REALTOR magazine recently published a list of eight “quick fixes” that increase the value of a home to potential buyers without draining the sellers’ pocketbooks. Here are its recommendations:
1. Improve curb appeal: Buyers are more likely to want to take a look inside if they’re impressed with how a house looks on the outside. Make sure the condition of the exterior – from the landscaping and paint to the door knocker and window coverings – have plenty of curb appeal. Big flower pots or an antique bench can help your home stand out from its competition.
2. Brighten up the walls: Paint isn’t expensive but the right colors – not necessarily white or neutral – can enrich a home’s interior. Soft yellows and pale greens, among other gentle colors, are inviting, draw the eye from one room to the next and flatter skin tones. Paint ceilings a lighter shade.
3. Update the kitchen and bathroom: These rooms can make or break a sale but, in addition to making sure they are clean and clutter-free, update the pulls, sinks and faucets. Add a modern appliance, such as an espresso maker, to the kitchen and hang a flat-screen TV in the bathroom to make viewers feel like they’re in a five-star hotel.
4. Touch it up with Old World patina: Install crown molding at least 6 to 9 inches in depth, proportional to the room’s size and architecturally compatible. For ceilings 9 feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament.
5. Screen hardwood floors: Buyers prefer wood over carpet, but costly and time-consuming refinishing may not be necessary. Instead, try screening, which includes a light sanding – not a full stripping of color or polyurethane – then a coat of finish.
6. Clean and organize closets: Closets should be only half-full so viewers can determine whether they can fit their stuff in them, so sort through all of your belongings and get rid of what you don’t need and haven’t used for a while – and probably won’t again.
7. Review and renew window treatments: Exchange dated fancy, dark drapes for energy-efficient shades and blinds that diffuse light and add privacy.
8. Hire a home inspector ahead of time: Don’t let a deal fall by the wayside, thanks to unforeseen problems uncovered by a buyer’s home inspector. By hiring your own home inspector, you can identify problems and fix them – and impress potential buyers with your responsibility – before putting your house on the market.
‘Quick fixes’ increase value without breaking bank
Steady stats indicate Boulder is well-positioned for upswing
Homes throughout most of Boulder County spent less time on the market from July 2007 through the end of June 2008, but how many homes sold and the price at which they did varied from community to community, according to Boulder Area Realtor Association (BARA) statistics.
Houses within Boulder city limits as well as those in the mountains took longer to sell on average – 6.3 percent and 14.3 percent longer, respectively, compared with the previous year – while the rest of the communities saw a decrease in average time on the market. Nearly all Boulder communities saw a decrease in the number of homes sold, but they were split in average sales price increase and decrease.
Overall, though, the Boulder-area market remains steady, according to Ken Hotard, senior vice president of public affairs for BARA.
“You’re not seeing much change in the market,” he says. “Comparatively speaking, we still have a much stronger market than many areas in the country.”
Boulder continues to have modest job growth, and home prices are holding up reasonably well, Hotard says.
On the other hand, he says he’s not seeing any short-term signs that suggest the Boulder market will see a turnaround anytime soon. Hotard maintains that the potential for an upswing won’t come until 2010.
“While the numbers remain flat, the Boulder-area marketplace is well-positioned for recovery as current economy emerges from the downturn,” he says.
The homes that are selling are those that are in excellent condition and priced competitively, Hotard says.
“In this kind of market, that’s what moves,” he says, noting buyers have plenty to choose from and have the upper hand in bargaining. “Realtors are working harder and harder for every deal.”
Growth continues in Colorado
Colorado did see population growth between July 1, 2006, and July 1, 2007, according to the U.S. Census Bureau’s latest estimates. But what the state and its communities didn’t see was enough of an increase to make the bureau’s “fastest-growing” lists, which they have appeared on often in the past.
Instead, cities in Louisiana – New Orleans, in particular, with a growth rate of 13.8 percent during the year – as well as Texas and Nevada dominated the fastest-growing lists for communities of all sizes and for growth between 2000 and 2007. Not surprisingly, several California cities ranked high for population increases, as well.
McKinney, Texas, was the nation’s fast-growing city from April 1, 2000 and July 1, 2007, as its population more than doubled to 115,620, and North Las Vegas was second with growth of 83.6 percent. New York was the highest numerical gainer during the seven-year spread, adding 265,873 residents.
Among Colorado’s Front Range counties, Boulder had the second-slowest growth, with 1.4 percent, while Jefferson had the lowest at 0.8 percent. Douglas was the fastest-growing among Front Range counties with 4.8 percent growth for the year, followed by Garfield’s 4 percent increase. Many counties as well as the state as a whole saw population grow 2 percent, which is a solid increase though not as robust as in years past. Here’s a look at how Colorado and its counties along the Front Range grew from 2006 to 2007, according to the U.S. Census Bureau:
Meet the Campbells!
Originally from New Jersey, Jim and Molly Campbell and their two Border Terriers, Alexandra and Tommy, came to Boulder last fall after falling in love with the area on a trip five years ago. They say their RE/MAX of Boulder Realtors "saved our lives" by making it possible to move to Boulder on short notice.
After 24 years in his chiropractic practice in New Jersey, Dr. Jim says the laws were changed suddenly last year, restricting the healing techniques he could use for his patients. Knowing that Boulder has a health-oriented climate and having secured his Colorado license for "some day" such as this several years ago, Molly and Dr. Jim were able to make the transition to not only a new home in Gunbarrel but to two new practices, as well.
Dr. Jim has offices in Boulder on Table Mesa Drive and in Brighton. He is a Cold Laser specialist, offering fast pain relief from sports injuries, carpal tunnel syndrome, fibromyalgia, migraines, and other aches and pains. After the couple lost a combined 105 pounds a year ago, Molly has become a weight management coach. The couple and their pets are active in performance dog events such as agility, obedience and Earthdog.
For answers to wellness questions and solutions to chronic pain, give Dr. Jim or Molly a call at 303-775-0272, or stop by the office at 4740 Table Mesa Dr., Suite. C, Boulder.
Unlike most of the nation, the Boulder County market remains stable
The latest real estate sales statistics for Boulder County reflect slower state and national economies, but they’re not a mirror image.
“These statistics are not reflective of a strong, expanding, growing market; they much more reflective of a stable, flat marketplace,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor Association. “Fortunately, the numbers are not suggesting a declining marketplace, as you might find in a number of locations. This is one of those periods when national and state economic conditions are being reflected in this market place and the market’s weak – a temporary condition.”
Some people are now purchasing real estate in anticipation of an improving market within a foreseeable future, he says. They are seeing activities such as job growth and an expanding renewable energy industry that lead them to determine that the housing market will not only rebound, but grow healthily.
The corridor from Boulder to Fort Collins is becoming the “epicenter for renewable energy” not only for the state, but for the country, and that will bode well for the housing market in the area, Hotard says.
While only two areas – Erie and the plains – saw an increase in sales and the remaining areas saw a decrease in June compared with the same month last year, most Boulder communities experienced a decrease in the average days to contract.
“I think you’re seeing competitive pricing, I think you’re seeing inventory reductions,” Hotard says.
View the full statistics
Indian Peaks appeals to folks from every walk of life
Development of the 600-acre Indian Peaks Golf Course and neighborhood in Lafayette at Baseline and 95th Street (Colorado 42) began in 1992. Now, 16 years later, the final phase of the residential development is just beginning. Indian Peaks South will consist of 200 single-family homes and 100 townhomes, bringing the total number of living units in the community to 1,700.
The master subdivision features everything from ranch-style houses to townhomes to semi-custom homes, with current prices ranging from $300,000 to $1 million-plus. With such a variety of housing and price points, Indian Peaks is home to people from all walks of life – from single professionals to families with children of varying ages to seniors enjoying retirement.
Previously the land on which the Beauprez Farm thrived (remnants of the farm are preserved in the development), the Indian Peaks neighborhood is one of the premier “green” communities in Colorado. As each subdivision has been built, the energy efficiency of the homes has exceeded the national standard at the time by 40 percent.
Residents enjoy trails and parks throughout the subdivision, and Indian Peaks South will have the added amenities of a community center with a pool. While neighborhood commercial services will eventually accompany the last of the homes built in Indian Peaks, the entire subdivision has easy access to local services and retailers as well as major roadways to FlatIron Crossing mall, Denver International Airport, employers and more.
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