Longmont Colorado Real Estate Forecast 2021
The Longmont Colorado residential real estate forecast for 2021 is a bright one, particularly for sellers and long-term owners. This, because it’s currently a sellers’ market — though not a total sellers’ market — which means top dollar for listings and a strong appreciation for property owners. It also represents an opportunity for buyers who can buy into the market at an affordable price and still enjoy nearly historic low-interest rates. Read on to learn more about the Longmont Colorado residential real estate forecast for 2021 and what you need to know.
The Longmont Colorado residential real estate forecast for 2021 is optimistic, due to recent trends and current circumstances. For instance, in February 2021, the median list price for active properties increased by 2.2% over the past year to rise to $475,000. Meanwhile, the median listing price per square foot stands at $215, with the final median sales price coming in at $476,300.
Presently, the sale to list price ratio in Longmont Colorado is at 100%, which means properties are selling almost always for their asking price, which is an unusual event. Also, the average day’s listings stay on the market is very short, with the median listing days being just 38 days. This is actually less than the DOM last month and is also slightly under the average listing stay of last year.
At this time, the Longmont Colorado residential real estate market is just off of parity, with sellers being favored over buyers. Right now, the market has entered into a sellers’ market, meaning there’s less available inventory than active buyers. (A balanced market is one that has near parity between buyers and sellers, with all available inventory depleting in six months, without the introduction of any new listings.)
What is of serious concern is the almost total absence of distressed properties, which include foreclosures and short sales. Due to the onset of the worldwide pandemic and subsequent shutdowns and restrictions, courts stopped processing these types of civil cases. That caused distressed properties to all but disappear from the market. So, if a large number of distressed properties suddenly return to the market, it will have a largely detrimental effect on the real estate market. However, if these properties trickle onto the market slowly, it’s possible the reintroduction will cause minimal disruption in the residential real estate market in Longmont Colorado and well beyond — perhaps in Boulder and Weld counties.
Longmont Colorado Cost Of Living 2021
The Longmont Colorado cost of living in 2021 is more affordable than one might think. Using a score of 100 as a baseline for the national average, Longmont Colorado comes in with a relatively inexpensive price tag. Read on to learn more about the Longmont Colorado cost of living and what to expect throughout this year.
Longmont Colorado is a wonderful place to call home, sprawling over two counties and offering some of the best weather and recreational opportunities in the state. Breaking down the cost of living into six categories, here’s how Longmont Colorado performs:
- Transportation. The cost of getting around in Longmont is quite affordable, with a score of 93, being less expensive than the national average. (It’s also less costly than the statewide score of 107.)
- Healthcare. The cost of healthcare in the area is also less expensive than the national average and the statewide score, coming in at a score of 94, making it affordable for most residents.
- Utilities. Here in Longmont, the cost of electricity, water, and sewer, or utilities at large, comes in with a score of 98, making it more affordable than the national average.
- Groceries. The cost of food is only slightly more expensive than the national cost, with a score of just over 101.
- Miscellaneous. The costs of odds and ends in the Longmont community earn a score of 110, which is a tad more expensive than the national average.
Finally, housing is the most expensive cost, with a score of 172, and a median home cost of $398,000, which is above the national average and the statewide cost.
Benefits Of Living In Longmont Colorado
The benefits of living in Longmont Colorado come in many forms, including the overall lifestyle, the recreational opportunities, as well as the cost of living. Then, there’s the weather, which is some of the best in the region. All of this, plus, Longmont offers a genuine sense of community. So, read on to learn more about the advantages of living in Longmont Colorado, and what you need to know.
The benefits of living in Longmont Colorado begin with all there is to see and do. Because of its location, outdoor activities are very plentiful. These include, but are not limited to many levels of recreation, such as skydiving, hiking, biking, fishing, kayaking, tubing, paddle boarding, sailing, camping, and more.
Other advantages of living in Longmont are all the flavors to enjoy, from some of the best craft beers to quaint and quirky restaurants with many delicious fares. Also, the eateries are only made better with the presence of retail shops, galleries, and the entire creative district.
Just the above boasts many of the best aspects of living in Longmont Colorado, but there’s still more. For instance, the cost of living, which is quite affordable. In fact, using a baseline score of 100 as a national average, Longmont scores 122 overall, because transportation, healthcare, and utilities are all below the national average in cost. Additionally, groceries and miscellaneous or odds and ends are just slightly above the national average. Even housing — though more expensive — still remains mostly affordable, which demonstrates the various benefits of living in Longmont Colorado.
Longmont Colorado Weather
Longmont Colorado weather is some of the best in the entire Centennial State. Situated to the northeast of Boulder and to the northwest of Denver, Longmont spans just over thirty miles in size and is home to approximately 94,500 residents. Longmont is best known for its craft beer, scenic beauty, and plenty of eclectic local arts, as well as a wide variety of outdoor activities. But, it’s the Longmont weather that’s really one of the best aspects of living here or visiting.
Longmont Colorado weather offers a nice variety from season to season. It’s almost five thousand feet above sea level and boasts about two hundred and fifty days of sunshine. Longmont is only a short drive away from the Rocky Mountain National Park, Longs Peak, and the Roosevelt National Forest. Here’s a quick breakdown of the weather in Longmont season by season:
- Winter. From December through February, there’s very little rain (only about 2 days, on average), with temperatures ranging from the mid-40s down to the mid-teens.
- Spring. March through May sees an average of six days worth of rain and temperatures can get as high as the low 70s, with lows down to the mid-20s.
- Summer. June, July, and August experience the second most rainy days, with an average of about four days. Temperatures range from the high 80s, down to the low 50s.
- Fall. From September to November, rainy days decrease to an average of two to three days, and temperatures vary from the high 70s, down to the low 20s.
First Time Home Buyers: What You Need To Know Before You Begin The Process
Many first-time homebuyers are excited at finally achieving the dream of everyone worldwide, yet many become overwhelmed quickly with the fact that they went into the deal completely unprepared. Most do not believe it is as simple as buying a new automobile, but they are unprepared for much of the steps they need to take to achieve this goal in a short manner of time. This article will point out a couple of areas you need to focus on before going into the purchasing process and hopefully make the experience one that is stress-free and enjoyable.
One of the biggest problems people have is not paying off all of their debt before the purchase or getting it into a reasonable area that won’t raise a flag for the lender. After the housing market collapsed a few years ago, lending has become strict. You need to make sure your debt is up to date and minimal, if any at all, before filling out the application for the home loan. This is crucial and will be a deal killer easily shattering your spirit and hopes of ownership.
A buyer should always shop around for the best loan and may have more luck sticking with local banks or credit unions. As seen in the past, larger banks consider your loan an asset, and yes, they still package them up as investments for others which created the mess, to begin with. Smaller banks will hold the loan in most cases and work with you in times of need as well as offering better rates in order to keep the money in the community. For these reasons, always make sure you shop the loan around before committing to a lender.
Finally, make sure you get a pre-approval for the home loan as this sits better with sellers who are not dictating the market today. This means they are more likely to accept an offer from one who is pre-approved versus one offering more money without the approval. Also, note that a pre-qualification is not a pre-approval. You need a pre-approval to have leverage over others making bids on the home, and the process just becomes a whole lot simpler if you have one in place.
These suggestions will help you have a smooth home buying experience. Despite the fact that these tips are common sense, they are the negatives that prevent ownership from happening in most cases. Keep these in mind and your dream home will be in your grasp in no time at all.
Importance of Getting a Home Loan Pre-Approval
The importance of getting a home loan pre-approval should be understood and fully appreciated, particularly among first-time home buyers. In the current real estate environment, it is critical to get into the market with the right mindset and with the full approval of a lender so sellers will know that you are not only serious but ready to go. Read on to learn more about the importance of getting pre-approved for a mortgage.
The importance of getting a home loan pre-approval lies in the fact that in many residential real estate markets across the country, homes do not linger for sale very long. In other words, if you don’t have a pre-approval, not only do you not know how much house you can afford, but you are also going up against buyers who are prepared. (This, not to mention buyers who are bringing substantial amounts of cash to the deal.)
It is important to get pre-approved for a mortgage, not only for the sake of being ready to place an offer when you find a house but for the motivation of your agent. He or she can only accommodate clients who have a pre-approval because these individuals have already been given a green light by a bank, credit union, mortgage broker, or another lender. There’s also the matter of timing, which could be very detrimental on your part. If you do not have a pre-approval from a lender, you’ll need that in order to place a valid offer on a house, which can take time. During that time, the seller might go with another offer.
Staging Your Home For A Successful Sale
Staging your home for a successful sale starts with putting yourself in the buyer’s shoes. In other words, ask yourself what are the biggest selling points of the property, and highlight those. Anything that is problematic or even quirky, downplay it. Also, remember that natural light is one of your best friends. Though this advice helps to point you in a general direction, there are more specific things you can do to ready your home to sell it. So, read on to learn more about how to stage your home properly for a successful sale.
To stage your home for a successful sale, you need to be committed to getting it in tip-top shape. If it’s within your budget, a fresh coat of interior paint will go a long way, along with sprucing up the exterior landscaping. However, if you’re on a very tight budget, you really don’t need to spend any money at all. You can stage your home for a successful sale by doing the following three things:
- Depersonalize. There is nothing that gives potential buyers more pause or turns them off completely, than walking into a property they can’t see as their own. If there are all kinds of personal effects everywhere, including pictures, trophies, and other types of personal items, these will most definitely work against you. After all, buyers are not interested in stepping into your life, they desire to create a new life of their own in a new home.
- Declutter. Another very necessary step is to declutter the entire house. If possible, reduce the closets to 30% or less. And, get rid of all of those little knick-knacks that take up space on flat surfaces.
- Disinfect. Buyers will notice and object to every single spec of dust. Anything that’s dusty, dirty, greasy, cobwebbed, or otherwise unclean will unnecessarily turn potential buyers off.
Longmont Colorado Recreation
Longmont Colorado recreation ranges from mild to wild, from relaxing to exciting. And, there’s no shortage of things to see and do, so there’s something for everyone. Not only is the weather wonderful here and the seasons are terrific to experience, but there are also plenty of recreational activities, no matter what you most prefer. So, take a few moments to read on to learn more about the most popular Longmont Colorado recreational opportunities.
Longmont Colorado recreation is not only fun, but it’s available all year round. Regardless of the season, there’s plenty to enjoy here for families, couples, and even singles. From exciting outdoor activities to relaxing times, you’ll find it right here in Longmont Colorado, such as the following:
- Fishing, boating, swimming. The union reservoir which spans about 736 acres is a great spot for anglers to test their skills against various species of fish. The water’s here are also wonderful for boating and swimming, so people who love to get out on the waves can make a day or weekend of it.
- Biking, running, walking. For land lovers who like to get in their exercise, there are over 100 miles of trails in the area. Take your four-legged friend or partner around and see the beautiful scenery on foot.
- Arts and culture. Here in Longmont, there are a number of cultural things to experience, including museums, music series, summer camps, orchestras, and other types of live entertainment.
Of course, this only represents a small sample of things to do in Longmont. There are also historic destinations to check out as well as plenty of places to dine and shop.
Longmont Colorado Schools/Education
Longmont Colorado schools and educational facilities offer some of the best formal instruction, from pre-kindergarten, through elementary and middle school, high school, and even higher education. Being such a wonderful location to raise a family, Longmont Colorado boasts some great schools. Coupled with the extraordinary scenery, a plethora of recreational activities, this makes the area one of the most attractive places in the country. So, read on to learn more about the schools in and around Longmont Colorado.
Longmont Colorado schools and educational facilities include a number of options, for all grade levels and for advanced learning opportunities. In and around Longmont, there are at least five elementary schools: Blue Mountain Elementary, Hygiene Elementary School, Niwot Elementary School, Fall River Elementary School, and Eagle Crest Elementary School.
Additionally, there are four middle schools, which include: Altona Middle School, Westview Middle School, Longs Peak Middle School, and Flagstaff Charter Academy. What’s more, there are five high schools: Longmont High School, Twin Peaks Charter Academy, Silver Creek High School, Mead High School, and Skyline High School.
But, that’s not all, for graduating high school students, there are also options to obtain a two or four-year degree from the University of Colorado Boulder, Colorado Theological Seminary, Front Range Community College, or IBMC College Longmont.
For those wanting to be certified in a trade, there are also other schools in the area which offer courses in such fields as IT, healthcare, journeyman trades, and a whole lot more. So, just about anything and everything is here in and around Longmont Colorado!
Longmont Colorado Real Estate Forecast 2022
The Longmont Colorado residential real estate market forecast for 2022 is a strong one. However, it could greatly change, if the reintroduction of foreclosures and short sales suddenly disrupt the market. So, read on to learn more about the Longmont Colorado residential real estate market forecast for 2022.
Longmont, Colorado is a city that consists of 21 neighborhoods. There are 206 homes for sale ranging anywhere from $20,000 to $24.9 million with affordable 3 bedroom listings available in the area as well.
In November 2021, there was also an increase of 13% over last year’s median listing price which trended up at around $540,000. The most recent statistics show how hot this place really got. The average sold price has gone down slightly to $530,000 however, it’s still above what you would expect given its growing population and changing housing market trends. Presently, the sale to list price ratio is at 100%, which means properties are selling for their asking prices.
Right now, Longmont, Colorado is a sellers’ market, meaning there are more active buyers than available inventory. At this time, the median days on the market stand at 37 days.
With the end of moratoriums on foreclosures and short sales, there could be a floodgate for distressed properties. If this happens it will likely drive down home values as well as listing prices in markets – but if those arrive gradually then things may not really change much whatsoever.
Although, the area is growing and new residents could offset any interruption. But, this depends on how many people continue to relocate, the way foreclosures and short sales are introduced to the market, and what happens with interest rates, which are currently near historic lows.
Longmont Colorado Cost Of Living 2022
Longmont Colorado is a great place to live with an affordable cost of living. According to the latest figures, in 2022 the cost of living in Longmont will be 18% to 20% higher than the national average. This makes it a more affordable place to live than most other popular cities in the United States such as New York, LA, and Miami.
Some of the costs that are lower in Longmont include housing, food, transportation, and healthcare costs. The median rent for a one-bedroom apartment in Longmont is $780 per month, while the national average is $975 per month. The cost of groceries is also lower in Longmont, with statistics showing that the price of basic items such as bread, milk, eggs, and chicken is about 2% more expensive than the national average. However, when it comes to owning a home, the median cost is $496,300, while the national median cost to own is $291,000.
Transportation costs are also lower in Longmont, with the cost of a monthly public transportation pass averaging $50, compared to the national average of $75. And finally, healthcare costs are about 12% to 15% cheaper in Longmont than they are nationally. This means that on average, people living in Longmont spend less on essential expenses like rent, food, transportation, and healthcare.
If you’re looking for a great place to live that has an affordable cost of living, Longmont is a great option. With housing, food, transportation, and healthcare costs all being lower than the national average, Longmont offers residents excellent value for their money.