Purchasing a home in Fort Collins or Loveland? Take a peek at these local homebuyer resources. 

While buying a home in Northern Colorado’s tight housing market may seem daunting, a variety of organizations offer help along the way.

 Those starting the search for a new home may want to look into these services.

Down-payment assistance:

Larimer Home Ownership Program: Administered by the Loveland Housing Authority, the program offers down-payment and closing-cost assistance to low- and moderate-income families purchasing their first home.

It does not help with purchases within Fort Collins city limits. Families may not earn more than 80 percent of the area’s average household income: $41,200 for one person; $47,050 for a family of two; $52,950 for a family of three; $58,800 for a family of four; or $63,550 for a family of five.

The maximum loan amount is $10,000 with an interest rate of 2 percent. Applicants must contribute 1 percent of the home’s purchase price out of pocket.

Information: lovelandhousing.org or call 970-667-3293

Fort Collins home buyer assistance: 

The city of Fort Collins provides loans to income-eligible households to cover a portion of the required down payment and closing costs for buyers who have not purchased a home within the past three years.

The loan is to be paid back in full either when the house is sold, transferred out of the buyer’s name, rented, or if the buyer seeks a second lien, such as a home equity loan. Eligible households can receive a loan of up to 5 percent of a home’s purchase price — with the loan topping out at $15,000 — to cover down payment, closing costs or both.

The purchase price and appraised value of the home must be less than $250,000.

Information: fcgov.com/socialsustainability/hba.php or 970-221-6812.

Home buyer education

Neighbor to Neighbor: The free class will help you determine how much home you can afford, budget for upfront and ongoing expenses, recognize how your credit relates to home buying; and discover resources for down-payment assistance and affordable housing.

It fulfills education requirements for many lending programs including the city of Fort Collins, Larimer Home Ownership Program, CHFA and others. 

Learn about upcoming classes at n2n.org or 970-488-2364.

GreenPath Debt Solutions: The nonprofit credit counseling program offers housing advisers who can help you understand the home buying process and prepare for the requirements of home ownership. Topics covered include the types of mortgages, loan pre-qualification, home appraisals, the Realtor’s role and home inspections.

Information: greenpath.com or 800-550-1961.

Financial resources

GreenPath Debt Solutions: The nonprofit credit counseling program offers debt counseling, credit report reviews, debt management and bankruptcy counseling. Information: greenpath.com or 800-550-1961

CSU Extension, Larimer County: CSU extension offers nteractive classes that explore how to create and use a spending plan, identify spending leaks, use credit cautiously and more. One-on-one meetings are designed to help you gain financial stability.

Information: colostate.edu/Depts/CoopExt/LARIMER or 970-498-6000.

Not seeing the answer to your questions? 
Please feel free to call Will Malizia directly at: 970.290.7098. He is more than happy to assist or point you in the direction of a credible solution for your needs. 

Thank you for tuning in and considering Will for the purchase of your next home.

Will Malizia, Licensed Broker Associate | C3 Real Estate Solutions in LovelanD, Colorado 

#WithWillTheresAWay

Fort Collins real estate investor competition increases

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Thousands of homebuyers entered the Fort Collins real estate market as the Great Recession came to a close in 2009. Some saw renewed financial opportunity. 

About 2 percent of buyers purchased multiple homes over 5-year period in Fort Collins.

More than 12,060 homes were purchased within city during 2009-14. About 260 buyers — or 2 percent — bought more than one single-family property.

The top three buyers scooped up 26 properties for less than $300,000 each — no longer an easy task in today’s real estate market.

“When we were first coming out of the recession, people were able to find properties in high $100,000s and low $200,000s. I don’t think that’s true any more,” said Francie Martinez, past president of the Fort Collins Board of Realtors and Elevations Real Estate broker.

“I don’t think investors grabbed properties right away, but once people saw home values start to increase the market just got kind of frenzied,” Martinez said. “The market is affecting the well-qualified average and median income buyers who qualify for those same houses investors are going after. They can’t compete.”

DATABASE:Search recent home prices in your neighborhood

Fort Collins resident Richard Wilson purchased more than any other buyer from 2009 to 2014: 11 single-family properties throughout the city.

Wilson transferred ownership of seven of the 11 properties to his company Fort Collins-based Hard Way LLC. The homes ranged from $174,900 to $229,000, with the exception of a four-bedroom property on the 3600 block of Shallow Pond Road.

The Shallow Pond property was sold to Wilson in 2010 for $780,000. He declined to comment on his purchases, telling the Coloradoan, “No harm, no foul, I’m just a private person.”

The second-biggest buyers were Li-Ching Tsai and Chen Yi-Show. Tsai and Yi-Show purchased nine homes in Fort Collins ranging from $190,000 to $237,442. Recycled Properties LLC was the third-largest buyer. The company purchased six homes in 2014 and one in 2013, ranging from $163,500 to $275,000.

Recycled Properties sold two of those seven properties in Fort Collins from 2009-2014. The average sale price was 55 percent higher than the purchase price creating a $243,870 net profit.

Recycled Properties is an affiliate of Windsor-based Pickett Properties Investments, a company registered to Heath Pickett. Pickett, Tsai and Yi-Show declined to return calls from the Coloradoan.

INTERACTIVE MAP:Compare home prices in Fort Collins neighborhoods

A Coloradoan analysis of single-family home sales show the average sales price for a single-family detached home in Fort Collins in 2014 was $325,044, up 15.3 percent over two years. In 2012, the average sales price was $281,945.

“It was financially smart to buy before the recent increase in home prices,” Martinez said. Now investors or competing with typical buyers for homes listed under $300,000. The situation is intensified by lack of new homes coming on the market in that price range.

“I don’t think you can build under $300,000 anymore in Fort Collins,” Hartford Homes President Landon Hoover said.

‘Tough picture’

From 2011-2014, Encore Homes — an affiliate of The Hartford Companies — sold 227 homes in the Dry Creek subdivision. The houses in north Fort Collins sold for an average of $227,579 each.

“Within 28 months we built and sold the homes,” Hoover said. “It’s definitely the fastest selling subdivision we’ve ever had.”

The company was able to sell the homes for less than the area average because tap and sewer infrastructure already existed in the Dry Creek project. The infrastructure was present from when Dry Creek housed a mobile home park. The park closed in 2006 displacing 130 families.

PROPERTY TAXES: Taxes jump along with home values

Encore Homes was the second-largest seller of homes from 2009-2014, behind only Journey Homes. The Greeley-based company sold 461 homes in Fort Collins in that six-year period for $239,490 on average.

Encore is in the process of developing the Timbervine neighborhood just east of Dry Creek. The company expects homes in the area to be more expensive than the earlier project.

“Planning process costs have gone up,” Hoover said. “Fort Collins is one of the most expensive places to develop. That added costs translates into a beautiful city, but also translates into higher home prices.”

In addition to planning fees, construction, infrastructure, material, water and other costs have also increased.

The overall cost trend for an average 2,300-square-foot home in Fort Collins, including land, fees, taxes, building material and labor, has gone from about $195,000 in 2000 to $278,400 in 2013, according to a preliminary city-sponsored study done by Economic & Planning Systems Inc., or EPS, of Denver.

“It’s a combination of a lot of things,” Hoover said. “It’s a tough picture for affordable housing.”

Source: Growth & data reporter Adrian D. Garcia can be reached at 970-224-7835 or Twitter.com/adriandgarcia.

Visit: WithWillTheresAWay.com for all of yourFort Collins Real Estate needs. 
Will Malizia is a licensed Colorado real estate broker at C3 Real Estate Solutions in Loveland, CO.

FORT COLLINS-LOVELAND, GREELEY REAL ESTATE MARKETS AMONG TOP 25 FOR APPRECIATION

With values expected to increase more than 7 percent over the next 12 months, the Fort Collins-Loveland and Greeley real estate markets are both expected to rank among the top 25 for home appreciation.

In its latest market forecast, Veros Real Estate Solutions predicts the Fort Collins-Loveland area will experience an average appreciation of 7.5 percent between March 1, 2015, and March 1, 2016. In the same period, Greeley homes will increase 7.3 percent. Fort Collins-Loveland ties Coeur D’Alene, Idaho, for 15th in the Veros rankings, and Greeley is 19th.

With a projection of 9.3 percent for the Denver- Aurora-Broomfield area, and 8.4 percent for the Boulder area, Colorado’s Front Range represents four of the top 19 markets, Veros said. Nationally, the average appreciation projected for the 333 markets surveyed by Veros is 3.2 percent.

The Veros prediction comes in the wake of very strong appreciation along the Front Range in recent months. CoreLogic reported that Colorado prices increased 9.1 percent between January 2014 and January 2015, which led the nation over that time period. Locally, average home prices in Greeley increased 10.24 percent in 2014, while Fort Collins prices increased 7.53 percent, according to the FHFA Home Price Index..