Jeff Rubenstein is the preferred Trail Head Realtor. Jeff and his family live in the neighborhood and he has sold numerous homes in Trail Head and an additional 375+ homes during his 16-year career in real estate.
If you’ve been wondering how the COVID-19 pandemic will affect the real estate market, you’re probably going to find a wide array of information and opinions on the topic. The truth of the matter is that nobody truly knows how this is all going to play out.
What we are currently seeing in the real estate market on a national level is a combination of a few factors. These factors include and are not limited to an increase in home values, historically low-interest rates, decreased buyer demand and lower inventory of homes for sale. “Demand absolutely just got a kick in the gut, but at the same exact time, so did supply,” said Skylar Olsen, senior principal economist at Zillow Group Inc.
One of the single most important factors to look at when it comes to the future of the real estate market is the mortgage forbearance policies that have been put into place to assist homeowners who can no longer afford their monthly mortgage payments. According to Black Knight Inc., a mortgage data company, more than 7% of mortgages were in forbearance in the week ending April 30. A forbearance may sound like a great deal for someone who cannot make the payments. However, the mortgagee (the lender) will in some cases allow forbearance for up to one year at which time the lump sum of the missed payments is due in full… with interest! If someone can’t afford to pay their mortgage for up to a year how are they going to come up with all the back payments in one fell swoop? It’s not going to happen and as a result, we are going to see a spike in foreclosures which will inevitably put downward pressure on the value of real estate across the country.
Let’s get to this month’s Trail Head real estate report and update covering the month of April with all of the real estate activity for our neighborhood.
As of today, 5/5/2020, there are currently five homes for sale in Trail Head. Four of the five homes are the brand new Townhomes on Vine. The fifth home for sale is a beautiful two-story home at 744 Campfire Dr. There is also one home under contract ( new construction) which looks like it should close any day now. A total of six homes sold during the month of April – three resale and three new construction.
Active Listings For Sale
Closed Listings in April
3348 Green Lake Dr #2, Fort Collins, 80524 – Listed at $344,900 and sold for $349,950 (4/30/2020)
3313 Green Lake Dr #2, Fort Collins, 80524 – Listed at $354,967 and sold for $354,967 (4/8/2020)
3214 Greenlake Dr, Fort Collins, 80524 – Listed at $420,000 and sold for $420,000 (4/20/2020)
832 Campfire Dr, Fort Collins, 80524 – Listed at $435,000 and sold for $425,000 (4/21/2020)
3244 Green Lake Dr, Fort Collins, 80524 – Listed at $468,750 and sold for $455,000 (5/1/2020)
Overall, we have seen a decrease in homes for sale in April compared to previous years, and historically, April has been a big month for new listings in Trail Head. Homebuying demand is down by 15% in the week ending April 26 compared to before the pandemic struck. In addition, mortgage applications are down 20% from last year at this time according to the Mortgage Bankers Association. So, it would only make sense that until we see some improvement in these numbers that we will continue to see fewer homes for sale than we are accustomed to seeing during this normally busy real estate season.
Interested in additional information about real estate in Trail Head? Are you considering selling now or sometime in the future? I will be happy to answer your questions and consult with you regarding a strategic plan of action to help to reach your real estate goals.
For starters, you can get your FREE Automated Home Valuation here (Please note that this data should not be used for the purpose of pricing to sell) or you can call or text me at 970-214-1560 and we can discuss a more detailed and accurate report for the value of your home. There are far too many factors involved in accurately pricing a home that a computer simply cannot accomplish.
If you’re also thinking about buying another home after you sell your Trail Head home, my services to you are completely free! The seller pays my commission when you work with me and close on your next home.
Moving out of state? I can help you with a great referral to one of the 28,000 agents nationwide, Canada, the UK, and Australia. Now, that’s a great deal! So if you’re thinking about buying there’s no better time than now to start looking and you can Search Homes For Sale here on my website
Thank you for all of your continued support, the business that you have provided to me and my family and for giving me the opportunity to share important real estate sales information and relevant real estate investment information with you.
I’m always here to help!