Real Estate Information

Summit Real Estate's Quarterly Sales Report is now available!

How’s the local real estate market performing?  There are many ways to gauge market performance and, as always, we like to take an objective approach.  The numbers do the talking.  The cocktail party circuit is great for catching up on the real estate “gossip”, but we’ve found our clients appreciate more substantive information and advice. 

It is our pleasure to keep you informed on Summit County’s Real Estate Market.

Click the hyperlink below, give us your name and property address (if you already own property in Summit County) and you will automatically be directed to the sales reports for Summit County.

Summit Real Estate Quarterly Report

 Please let us know if you would like more specific information about any particular property or complex.  We’ll help you navigate the numbers! 

Ready or not, here it comes!  A-Basin opened last week - after only being closed for 100 days!!!!  Keystone opens November 4 and Breck the week after.

Here's the scoop on Keystone (that's yours truly - Allison - with my daughter Mackenna- skiing in the ad!)  Click here!

Pre-Ski Season Ski exercises.....  :>)

1. Visit your local butcher and pay $30 to sit in the walk-in freeze for a half an hour. Afterwards, burn two $50 dollar bills to warm up.
2. Soak your gloves and store them in the freezer after every use.
3. Fasten a small, wide rubber band around the top half of your head before you go to bed each night.
4. If you wear glasses, begin wearing them with glue smeared on the lenses.
5. Throw away a hundred-dollar bill now.
6. Find the nearest ice rink and walk across the ice 20 times in your ski boots carrying two pairs of skis, accessory bag and poles. Pretend you are looking for your car. Sporadically drop things.
7. Place a small but angular pebble in your shoes, line them with crushed ice, and then tighten a C-clamp around your toes.
8. Buy a new pair of gloves and immediately throw one away.
9. Secure one of your ankles to a bedpost and ask a friend to run into you at high speed.
10. Go to McDonald’s and insist on paying $13.50 for a hamburger. Be sure you are in the longest line.
11. Clip a lift ticket to the zipper of your jacket and ride a motorcycle fast enough to make the ticket lacerate your face.
12. Drive slowly for five hours- anywhere- as long as it’s in a snowstorm and you’re following an 18-wheeler.
13. Fill a blender with ice, hit the pulse button and let the spray blast your face. Leave the ice on your face until it melts. Let it drip into your clothes.
14. Dress up in as many clothes as you can and then proceed to take them off because you have to go to the bathroom.
15. Slam your thumb in a car door. Don’t go see a doctor.
16. Repeat all of the above every Saturday and Sunday until it’s time for the real thing.

See you on the slopes!

Question:  Allison, we are considering purchasing another condo in the complex where we already own as a long-term rental property.  I’d love to get your perspective. 

Answer:  I think it’s a fantastic idea!  Prices are low and while rents haven’t skyrocketed, they are staying up and we’ll see more renters in Summit County.  According to Brian Davis and Inman News, home prices and sales may be flat, but the rental industry is booming. The percentage of renters is on the rise, the number of households is increasing, and more Americans are downsizing, all of which point in a single direction: rents are on the rise.

At the peak of the housing boom, homeownership in America reached an all-time high at 69.2 percent. Today that number has dropped to fewer than 67 percent, which may not sound like a huge drop, but that represents roughly 3 million households that were owner-occupied and are now tenant-occupied.

The high foreclosure rate has accelerated the transition toward leasing, but there are a myriad of other trends coalescing to boost demand for rental housing.

For the first time in 40 years, demand has been shifting toward smaller dwellings, coinciding with a shift in demand toward urban centers. Baby boomers are considering downsizing, moving toward areas with more amenities, and members of Generation Y are just hitting their single, urban-living years.

Only the relatively small Generation X is in the buy-a-large-house-in-suburbs category, which means the demand for the traditional single-family home with a white picket fence is weak.

The number of households in the U.S. was artificially stifled during the "Great Recession," as people took on roommates, moved in with family, or remained with their parents longer than they would have otherwise.

Rental vacancy rates are sharply on the decline as well. In the first quarter of 2011, rental vacancy rates had dropped to 6.2 percent, according to Reis Inc., which tracks nationwide residency data. This figure is down sharply from the 8 percent vacancy rate just one year earlier.

Each of these indicators are entire topics in themselves, but the bottom line is that the rental industry is on the rise, and some real estate experts believe that its growth will accelerate rapidly over the next three to five years.

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  

A few more days of summer...the leaves are starting to turn and that crisp, fall mountain air is so lovely.

There was some good news from The Summit Daily News on the real estate front last week that I wanted to share with you:  Real Estate sales up in Summit County 

But, most of all, a HUGE THANK YOU to everyone of you who voted us top two Real Estate Companies in The Best of the Summit!  For all the special places in Summit County to help you live like a local, check out the BEST OF THE SUMMIT 2011!

And, thank you, thank you again for voting Allison Simson - Summit Real Estate. It is such an honor!  We feel so blessed and lucky to have so many wonderful customers and friends who made this happen again this year! 

And Here's Your Morning Coffee!

Question:  Allison, we have had our home in Silverthorne on the market for almost a year.  We are priced competitively, but our Realtor tells us our home is dated.  Besides a total renovation, what do you recommend we do?

Answer:  Glad you asked!  I always say that it is a price war and a beauty contest, and you have to win both to sell in today’s market!  Remember just a few years ago if you wanted a cupcake you could get vanilla or chocolate and maybe just a few other flavors in between. Now all you see are elaborately flavored and decorated cupcakes. Today, it’s almost that way with buyers. Instead of a reasonably priced and relatively plain home in a nice area, many buyers have eaten one too many fancy cupcakes and want it all. Homes with sprinkles or a sparkler or two are the ones that sell.

The buyers we are talking about are young families and adults between the ages of 31 to 55. These buyers are in full course with their careers and are busy with their growing families and don’t have the time or money to update a house. Watchers of HGTV, they also have strong opinions about design features their new home will include. Take a look at some of these items and ask yourself how your home stacks up if you decide to sell.

1. Buyers want a deal! We are in a very price sensitive market and buyers want to know that they are getting the most value for their money. Saying that, Buyers are willing to pay more for homes that are in model home condition but either won’t buy or will discount significantly a home that needs work.

2. Kitchens and Baths Sell Homes!  We know many Sellers do not like granite counters and stainless steel appliances but at this moment Buyers do! Bathrooms with dated tile should be updated and older vanities, sinks, medicine cabinets, hardware and light fixtures should be replaced.

3. Paint is an Easy Crowd Pleaser! Buyers want a house with a neutral palette to help them imagine their own decorating plans. Plain white, however, is mostly out and “Pottery Barn” colors are in. Wallpaper no matter how expensive and dear to a Seller must go as well as dated carpet. And, if you have carpet over hardwood floors, show the hardwoods. They are in and most desirable.

4. Let there be Light! Your brass or crystal Dining Room light fixture is no longer fashionable. Brush nickel and antique bronze are in. And, the overhead light fixtures that you have in your bedrooms and halls for the last 20 years must go. Good news, however, they are relatively cheap to replace.

5. Energy Efficiency! While most buyers won’t pay substantially more for  green” and “energy efficient” improvements, they do want to know what it will cost to heat and cool the house and they do question whether windows, doors, the furnace, air conditioner, and hot water heater have been replaced.

6. It’s Clean Up Time!  Buyers want a clean house. Not just a house where the beds are made and toys are put away but a house with clean windows, baseboards, siding, and refrigerators. Clean carpets, bathrooms, kitchens and flooring are essential as well. 

7. Smelly Houses Don’t Sell!  Any pet odors need to be eliminated, cooking food with strong odors (unless it’s bread or cookies) needs to be avoided, and if you are a smoker, your home will need to be de-odorized and you need to smoke outside-no kidding! If you do plan to sell, do not light any scented candles or install plug-ins. Today many Buyers and their families are allergic and will run out of a house no matter what the smell.

8. Oh Give Me Land!  Buyers want a home with a connection between indoor and outdoor spaces. So even if your lot is relatively small, landscape it, deck it, fence it or do whatever is necessary to create a perception of another wonderful living area, even if that area is used only part of the year.

9. Size Matters! Buyers want more storage space as well as flexibility in the garage. If you have a storage room or area, make it look big by straightening it up and getting rid of anything that you haven’t touched in years or that you don’t plan to take with you. If you have a garage, clear it out so that cars can easily fit in. And if you have a carport, the only thing visible should be your car.

10.  Beauty Counts! Today’s buyers start their search on the Internet and if they are not impressed by the pictures they see, they are not coming in.  You simply don’t get a 2^nd chance to make a 1^st impression.

 To help you make your first impression GREAT, call me and we will send you our staging guide. 
 

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  

 It's another gorgeous day in paradise!  We've had a busy summer here in Summit County, CO with all the festivals, concerts, BBQ challenges and events, not to mention the biking, hiking, fishing and relaxing.  Pheww!  We've had a glorious summer and the fall promises fun and festivity, too.

This past week the USA Pro Cycling Challenge road through Summit County in stage 5.  128 professional bikers made their way from Steamboat to Breckenridge.  Levi Liephimer (the overall winner) zoomed past about 2 feet away from me!  Very exciting!  It was like our own "mini" Tour de France!

Here's an article on rental property and taxes from last week's Summit Daily News that you might find interesting - click here.

Our real estate market continues to move along, we've had more sales this year over last year, and although the prices are still declining, it does seem like they are declining at a slower rate than last year.  For specifics about your favorite town please check the market reports here:

1) Dillon

2) Wildernest/Silverthorne

3) Frisco

4) Breckenridge

5) Keystone

6) Summit County Overall

And Here's Your Morning Coffee!

Question:  Allison, we’re selling our home in Breckenridge, CO and wonder what changes our sale will have on our taxes from a real estate perspective.

Answer:  Good question! I’m FAR from being a tax expert, but from time to time the IRS releases tips designed to help people with their taxes. Some of these are quite useful.

According to Stephen Fishman, Inman News, last week the agency released "Ten Tax Tips for Individuals Selling Their Home," (IRS Summertime Tax Tip 2011-15).

Here are the IRS's top 10 tax tips for home sellers:

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.


2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).


3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.


4. If you can exclude all of the gain, you do not need to report the sale on your tax return.


5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.


6. You cannot deduct a loss from the sale of your main home.


7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.


8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.


9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return.


10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

Best to speak with your Accountant to keep on all the minor and major changes that can affect you! 

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  

How fence-sitters can get a jump on the competition

Question:  Allison, we are considering buying a townhome in Wildernest, but have been unable to “pull the trigger!”  Do you have any suggestions about timing the market? 

Answer:  That’s the million dollar question!  First, you won’t know when the market has hit bottom until it starts to go up, so timing is difficult at best.  According to Dianne Hymer of  Inman News, in mid-June, interest rates on home loans were lower than they were a year ago. However, this failed to ignite the housing market. Many buyers and homeowners would like to make a move, but some find it impossible to make a decision. They are commonly referred to as fence-sitters, poised to make a move when the time seems right.

The housing market is unlikely to make a quick turn-around anytime soon, but this doesn't mean that now is not a good time to buy or sell. It depends on your personal situation and market conditions in the area where you plan to buy or sell.

Become an expert on your local market. Knowing a good deal when you see it or what price to ask if you decide to sell depends on having a good understanding of how much properties are selling for in your neighborhood.

While you're trying to decide what to do, line up a team that can help you accomplish your goal when you decide to move ahead. You can do this by researching online, attending open houses in the area and asking a real estate agent to keep you on top of market fluctuations.

Your decision to buy should be based on your personal financial situation, not on the national or global economy. For example, if you bought during the bubble market and are now getting divorced, you'll probably sell for less than you paid.

But, if the house is too expensive for one to support, it may be cheaper in the long run to cut your losses and sell now. No one knows how long the housing downturn will last. Prices could move lower before rebounding. This is not an ordinary recession.

Don't get caught up following the herd. Just because most people in your area aren't buying or are having difficulty selling doesn't mean that you shouldn't make a move. Just make sure if you're a buyer that you have job security, a relatively healthy economy in your local area and a plan to stay put for at least 10 years.

The housing market will be volatile going forward. Good economic news will help fence-sitters make the decision to get serious about moving. Bad news of any sort can cause the market to stall. To take advantage of the upticks in the market, you need to be prepared in advance.

Find a good local real estate agent to work with who understands your needs, and wait to buy or sell until the time is right for you. It could take you a year or so to make the final decision. Some agents don't have the patience to stick it out.

Select an agent who will educate you about the market and the idiosyncrasies of the home-sale business in your area. Ask to be kept informed about sales in the area. Many agents are set up to do this electronically, which is an easy way to keep you informed without taking up a lot of the agent's time.

One of the most difficult aspects of the current home-sale business is financing the transaction. Find a loan agent or mortgage broker who is a real professional, has been in the business for years and who understands what current underwriters will require from you to process your loan.

Assemble all the financial documents you'll need for loan approval even before you start looking. Ask your agent or broker to have your loan package previewed by an underwriter so that you know beforehand if there are any problems.

Remedy these in advance so that they don't cause last-minute delays in closing. Copyright Inman News.

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  

Data from the 2011 NAR Investment and Vacation Home Survey shows vacation-home sales accounted for 10 percent of all transactions last year and investment sales were 17 percent of the overall market.

The median vacation-home price was $150,000 in 2010, while the median investment-home price was $94,000. The typical vacation-home buyer was 49 years old with a median household income of $99,500 and purchased a property that was a median distance of 375 miles from their primary residence. Investment-home buyers had a median age of 45, earned $87,600 and bought a home within a median distance of 19 miles.

Thirty-four percent of vacation-home buyers said they plan to use the property as a primary residence in the future, as did 10 percent of investment buyers.  

Are you considering a vacation or investment home purchase?  Although we think Summit County, Colorado is THE BEST place for your second home, we can put you in touch with a real estate agent in the area of your choice-even if it's not Summit County!  Just let us know where you are considering buying and we will take care of the rest.

For local market conditions click here!
 

And Here's Your Morning Coffee!

I read this quick article and thought you might find it interesting!  In our world of high tech EVERYTHING it's easy to forget that we are all human and staying human with high touch interactions is so critical! 

The key to service.

"I am because you are."
--African Proverb

I can think of no simpler way to sum up the nature of a true community than this African proverb. In five words, you have the guiding principle behind client service, neighborly attitude, and public service. When we forget this truth, we risk becoming isolated and self-obsessed.

Just 15 years ago, your business interactions would have likely involved a phone, fax machine, letter, or face-to-face meeting. Now, however, your options have exploded: You may text, blog, email, tweet, update your Facebook page, comment, and video conference.

You would think that with the rise of network technology that we would be constantly reminded of this proverb's truth. Yet with all the power this technology provides us in our careers and personal lives, it is more valuable than ever that we remember to remain human. We must make a concerted effort to remember that we are not communicating with machines when we use machines to further our relationships.

The smiling emoticon is no substitute for a real smile. ;>) It is a reminder that the technology we use falls short of providing the components of tone, emotion, and body language that human civilization has depended on for thousands of years.

As you integrate new communication technologies into your business, try and hold onto the idea that we are more than the sum of our messages and updates. Recognize how much exists beyond these transactional forms of communication. While much has been done to improve speed of service, quality of service remains a uniquely human challenge. ~ Scott Levitt

Hope your summer is going great and that you are enjoying it to the fullest!

And Here's Your Morning Coffee!