As Featured in West + Main Home Magazine: Exterior Overhaul

 
 

What started as a smaller project to fix chipped paint + rot on the fascia boards turned into a complete remodel of the exterior of her home for West + Main agent Jessica Thompson.

What started as a smaller project to fix chipped paint + rot on the fascia boards turned into a complete remodel of the exterior of her home for West + Main agent Jessica Thompson.

Deciding to rip off all of the vinyl siding and see what's underneath, Jessica was met with completely rotted wood and decided to tear it all out.

"This project had a snowball effect, as we started off with a small ball, it got bigger and bigger as we kept going,” said Jessica. “There was no budget, it was more of a pay-as-you- go-or-can-afford situation.”

“I wouldn’t change a thing because the project turned out exactly as I envisioned!"

Before, during, and after of the exterior.

Jessica was inspired by the families in Disney movies who always lived in beautiful craftsman-style homes, and she knew she wanted to incorporate this look along with energy-efficient upgrades and historic features to create her dream exterior.

To figure out the design, Jessica uploaded a photo of her house to her Instagram story and drew in a porch with the colors she wanted, as well as the style of columns.

Whatever it is, the way you tell your story online can make all the difference.It’s hard to choose a favorite part of the project, but one thing I knew I wanted from the beginning was the pyramidal brick columns. My great-great grandmother, who lived two blocks from our house, had them and I felt like the column shape would help maintain the historical accuracy of the home.
— Jessica Thompson


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Even with sales down, home prices up 10.8%

 
 

Today the National Association of Realtors reported that the trend of declining existing home sales, which we have seen since mortgage rates rose, is getting worse.

But that isn’t the worst part of the data line! The shocking stat (for some, not for me) is that even with the significant decline in sales since January of 2022, the median sales price is up 10.8% year over year. The savagely unhealthy housing market continues — a function of starting the year at all-time lows in inventory.

From NAR: Total existing-home sales slipped 5.9% from June to a seasonally adjusted annual rate of 4.81 million in July.

I was concerned about 2022 home-price growth because by October of 2021, I knew we would start 2022 at all-time lows in inventory, which can create forced bidding action. I am not a fan of forced bidding action under any circumstances, but when it’s due to a raw shortage of homes and not a credit boom, as we saw from 2002-2005, it’s even worse.

NAR: The median existing-home price for all housing types in June was $403,800, up 10.8% from July 2021 ($364,600), as prices increased in all regions. This marks 125 consecutive months of year-over-year increases, the longest-running streak on record.

On the good news, inventory is rising, which is a positive. The parts of the country where inventory levels are at peak-2019 levels or higher are officially off the savagely unhealthy market list because they have plenty of inventory to have a more functional housing market. However, as a nation, we aren’t there yet.

NAR: The inventory of unsold existing homes rose to 1.31 million by the end of July, or the equivalent of 3.3 months at the current monthly sales pace.

My rule of thumb is that I will take the savagely unhealthy housing market theme off once we can touch 2019 peak levels of 1.93 million homes for sale and have at least four months of supply, which would mean a balanced housing market in my book. I am looking for a range of 1.52-1.93 million, something I have talked about for some time post-COVID-19.  Because inventory is very seasonal — it falls in the fall and winter and then rises in the spring and summer — it’s not going to happen in 2022, but hopefully, we can get there next year.

NAR lists total current inventory at 1.31 million. Historically we are between 2-2.5 million. The peak in 2007 was roughly 4 million.

One of the most painful data lines to watch over the last two months has been the median days on the market, which have now broken to all-time lows. In a regular housing market, we are over 30 days, which is why I want the total inventory to get back to 2019 levels to have more balance nationally.

NAR: First-time buyers were responsible for 29% of sales in June; Individual investors purchased 14% of homes; All-cash sales accounted for 24% of transactions; Distressed sales represented approximately 1% of sales; Properties typically remained on the market for 14 days.

To give you some historical perspective here, you can see why I am using the term savagely unhealthy, as the median days on the market have never been lower in history.

Higher days on market mean choices for buyers and sellers. We never focus on the seller aspect because it’s easy to forget that a traditional primary recent home seller is also a buyer. Now that rates are up a lot, some sellers can’t afford to move or have delayed moving.

However, this is a good thing for others that need to move, as it means more inventory and more choices. This is one of the reasons I haven’t been the biggest fan of the housing market in recent years: we lacked options and time for people to have a more traditional home-buying and selling process. Over 30 days is preferable; anything that is a teenager isn’t a good thing at all.

This year, we saw that housing acted poorly when mortgage rates exceeded 6%. Of course, we have seen a 1% move lower and a lot of back-and-forth action on rates daily. If mortgage rates can head toward 4% again, the market should act better. However, until then, the market is still dealing with the affordability shock to demand as rates jumped massively this year. This, on top of the 44% + home-price growth since 2020, is a meaningful hit on affordability.

Purchase application data was down 1% weekly and down 18% year over year. The four-week moving average is down 17.75%. I had anticipated four-week moving average declines of 18%-22% once mortgage rates got above 4%. That didn’t happen, but rates above 5% did the trick.

We will soon enter a time where the year-over-year comps will be more challenging because we will have a higher bar to work from. Last year starting in October, mortgage demand started to pick up noticeably and pushed the existing home sales data toward 6.49 million at the start of this year. Some of the year-over-year data can look weaker than the 18% decline trend we have recently just due to higher comps.

Keep reading on Housing Wire.

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Just Listed: Byers Peak views in Meadow Ridge

 
 
 

This townhome style condo is tucked away, with stunning Byers Peak Views and plenty of trees out the front door.

The mid-level entry provides a great drop spot for coats + boots while gear can be stored in the locking exterior closet. On the main level, enjoy additional custom storage, an updated kitchen that opens into a spacious living and dining area with vaulted ceilings and mountain views. Get cozy in front of the fire or watch the sunset from the private deck. Find privacy in the separation of sleeping spaces with a large lofted bedroom and private bath upstairs and two bedrooms plus an additional bath downstairs. An oversized concrete patio keeps you dry while enjoying the view with an under cover deck system. With laundry in unit and Club Meadow Ridge access to enjoy the pool and hot tubs, this property has it all!

Listed by Angela Sandstrom for West + Main Homes. Please contact Angela for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(720) 903-2912
hello@westandmainhomes.com

Presented by:
Angela Sandstrom
(970) 531-0418
angela@westandmainhomes.com


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Common Rental Scams and How to Avoid Them

 
 

Renting an apartment is both an exciting and stressful time.

Living on your own creates a sense of independence. Yet, finding the right apartment can be tricky. With so much housing information out there, how can you tell what’s legitimate and worth pursuing? Here are some of the most common rental scams to look out for and how to avoid them.

1. The Listing Is Duplicated

Some scammers will copy an actual listing and just add in their contact information. They may even significantly lower the price. Most of the time, they will ask for a deposit before showing you the property. When you ask to visit the space, they may claim the landlord is out of town or has a family emergency.

So, to avoid this scam, make sure to see the property first, even though a virtual tour. Also, don’t give away any money until you have viewed it. To verify the listing is legit, look on other websites to see if you can find that listing somewhere else. Be sure to search in other cities as well.

Another way to prevent this type of scam is to read the listing carefully. If you notice there is no exact address or the listing asks for payment through a wire transfer, these are red flags.

2.  There Is No Lease Agreement

A lease is an essential part of the rental process and acts as a formal contract. Many apartments require at least a year-long lease. So, if you ask for the rental agreement, and the lister refuses to provide one, it could indicate a scam. Before renting any property, be sure to sign a lease agreement.

Then, read the document carefully. Keep in mind it should include key information, such as the residence’s address and the landlord’s name. It should also mention when the lease was signed and the dates of the rental period. Also, look to ensure any details about deposits are clearly defined.

3.  There Is an Expensive Background Check

Landlords will often conduct background checks to screen tenants. They want to ensure the people moving in are a good fit and aren’t hiding any personal information. Background checks usually look at your employment history and credit score.

However, if the fee seems too high, it can raise a red flag. A typical background check costs between $30-$50 and is often part of the rental application fee. To help avoid this scam, don’t give cash on-the-spot for the background check. Also, find a reputable real estate agent or broker. They can help point out if something is off during the rental process.

To find a real estate agent, start within your network and ask for referrals. Before hiring one, do some research and look into their social media and consumer ratings. You can also check out real estate brokerage companies and referral agents. Ensure your realtor has years of experience, relevant certifications, and marketing skills.

4.  The Property Is Priced Suspiciously Low

Finding a perfect deal is a huge factor when comparing listings. However, if the price seems too good to be true, it just might be. Any listing below the local market value is usually a warning sign.

Scammers may also ask for the security deposit and first month’s rent upfront. So, do your research and compare the apartments with other local listings. This will give you a better idea of the market trends in your area.

Also, consider the value of the amenities to determine whether the pricing is reasonable. Many scammers will lift key features from already posted listings to attract tenets.

5.  The Owner Isn’t the One Hosting the Property Tour

While there may be times when the owner cannot show the property, this is something to look out for. Pay attention to how much information the host can provide. If they can’t answer specific questions about the application process or lease terms, this is a bad sign. Another key indicator is if they don’t have access to certain parts of the property.

To avoid this scam, perform background research on the landlord. Check your local public ownership records. Search for the property’s address and verify the landlord listed matches your information. Another good source to consult is the neighbors of the residence.

Scams Every Renter Should Look Out For

When it comes to leasing an apartment, there are so many moving parts. First, you have to find a local listing and then sign all the paperwork. Along the way, you want to look out for potential phishers. As you search for your dream home, keep in mind these common rental scams and tips for avoiding them.

Keep reading on Renovated.com

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Using Your AC All Summer? Here are 4 Things You Should Never Do to Keep Your Central AC Unit Running Smoothly

 
 

In the summer there might be nothing more important than your AC unit keeping you cool, but for it to treat you well, it needs some basic care.

While it may seem like your unit can handle anything, even on 100-degree days summer after summer, there are a few expert tips on exactly what you should not do to your central AC unit. Avoiding these moves will keep your AC working well, and prevent you from encountering costly repairs and issues right when you need it the most.

Here are the four things you should avoid doing to your central AC unit.

Trying out DIY projects

While you might feel like the ultimate DIYer, some projects should be left to the pros, and this is one of them. Traci Fournier, the vice president of operations at One Hour Heating & Air Conditioning cautions against this, saying, “ACs are intricate cooling systems with delicate parts that need to be handled carefully and with the proper tools. Should you try to DIY an AC problem and open the unit on your own, you might end up making a wrong move that could cost you hundreds of dollars.” Additionally, opening it yourself might void the system’s warranty, depending on the terms. Instead, a licensed and trusted AC expert should be the only one opening your unit.

Another common no-no Fournier sees people try is attempting to fix a refrigerant leak, the fluid that helps transfer heat and humidity out of your home, which can happen in the hotter months when the temperature spikes. “The AC’s refrigerant is under high pressure and the refrigerant lines will deteriorate over time due to this pressure. Refrigerant leaks also tend to happen when other issues are going on in your AC and it’s important to have an AC tech examine your entire system to catch other problems. If your system has a refrigerant leak, it will need to be professionally patched and recharged, which should be left to an expert.”

Forgetting to change the filter

We get it — it’s the last thing on your mind. But changing the air filter is a must for safe and optimal efficiency with your AC unit. It can help to set a reminder in your calendar, or pair it with another task such as spring cleaning and back to school, depending on how frequently your unit needs a new filter. 

“This is a year-round job. The air filter is designed to capture particulate matter from the indoor environment by forcing air through the filter,” Fournier says. “To be effective, the filter must be dense enough to collect very small items but not so dense to restrict airflow and potentially damage the AC. Different types of filters need to be changed at different intervals.”

To determine how long yours will last, check if you need a disposable filter (usually an inch in size), designed to last one month, or another type that can last three months — even those should be frequently checked because they can clog up early. Extended service filters that are 2 inches or greater can typically be changed out as needed. It all depends on the different factors of your home, such as the number of people, the season, pets, and how often you use it, shares Fournier.

“When the AC filter becomes clogged with dust, dirt, pet hair, and other particles, it reduces airflow to your system, forcing it to work harder. This puts a drag on your energy efficiency, which drives up your energy bills and also wears out AC components faster,” she adds. So it’s time to make it a priority, and you will literally breathe easier.

Setting the temperature too low

Sure, it’s hot out. But lowering the temperature too far will put excessive pressure on your unit. It also won’t necessarily cool your home any faster, despite popular belief, Fournier says. 

The Air Conditioning Contractors of America’s standard is 75 degrees for cooling, which is typically comfortable for most people, shares Fournier. “Operating your system at lower temperatures will use more electricity and, in some cases, could cause the system to freeze up. If you have the desire to operate your system below this standard, you should consult a professional.”

Fournier recommends getting a smart or programmable thermostat to create a custom cooling schedule around your routine. This will save you energy without putting extra stress on your AC unit. You should also consider seeking other ways to cool down in the summer that won’t permanently impact your AC unit.

Neglecting annual maintenance

Just like your child’s yearly wellness checkup at the pediatrician or your dentist appointments, AC units need annual maintenance if you want them to last as long as they can. If not, your unit will eventually malfunction, leading to expensive repairs that could have been avoided through preventative maintenance. Your AC expert will clean dirty coils, unclog condensate drains, remove debris around the unit, and verify that system controls are working properly, among other tasks, Fournier says.

For more tips like this, visit Apartment Therapy.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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