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Should Anyone Still Own Rentals in CO?
I have written twice already about the damaging consequences of Senate Bill 21-173 the Residential Rental Agreements Bill. I did some more reading of the bill for you my loyal readers. Please send me red wine for my toils. LOL Here is what I read recently that I want to share with you straight from…
Why We Have So Few Homes for Sale
Ted Leighty from the Home Builders Association spoke at SMDRA a couple of weeks ago. We learned from Ted that regulatory costs from a local level to a national level constitute 24.3% of the cost of a new SFR across the country. I bet this percentage is much higher in metro Denver. OUCH! I will…
Lending is Getting Tighter & More Expensive
Second home and rental property transactions are getting more expensive as FHFA is requiring that Fannie and Freddie not buy more than 7% of all mortgages when those mortgages are for second homes and rental properties. Last year about 10.5% of our mortgages as a company were for second homes and rental properties which is…
Top 9 Design Trends of 2021
Here are the top 9 design trends for this year according to the HBA- 1. Modern style is dominating and is now often paired with traditional. 2. Authenticity is the primary goal in all aspects of design. 3. Increased emphasis on streetscapes. 4. Connecting the inside with the outside is even more important as windows…
Mortgage Rates Will Keep Rising
The Fed met last week and they said they would keep the Fed Funds Rate near 0% through 2023 inflation be damned. The Fed believes GDP will grow by 6.5% this year and the unemployment rate will drop to 4.5%, and that inflation as measured by the PCE will be 2.4%, up from an earlier…
Where is Gen Z living?
RentCafe studied 3 million rental applications last year and found that Gen Z, those born between 1997 and 2012, are starting to rent apartments; but not in downtown areas or hipster urban hubs like Millennials did. Gen Z represented 16% of all rental application last year nationally. Further, Gen Z is more willing to telecommute…
Evicting Tenants Would Be Nearly Impossible
The Colorado Apartment Association issued a one-page summary report on Senate Bill 21-173 that I wrote about last week. Their attorneys have reviewed this bill and here is an update- · This bill will encourage all tenants to pay their rent 14 days late as the penalty is only a max of 2.5% of rent or…
Rent Control May Be Coming Soon
Colorado HB Bill 21-1117 is headed to the full House for a vote. This bill would authorize local cities and counties to mandate rent-restrictions (rent control) on new units being built or redeveloped units without forcing the local city or county to actually help fund new affordable housing units. Instead the developer or builder or…
Lending Will Get Tighter Soon
Fannie and Freddie announced last week that they will only purchase 7% of all closed mortgages of second homes and investment properties going forward. In 2019 and 2020 the share of mortgage on second homes and rental properties averaged about 8%. But, last month 10.1% of all mortgage applications were for second homes (3.6%) and…
Will the 10 Year T-Bill Drop Below 0%?
Scott Minerd, Global Chief Investmetn Officer for Guggenheim wrote an article on March 2nd titled “A Drunk Man in the Snow.” In this article he acknowledges that the M2 money supply increase of 25% is driving inflation pressure higher and thus causing long-term rates on Treasuries and mortgages to rise. But, he also believes that…
Centennial Home Prices Up Over 23%
Here are the 7 county February Sales Data courtesy of REColorado and SMDRA. · 3,693 properties sold last month, an increase of 2.8% from last February. · Attached home sales increased by 6.5% year over year to 1,281 sales. · Detached home sales only increased 0.9% year over year to 2,412 sales. · 4,572 properties…
“CO Democrats Want to Strip Power From Landlords”
This was the title of this front page story in The Denver Post on March 2nd as a group of Democratic state lawmakers, “say the state needs to bolster protections for the long-term by shifting power to tenants.” State Rep. Dominque Jackson, an Aurora Democrat, said, “It’s about humanity, empathy, and economics.” However, recently a…
