Here’s a tasty tidbit of info:  According to the National Association of Realtors nearly 40 percent of total home sales last year came from Americans buying second homes. Yes, 40 percent and yes, second homes. That’s a record!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Answer: Good question!  Yes, there is cause to be nervous about the market and the global economy, AND the things that you love about Summit County and the benefits that owning here will bring to your family are priceless.  Sometimes it helps to take a look at what the rest of the country is doing…. according to Keeping Current Matters and a report from the National Association of Realtors, vacation homes sales were on the  rise in 2012!

“The American desire to own a second home as a vacation home is alive and well!

The National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. Their 2013 Investment and Vacation Home Buyers Survey shows vacation home sales improved in 2012.

NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.”

Here are the key findings from the report:

Raw Numbers

• Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011
• Sales accounted for 11% of all transactions last year, unchanged from 2011
• 35% of vacation homes purchased in 2012 were distressed homes

Buyer Profile

• The typical vacation-home buyer was 47 years old
• The median household income was $92,100
• Buyers plan to own their recreational property for a median of 10 years
• 29% said they were likely to purchase another vacation home within two years
• 78% of all second-home buyers said it was a good time to buy (compared with 68% of primary residence buyers)

Reasons for Purchasing

Lifestyle factors remain the primary motivation for vacation-home buyers:

• 80% want to use the property for vacations or as a family retreat
• 27% plan to use it as a primary residence in the future
• 23% plan to rent to others
• 23% wanted to diversify their investments or saw a good investment opportunity

Location

• 45% of vacation homes purchased last year were in the South
• 25% in the West
• 17% in the Northeast
• 12% in the Midwest

The vacation home buyer purchased a property that was a median distance of 435 miles from their primary residence

• 34% were within 100 miles
• 46% were more than 500 miles

Financing

• 46% of vacation-home buyers paid cash in 2012

The median down payment was 27%, the same as in 2011

So, while you can never be 100% certain about the real estate market, signs are pointing toward increased consumer confidence in the market. 

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Answer:  First off, good for you for asking!  And know that you are two steps ahead of a lot of your competition by getting your place “parade ready” before you put it on the market.  I always say that if you had a float in a parade, you wouldn’t drive it down Main Street saying, “Well, it’s going to look a lot better when we finish.  We are planning to put some more flowers on that part of the float, and we will clean up that bit.  Sorry about the squeaky wheels.  We’ll get that fixed later.”  No, you wouldn’t say that and it’s the same with selling real estate – You have to be “Parade Ready” from the get go! 

Another phrase that should help you is from the Seniors Real Estate Specialist Jan/Feb 2013 issue:   I love this phrase, “Adopt the ‘Hotel Philosophy’ to Stage Your Home”. A house is not staged to sell the same way it is staged to live in. When you decorate to live in your home, it is visually appealing as well as functional for your needs, interests, tastes and lifestyle. However, when you stage to sell, stage your home to look like a luxury hotel. In a hotel, you carry in a small bag of personal belongings…everything else you need is there and no unnecessary items clutter the space. Everything is neat, clean and nothing is out of place…the bathroom sparkles, the floors are spotless, the beds are made, and there is no indication that any pet has ever crossed the threshold! Pare down to the essentials! All small personal decorates should be replaced with a single impact piece (no more than one) per room. Remove all personal mementos, family photographs, refrigerator magnets and similar items. Opt for lots of space and clear surfaces.

So, as your set the stage for your home to sell, ask yourself, “Does this room pass the ‘Hotel Test’? Can a buyer imagine bringing their personal items and living here comfortably? If the answer is yes, you have a properly staged home….and you have improved the odds that your home will sell faster and command a better price!

Good luck!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Answer: Interesting news:  Predictions around the country for housing prices are looking up, up, up!  What does this mean for Summit County, CO?  Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" that come on the market.

What’s a cream puff? Good question!  A cream puff is the property everyone is looking for- it is priced right and in super condition!  Cream puffs are not lasting in our market!  So, when you see a cream puff and you really like it and can see yourself making family memories there – I would advise you to take action on it.  Cream puffs don’t last.

Consider the following from the Keeping Matters Current Crew:

Two Additional Experts Upgrade their Pricing Forecast

 Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.”
Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
 His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.”

Major rebound?  Sounds good to us.  Now is an excellent time to buy real estate in Summit County – interest rates are fantastically low and credit is easing for second homes, prices are good and although inventory is down from first quarter last year, we have some great properties available.  Summit County is still on sale!!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Listed for $320,000, 80 Stag Trail will go fast.

Don’t wait, give your broker or Summit Real Estate a call to see this bright and updated townhome today! 

   

Looking to Buy?  Not ready to speak to a broker?  Visit www.SummitHomeBuyer.com

Meet Sarah McNeill, at Summit Real Estate-The Simson Team. Devoted to  working with Buyers, Sarah can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email at  Sarah@SummitRealEstate.com

1324 Tennis Townhomes is a beautifully upgraded townhome style property in Keystone that will give you all the elbow room you are looking for. Space and sunlight abound in this 2 bedroom, 2.5 bathroom property with 1278 square feet and a washer/dryer.   Some of the updates include fresh paint throughout, newer kitchen countertops and appliances, wood flooring, pedestal sink in the half bath, tile floors in the bathrooms, and counter and sink updates in the master bathroom.  The new Pella windows, patio slider and lovely blinds top it all off.  Exterior renovations include a new roof and siding, as well as updates to the clubhouse.  Enjoy the outdoor pool year round, and take a soak in the hot tub or relax in the sauna after a long day.  1324 is the perfection location within the Tennis Townhomes subdivision.  Just steps away are both the clubhouse as well as the shuttle stop to take you to the slopes.  This quiet neighborhood is walking distance to the Keystone Lodge and Keystone Village shops and restaurants.  Step outside the door and you’ll be minutes away from hiking and biking trails.  Sit on the large, private deck and enjoy grilling dinner surrounded by aspen trees. This is what mountain living is supposed to be! 

Listed for sale at $275,000, you can’t find a townhome at Keystone with this kind of space and these updates for this price!  Monthly homeowner’s association fees are $680. and include cable tv, common area maintenance, building insurance, management of the HOA, trash pickup and snow removal, water and sewer.  Your dues also include access to the clubhouse with a large pool, hot tub and sauna. Pets are allowed for homeowners and you’ll find lots of grass for the dog and kids to run around in! 2012 property taxes were under $1000. for the year.  Don’t wait, give your broker or Summit Real Estate a call to see this bright and updated townhome today! 

Looking to Buy?  Not ready to speak to a broker?  Visit www.SummitHomeBuyer.com

Meet Kelie Gray, Buyer Specialist at Summit Real Estate-The Simson Team.  Devoted to working with Buyers, this Specialist tours hundreds of properties and commits to having the most comprehensive knowledge in the market.  Kelie can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email at Kelie@SummitRealEstate.com

Interesting news:  Predictions around the country for housing prices are looking up, up, up!  What does this mean for Summit County, CO?  Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" * that come on the market.

* A cream puff is the property everyone is looking for- priced right and in super condition!  They are not lasting in our market!

Consider the following from the Keeping Matters Current Crew:

Two Additional Experts Upgrade their Pricing Forecast

 Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“
Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
 His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.

Enjoy the spring! 

I am excited to have Chip Wagner, an icon in the appraisal industry and friend of “Keeping Matters Current” as a guest writer today.  Although Chip’s observations are primarily about Chicago- it’s a great “primer” to remind us of how the housing sector works and it is relevant to the majority of the country.  I’ve said it before, and I’ll say it again – remember that the Summit County Real Estate market tends to lag behind Denver and the national economy by about 18-24 months, historically. Enjoy this information from Chip!

It’s All About Supply and Demand

Definitions of Supply and Demand:

 Dictionary.com

In classical economic theory, the relation between these two factors determines the price of a commodity. This relationship is thought to be the driving force in a free market. As demand for an item increases, prices rise. When manufacturers respond to the price increase by producing a larger supply of that item, this increases competition and drives the price down.

In real estate appraisal context, the principle of Supply and Demand states that:

The price of real property varies directly, but not necessarily proportionately, with demand and inversely, but not necessarily proportionately, with supply.

My most simple explanation of Supply and Demand is: It is the relationship between sellers present in a market, which is the supply; and buyers looking, which is the demand. This relationship is reported in months’ supply of inventory.

So, what is the latest challenge?

Some (or most) might say that there are not enough “good” homes for sale. This could represent a shortage of supply, something we have not talked about for several years. It is allowing sellers to raise their asking prices and buyers who have been ‘shopping around’ are now willing to pay higher prices based on other homes they are comparing and/or contemplating to the home that they want.

Why aren’t there many “good” homes for sale?

There are several contributing factors:

1. New construction – We are seeing new construction picking up again at all price points, which is certainly a positive. But with fewer builders, and more conservative approaches after getting burned, builders are not keeping up with the demand that is present. This is leaving buyers searching for resales. And because of the slowdown in new construction, (few new homes were built between 2007 and 2012) the nearly-new resales rarely exist.

Lack of new construction is a contributing factor as many builders folded or downsized significantly over the past 5-6 years.

2. Foreclosures – Foreclosures are a trend that is affecting supply of inventory. Banks are slower at foreclosing, in some cases taking over 3 years through the process. In some cases, the buyers aren’t even interested in these properties, and the investors are picking up these properties and flipping them at a profit.

Foreclosure properties, once viewed as a deal perhaps 25% to 40% under market values, are now being sold at only a 7% discount according to RealtyTimes.com.

3. Investors – Investors have entered the market at greater levels, some to purchase properties to rent, others to rehab and flip them. With the high inventory, investors were able to seek out the best deals, now there are fewer homes available for them.

4. Few people really want to sell at the bottom – Personally, I think the biggest reason that our inventory is low is simply because everyone wants to buy at the bottom; but what seller really wants to sell their home at the bottom of the market? That being said, there are many sellers who cannot sell.

Recently, I heard Steve Harney speak at the Leading Real Estate Companies of the World Conference; he stated there are over 10 million people that are still under water and cannot sell their homes. That is a significant number – these are ‘move-up buyers’ that will create a domino effect. A portion may also represent the potential downsizing buyers who have that upper priced home to sell. This is a very complicated situation. There are many opportunities in the market as demand continues to surge.

Move-up sellers have pent up demand and are ready to buy – if they can sell!

Remember, our market dropped 37.6% as a region since 2007 (some areas fell less than 20%, and other areas fell greater than 50%). The buyers with 20% down lost equity in their homes. Buyers with 5% or 10% lost substantial equity in their homes. If they sell today, they don’t have the down payment necessary for that next home.

Various predictions by “experts” suggest our recovery may be anywhere between 2% and 8% annually. At a conservative 4% annual rate of recovery, it is 5 more years before we can reach 20%.  Those who last purchased their home between 2006 and 2008 are being hurt the hardest in today’s market.

One positive is that renters are ready to purchase. Generation X and Y buyers now believe in homeownership; they want to get out of renting apartments because rents continue to go higher than taking out a mortgage. Interest rates remain at historic lows, with no indication of a significant increase of rates on the horizon.

Back to Supply and Demand …

A balanced supply of inventory is considered to be 4 to 6 months. A balanced supply is going to be neutral in pricing, while an undersupply is going to lead to upward pressure on prices – a Seller’s Market. An oversupply will lead to downward pressure on prices – a Buyer’s Market.

Our supply of inventory is at its lowest level since the end of 2006 and most areas have been reduced to a balanced supply of inventory, with undersupply observed in many sub-markets in the region.

The anticipation is that the pricing will continue to be pressured upward as the desirable properties (in terms of location and condition/modernization) will be gobbled up. Remember the multiple-contracts driving up values last decade? Many agents are now experiencing these trends again.

Get ready for a wild and crazy ride as our real estate market is pulled and pushed in all directions in 2013

Here are a few things to watch…

• Watch the days on market (DOM). Take time to understand if an area’s high DOM may be due to stale listings of homes that are overpriced, distressed and/or in inferior condition.
• Trend the increasing Sales Price-to-List Price ratios - in many sub-markets that I appraise in, I have seen these trend from 93% to 96% or higher just in the past year.
• Track the number of pendings in relationship to the number of listings? One appraiser friend of mine tracks this and calls this “market velocity.” Right now, I see some areas where there have more pendings than listings in a given sub-market.
• Are the pendings priced higher than the previous sales prices? Another indication of an increasing market that I am seeing in many areas.

Welcome to, we all hope, the Slow and Steady Housing Market Recovery!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com  

Answer:  Good question!  We have had some big challenges with condo financing for the past several years.  The good news is that the trend seems to be loosening up a bit.  For more details, I checked with Wendy Paulus of Cherry Creek Mortgage.  Here’s her take:

“For the last several years, we have been pretty restrictive on condos, particularly those in resort areas.  Effective in 2013, our rules have been relaxed and we are in a position to offer conventional financing, including 30 year fixed, up to $417,000 loan amounts and the rates/costs are typical conventional!!!

(we hope to expand this to High Balance Conforming and Jumbo soon as well)

PRIMARY HOME BUYERS:

-          Up to 95% loan to value with and without mortgage insurance

SECOND HOME BUYERS:

-          Up to 90% loan to value with and without mortgage insurance

INVESTMENT HOME BUYERS:

-          Up to 80% loan to value

We no longer call a condominium a condotel just because there are short-term rentals in the project. 

We are still restricted from lending on a project that has more than 20% commercial in the building.

We still ask for information from the HOA including questionnaire, decs/bylaws, insurance(s)  and annual budget

Front desks for 24 hour check-in/booking are still an issue.

We are going to try to get some projects approved in advance of actually taking a loan application so if you have a condo project that you find is a strong seller in your market, let me know and we will attempt to get it approved for you.”

This is good news for Summit County where almost all of our condo complexes could have been considered condotels in the last few years.  We’re making steady progress forward! 

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com

At Summit Real Estate, it is always our pleasure to keep you informed about what’s happening with regard to the market here in our fine county!  We enjoy providing the HARD FACTS about the market – not just the cocktail conversation and innuendo!

Ready for some great information about each and every complex in Dillon, Frisco, Keystone and Wildernest/Silverthorne regarding recent sales and active listings? You can view it online right now! Click the hyperlink below, fill out the information required and you will automatically be directed to the sales reports for Summit County.  Good stuff.

Summit Real Estate Quarterly Report

We value your opinions and comments.  Let us know what you think!

Answer: Yes, it’s true that our market is stabilizing and moving in some “segments”…not every category of home is feeling the incline yet.  I always believe that it’s important to put your home’s best foot forward before selling.  Even if you own something that will sell in a snap no matter what its condition, you can help it sell more quickly and with fewer hassles with a bit of attention to detail.  According to David Sambrotto there are 10 must-do steps to selling in any market.

1. Recognize every market is different. Your state, town or neighborhood could dovetail with national numbers or buck the trend entirely. "There really is no national market," says Sambrotto. "There's a patchwork of regional markets." Never rely solely on one person's advice or opinon. Talk to a handful of professionals, do your own research and listen to your gut instinct.

2. Get your home inspected. "Before I would even call a real estate agent, I'd have my home inspected," says attorney Diana Brodman Summers, author of "How to Buy Your First Home." Some real estate agents advise against spending the money (most basic inspections range from $200 and $400, according to a 2004 survey from the American Society of Home Inspectors), because the buyers will get one anyway prior to closing. Others recommend it, because it gives sellers an early warning on any repairs they might have to make. But in this market, it's better to be proactive, says Summers. "I would rather know what the inspector is going to find and be able to fix it -- and pick who will fix it," she says. Her method also allows you to shop around for the best price instead of perhaps paying an inflated price later on.

3. Shape up before marketing. A buyer's market means you've got more competition. "You want to put your best foot forward," says Eric Tyson, co-author of "House Selling for Dummies." If your home isn't appealing and in good repair, potential buyers won't even stop. Some sellers feel it's OK to skip this step and take less, but if the house is not appealing you may not get the chance to negotiate. "Six weeks before you want to put it on the market is a great time to get it done," says Summers. You don't need to renovate, but make sure everything looks great and works well. There are some things you can do to make your home stand out:

• New paint. Paint the whole house, if it needs it, or just the trim, shutters and door to freshen up.
• A clean entry way. Sweep or pressure-wash the front walk and porch. Polish the outdoor metalwork, clean the windows and glass and replace any burnt-out bulbs in outdoor lighting. And, if you can, add planters with flowers.
• Lush landscaping. Think new mulch, sharp edging, a healthy lawn and beds of flowers.
• "Maximize your chances of people being excited about your listing when it hits the market," says Tyson. 

4. Devise a marketing plan. Do you want to use a real estate agent or would you rather sell it yourself? If you try doing it yourself, have you set a time limit after which you want to enlist the aid of a professional? Selling it yourself can save you the real estate commission (often about 6 percent), which can be an advantage in a tight market. But a buyer's market (or rapidly changing market) is also a good time to have a little professional expertise to price, market and move your property. And don't forget, potential buyers may feel that if there's no agent involved the price should already be 6 percent less. Both the buyer and the seller can't save the same 6 percent.

5. Check into company relocation assistance. Are you moving to take a new job or position? If so, the company might offer some resources to make things easier, says Summers. Some companies will even provide a list of real estate pros who will work with you at a discount. If you're selling in a tight market, every little bit helps. Best source: call your human resources department.

6. Interview real estate agents. If you're interested in using an agent, interview several early on about listing your home, says Tyson. "Ask them for their advice," he says. "That's a good way to select an agent." What would they highlight about your home? What would they change before it goes on the market? Ask to see an activity list -- a list of all the buyers and sellers they've represented, the areas of town and the price ranges. You don't want private details, says Tyson. But you want to see if they've worked in your neighborhood, in your price range and if they have a track record of successful sales.

How old are the comparable sales (often called "comps") they are showing you? A few years ago, you could study comps that were 6 months or a year old. This year, because many markets are changing, you want neighborhood comps that are no more than two to three months old, says Summers.

And find out how long each has been a professional. Experience counts. "If you're going to pay 6 percent, you might as well get the best your money can get," says Tyson.

7. Set a price. The rules are different in soft vs hot markets. "You don't overprice your house 20 percent to leave wiggle room for negotiating," says Tyson. While that kind of strategy might never be a good idea, it can really backfire in some markets. If your property is overpriced 20 percent, the buyer's agent "may not even show it to them," he says. Again, it's not a matter of being willing to negotiate. If your price is too high potential, buyers may not even look at it. And they may very well see a negative message in such a high price. "Those who overprice their homes in this market are wasting everyone's time," he says.

Then set a realistic figure. Your goal: to maximize the chances that the perfect buyer will actually see it, Tyson says.

To get an idea of what's going on now, you want recent comps. But you may also want to look at comparables from the last six months. "You will see trends," says Patricia Fitzgerald, broker/owner of Coastal Properties in Jupiter, Fla. "You also need to look at what is in the market" in that area, she says. Are properties moving? Are prices holding steady or are sellers dropping prices?

Pricing is strategy. And much of it comes down to just how motivated you are to sell -- or how quickly you have to leave.

If you have to pad the price, it's "an art, not an exact science," Tyson says. "Five to 10 percent is one thing. Fifteen to 20 percent and you have a problem."

Two more points to consider:

• Modern technology. Agents and buyers are often using computers to search for properties. If you want to sell yours for around $400,000, consider listing it at $399,999, rather than $400,500. That way, a computer search of anything between $350,000 and $400,000 will include your listing.
• Commissions aren't add-ons. Don't add the real estate commission to the value of the home to come up with your asking price, says Tyson. If you use an agent, the fee comes out of your share of the profits. Otherwise, "you're going to get penalized for overpricing your house," he says

8. Understand your price. While you don't want to undervalue your house, many sellers today won't make as much as neighbors who sold last year, says Summers. If you have your heart set on a certain amount, and find out that houses aren't selling for that, you may "have to change your mind and sit on the house," she says.

9. Get rid of the junk. "This year it's more important because buyers are going to be more fussy," says Summers. "Buyers are going to come in with an attitude." Throw things out, ship them early or rent a storage locker. But clear out that clutter. Buyers look for space and light. To show it off, you need to be able to tour a group comfortably through the house, as well as actually walk into those "walk-in" closets.

10. Stay on top of the market. "You must be aware of market changes," says Summers, which is one reason she recommends using an agent. Stay on top of what is happening with mortgages and finance rates, keep looking at comps and, "see trends before they happen," she says. "The real estate market is still in a time of correction. You have to be so careful with both buying and selling."

For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - Info@SummitRealEstate.com or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours. 

A huge December pushed 2012 high-country real-estate sales to their highest levels since 2008.

Three years after the resort real-estate market cratered in 2009, sales in six Colorado resort counties have rebounded.

Realtors say the rebound was supercharged in the last few months of the year, with December sales ranking as one of the strongest since the boom times of 2007.

In Pitkin County, where average prices in tony Aspen were $4.2 million in 2012 and most high-end deals are done in cash, December sales reached $270 million, up 116 percent over December 2011.

Aspen broker Tim Estin said uncertainty over tax changes planned for 2013, primarily estate and capital-gains taxes, "likely fueled a number of these transactions before the end of the year and trumped the uncertainty caused by the 'fiscal cliff' debate."

In Eagle County, where December sales climbed 90 percent, buyers whittled away at a dwindling supply of properties.

"It was a combination of people searching for a good investment and watching a market near the bottom," said Vail broker Gil Fancher, who posted his best month ever in December with a mix of high-end, midmarket and fractional sales. "People are realizing I can park money in this area and come and use it or I can rent it and I can even gain a little back on my investment when the market returns."

That return has been slow, especially to the levels seen in 2007. Back then, real-estate sales in Eagle, Grand, Pitkin, Routt, San Miguel and Summit counties topped a record $10 billion. Two years later, the economy reeled, resort-area foreclosures reached rec-ord levels and prices plummeted. Total sales in those counties in 2009 barely hit $3.6 billion. Last year, sales in the six counties reached $4.9 billion, still less than half of 2007 but 22 percent ahead of 2011 and 37 percent ahead of the 2009 low point.

"The new normal is realistic expectations. Slow and steady," said Mike Periolet, a 20-year broker and 10-year town councilman in Winter Park, anchor of the Grand County market that saw a 26 percent annual increase in dollar volume in 2012.

Periolet said he thinks the market eventually will return to the volume seen in 2007, when Grand County posted a record $640 million in sales. But it will take time and development of new homes to replace the Fraser Valley's ample supply of 30-year-old condos.

"There are always buyers for new product, so as the demand creeps back in, the developers will follow," Periolet said. "We'll start building again, and it will all cycle. Until the next crash. And I'll be retired by then."

Steamboat Springs' Routt County has seen a slower rebound than other resort areas, climbing 7 percent in 2012.

The county's real-estate market fell hard from 2007 to 2009, losing more than $1 billion in sales volume.

Routt's climb back has been slow, with prices remaining low. And as in other resort communities, December was exceptionally busy in Routt County, with $73 million in sales, a 56 percent increase over the previous December. Still, average prices in Routt did not climb in 2012.

"We have some tremendous values, and right now, it's the time to buy," said Stan Urban of Land Title Guarantee Co.

Telluride also saw a momentous December, with $76 million in sales, the highest since July 2007. San Miguel County enjoyed a 47 percent surge in sales volume over 2011, the largest increase of all six resort counties and its best year since 2007. (Still, 2012 sales in San Miguel County were less than half of 2007.)

Investor mentality is shifting from a concentration on financial returns toward lifestyle returns, said longtime Telluride broker T.D. Smith.

Many see the Telluride and Mountain Village market as "bottomed out," Smith said.

"There is definitely a recognition by people that they can buy in this market and they are not going to get hurt," he said. "People are tired of being tired. They are ready to move on and teach their children and grandchildren how to ski and fly-fish and be a part of the mountain environment."

Jason Blevins: 303-954-1374, jblevins@denverpost.com or twitter.com/jasontblevins

2.) Supply Is Low
The monthly supply of properties for sale is at its lowest point (10 months) since 2006. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

3.) New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers.

4.) Interest Rates Are Projected to Inch Up
The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) Timelines Will Be Shorter
The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.

If you have thought about selling your property, consider these five good reasons why you should consider listing your house today instead of waiting.  If you would like a personalized valuation of your Summit County property, please respond to this email!  We are delighted to help! 
 

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com  

Here is our latest (and greatest!) News & Views magazine.  It’s loaded with good info for you – Market updates, sales pricing history, articles on the various towns in Summit County, what your money can buy in Summit County, great properties – and best of all – the Summit Calendar of events! 

Please click on the picture below to enjoy our Winter edition of Summit Real Estate News & Views....

See something that catches your eye, please give us a call.  We'll be happy to send you more detailed information about ANY property for sale in Summit County.

We value your opinions and comments-if there is something you would like to see in our magazine next time, just ask!   Let us know what you think!  Have a safe and happy winter!

Answer: Just when you never wanted to hear the words "Fiscal Cliff" again, I’m glad you asked!  Here are some of the details of the changes in the law that affect property owners. 

(This information was compiled by the National Association of Realtors

* Mortgage cancellation relief is extended until January 1st, 2014.  This is for people doing short sales and not wanting to be taxed on the amount shorted to the bank.
* Deductions for mortgage insurance premiums for filers making under $110,000 is extended through 2013 and is retroactive for 2012.
* This one affects ALL home owners, the energy efficiency tax credit of 10% (up to $500) was extended through 2013 for improvements to EXISTING homes.
* Capital gains rate: This stays at 15% for those making under $400k/$450k.  After that tax rate is now 20%.  The $250k/$500k exclusion for the sale of a single family residence stays in place.
* Estate Tax:  The first $5m in individual estates and $10m in family estates are now exempt from estate taxes.  After that the rate is 40%.

This is just the down and dirty about how the newest changes may affect you and your family.  Give us a call if you’d like more information – or, as always, speak with your accountant to get detailed info about your particular situation!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com  

Demand for Housing Will Continue to Surge

The housing market has turned the corner and there is no reason to believe that buyer demand will not maintain momentum nationally throughout 2013. Household formations shot up to boom-time levels in 2012 and are projected to increase at even a faster rate over the next twelve months. A lack of inventory will be more of a challenge to sales increases than will a lack of demand.  As usual, Summit County tends to lag behind the national economy by about 18-24 months, and things have been looking more stable here, as well.

Generations X and Y Will Prove They Believe in Homeownership

Contrary to what many have hypothesized over the last few years, young adults (18-35 year olds) are just as committed to homeownership as previous generations. Recent studies have shown:

• 43% already own a home
• 72% see homeownership as part of their personal American Dream
• 93% of those currently renting plan to buy a home

This, along with the increase in household formations mentioned above, makes us believe that 2013 will be the year that many of these young adults will jump into homeownership.

Prices Will Continue to Increase

Pricing of any item is determined by supply and demand. Demand for housing will remain strong throughout 2013. At the same time, the supply of homes ready for is shrinking in many parts of the country. Outside of a few states that still have challenges with large inventories of distressed properties (NY, NJ, CT, IL for example), prices will appreciate nicely.

Even in the areas that are still dealing with high percentages of foreclosures and short sales, prices will not tumble dramatically. The increase in demand will absorb much of this inventory. In these areas, prices will either flatten or perhaps soften to a small degree.

Move-Up Sellers Will Return in Great Numbers

Perhaps what many will find as the biggest surprise of 2013 will be the return of the ‘move-up’ seller. Over the last several years negative equity has prevented many of these sellers from moving up to the house of their dreams. However, with prices recovering, more and more of these sellers will realize that now may be their greatest opportunity to make the move to a lifestyle they always wanted.

With home prices expected to increase and more stringent mortgage qualifications (QR and QRM) scheduled to be announced this year, we believe that the first half of the year will bring many of these sellers/buyers to the market.  Copyright KCM crew.

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com  

Here's a quick article to give you local scoop on Summit County, CO real estate!

http://www.summitdaily.com/article/20121205/NEWS/121209923&parentprofile=search

Enjoy the fun! 

At Summit Real Estate, it is always our pleasure to keep you informed about what’s happening with regard to the market here in our fine county!  We enjoy providing the HARD FACTS about the market – not just the cocktail conversation and innuendo!

Ready for some great information about each and every complex in Dillon, Frisco, Keystone and Wildernest/Silverthorne regarding recent sales and active listings? You can view it online right now! Click the hyperlink below, fill out the information required and you will automatically be directed to the sales reports for Summit County.  Good stuff.

Summit Real Estate Quarterly Report

We value your opinions and comments.  Let us know what you think!

Keystone, Copper Mountain and Arapahoe Basin are up and running, and Breck's lifts will be turning by the end of the week!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Team@SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com  

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com