes being withdrawn or expired from the market in the fourth quarter, setting the stage for likely increased demand and multiple offers in the first quarter of the following year. Market Trends and Insights Zillow's October Housing Report highlights a national trend of falling home prices month-over-month due to high mortgage rates and the usual seasonal housing cooldown. However, year-over-year, home values are still up in 34 of the 50 largest markets. Prices increased only slightly nationwide in October but the month’s hottest markets saw more substantial price growth due to high demand. Unfortunately, none of the Front Range’s largest cities made it onto the latest list (October 2023) of Top 20 Hottest Housing Markets or Markets Seeing the Largest Jump in Rankings (October 2023), though many of our neighbors in the West did (per realtor.com). Expert Predictions Expert predictions suggest a rebound in home sales in 2024, with Lawrence Yun, NAR Chief Economist, stating, "Existing home sales will rise by 15% next year." The market's expectation for the path of the federal funds rate has shifted, with potential rate cuts in 2024. Yun’s prediction for home sales is not to be confused with home values, though most experts expect that prices will increase next year, with most agreeing on a relatively modest increase. Bottom Line In conclusion, 2023 presents both challenges and opportunities in the real estate market. Understanding these trends is crucial for making informed decisions. Your reflection on the significance of data-driven facts will not only benefit your clients but also contribute to the overall health and stability of our market.   Remember there are always opportunities and advantages in any market, so please always feel free to reach out if you have any questions or if you're ready to explore the exciting opportunities in the current real estate landscape.

I don’t think it’s any coincidence that Prop HH is one of the longest and most complicated taxing measures ever seen on a Colorado ballot. It amounts to 48 pages of legal verbiage affecting all kinds of taxes in Colorado. Like any measure, it’s going to appeal to someone, and there are “good” “bad” and “ugly” aspects, in my opinion. The Good What this does is it puts a temporary freeze on how they calculate property taxes in Colorado, capping it at 6.7% for a whole decade and also knocking $40,000 off the taxable value. I've broken down how Colorado calculates property taxes and given an example below to make it easier to grasp, but for most folks, it means you can expect a nice $300 to $500 drop in your property tax bill for the next decade. The Bad This marks a substantial, enduring increase in income taxes for everyone, not limited to just homeowners. In return for the temporary reduction in property taxes over a decade, the State will retain a portion of your tax refunds. What's noteworthy is that the portion the state retains follows a progressive pattern, with the amount increasing over time. By 2023, the State will hold an additional $94 million, and this figure keeps climbing, reaching $358 million in 2024 and 2025. As we look ahead to 2033 when the property tax decrease period ends, it's projected that the State will have accumulated an extra $2.2 billion from withheld income tax refunds. The rationale behind the State's retention of these tax refunds is ostensibly to "reimburse" institutions such as schools, fire departments, and libraries that will receive reduced funding due to the property tax reductions. However, this approach forces these entities to appeal to the State for what they would have naturally received without this legislation, effectively centralizing control of tax funds and enabling the State to selectively allocate resources. Additionally, the bill imposes rules and restrictions on taxing districts' ability to seek tax increases, ostensibly to maintain fiscal responsibility. While this may seem reasonable, it also transfers more control from local authorities to the State, potentially limiting local autonomy. The Ugly I usually steer clear of delving into demographic politics, but I can't help but voice my concern about the glaring inequity of this proposed tax hike. You see, our tax system has largely been structured to be progressive, meaning those who have more, contribute more. However, this proposal does the exact opposite. Here's the kicker: About 62% of Coloradans are homeowners, and they will experience a modest reduction in their property taxes. Now, the tax refund retention and income tax increase doesn't just affect homeowners; it applies to everyone. But here's where it gets tricky from an equity perspective: Roughly 71% of white individuals in Colorado own their homes, compared to 53% of Hispanics and only 37% of Black individuals. Statistically speaking, homeowners have a net worth that's about 40 times greater than that of non-homeowners. The average net worth of a homeowner stands at $225,000, while a renter's average net worth is a mere $6,300. So, under this proposed tax scheme, everyone faces the same tax increase burden, but only homeowners reap any benefits, and that too, only for a decade. This is what makes it one of the most lopsided tax proposals I've come across. Colorado's method for calculating property tax assessments is already quite intricate, so let me offer a concise explanation: The taxable value of your personal residence in Colorado is currently calculated at 6.765% of the assessed value. It's important to note that this 6.765% rate is temporary, as the statutory rate is set at 7.15%. However, for 2023, there was a temporary reduction to 6.765%, and it will gradually increase to 6.976% in 2024 before returning permanently to 7.15% in 2025. Property tax is assessed in what they refer to as "mils," with a mil being one one-thousandth of a dollar ($0.001). To illustrate, let's take an example: If your home is valued at $500,000 in unincorporated Adams County, where the tax rate is 87.925 mils, the taxable value of your home would be $33,825.00 (6.765% of $500,000). Consequently, your property taxes would amount to $3,018.88 ($33,825.00 x 0.087925). Now that we have this baseline understanding of how Colorado property taxes and tax rates currently work let’s move onto Prop HH. Proposition HH brings about a noteworthy change in property tax assessments. It sets the assessment rate at 6.7% until the year 2032, after which it will revert to 7.15% in 2033. In essence, this freeze on the temporary reduction extends for a decade, which is certainly a positive aspect. Additionally, it introduces a $40,000 reduction in property valuation for the next 10 years, meaning that, for tax purposes, your $500,000 house would be considered as worth $460,000. This is unquestionably a property tax decrease. Using the same example from earlier, property taxes under Proposition HH would amount to $2,709.84, resulting in a tax savings of $309.04. It's a good deal, and I'd be inclined to support it wholeheartedly. For a couple earning $100,000 and filing jointly in 2024, the estimated tax increase is around $200. However, if this couple owns the property described above, they would actually experience a net tax decrease in 2024, saving $109.00. In 2025, this same couple is projected to face a tax increase of $246. When it comes to homeowners, it's anticipated that the tax increase will eventually surpass the benefit of the property tax deduction by the year 2026. I don't know if it’s for you or not, but on November 7th, you’ll have your chance to see Prop HH defeated. Click below and learn more facts about Prop HH that you’re asked to vote on, on your November ballot! https://factsonprophh.com/ As always, we’re here for you to be your real estate resource for life. Please reach out if we can be of service to you or someone you know.

The latest housing news for October 2023. In our professional opinion, here's what you need to know about today's real estate market conditions--despite what you may have heard: Mortgage Rates at 8% Mortgage rates have reached 8%, a level not seen in 23 years. While this might be concerning, it's important to note that we've been hovering in the high 7% range recently. The big question on everyone's mind is when will rates start decreasing according to the experts? Many of the local lenders I work with and associate with seem to think that rates are nearing their top. The Federal Reserve, the monetary entity behind all the recent rate hikes wants spending to stop before they slow down rate hikes.  What's the Outlook? Fortunately, there is hope for relief in the near future. The latest inflation data suggests that the Federal Reserve's interest rate hikes may be working to combat inflation, which is a positive sign. However, the Fed is not expected to increase the interest rate at the next meeting. The reality is, when trillions are pumped into the system, inflation goes through the roof. Market Dynamics New listings have dropped by 6%, while inventory has increased by 11% to 6,629 listings. We're beginning to see inventory build--inventory currently stands at about 2.4 months of available supply. Notably, the median price continues to climb slightly (up 0.86% year over year), and the close to list price ratio remains strong at around 99%. Many sellers are still achieving their desired prices, with noted concessions, but buyers are becoming more assertive and winning negotiations. The 5 D's Yeah but are people still moving? The “5 D's”--those moving out of necessity--is a significant driver of the housing market. While prices haven't dropped significantly yet, increased rates have decreased demand, potentially impacting prices. However, low inventory is a complicating factor in this equation which is currently underpinning values, keeping them from substantially decreasing. We're closely monitoring the situation as inventory is finally increasing…slowly. Ownership and Foreclosures What's keeping the market going? Currently, 38% of homes in the U.S. are owned without mortgages, while 62% have mortgages. Importantly, 90% of those with mortgages have rates under 6%, and 80% have rates under 5%. Foreclosures have increased by 34%…but they're coming up from historic lows. The situation is not as extreme as it may seem. National foreclosure rates are at 3%, but in Colorado, they're just 1.7% and forbearances are becoming a thing of the past. Don't let the news tell scare you into thinking the worst, without knowing these facts. Strong Foundational Market Elements  Further expounding on the comments above, the market is supported by a substantial $31 trillion in home equity. Most homeowners have an average of 71% equity, and many have seen their equity grow by 45% in the post-pandemic boom. These facts provide stability and opportunities in our market, despite the current volatility in mortgage rates and perceived tenuous nature of the market. Seasonal Opportunities We are currently experiencing the traditional seasonal slowdown in the market. In some ways, seeing seasonality in the marketplace is welcome because it’s been predictable in the past (pre-pandemic), and always has presented opportunity for homebuyers.   For today's buyers there is also opportunity. Although there's less inventory of homes from which to choose, there are also fewer buyers to compete with. Historically, we've seen deals and negotiations pick up during this season.    For sellers, we advise pricing properties reasonably and ensuring they're in tip-top shape for listing. Sellers should anticipate that while price reductions aren't always expected, when a property is priced correctly, most buyers who are getting loans will need a mortgage rate buydown (also known as a seller subsidy) to make the montly payment work in today's near-8-percent mortgage rate environment. For more information on mortgage rate buydowns click here. The Silver Lining Despite hitting 8% last week, mortgage rates dropped ever so slightly back into the high 7's recently. That's not much, admittedly, and many buyers are waiting for a more substantial drop, but this may prove costly in the long run. Lower rates are expected to attract more buyers and potentially drive up home prices. An estimated 5.5 million prospective buyers could enter the market if the rates fell by a percent and double that number if rates fell by 2 percentage points. Competition would be beyond fierce if those numbers came to fruition, and if that happens, you've seen what happens to prices. Not to mention, the winter season typically brings more concessions and price drops, making it an excellent time for buyers to make a move in the current market. Ask us how you can get pre-approved with one of our preffered lenders. Whos' Buying? In the current market, three prevalent groups are cash buyers, first-time buyers, and circumstantial buyers and sellers (e.g., due to death, divorce, job changes). Cash buyers are not as affected by rising rates, seeing this as an opportunity. First-time buyers recognize the power of real estate as an investment and hedge against inflation. Life circumstances and investors continue to drive transactions. Ignoring the Noise Amidst the ongoing chatter about rising mortgage rates, it's essential to remember that predictions have often been wrong this year. Pay attention to time in the market rather than trying to time the market. Seek advice from trustworthy individuals with real experiences. Real estate and the stock market have historically been wealth-building assets over time. Quite honestly, if you look at who's positioning themselves in this market, its the investors who are still actively seeking opportunities. So you might ask yourself, what do they know that keeps them buying in today's market that I don't know? Bottom Line While the market is facing rising mortgage rates, there's always someone finding opportunities. We're here to guide you through these market conditions so you can confidently make informed decisions.    Please don't hesitate to reach out with any questions or for personalized advice--that's precisely why we're here.

Certainly, buying land in the foothills of Colorado's Front Range is an exciting endeavor. There are many things to consider, however, before making the decision to buy land. Allow us to share just a few valuable pieces of advice that before you rush headlong into purchasing mountain acreage: Clarify Your Objectives: Before you start your search, define your goals for the land. Are you planning to build a home, use the land for recreational purposes, or invest for future development? Clear objectives will help narrow down your options and guide your decisions. Research Local Regulations and Zoning: Understand the local zoning regulations and land use restrictions that apply to the area. These regulations can impact what you're allowed to do with the land, such as building structures, farming, or subdividing. Location is Key: Research the specific areas within the Front Range foothills thoroughly. Consider factors like proximity to amenities, access to major roads, views, elevation, climate, and any potential geological hazards. Visit the Land Multiple Times: Don't just rely on online listings or pictures. Visit the land at different times of the day and during different seasons to get a comprehensive understanding of its features, potential issues, and surroundings. Consult with Professionals: Engage with professionals who can help you make informed decisions. This includes a real estate agent with local expertise, a surveyor to assess boundaries, and an attorney to review contracts and legal documents. Due Diligence: Conduct thorough due diligence on the land. This may include checking for access to utilities (water, electricity, sewer), soil quality, potential environmental concerns, and any previous land uses that could affect your plans. Understand Costs: Beyond the purchase price, consider additional costs such as property taxes, ongoing maintenance, insurance, and potential development costs if you plan to build. Future Development Potential: If you're considering the land as an investment, evaluate its potential for future development. Research local growth trends, infrastructure projects, and the overall economic outlook for the area. Neighboring Properties: Research nearby properties to understand their use and potential impact on your land. Neighboring developments could influence your property value and quality of life. Financing Options: Understand your financing options, whether it's a conventional mortgage, land loan, or other financing methods. Consult with lenders to explore the best fit for your situation. Negotiation Strategy: Work closely with your real estate agent to develop a negotiation strategy. Factors such as market conditions, property history, and the seller's motivations can all play a role in your offer and negotiation. Be Patient: Land purchases can take time due to the complexities of research, due diligence, and negotiations. Be patient and avoid rushing into a decision. Remember that the Front Range foothills offer stunning natural beauty and a wide range of possibilities, but making an informed decision requires careful planning and research. Always seek advice from professionals who are experienced in the local real estate market and land transactions. Reach out if we can help. Matt Thomas 303-269-1617

10 Reasons People May Be Leaving Colorado Ahh, Colorado. Do you still love it, or are you ready to leave it? Does it feel like people have been leaving Colorado more so than you’ve seen in quite a while? I’m not saying there are vacant houses everywhere, but the shift is palpable. It seems like that for forever the Front Range of Colorado was a beacon to Californians fleeing high real estate prices, Texans & Chicagoans fleeing high property taxes, and the heat or the cold, and midwesterners and northeasterners looking for that John Denver experience. Our sunshine, our mountains, our way of life have had a tendency to have people stampeding in like the cattle drives of the 1880s. But our recent 10-year stampede may be over. I’ve been in Colorado most of my life. I grew up here and have lived here for the past 16 years consecutively. I hear the comparisons with how things are vs. how things used to be. For many, the Welcome to Colorful Colorado sign at our borders still plays an alluring song, but is it a siren song? For many residents who’ve seen their Colorado change, more and more people seem to be voicing their discontent–and leaving. But enough with the feels and the metaphors, new data actually does suggest that more people are moving out of Colorado than into our state. HireAHelper, an online moving service, analyzed over 90,000 moves that took place over 2021. In Colorado, 15% more people moved out of the state than into it over the year. Based on a story from local news network KDVR in the spring of 2022, here are 10 factors that might contribute to people leaving Colorado: As of earlier this spring, Denver is the seventh most expensive of the top 50 US metro areas, with a typical home sales price of $598,233. That puts us right behind four California locations, Seattle and Boston. Ouch.  Denver ranks 13th for the percent its home prices have increased since 2000.  Monthly rent prices are up in Colorado nearly 22% (21.95%) year over year. In 2021 a Denver one bedroom in the city costs nearly $2,100, 24th highest in the country.  The cost of living in Colorado is 17% higher than the national average. There are a record low number of homes available in the Denver metro area. That number has increased substantially since this report came out but in relative terms, there is still a general dearth of inventory.  Denver housing is more unaffordable for middle class than nearly any US metro. Again, this puts Denver right behind four California cities, Seattle and Boston.  Denver has the 10th fastest-rising rent over the last year Colorado transportation costs are 6% higher than the national average. Colorado has the highest car theft levels in the country, with a 32% increase over the last year. This one really stings. Number 1?! Only three of fourteen categories of crime fell year over year. Violent crime increased by 52% in Colorado over the last 10 years. Except for 2019, violent crime has risen for the past ten years, not unlike the population. The total number of crimes has risen 72% since 2011. Another stat NOT to be be proud of.  There are several others I could add to the honorable mention lists, so to speak. I've heard other reasons such as traffic, obsolete infrastructure, and changing political climate and social landscapes.  Colorado, as the eighth largest state, also has cultural and political diversity by virtue of its vast geographic differences. The eastern plains differ from the Front Range just as the mountain communities differ from the Western Slope and Southern Colorado. Some would say that diversity is good for the state, but it also presents its own challenges. What would you add to this list? Do you still love Colorado? Do you miss how it was 10 years ago? 20? 30? 50 years ago? Leave a comment below and tell me if you still love it or are ready to leave it, and why. We know that everyone’s situation is unique. If we can be a real estate resource to you, my team and I are here for you. Please reach out and let’s start a conversation.

10 Reasons to Love Colorado Ahh, Colorado. So many reasons to be proud. My dad, who was from Iowa, used to say, Iowa was a great place to be from, but he wouldn’t wish living there on anybody. He loved Colorado and I loved that he moved here before I was born.  We recently published a video citing 10 reasons why Colorado’s 10-year run of growth has ended. But the fact remains that Colorado is for so many reasons, a wonderful place to live. I’ve been in Colorado most of my life. I was born here. I grew up here and after a brief stint away, I have lived here again for the past 16 years consecutively. It’s a great place. Did you know that Colorado remains the only city ever to turn down an olympic games after being awarded? The 1976 Olympics were actually initially awarded to Denver, though the Games were eventually held in Innsbruck, Austria. What? In a 1972 referendum, Colorado voters rejected the Games, and for the only time in history a city awarded the Games rejected them. Why? Some say it was concern over the environment and economics. Those were certainly valid reasons. Others say that Colorado voters were just too proud of their little secret and didn’t want all the global attention and exposure the Olympic Games would bring. But by the 1990s and well into the 2000s, the cat had long since been out of the bag. Denver, Boulder, Fort Collins and Colorado Springs consistently ranked among the most desirable, happy, clean, healthy, and best places to live in the country. Coloradans today might find themselves arguing about the Colorado of yesteryear vs the Colorado of today, what’s changed and what’s to come for Colorado, but coming up with a list of at least 10 reasons to STILL love Colorado, is easy. Here’s a look at 10 possibilities: Colorado is the healthiest state in the United States, ranking above Hawaii, DC, Oregon, Utah and California, to name a few. Colorado is one of the most outdoor-friendly states in the country. In fact, it ranked fifth for outdoor-friendliest states. Colorado has one of the highest median household incomes in the country at nearly $78,000 ($77,727), ranking just outside the top ten, at the eleventh spot in the country. Colorado is the second most educated state in the United States. Massachusetts and Colorado are the only states where over 50% of adults hold college degrees. Colorado is one of the top pet-friendly states in the country. Here’s to another top ten ranking. Colorado ranks #9 amongst most pet-friendly states. The ranking was based on things such as pet population, rentals that allow pets, and laws that protect pets and prevent abuse. We certainly love our dogs, and have several local dog parks to choose from, not to mention, the mountains. Colorado ranks in the top 10 for work-life balance. This comes as no surprise given that people move here all the time for Colorado’s recreational opportunities, the weather and the lifestyle. Colorado is among the top states for jobs in the United States. Apparently South Dakota’s the place to beat, but with Denver, Boulder, Fort Collins having a large tech base and Colorado Springs being known for its military jobs, Colorado’s economy is generally flourishing. Colorado is one of the sunniest states in the country, ranking number six. Coloradans would tell you we’re number one. We probably are. No, we definitely are, but according to an article by stacker.com we’re not desert-y enough to earn the top spot. Colorado has one of the best healthcare systems in the country. It has the lowest heart disease rate in the country, as well as the fourth lowest cancer rate in the country. Skin cancer is a real threat, however, based on the lifestyle of many Coloradans. Use your sunscreen! Colorado is one of the top states for pro sports. The Denver Broncos are always the talk of the town, but a recent Stanley Cup victory, and with 3 total championships, The Colorado Avalanche are a close second town favorite. The Denver Nuggets lay claim to the NBA’s best player distinction the league’s MVP for the past two years, Nikola Jokic, and the Colorado Rockies have one of the highest attended baseball stadiums year in and year out. Denver is home to MLS’s Colorado Rapids and has seen championships from the Colorado Mammoth, of the National Lacrosse League, and from the University of Denver’s hockey and lacrosse teams. We love our championship-winning sports teams! There are several other things that I could add to the honorable mention list, so to speak. This list was compiled from online articles where Colorado ranked highly. But how do you put a value on proximity to the Rocky Mountains, the state’s illustrious National Parks, the world famous concert venues like Red Rocks, the world class culinary scene, the plethora of breweries that attract so many, and the cultural gems of our arts and entertainment scene. And then there’s the weather. The sunshine, the mild winters, and the four seasons.  What would you add to this list? Do you still love Colorado? Leave a comment below and tell me if you still love it or are ready to leave it, and why. Well while we’ve compiled a robust list of the top reasons people might move to Colorado and STAY, there is a laundry list of reasons why others have chosen to leave the state. Have you seen that video of ours yet?  Whether you’re coming or going, we know that everyone’s situation is unique. If we can be a real estate resource to you, my team and I are here for you. Please reach out and let’s start a conversation.  

Colorado Property Owners: Don't Overpay Your Taxes, Here's How to Protest If you're a Colorado property owner, you may have experienced the frustration of receiving a property tax bill that seems unfairly high. Early reports show some homeowners are facing as much as a 50+% hike in property taxes in one year! That's obviously a result of the rapid rise in property values experienced during the post-pandemic real estate boom of 2020-2022. Fortunately, there are steps you can take to protest your property taxes and potentially lower your bill. In this blog post, we'll share some top tips for protesting property taxes in Colorado. Understand the assessment process The first step in protesting your property taxes is to understand how your property is assessed. In Colorado, property taxes are based on the assessed value of the property, which is determined by the county assessor's office. This value is then multiplied by the mill levy, or tax rate, to calculate the amount of tax you owe. To determine the assessed value of your property, the assessor will consider factors such as the property's size, location, and condition, as well as recent sales of comparable properties in the area. It's important to review the assessor's records and make sure all of the information is accurate. Gather evidence To support your protest, you'll need to gather evidence that shows your property is overvalued. This could include recent appraisals, comparable sales in your area, and any physical defects or other issues that may affect the value of your property. In my opinion, your best bet is to protest on the basis of deteriorating condition, so if you've made a number of improvements, be prepared that your plight may fall on deaf ears with your county. It's also important to document any changes to your property since the last assessment, such as renovations or repairs, as these may affect its value. File a protest To formally protest your property taxes, you'll need to file a protest with the county assessor's office. The window to file a protest for the 2023 tax year is May 1, 2023 through June 8, 2023. For the 2023 property value assessment, your property was valued as it existed on Jan. 1, 2023, so it's important to act quickly. You can learn more on your county assessor's website. When filing your protest, be sure to include all of the evidence you've gathered to support your case. You can also request a hearing to present your case in person. Consider mediation If you're unable to reach a resolution with the assessor's office, you may be able to enter into mediation. Mediation is a process where a neutral third party helps you and the assessor's office come to an agreement on the value of your property. Mediation can be a helpful option for resolving disputes, and it may be faster and less expensive than going to court. Hire a professional If you're still having trouble resolving your property tax dispute, you may want to consider hiring a professional. A tax attorney or property tax consultant can provide guidance and support throughout the process, and may be able to help you negotiate a lower tax bill. However, it's important to be wary of scams or companies that promise to reduce your property taxes for a fee. Always do your research and make sure you're working with a reputable professional. Protesting property taxes in Colorado can be a complex process, but it's worth the effort if you believe your tax bill is unfair. By understanding the assessment process, gathering evidence, filing a protest, considering mediation, and hiring a professional if needed, you can increase your chances of success and potentially lower your property tax bill. Bottom Line If I'm being honest, you may find yourself with an uphill battle arguing with the county that your home's value has not increased over the past couple of years. However, a more arguable stance may be to question if your property taxes have truly gone up as much as the county says they have. Keep in mind that since property values have gone up at record-breaking rates over the past couple of years, it's no surprise that property taxes have also seen historic increases. Hopefully lawmakers are able to come up with a stopgap solution. If they do, it will be the third year in a row that special bills have been passed to reduce your tax burden. An overtaxed population is an unhappy population and, well, the next elections are right around the corner. FAQs How are property taxes calculated? You'll want to read up on this one. Click to see how property taxes are calculated according to Colorado.gov website. Can a real estate agent help me protest my tax bill? Yes, in that your agent may be able to provide relevant comparable properties that they might use to otherwise prove a home's value in a sale. You may want to inquire with your agent and strategize as to what properties would best serve your cause. Update (May 5, 2023): Wondering what's being done by lawmakers and State leaders to reduce Colorado property owners' tax burdens? Well, that remains to be seen, but here are three articles you may want to check out: What the 10-year Colorado property tax proposal would mean for you Governor, Democrats unveil 10-year plan to prevent Coloradans’ property taxes from rising too quickly Colorado property tax relief plan taps into TABOR taxpayer refunds