Real Estate Information

Summit Real Estate Forum & Blog

Allison Simson

Blog

Displaying blog entries 11-20 of 535

Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:

“Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.”

The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic’s Home Equity Report.

Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.

Desirable Location
Improved National Economy
Improved Local Economy
Low Home Inventory in My Area

As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!

2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.

Bottom Line

If you are a homeowner who would like to find out your current home value, let’s get together to discuss the hidden opportunities in your home!

Contact Summit Real Estate today for our free Home Value Report

Breckenridge Ski Resort working with town, Forest Service to lengthen ski season

by Summit Daily- Eli Pace

It seems that little stands in the way of Breckenridge Ski Resort's efforts to elongate its ski season, but there's still some discussion to be had.

In an announcement heavily celebrated by plenty of winter enthusiasts, Breckenridge Ski Resort recently unveiled its plans to run lifts into late May, starting this year and continuing into future ski seasons.

The resort had previously set the closing date for the 2018-19 ski season on Sunday, April 21. After a healthy dose of early season snowfall, however, the resort now hopes to stay open through Memorial Day, as long as the weather and conditions will allow it.

What wasn't mentioned in the resort's Jan. 18 announcement, however, is how extending the ski season might affect Breckenridge's town operations, some of which work in conjunction with the resort.

A brief conversation between town staff and Breckenridge Town Council last week foreshadowed what some of these topics might be, as town manager Rick Holman mentioned potential implications on the town's public transportation system and the gondola as two examples.

Holman said the town needs to better understand what a longer ski season might do to its transportation system because the resort's plan to go into late May doesn't necessarily mean the town is going to run its winter operations that late into the year.

"There are several issues we have to consider," Holman added as he also brought up a long-standing agreement between the town and Breckenridge Ski Resort's parent company, Vail Resorts, regarding the resort's gondola.

"If you ran that realistically until the end of May and then they start up the summer in mid-June, you only have a two-week window without that operating," Holman said. "From our perspective, we need to talk about that with the ski area to see what they're looking at."

As part of the agreement the town committed up to $6.7 million toward the completion of the gondola. For its part the ski resort guaranteed parking at the gondola base, among other concessions.

On Tuesday, Breckenridge spokeswoman Haley Littleton said via email that town officials and representatives of Breckenridge Ski Resort had talked about the planned extension before the resort's public announcement, but those discussions did not go in-depth into operational details.

She added that representatives of the town and ski resort are going to get together again next week to talk about some of the specific operational impacts that might come with the resort's efforts to extend its season by over a month.

Breckenridge Ski Resort's efforts to extend its ski season are also subject to U.S. Forest Service approval, but district ranger Bill Jackson said he doesn't expect that to be too heavy of a lift.

"It isn't like analyzing a brand new chairlift," he explained as he said that resorts' efforts to adjust their open and closing dates are fairly typical.

All ski resorts that operate on Forest Service land do so under a 40-year permit. Within that permit, Jackson said, each resort has to submit winter and summer operating plans for annual forest service review.

Jackson said the forest service received Breckenridge Ski Resort's revised operating plan on Monday, and he expects to be in conversations with resort officials before making a recommendation to forest supervisor Scott Fitzwilliams, who will ultimately decide whether to approve the request.

If approved, the amended operating plan will only cover Breckenridge Ski Resort for one season, and the resort will have to submit additional operating plans detailing the opening and closing dates for future seasons.

"We've connected with the town of Breckenridge and the U.S. Forest Service on our plans to extend the season at Breckenridge Ski Resort," a resort spokeswoman said Tuesday. "We'll continue to work closely with both entities to ensure successful spring operations and a seamless guest experience this season and beyond."

Overall, Jackson said he sees a trend with a number of ski resorts trying to elongate their seasons, too, but he sees many of them doing so by opening earlier in the year, not going later. It's like what another Summit County ski resort, Keystone Resort, announced it intends to do by opening in mid-October instead of November. Jackson said he believes more efficient snowmaking capabilities are one reason some resorts are eyeing earlier opening dates, and so the longer ski seasons aren't just happening at the tail end but on front end, too.

Strong January snow in Colorado is giving hope for a less eventful wildfire season

by Summit Daily Deepan Dutta

Winter continues to be kind to Summit County and Colorado. The past few weeks' snowy goodness is providing a rare, rosier outlook for drought and wildfire conditions in the summer — if the timing is right.

According to the National Weather and Climate Center, snowpack is at 114 percent of normal in the Upper Colorado Headwaters basin, which includes Summit County. Strong snowstorms passing through the last few weeks and cold temperatures have kept the pack healthy.

"The snowpack to date is certainly an encouraging sign," said Peter Goble, drought specialist at the Colorado Climate Center. "Snowpack in Summit County has been above normal, if we were to get even average snowpack from now onward, we'll be in pretty good shape for water in the summer."

The National Climate Prediction Center is also forecasting above-average precipitation for the region over the next three months. Precipitaiton so far this winter has enhanced drought outlook, with the National Drought Monitor seeing improving conditions in western Colorado.

However, there are still two hard barriers before the years-long drought is broken. The first is the timing of the snowmelt. The other is how much of it will actually wind up in rivers and reservoirs due to moisture deficits from years before.

This year has seen a very healthy early snowpack. However, even with good snow, an early spring can mean much of it gets dried up before the hottest days of summer arrive.

"One concern we always have in the back of our minds for an early snowpack is that a longer warm season can deplete the moisture that the snowpack normally provides," Goble said. "That makes the region marginally more vulnerable to fires. From a drought perspective, you want a later snow melt for more water later in the summer."

That means the timing of the snowmelt is critical. In the Upper Colorado, snowmelt typically shouldn't start really rolling down until early May. In 2018, the snowmelt started two weeks earlier, in April — when snowpack is usually meant to peak. By the time June rolled around most of the snow was gone. That two-week difference dried up the snowmelt early and set up a devastating wildfire season across the West.

Even if the snow starts melting down the valleys and into the rivers on time, the thirst lingers from previous years, with a running tab on soil moisture that needs to be paid. Goble said that despite above average snowpack in 2017, the spring runoff that year turned out to be merely average because of how dry 2016 was.

2018 saw a bit of a perfect storm for wildfire conditions, with snowmelt beginning early and drying out well before summer really began. All of that dryness last year left a negative balance when it comes to soil moisture. So when the runoff does start in 2019, a lot of it will go into the ground and stay out of the rivers.

"One concern on the heels of bad drought year in 2018 is that we know when the snow melts we have some dry soil profiles to fill," Goble said. "It's probable a greater fraction of the snowpack will go directly into the soil. That's good for the forest of course, and fuel moisture, but also a bit troubling from a water supply perspective."

To avoid another nasty wildfire season, the bottom line is to hope winter lasts as long as possible, and that the High Country does not see snow start melting until May. For the moment, things look like they're on the ideal path.

"The short-term picture is encouraging, and the seasonal outlook also encouraging," Goble said. "I'm cautiously optimistic for a much better summer this year."

Summit County is reminding residents of the dangers of radon, offers free testing kits

by Summit Daily Deepan Dutta

Summit County's commissioners have once again declared January "Radon Action Month," spotlighting the dangers of the silent, toxic gas lurking in some Colorado homes. The annual campaign reminds homeowners to get their homes tested for radon during the winter, when radon danger is at its highest.

Radon is a carcinogenic, naturally occurring radioactive gas that emanates from soil as radioactive metals decay underground. Radon is especially prevalent in Colorado due to the uniquely uranium-rich geology in the state. In mountain communities like Summit, the danger is even higher due to the presence of many heavy metals in the earth.

The Environmental Protection Agency suggests radon mitigation measures for homes and businesses if radon is detected at levels of 4.0 or more picocuries (a unit of radioactivity) per liter. The average radon level in homes nationwide is 1.3 pCi/L, while the average radon level in Summit homes is 10 pCi/L. The county says that's the equivalent of smoking a pack of cigarettes a day. It is estimated that radon is the cause of at least 21,000 deaths across the country each year.

"Radon is the leading cause of lung cancer among non-smokers, according to EPA estimates," Summit County Commissioner Karn Stiegelmeier said in a press release. "Overall, radon is the second-leading cause of lung cancer in the United States. And because of the high radon levels we see in Summit County, every home in our community should be tested."

While county and town building codes require radon mitigation in new construction, older buildings that were grandfathered into the current code do not usually have radon mitigation built in.

Without mitigation, radon can easily enter homes through the foundation, gaps around piping and other spaces around a home. During the winter months, when doors and windows tend to stay closed, the gas can get trapped in dangerously high concentrations. Ironically, that means there's actually a benefit from living in a poorly weatherized or insulated home.

"An old cabin that's very drafty is less of a problem since radon can escape," said Summit County environmental health manager Dan Hendershott. "The tighter a house is constructed and insulated, the more entrapment."

Fortunately for Summit County homeowners, the county has a program that offers free radon testing kits to residents to check how they're doing on levels. A similar statewide program handed out 6,000 free kits to Colorado residents within a day before running out.

There are different kits for short-term and long-term testing, with the short-term test lasting three to seven days and the long-term kit checking for radon over the course of three months to a year. While the latter will be more accurate about radon levels over time, either one can tell if there is a dangerous level of radon in the home.

The short-term test kits are about the size and shape of a postcard. The device should be hung in the lowest level of the home that's used on a regular basis, within the normal breathing zone — 2 to 6 feet from the floor. Once the test period ends, the device is mailed to a laboratory in the enclosed pre-addressed, postage-paid envelope. Test results can be retrieved online. If previous tests have not been performed properly, Summit County Environmental Health recommends retesting.

For more information on radon, including how to obtain a free test kit or finding a certified mitigation contractor, visitSummitCountyCO.gov/radon. You can also stop by the environmental health department office at the County Commons in Frisco at 37 Peak One Drive. Free kits from the county are available while supplies last, and only available to Summit residents.

Summit School District continues to be one of the more successful districts in the state, maintaining a graduation rate significantly above state average while also keeping a very low dropout rate. That's according to the Colorado Department of Education, which released graduation and dropout statistics for 2018 this week.

The state's overall graduation rate continues to rise and the dropout rates fall as more students are staying in school and graduating in four years, completing with a High School Equivalency Diploma or a non-diploma certificate.

Colorado's four-year graduation rates have been steadily increasing from 77.3 percent in 2015, 78 percent in 2016, 79 percent in 2017 and 80.7 percent in 2018. Across Colorado, the 2018 graduating class had a rate of 1.7 percentage points higher than the 2017 graduating class, a difference of 2,540 more graduates from the year before. The 2018 graduating class also had a completion rate of 82.5 percent, which includes an additional 1,159 students who completed with an HSED or non-diploma certificate.

Female students continue to have higher graduation rates statewide. The four-year graduation rate for females was 84.6 percent and the male graduation rate was 77.1 percent.

Summit School District was above the state average with a graduation rate of 95.02 percent in 2018. The graduation rate in 2018 remained the same as 2017, while 2017's graduation rate was 5 percent higher than 2016. The high graduation rate placed Summit School District 14.3 percent higher than the state's graduation rate, ranking Summit near the top 25 percent of all Colorado school districts in 2018.

Summit also had a completion rate of 96.3 percent, which includes students who completed with an HSED or non-diploma certificate. The completion rate increased 0.4 percent from 2017, which was 95.9 percent.

In all Colorado schools, the dropout rate has been decreasing over the past several years. In the 2017-18 school year, Colorado's dropout rate was at an all time low of 2.2 percent. The rate was a tenth of a percent lower from the previous anticipated year of graduation.

Last year, Summit School District was well below the state average with a mere 0.4 percent dropout rate. That rate remained the same as 2017, which was a tenth of a percentage point lower than 2016.

"We are proud of all the hard work and dedication by students, families, teachers and staff," Summit School District superintendent Kerry Buhler said in a press release. "Summit School District remains committed to supporting student achievement, growth and success."

Buhler added that Summit has even more ambitious goals, striving to be one of the top school districts in the state for academic performance.

The goal is part of "Vision2020 v. 2.0," a new five-year roadmap that aims to better support the social-emotional and physical well-being of students, deliver student-centered instruction in every classroom, and achieve top-tier academic performance ranking in the state.

"With Vision2020 v. 2.0, Summit School District strives to 'champion student success' as we work toward ranking in the top 5 percent of school districts in Colorado for academic performance," Buhler said.

3 Things You Need in a Shifting Real Estate Market

by KCM

Whether you are thinking of selling your house or buying a home, today’s real estate headlines can be confusing – perhaps even concerning. What is actually happening with mortgage rates? Are home values dropping or are they just rising at a slower pace? What impact will the economy have on the housing market?

If you are either a buyer or seller (or both), you need to know what it will mean to your family if you go ahead with the move. You need to understand three things:

1. What is happening in the housing market right now?

Consumers must get past those fear-mongering headlines and gain a deep understanding of what is truly happening. How strong is buyer demand right now? How much competition do listings have today compared to what they will have in the spring? People want to make an educated decision on what is probably their family’s greatest financial asset.

2. Why is it happening?

Understanding the individual pieces that impact the sale or purchase of real estate is important. Understanding how those pieces impact each other is critical. How does the amount of a down payment impact the mortgage rate a buyer will be offered? Can you still price your house a ‘little ahead’ of the market and still be sure it will sell?

3. How do the first two affect your local market?

Basically, you want an understanding of the overall housing market and a simple and effective explanation of how it will impact your personal real estate goals.

Bottom Line

The best way to get all three is to work with a professional who understands this shifting real estate market and can expertly guide you on the journey to reach your housing goals. Let’s get together to discuss what today’s market means for you.

Buying A Vacation Property? Now Is A Good Time!

by KCM

Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.

For those homeowners staying at their first residence, AccuWeather warns:

“The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.”

Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!

According to the Investment & Vacation Home Buyers 2018 Report by NAR:

“72% of vacation property owners and 71% of investment property owners believe now is a good time to buy.”

It’s time to take advantage of the equity in your home. As the latest Equity Report from ATTOM Data Solutions stated:

“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.

The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”

This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR:

“33% of vacation buyers purchased in a beach area, 21% purchased on a lakefront, and 15% purchased a vacation home in the country.”

Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!

Bottom Line

If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, let’s get together to discuss your options!

Need a reason to Sell this Winter? Here are 4!

by KCM

Some Highlights:
 
Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
Housing inventory is still under the 6-month supply needed to sustain a normal housing market.

Perhaps the time has come for you and your family to move on and start living the life you desire.

Buying a Home this Year? Here Comes the Inventory!

by KCM

Buying a Home this Year? Here Comes the Inventory!

The top reason homeowners cited for not listing their home for sale in 2018, was their belief that they would be unable to find a home to buy. After 3 years of declining inventory for sale, we’re finally starting to see more listings come to market! Let’s get together to chat about what this means for our market!

Happy New Year!

by Allison Simson & Chels Knor

Happy New Year!

Allison Simson, Owner/Broker, Summit Real Estate.

I love the New Year and the month of January!  So much good energy and positive change happening in the world.  If you own real estate, you may be wondering when or if you should sell.  Here are some good questions you could ask to help you decide....

 

Wondering When to Sell Your House? These 8 Questions Will Help

The decision to put your home up for sale is not inconsequential. It’s not like “what should we have for dinner tonight?” or using eeny, meeny, miny, moe to solve a kerfuffle with your kids.

Nope. It’s methodical, calculated, high stakes. Ask (and answer) these eight questions before you hammer that signpost into your front lawn.

1. Is it a buyer’s or seller’s market?
A seller’s market means there are more people looking to buy houses than there are houses available. Houses are selling fast and often for close to asking price.

A buyer’s market means there are a lot of houses on the market; in fact, there are more houses available than there are people to buy them. They’re sitting on the market longer and might not go for asking price.

The housing market ebbs and flows based on interest rates, employment, general economic health and a slew of other factors. If you’re selling your house, it behooves you to wait until it’s a seller’s market. 2018 was, for the most part, a seller’s market. When demand is high, sellers can ask for more. When demand is low, buyers hold the negotiating power. 2019 looks to continue to be a seller's market.

2. Do you have a good real estate agent?
Venturing into the world of selling your house is no small feat. Find and hire a qualified agent.

A top-selling agent will help you determine if it’s the right time to sell, as well as guide you through correct pricing, appropriate staging and strategic navigation of the market. According to HomeLight, sellers can make an average of $30,000 more on a single-family home sold by a top agent than average agents can. I have a great recomnendation for you, if you need a great real estate team!  ;-)

3. Do you have different space needs?
Whether you are expanding your family and need a few more bedrooms, or your teens have left for college and you’re settling into your very large and quiet house as empty nesters, a lifestyle change may spin your thoughts toward moving.

Here are several reasons you might consider a bigger (or smaller) place:

  • You have two or three four teens trying to get ready in one bathroom.
  • You need a home office.
  • Since the kids have moved out, you have an obnoxious number of guest rooms.
  • You need more parking.
  • You’re tired of heating a bunch of space you don’t need.
  • If downsizing is your goal, you can start de-cluttering even if you’re not sure of the timing of your move. Before you consider moving, understand the space you’re looking for. Do you need to be closer to work or family? What do you like about your current home space? What wouldn’t you want to go without in another house?

4. Can you afford to move?
If only moving were as easy as going to bed in your old house and waking up in your new one. All the cost of moving add up. Make sure you’ve considered the following (and crunched the numbers) first:

Security Deposit
You’ll have to pony up a security deposit if you’re moving into a rental.

Utilities
Activating utilities entails fees. Outfitting your new place with water, gas, electric, cable and internet doesn’t come free.

Equity and Debt
If you bought your house before the crash and your home hasn’t fully recovered, selling may not be a good financial move. Consider what you’ll lose or gain by listing.

Physical Moving 
Whether you pay professional movers, snag a guy from a Craigslist ad or bribe your son and his friends to help with pizza and beer, you’ll have some tangible costs. Factor in packing supplies (boxes, tape, paper), a truck (if you’re renting) and of course, the time it will take.

Closing Costs
As the seller, you’re responsible for some or all of the closing costs. Better to know about them beforehand than after.

If you haven’t planned for any of the above, create a game plan before you take too many steps forward at once and fall on your face.

5. What’s your timeline?
If your kids just gave you grandkids, you might be in a hurry to sell and move their direction. Or if you just retired, spent the last six months traveling and now need to find a more permanent place than the Embassy Suites you’re set up in now, you might be in a bit of a hurry. Keep in mind, a strict timeline gives negotiating power to the buyer. The more flexible you can be, the more discerning you can be with your offers.

6. Is your neighborhood changing?
Times, they are a changin’. If you moved into your house 20 years ago, you may have seen your neighborhood in constant evolution. Here are a few things you should look into:

School Districts
A good school district may be a selling point if you’re area is appealing to families with young kids. Schools may have changed since your kids were enrolled. Where does your district place?

Business Development 
What new businesses have moved into your city? Are there jobs available close by? Does the light rail come close to your house?

Main Streets
Where in town are you located? Maybe your house used to be in the boonies when you moved in but now, thanks to urban development, you’re smack in the middle of downtown. Your house has turned into high-demand prime real estate!

Community
What’s your neighborhood’s feel? A sense of community is important. Young families with kids want to live where other young families with kids live. Retirees may want to be closer to others their age with similar interests. The soul of a community lives and breathes … and changes as people move in and out.

7. Is it a good time of year to move?
It's winter here in the high country, and while it's true that summer is our busiest sales season here, people are here enjoying the ski slopes now, and many of them are looking for that perfect place that eluded them this past summer.  Temperature and sunshine are crucial elements in selling your home- but don't rule out the winter.  Buyers who are looking now are serious about it! 

8. Is your home in shape to sell?
If you’re in the middle of a bathroom renovation, potential buyers are going to turn around and walk out the door, and frankly they probably won’t come back when you’re finished.

If your home needs major repairs, do them before you put your house up for sale. Nobody wants to have to replace the roof or put in a new hot water or replumb a house they just purchased.

If you’ve already done major repairs:

Declutter
Toss anything you don’t need or want. Put away anything personal. Clear off any flat surfaces you can. If you have the option to put something away, do it. My rule of thumb is to have no more than 2-3 items on any surface or wall. 

Clean
The baseboards, the ceiling fans, the base of the toilet — it all needs more than just the “someone’s stopping by in 10 minutes” clean sweep.

Stage
Set the table. Spring for a new doormat. Put out new towels in the bathrooms.

Watch Out for Red Flags
Determining the best time to sell and finding a good agent are the two most essential assets to selling your home. Pay attention to these other red flag questions so you do this process right.

In Short, Ask Yourself These 8 Questions to Figure Out When to Sell Your House
1. Is it a buyer or a seller’s market?
2. Do you have a good real estate agent?
3. Have your space needs changed?
4. Can you afford to move?
5. What’s your timeline?
6. Is your neighborhood changing?
7. Is it a good time of year to move?
8. Is your home in good shape to sell?

by Chels Knorr- Homelight

Please call, email or text if you'd like to discuss the potential of selling your Summit County property, or any property! We have an amazing network of the top Realtors in the country.  Let's chat! 

Displaying blog entries 11-20 of 535

Syndication

Categories

Archives

Share This Page

Contact Information

Photo of Summit Real Estate Real Estate
Summit Real Estate
The Bright Choice
330 Dillon Ridge Way, Suite 10
Dillon CO 80435
970-468-6800
800-262-8442
Fax: 970-468-2195

Allison Simson, Owner/Broker, is a licensed Colorado Real Estate Broker