Buying • October 15, 2021

Making an All-Cash Offer on a House

by Elizabeth Dolton

The more competitive the housing market, the greater the lengths buyers will go to to make themselves stand out amongst the competition. Making an all-cash offer is one such way a buyer can differentiate themselves. In a seller’s market, listings commonly receive multiple offers, often over their original asking price. This will typically lead to bidding wars between buyers, and all-cash offers will often enter the fold. Keep the following information in mind if you’re thinking about making an all-cash offer on a house.

What is an all-cash offer?

When a buyer makes an all-cash offer, it means they have the funds available to purchase the house in a liquid account and won’t need to secure a home loan. Once the buyer has shown they have enough cash to make the purchase, they will put down an earnest money deposit. The remaining amount they owe will typically be wire transferred at a later date.

Whereas financed offers are tied to an approval process with a lender, all-cash offers are not because the buyer has already proven they have the amount required to purchase the property on-hand. This can create a less risky and more streamlined selling process, which sellers may view as favorable.

How do I make an all-cash offer on a house?

First, there’s the question of how to organize the funds you’ll use to make your all-cash offer. Though it is not required, lumping your cash together into one account may help to simplify the offer process. This way, when it’s time to show the seller a bank statement proving you have the necessary funds for the purchase, you won’t have to spend additional time tracking down money from multiple accounts.

Once you’ve found the house you’d like to purchase, work closely with your agent to formulate an offer. Knowing that you’re prepared to make an all-cash offer bodes well for negotiations. Your agent may use the guaranteed money and quick closing times as leverage for driving down the price of the offer. You’ll also be able to handpick your contingencies, which can further sweeten the deal for the seller. This may come in handy in a highly competitive market, where simply making an all-cash offer may not be enough to win out. After the offer has been agreed upon and signed by both parties, it’s on to escrow and closing. All-cash offers often lead to quick sales with short closing times. So, it may only be a matter of days before you have the deed to your new home in hand.

An older man and woman examine financial paperwork at their dinner table.

Image Source: Getty Images

What are the pros and cons of all-cash offers?

Pros: All-cash offers essentially cut out the middleman from the buying process, allowing you to purchase a home without intervention from a lender. You’ll also save on the closing costs that would have stemmed from securing a loan. The closing process will be shorter, which can be helpful for both buyers and sellers who are looking to move quickly. Additionally, an all-cash offer may be the antidote for navigating the challenges of a highly competitive market by increasing your buying power and giving your agent leverage when approaching negotiations.

Cons: The greatest drawback with making an all-cash offer is self-explanatory—you will have less cash available to you once the purchase goes through. This means you’ll be cutting into your reserves for the myriad of expenses that come with homeownership. Before proceeding with an all-cash offer, make sure you’ve properly budgeted for closing costs, taxes, repairs, and any remodeling projects you have in mind.

Originally Posted by Sandy Dodge

Living • Remodeling • October 11, 2021

5 Timeless Tile Designs

by Elizabeth Dolton

The history of home design is full of trends that have come and gone. A style may suddenly skyrocket in popularity, capturing the hearts of homeowners and designers everywhere, only to fade away just as quickly. Taking this into account, homeowners will often look to the pillars of home design that have stood the test of time when preparing to remodel or upgrade their home. It’s these elements of timeless home design that ensure the spaces in your home won’t go out of style, and when it comes time to sell, won’t hurt its resale value.

White Subway Tile

Subway tile is ubiquitous—and for good reason. Clean, simple, and elegant, these tiles make it the top backsplash choice for many kitchen renovations and bathroom remodels. The white surface brightens the space, making it feel clean and organized. Resilient and easy to clean, subway tile may be just what the designer ordered for your next home project.

A kitchen with a white subway tile backsplash and navy-blue accents.

Image Source: Getty Images

Penny Tile

Penny tile has stayed relevant through the years, and not just for aesthetic reasons. Though penny tile is visually appealing, its many grout joints make it ideal material for slick and slippery surfaces such as the shower, bathtub, or bathroom floor. This practical function has kept penny tile at the forefront of homeowners and professional remodelers alike for decades. With many color combinations from black and white for a retro look to colorful mosaics for the more eclectic homeowners, there’s an option for everyone with penny tile. While it’s commonly used in bathrooms, penny tile is also great near fireplaces and kitchen backsplashes.

A shower floor of neutral-colored penny tile.

Image Source: Shutterstock – Image Credit: Berkay Demirkan

Herringbone Tile

Known for its distinctive angular arrangement, herringbone has been a fixture of interior design for decades. Herringbone tile brings flair and texture to a space, and its repetitive pattern will help to liven up any room without pulling away from other points of interest. It is a popular choice as a backsplash on bathroom walls, behind vanities, or in shower stalls. For those seeking the cleanliness of subway tile but prefer more dramatic lines, herringbone may be the perfect choice for you.

A bathroom wall decorated with herringbone tile behind the vanity and mirror.

Image Source: Getty Images

Checkerboard Tile

Checkerboard is one of those rare designs that has the ability to continually reinvent itself. It carries a vintage charm but is also often found in aspects of modern design. It’s simultaneously formal and fun. Out of all the timeless tile designs, checkerboard is perhaps the most flexible. The design can make a great impact on the floors in a space as small as a bathroom yet is bold enough to make a statement in a larger surface area like a foyer.

A hallway in a house with a checkerboard floor and a desk under the stairs.

Image Source: Getty Images

Hexagon Tile

Though there is a certain geometry to all the previously mentioned designs, hexagonal (or honeycomb) tile’s unique shape gives it its trademark pattern. There are several variants of hexagonal tile, including stretched hex and picket tile, that can deliver that timeless feel you’re looking for while breaking up the monotony of rectangular lines in your home. Hexagonal patterns are bold and eye-catching, yet their patterns can provide a sense of calm and orderliness. Whether you decide to use it as a backsplash, shower tile, or floor tile, Hexagon tiles will add intrigue to the space.

A bathroom with hexagon tile as the backsplash and shower floor.

Image source: Getty Images

The right tile may be just the ingredient you need to tie your home together. It can make a surprising difference in your next remodel, so it’s worth your time to explore the many different options available before making your decision.

Originally Posted by Sandy Dodge

Blog • Greeley Real Estate • Virtual Tours • October 8, 2021

Picture Perfect Home in Highland Hills

by Elizabeth Dolton

Welcome home to this fully renovated Highland Hills Ranch located at 2501 49th Avenue Court, Greeley. Expert craftmanship and charming finishes make this house one-of-a-kind! Open layout with inviting kitchen, custom built-ins in dining, vaulted ceilings, fireplaces, main floor laundry, and plenty of space. Primary bed/bath is complete with rainfall shower, soaker tub and walk-in closet. Enclosed sun porch, mature landscaping, and large yard make this house a true oasis. RV parking and Hot Tub included! Minutes away from golf course, parks, shopping, and HWY 34. Call (970) 396-7233 to schedule your private tour or click HERE for more information.

: Living Room

: Kitchen

: Bathroom

: Bedroom

: Enclosed Sun Porch

: Backyard

Buying • October 6, 2021

What is a Buyer’s Market?

by Elizabeth Dolton

Much can be determined about the conditions of a local real estate market by its supply and demand. When the supply of available homes is greater than demand, it’s referred to as a buyer’s market. Reduced listing prices, longer days on market, and an increased number of re-listings are also signs of a buyer’s market. While the current market is far from favoring buyers, it’s still a good idea to understand how a shift in the conditions could impact your search for a new home when the time comes.

A buyer’s market creates ideal conditions for those looking to purchase a home. With more homes on the market than buyers, sellers must compete to gain their attention. In a buyer’s market, inventory is high, which means buyers can take their time in finding the right home as there is simply more to choose from. It’s common for homes to be on the market for longer periods of time. Sellers will sometimes need to drop their price to gain a competitive advantage, a selling tactic that is not nearly as common in hotter markets. To get a gauge of your local market conditions, talk to your Windermere agent about the current home price, sales, and inventory figures in your area.

How to Approach a Buyer’s Market

It’s understood that a buyer’s market favors buyers, but how can they utilize this advantage as they explore available listings? For one, buyers can be picky about finding the right home. Unlike a seller’s market, buyers have the luxury of weighing comparative advantages between homes knowing that time is on their side.

The conditions of a buyer’s market favor the buyer when it comes to negotiations as well. With fewer people buying homes, sellers are willing to be more flexible during the negotiation process, which gives buyers leverage. This underlines the benefits of working with a buyer’s agent. Buyer’s agents deliver significant value to the clients they represent in their ability to find the right home, streamline the buying process, and handle the negotiations and offer phases of a home purchase.

If you are selling a home while looking to purchase, you likely have the opportunity to make your offer contingent on the sale of your existing home, whereas in a seller’s market, there is a low chance of getting a contingent offer accepted. Contingent offers can be tricky, but when done correctly, it means that you don’t have to buy if you can’t sell.

When an agent sees that a home has been on the market for quite some time, that will fuel their ability to negotiate a lower price. In these market conditions, the chances are low that buyers will enter a bidding war or that a home will suddenly sell overnight to a competing offer. However, once buyers have identified their top candidate home, they should work with their agent to form a strategy for making a successful offer.

Sellers will be doing the most they can to make their homes stand out amongst the high number of available listings. It’s common for them to make repairs, upgrades, and other improvements to their homes before placing them on the market to entice buyers. Accordingly, a buyer’s leverage in negotiations carries through to contingencies, where they can work with their agent to negotiate repairs—a proposition that sellers will be more open to, given the limited number of buyers.

Originally Posted by Sandy Dodge

Living • September 30, 2021

How to Fall Proof Your Home

by Elizabeth Dolton

Each object in a home serves a purpose, but for those who experience dizziness and numbness, many of them can also be a potential hazard. Taking steps to reduce the risk of falling in your home is a worthy exercise for any homeowner, especially if you have elderly family members or young children living in your home or visiting often. Here are some ways you can fall proof the rooms in your home.

Kitchen

The kitchen is synonymous with spills and messes. When these accidents happen, be sure to clean them up quickly and thoroughly to reduce the risk of a falling injury. Slippery floors have been the culprit of countless broken bones and bruises, so it’s best to wait until the cleaned spot is dry until you resume cooking.

Stay low to the ground as much as possible by keeping your most used items like spices, cooking utensils, and hand towels within reach to reduce the number of times you need to use a step stool.

Bathroom

In the bathroom surfaces are often slippery and slick, and the hard tile makes for an unforgiving landing spot. It’s common for homeowners to place a non-slip mat in the shower or tub to reduce the risk of slipping and falling. Grab bars are a more permanent option for making the bathroom safer. For those interested in installing a grab bar but have reservations about the aesthetics of installing a grab bar, look at pieces that align with your existing décor. Match the grab bar with your shower head, shower rod, and towel racks to make it fit with the space.

Bedroom

The key to preventing falls in the bedroom is visibility. Bedrooms are cozy, intimate spaces, which means that space can often be limited. Keep all pathways clear and make sure that your nightstands and bedside lamps are well within reach. Stow any cords next to your bed to avoid tripping over them in the night.

Staircases

We’ve all taken a tumble on the stairs at some point or another. To mitigate the risk of falling, keep your stairs organized at all times. It’s easy for clutter to build up at the top or bottom of the stairs or on platforms between floors, but these objects are tripping hazards. Consider installing a handrail if you don’t have one or add a second one if you currently only have a handrail on one side.

Living • Remodeling • September 23, 2021

A Guide to Remodeling Your Bathroom

by Elizabeth Dolton

There are a variety of reasons that a homeowner may decide to remodel their bathroom; they could be looking to increase the value of their home for a future sale, they may have discovered repairs that need to be made, or perhaps they’re simply looking to maximize their enjoyment of the space. Whatever your motivation may be, consider the following information before the hammer hits the tile to make sure your bathroom remodel turns out as successful as you’d hoped.

A Guide to Remodeling Your Bathroom

Which bathroom remodel projects have the highest ROI?

Before you decide which projects to tackle, it’s worth your while to identify which bathroom remodeling projects have the highest ROI. This can be especially helpful if you’re thinking about selling your home in the near future. According to recent nationwide data released by Remodeling Magazine, bathroom remodels can have as high as a sixty percent return on cost, while larger projects like bathroom additions return roughly fifty percent of their costs. The point is you likely won’t recoup every dollar you spend on your bathroom remodel, so choose your projects wisely. If you’re preparing to sell your home, talk to your agent about which bathroom projects are seeing the highest return in your local area.

How can I save on my bathroom remodel?

There are various ways to keep your costs down when remodeling your bathroom, but it depends on the scope of your project. If, while preparing to sell your home, you identify a handful of outstanding repairs that need to be fixed before you list, it may be difficult to pull off a low-budget bathroom remodel while still fetching a competitive sales price. Neglecting these issues can be a costly mistake, and in some cases can even jeopardize a sale.

One way to save money on your bathroom remodel is to do it yourself. Identify the pros and cons of either doing a project DIY or hiring a professional. Though you may save money on labor, if you get in over your head on a project the costs can add up quickly, and you may end up having to hire a contractor to remedy the situation. If you decide to hire a contractor, thoroughly research multiple companies, ask for referrals from family and friends, and get multiple quotes before deciding which is best for the job.

Simple Bathroom Upgrades

As the scope of a bathroom remodel changes, so do its costs. According to Remodeling Magazine’s 2021 Cost vs. Value Report, a midrange bathroom remodel cost an average of roughly $24,000 nationwide, while an upscale bathroom remodel was just over $75,000. But fear not, there are ways to give your bathroom a makeover without having to break the bank. Here are a few ideas for budget-friendly bathroom upgrades.

Refinish Your Tub: Remove all hardware from your tub and sand the entire surface smooth, evening out any chips or cracks and filling them with epoxy. Once the epoxy has dried, sand those areas one more time. Apply multiple layers of primer and topcoat as advised and buff the surface to finish off the job.
Add Décor: A well-decorated bathroom can revitalize the space. Add a fresh coat of paint to the walls, install a new faucet and shower head, and match your towel rods and shower curtains for a quick bathroom refresh.
Finishing Touches: The right bathroom lighting can make all the difference. Experiment with softer light bulbs or dimmers to create a sense of calm and relaxation. Add candles, scented oils, and new towels to make your bathroom feel like your own personal spa.

For more ideas on remodels, décor, and all things home design, visit the design page on our blog.

Windermere Blog – Design

Living • Remodeling • September 20, 2021

Lower Lumber

by Elizabeth Dolton

Lumber prices are becoming more normal again.

After soaring this Spring to record levels, they have lowered back to near pre-pandemic levels.

The current price for 1000 board feet of lumber is $577. This is 62% below the price this past May when it reached an all-time high of $1,515.

In the years leading up to the pandemic, prices tended to be between $350 and $500.

While this is great news for consumers and home builders, the prices aren’t drastically lower yet in the lumber aisle at your local big-box hardware store.

This is because many retailers are still selling through their inventory of lumber which they purchased at higher prices.

However, for the long term, home buyers will benefit from the more normal lumber prices that now exist in the market.

Living • Remodeling • September 10, 2021

What is a Barndominium?

by Elizabeth Dolton

What is a Barndominium?

A barndominium is a combination of a barn and condominium and is typically custom built from metal pole barns or other similar structures. Due to the metal structuring, barndominiums require less maintenance than a traditional home. They are also less susceptible to deterioration and damage. The popularity of barndominiums has taken off in recent years due to their multi-functionality as a home, a workspace, a shop, etc. Designs can range from one-story steel structures to contemporary barn homes. Chip and Joanna Gaines from HGTV’s “Fixer Upper”, aired an episode about barndominiums in which they converted a barn with horse stalls and hay storage into a stunning five-bedroom, two-bath home.

Customizable

When designing a barndominium, the floor plan is very flexible. Due to their uncommon framing and design, you have carte blanche to decide which layout is ultimately best for you. Choose to have an open floor plan with designated spaces for each room, or put-up dividing walls that provide more separation. Some barndominium models include energy-efficient windows, engineered concrete slabs, spray foam insulation, plumbing, high ceilings, and much more. There are several companies that offer custom barn home kits which include both the plans and building materials.

Affordable

Inevitably, the cost of building your barndominium will increase depending on the materials and the complexity of its design. However, most barndominiums are relatively affordable to build. According to metalbuildinghomes.org, many large high-end builds begin at $250,000. Other builders will generally charge around $85 per square foot for a complete build-out. On the other hand, a basic barndominium shell with a living quarters can fetch prices as low as $20 per square foot. A basic shell would include the bones of the structure: the slab, building, plumbing, metal or wood, electrical stub outs, vents, sinks, showers, and washrooms. Due to the simplicity of construction, a barndominium can be finished in a matter of weeks. The initial purchase price and the cost of maintenance are considerably lower than a traditional single-family home. Saving money on the necessities allows you to dedicate more funds toward personalizing the space.

Multi-Purpose

Barn Pros in Monroe, Washington explains the different uses of their customizable barns. As they explain, the uses their clients have found for their barndominiums run the gamut from primary homes to yoga studios, to barns for growing plants, as animal sanctuaries, educational facilities, and wedding venues. According to Barn Pros, roughly 40 percent of clients use them for agricultural purposes. The owners of these structures say that there is something appealing about a design that can be used as a standalone home yet has the flexibility to house something more intricate like a winery or a brewery.

Check out these resources to get inspiration from some popular barndominium floor plans:

Uncategorized • September 9, 2021

Windermere Foundation Tailgate Party

by Elizabeth Dolton

https://www.eventbrite.com/e/windermere-foundation-tailgate-party-tickets-168466191915

Buying • Living • Selling • September 8, 2021

Buying and Selling a Home at the Same Time

by Elizabeth Dolton

Successfully selling a home and buying a home are significant accomplishments on their own, but when their timelines cross it can be difficult to manage both. If you’re thinking about doing both simultaneously, it’s equally important to understand the steps you can take to make the process go smoothly as it is to have a backup plan in case it doesn’t. Above all, the balancing act required to pull off both deals highlights the importance of working closely with a trusted and experienced real estate agent.

Do I buy or sell first?

One can imagine a perfect world in which the two transactions go through one right after the other. However, this is not usually the case. So, should you list your current home first or start by putting in offers on a new one? There are pros and cons to both.

Selling your current home first allows you to make offers on a new home with cash in your pocket, increases your buying power, and avoids having to juggle two mortgages simultaneously. On the other hand, it creates a gap of residence, often leaving homeowners wondering where they’ll stay until they move into their new home or whether they may need to rent before they can buy again. Sellers may also negotiate a rent-back agreement with the buyers, allowing them to rent the house from the new owners before they move in.

Buying before selling solves the need for any temporary housing and makes the overall moving process much easier. Having a residence established ahead of time means you’ll only have to move once, which can save you some serious stress during this time of transition. Oppositely, buying a new home before you sell your current one will put an added strain on your finances. Having two concurrent mortgages equates to taking on more debt, which could result in less-than-favorable loan terms for purchasing your new home. Without the lump sum generated by a home sale in your pocket, coming up with enough money for a down payment may be a challenge and obtaining private mortgage insurance (PMI) may be in the cards. Finally, buying before selling comes with an obvious assumption—that your current house will sell.

Ultimately, the order of operations depends on your situation. Perhaps you’re moving due to a change of employment, and you need to direct all your energy toward buying a new home by a certain date before you can even think about selling your current one. No matter which route you take, it’s important to communicate your timeline to your listing agent or your buyer’s agent so they can strategize accordingly.

Buying and Selling a Home at the Same Time

Local Market Conditions

Buying and selling at the same time will come with a certain duality: at each step in the process, you’ll have to balance your responsibilities as both a buyer and a seller. For example, when assessing your local market conditions, you’ll be looking at not one, but two housing markets.

Seller’s Market: Selling in a seller’s market means that that you’ll need to be prepared to move once you list, since you could be looking at a short selling timeline. However, relying too heavily on the assumption that your house will sell quickly could make things dicey down the road. If you’re buying in a seller’s market, finding a new home may take longer than expected. You could potentially be waiting weeks or months for an offer to get accepted.
Buyer’s Market: Selling in a buyer’s market typically means that homes stay on the market longer. If you proceed with a new home purchase just after you’ve listed your current house, know that it may take a while to sell. If you’re buying in a buyer’s market you can afford to be picky, knowing that time is on your side. With fewer people buying homes, sellers will be more flexible, giving you leverage to negotiate your contingencies.

Having a Backup Plan

If only you could wave a magic wand and make both transactions go through as planned. That’s why it’s important to have a backup plan in place to right the ship should things go sideways at any point in the buying or selling process. Talk to your agent about which options may be right for you. Here are a few:

Sales Contingency: Buying your new home with a sales contingency allows you to opt out of the purchase contract if your home doesn’t sell by a specified date. Purchasing contingent on the sale is rare in highly competitive markets.
Bridge Loan: If your current home hasn’t sold yet and you’re not able to afford the down payment on a new home, a bridge loan may be a fitting solution. Bridge loans can be used to cover the down payment on a new house and are repaid once your existing home has sold.
Rent-Back Agreement: A rent-back agreement is a clause in the sales contract that allows the seller to rent their old home from the buyer for an agreed-upon period of time before the buyer moves in. This can be especially helpful in situations when the seller is having trouble finding a new home.

Originally Posted by Sandy Dodge