Angie’s 2014 Real Estate Predictions

2013 was a great year for the real estate market in Northern Colorado! Healthy appreciation of properties, increase in new construction and continued demand has provided the real estate market with a recovery from the economic downturn. What will happen in 2014? It is a fact that there is sustained lack of supply. Many expect home prices to moderately increase this year – moderate is good to avoid a bubble! Will this remain the same, increase or taper off as we progress into 2014? I believe buyers will continue to want to move to Northern Colorado and specifically Fort Collins. I believe the demand will at least remain the same if not increase with new business development, job growth and our community’s continued efforts at improvement. Buyers entering the marketplace now feel a sense of confidence and comfort in moving forward with a home investment. Rates will increase at some point in 2014 but it shouldn’t be drastic. Loan qualification will become a bit more complicated with the new Qualified Mortgage requirements which will generally require that the borrower’s monthly debt, mortgage included, isn’t more than 43% of the borrower’s monthly pre-tax income. I don’t consider this a bad thing and I don’t think it will be as big of a deal as many are saying it is. I am optimistic for our community & region and a vigorous market in 2014!

International Building Codes-Changes Coming & Increase in Building Costs – GET INVOLVED!

Currently the City adheres to the 2009 International Building Codes & are in the process of updating to meet the 2012 recommended standards. The Fort Collins Board of Realtors offers general support but are concerned with some of the changes which will increase building costs for everyone such as fire sprinkler requirements in all housing including single family residential & required construction debris recycling to name a few. These increases will inevitably be passed on to the consumer which the Fort Collins Board of Realtor’s strives to protect. We require your assistance in providing FCBR recommendations to City Council. Please join us at the City Council meeting at 6 p.m. on Tuesday, January 21, 2014. Talking points will be provided for presentation to City Council. We appreciate your help!!

Rental Update

3rd Quarter 2013, in the Fort Collins/Loveland area, the average rents by apartment type are as follows:

Source: Colorado Multi-family housing vacancy and rental studies. Mark Massey, President and CEO at Evergreen Property Management, Inc.