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.