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Summit Made the Top Five Vacation Spots~

by NAR

In today’s fast-paced world where answers are a Google search away, there are some who may wonder what the benefits of hiring a real estate professional to help them in their home search are. The truth is, the addition of more information causes more confusion.

Shows like Property Brothers, Fixer Upper, and dozens more on HGTV have given many a false sense of what it’s like to buy and sell a home.

Now more than ever, you need an expert on your side who is going to guide you toward your dreams and not let anything get in the way of achieving them. Buying and/or selling a home is definitely not something you want to DIY (Do It Yourself)!

Here are just some of the reasons you need a real estate professional in your corner:
There’s more to real estate than finding a house you like online!

There are over 230 possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to ensure you achieve your dream?

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

What is the home you’re buying or selling worth in today’s market?

There is so much information on the news and on the Internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has his or her finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

Today’s real estate market is highly competitive. Having a professional who’s been there before to guide you through the process is a simple step that will give you a huge advantage!

 

Sellers: Now Is the Time to Buy!

by KCM

Falling interest rates coupled with increasing inventory create the ideal market to find the home of your dreams. There's no time like the present to move up! Let's get together to discuss your options.


FRISCO — Summit County’s Family & Intercultural Resource Center has announced that its 3-year-old Housing Works Initiative has helped nearly 100 Summit County residents find long-term rental housing. The Housing Works program connects Summit County workers in need of housing with landlords willing to convert their vacation or short-term rental properties into long-term housing.

The program, which is supported by The Summit Foundation, seeks to put a dent in the county’s shortage of housing for full-time workers. Recent figures from the state demographer’s office reveal that 68% of Summit County’s housing units are vacant, meaning they are not lived in for a majority of the year or are used as short-term rentals. That leaves very few units available for long-term or yearlong leases, compounding the extremely high cost of living in Summit.

When it started nearly four years ago, Housing Works leased 15 housing units to local workers. Now, 32 units are leased with more units coming online every month. Housing Works has helped 67 working adults and 30 children find long-term housing in Summit County, people who otherwise might be forced to find housing in places like Grand, Lake or Park counties.

“Personally, I am very grateful for FIRC,” Norma, one of Housing Works’ first tenants, wrote in Spanish in a letter to the nonprofit. “Thanks to you, I have had a secure place to live for the past four years. All of the staff are attentive and try to help. Thanks to Housing Works, I have a safe place to live with my family.”

Aside from helping workers live near where they work, Housing Works also boosts the local permanent workforce pool, from which businesses draw, as well as helps build up the local permanent resident community.

Anita Overmyer, the organization’s marketing and events director, said families in secure and stable housing situations are able to be better parents, employees and community members, which is the foundation of the resource center’s mission in Summit County.

Michel Infante, the resource center’s supportive services manager, oversees the Housing Works program. He said the organization works with local real estate and property management group Omni Real Estate to connect with property owners who would be willing to convert their short-term, former owner-occupied or newly purchased properties into long-term rentals. 

Omni surveys potential properties and agrees to a monthly rental price with the property owner in line with the caps the resource center sets for rentals. To avoid putting people in a position where they become cost-burdened, rents are capped at $1,500 for one bedrooms or studios, $2,100 for two-bedroom units and $2,600 for three-bedroom units. 

Even with the cap, the resource center does not rent units to potential tenants if their rent-to-income ratio exceeds 50%. This is a safety measure for the tenants and landlords to ensure the tenants will be able to pay their rent and to avoid a situation where they are unable to pay for other necessities, like food and utilities.

Scholarships are available through various sources to help potential tenants pay rent if they are just over the rent-to-income ratio.

After a property becomes available, the resource center advertises it through various outlets. Infante screens potential tenants, and if they are approved for a unit, they connect with Omni real estate, who handles the leasing arrangements

The program is sold to property owners with numbers showing how much more financially sensible it is to lease their units long-term than short-term or vacation rentals. Homeowners can stand to make $10,000 more a year renting through Housing Works than they might through short-term rentals. 

For example, a two-bedroom short-term rental unit usually has as much as 35% of costs going toward property management, while it’s usually about 6.5% for long-term rentals. Combined with the resource center’s screening process, property owners have more of a guarantee they will get a stable tenant who will provide a consistent rental income, as opposed to the inconsistency of relying on tourists, who might not visiting during shoulder seasons.

The Recourse Center reported that 96% of tenants wound up resigning their leases and staying in the program.

“Renting our condo through FIRC’s Housing Works Initiative has brought us peace of mind,” homeowner Kyle Hendricks said in a testimonial about the program. “We rely on the rental income to pay our mortgage, and by renting through Housing Works, we know we will get that payment consistently. It also feels good knowing that we are contributing in our small way to be part of the solution to Summit County’s housing crisis. By providing a long-term rental unit in our community, one more family can have a safe and stable place to live.”

The resource center is aiming to have 45 units available in its program but will grow further as more units become available. Units get rented as soon as they are listed and are rented on a first-come, first-served basis with no waiting list. The nonprofit advertises the units through various channels, including its own website at SummitFIRC.org, the Summit Daily News and social media.

Homeowners interested in listing their properties for long-term leases through Housing Works should contact Community Resource Coordinator Caitlin Johnson at [email protected] or call 970-455-0236.

 

Summit County Market Update Fall 2019- Courtesy Allison Simson

by Allison Simson


Market Update Fall 2019

Autumn is such a glorious time in Summit County!  Crisp mornings and warm days splashed with amazing colors all around- I never want to step foot outside the county this time of year!
The real estate market in Summit County is strong on so many fronts. Looking at several leading indicators – inventory & number of showings and as well as two lagging indicators – pending/closed sales and Days on Market –gives a good picture of where we’ve been and what may come.

Active Properties: 777 on the market early fall priced from $209,000-$18,000,000 – something for everyone! 
Showing data: The number of showings tends to dip slightly in the fall and pick up again when the snow flies and the skiers are back. Showings are still consistent.
Pending: Currently, there are 458 properties under contract.  The number of properties going under contract is on par with the summer months. 
This tells me Buyer demand is staying consistent, week after week.  While other aspects of the market go up and go down, we can depend on the Buyers to be here.  That's a good thing.
Sold properties: 1210 Sales Q1-Q3 2019 vs 1356 Q1-Q3 2018.  Number of sales is down overall by about 11%, but overall volume is up.
Interest rates also play a part of the equation- they are so low right now!  3.75% at the start of this quarter. The predictions of most economists at the beginning of this year for rising interest rates have not panned out – thankfully!  This helps with consumer confidence and makes properties more affordable.
Days on market: Median days on market is 19 this year vs 11 last year. A slight increase, but not statistically relevant.

The bottom line: High consumer confidence, low interest rates and buyers making offers gives the market a sense of confidence and predictability. That being said, we can expect, as we move toward winter, a gradual slow-down in transactions.  Much of the fall real estate market is driven by folks who want to get in and secure their ski getaway before the lifts start to turn!

Stay tuned to weekly updates on the Market click here: 

Sweeney Todd: The Demon Barber of Fleet Street” runs now through Oct. 27 at the Breckenridge Theater, 121 S. Ridge St., in Breckenridge. Courtesy Breckenridge Backstage Theatre

BRECKENRIDGE — October has arrived and the countdown to Halloween has begun, so get in the mood with Breckenridge Backstage Theatre’s production of with “Sweeney Todd: The Demon Barber of Fleet Street.”

In the award-winning musical by Stephen Sondheim and Hugh Wheeler, Sweeney Todd, an unjustly exiled barber, returns to 19th century London seeking vengeance against the lecherous judge who framed him and ravaged his young wife. 

The road to revenge leads Todd to Mrs. Lovett, the proprietress of a failing pie shop, above which he opens a new barbershop. Mrs. Lovett’s luck shifts when Todd’s thirst for blood inspires the integration of an ingredient into her meat pies that has the people of London lining up.

Tickets range from $15 to $43 and the show runs now through Oct. 27 at the Breckenridge Theater, 121 S. Ridge St., in Breckenridge. It is two hours long with an intermission and rated PG-13. Visit backstagetheatre.org or call the BreckCreate box office at 970-547-3100 to purchase.

Summit Daily- Everything Summit

FRISCO — The town of Frisco is hoping to remove some of the unintended consequences of past deed restrictions placed on homes in town.

The Frisco Town Council unanimously voted to adopt a resolution at their regular meeting Tuesday night that would allow homeowners with a deed restriction on their property to opt in to a new housing covenant offered by the town. The move is meant to help incentivize home improvements on restricted properties, and provide more flexibility to sellers so they aren’t forced to take a loss, while still assuring affordability for buyers. Council members Jessica Burley and Melissa Sherburne recused themselves from the vote.

“We tried to address each problem that was identified,” said Nancy Kerry, Frisco’s town manager. “It isn’t a perfect solution. Not every homeowner will make money. That’s how the housing market is for anybody. The goal of the council was not about guaranteeing any sales prices. But it also isn’t to force people to lose money. So we’re trying to thread the needle to the right outcome with as few unintended consequences as possible.”

There are currently about 170 deed-restricted covenants in Frisco, and while they aren’t completely consistent in terms of restrictions, most include the same language in regard to maximum resale value for sellers. Kerry said that language is the heart of the problem.

Under most current covenants, sellers are only allowed to sell their homes for a sum that’s equal to the lesser of two scenarios: either the purchase price plus 3% a year (not compounded), or the purchase price plus a percentage increase equal to the percentage increase in the area median income (AMI) from the time the unit was purchased until the time it’s listed for sale.

This means that in some cases, when there’s a negative or static change in AMI from the time of purchase — calculated using a national formula by the U.S. Department of Housing and Urban Development, with local variations — homeowners would be forced to sell their property for less than they purchased it for or a very small profit. It also means individuals with similar properties may be forced to sell under extremely different circumstances based on when they sell their homes.

“Let’s say someone purchased a house in 2011,” said Katie Kent, a planner for Frisco, in an interview with the Summit Daily this summer. “You actually pull out this spreadsheet from 2011 and look at what the AMI was that year, then you look at the AMI in the year they want to sell it and calculate the difference, whether it’s positive or negative. It all depends on what year you bought. You can only look at the year you purchased and the year you’re selling. And because the covenant says lesser of, if that number has gone down, that’s the formula, and that’s how you get the negative sell price.”

The new resolution creates a voluntary covenant that owners of current deed-restricted properties can join to change the maximum sale price calculation on their covenant.  

The new formula would set the maximum sale price as the sum of the seller’s original purchase price, a 3% increase annually (not compounded or guaranteed), the cost of qualified capital improvements on the property, and the cost of real estate commission. Sellers can also add a 2% bump on the commission if they use the Summit County Housing Authority to list their home.

Of note, homeowners won’t be allowed to sell above the set maximum purchase price in the published Summit County AMI at the time, even if the new calculation suggests they should be getting more. The only time someone would be able to sell their property above the published AMI is if they would otherwise be forced to take a loss on the deal — at which point they could sell for the original purchase price.

The new calculation also doesn’t guarantee that homeowners will get to sell at their highest allowed price, as they’ll still have to find a buyer within the correct AMI threshold to agree to that price. Though, it does provide increased flexibility for both buyers and sellers. For the first 30 days a property is listed, members of the Frisco workforce will have priority to purchase the property at its original AMI. Though, if the home isn’t sold in those 30 days, a 20% AMI spread goes into effect opening the door for more buyers.

For example, if someone lists a property restricted to buyers at 100% AMI and it doesn’t sell in 30 days, individuals who qualify at up to 120% AMI would then be allowed to buy the home.

Town officials also hope that by adding capital improvements and real estate commissions to the calculation they can encourage homeowners to make improvements to their homes without fear of losing value when selling, and to use a real estate agent so buyers aren’t left unaware they’re purchasing into a deed-restriction.

Kerry said that individuals interested in changing their deed restrictions would have to fill out an application, and have an informational session with town staff to make sure they understand how the new covenant would affect them.

“The goal is to have an inclusive community, and we want a range of people to be able to afford to live here,” said Kerry. “But in manipulating the market there are unintended consequences, and that is true for all affordable housing programs. … You have to be really careful. You can’t think of every possible outcome. But you can try, and that’s why we gathered as much information as we could to try and find the real causes of the problem.”

4 Reasons to Sell This Fall [INFOGRAPHIC]

by KCM

4 Reasons to Sell this Fall- Contact Summit Real Estate

Some Highlights:

  • Buyers are active in the market and often competing with one another for available listings.
  • Housing inventory is still under the 6-month supply found in a normal housing market.
  • Homes are still selling relatively quickly, averaging 31 days on the market.

A visitor flies into Denver from sea level, rents a car and drives up to Summit County. Braving the traffic, potholes and white-knuckle turns along the Interstate 70 mountain corridor, they get to one of the more amazing sights in Colorado: a dazzling blue Lake Dillon framed by the majestic Gore Range with rolling, green pine forests all around.

They decide not to waste any time, and they go for a hike as soon as they get here. Not too long into the hike, they start feeling a little lightheaded, and a headache starts gnawing at their temples. Farther along, their breaths get shorter. Before they’re halfway up, everything in their body is telling them to stop. They’re nauseated, dizzy and their muscles are aching.

Suddenly, their trip to the Colorado Rocky Mountains becomes a medical emergency.

What they’re experiencing is called altitude sickness, and it’s caused by hypoxia, a lack of oxygen in body tissue. Understanding hypoxia is the key to unlocking many mysteries of human health at elevation, including why so many people who live at high elevation are able to thrive.

In this first part of the Summit Daily News’ annual Longevity Project series, we explore how high altitude affects the biological and physiological processes, what performance gains the human body can experience after spending enough time at high altitude, and why some people — especially endurance athletes — thrive here.

Running out of air

Hypoxia can be acute or chronic and occurs when body tissue receives less oxygen then normal. At high elevations, about 8,000 or more feet above sea level, hypoxia occurs because there is lower barometric pressure. Lower pressure means less air drawn into the body with each breath, which also means less oxygen in the lungs. The towns of Breckenridge, Dillon, Frisco and Silverthorne are all above 9,000 feet, making them hypoxic environments.

Dr. Christine Ebert-Santos, a pediatrician who runs the Ebert Family Clinic in Frisco, has been studying the effects of high elevation on human health for two decades.

She said lower oxygen absorption in the lungs results in lower peripheral capillary oxygen saturation, measurable with a pulse oximeter, which in turn leads to lower oxygen saturation in red blood cells.

A pulse oximeter reading at sea level is normally at 100%. In Denver, peripheral capillary oxygen saturation is usually around 95-96%. Up in Summit, oxygen saturation is around 92%. Visitors coming to Summit from sea level might see their oxygen saturation drop to around 88% or lower before reaching levels typical at this elevation.

Any oxygen saturation level below 100% is considered low, while measurements in the mid-80s could be a real health concern. Below 80%, organ function is disrupted.

“If your oxygen saturation drops below 30%, you will probably die within a few hours,” Ebert-Santos said.

While people don’t drop dead from oxygen starvation in Summit, some do get very sick.

Charles Pitman, spokesman for Summit County Rescue Group, said his team goes out on calls all the time to help people who didn’t prepare properly for high altitude.

“People come up to altitude, but they don’t acclimatize. They drive up to Summit County and want to do a very arduous climb the next day,” Pitman said. “It takes three, maybe four days to acclimatize. By not allowing themselves to do that, they not only get tired, but they’re dehydrated and don’t use the best judgment.”

Pitman said the two primary indicators of a person experiencing altitude sickness are headaches and an inability to speak. He said people experiencing dehydration and altitude sickness often see the summit of whatever mountain they’re hiking, ignore the symptoms and push forward to their goal, making more poor decisions along the way. He said the rescue group has a term for that behavior: summit-itis.

“We’ve seen many cases of extreme dehydration over the years,” Pitman said. “When we find them, it’s very difficult to run a line to get fluids because their veins have collapsed.”

Pitman’s best advice for people coming up to high elevation from lower elevations is to be educated and to listen to their body.

“Don’t push yourself,” Pitman said. “A lot of people are short on time and try to maximize the number of things they’ll do, and it can be very challenging for them. We see that quite frequently. People need to take at least a day or two to acclimatize.”

For adventurers who want practical advice on how to avoid altitude sickness, there are few people on the planet with more experience or daring than mountaineer and explorer Mike Libecki, who was named a National Geographic Adventurer of the Year in 2013.

Libecki has conducted more than 90 expeditions to the North Pole, South Pole and many of the unexplored, untouched parts of the planet found in between — even places that have never been named. While he prefers technical climbing, Libecki is well-versed on what it means to perform at altitude, having climbed to 23,000 feet above sea level.

Libecki said the most important part of a high elevation trip is preparation and physical training — the parts he calls “easy.” Beyond that, it’s about staying hydrated, taking your time, and being cognizant about how everyone can get altitude sickness, no matter what physical shape you’re in.

“One time, our whole team went up a little too fast, and we had to go back down to 16,000 feet to get hydrated and adjust,” Libecki said. “It’s a pretty simple concept: Take your time. I’m not an Everest guy, but these high altitude climbs can be just as challenging as climbing it.”

Acclimatization

Those seeking a high elevation panacea that will allow them to quickly acclimatize are out of luck — the human body just doesn’t work that way. Dr. Benjamin Honigman, director emeritus of the Altitude Research Center based out of the University of Colorado Anschutz Medical Campus, said that should not be the goal for people traveling to high altitude.

“I don’t think quicker is the idea. Safely is a better way to put it,” Honigman said. “The body takes some time to adjust. Trying to speed the process along is one of the factors predisposed to making people sicker. If you’re trying to focus on speed of acclimation, we don’t have ability to do that yet.”

Honigman said there are medications that can lessen the effects of altitude sickness. One such medication is acetazolamide, which is better known under the brand name Diamox. Honigman said medications can decrease the incidences of getting sick from as high as 30% to 5-8%.

As far as the most readily available remedies for altitude sickness — like those bottles of oxygen you can buy at mountain gas stations — they’re more or less useless.

“Those oxygen canisters might make people feel better for three or four minutes, but once off it, you’re back at altitude, so there’s no real utilization for them,” Honigman said.


Dr. Christine Ebert-Santos consults a paper and discusses high-altitude health and living at the Ebert Family Clinic on Thursday, Aug. 29, in Frisco.

The oxygen saturation level at which the body starts trying to compensate depends on a person’s hypoxia inducible factor, which varies by individual and is determined mostly by genetics.

“The hypoxia inducible factor is a protein complex that affects the body’s response to low oxygen by changing the expression of hundreds of genes in various ways, such as increasing the number of small blood vessels bringing oxygen to tissues,” Ebert-Santos said. “It’s a response to your body recognizing that it is not getting enough oxygen as it had been getting previously. If it goes on long enough, the body knows it needs to do something internally because it’s not getting something externally.”

Once the hypoxia inducible factor is activated, kidneys send out a hormone called erythropoietin, also known as EPO. Ebert-Santos said EPO can be detected in the body as soon as two hours after arriving at high elevation, showing how quickly human physiology reacts to oxygen level changes.

The EPO pushes a signal to the bone marrow, which is in charge of producing new red blood cells. The signal tells bone marrow that it needs to pump up its production of red blood cells and hemoglobin, the iron-based protein in red blood cells that absorbs and carries oxygen throughout the body.

The bone marrow obliges and starts sending more hemoglobin-rich red blood cells into the blood stream. These new cells, having a higher capacity for oxygen, compensate for the lower oxygen at altitude by carrying more oxygen away from the lungs to the tissue as they circulate.

Honigman said the hypoxia inducible factor and its regulation of EPO is a primary reason for how the body is able to acclimate to high elevation environments.

“The hypoxia inducible factor is a regulator of oxygen and how it is utilized in the cell,” Honigman said. “The factor upregulates EPO over time so that your body can adjust to lower amounts of oxygen in that environment.”

Ebert-Santos said that, while the EPO effect starts kicking in relatively quickly, it takes a while for the body to acclimatize to the point where it functions as normal with lower oxygen saturation. It might be a few days, or maybe even months, before the body feels like it is getting enough oxygen.

EPO and performance

Aside from helping the body acclimatize, EPO has a performance-boosting effect. An athlete with a higher red blood cell count and hemoglobin concentration won’t get fatigued as quickly and will be able to perform longer.

After Lance Armstrong was stripped of his seven Tour de France wins and banned from competitive cycling for life, EPO is one of the banned substances he admitted injecting into his body.

“My cocktail, so to speak, was EPO — but not a lot — transfusions and testosterone,” Armstrong said in his confession interview with Oprah Winfrey in 2013.

Roberto Ebert-Santos, Dr. Ebert-Santos’ son as well as a researcher and communications manager for the Ebert Family Clinic, has studied human performance at high altitude. He said the performance gains from a low oxygen environment can be offset by detrimental effects.

“There’s this misconception that training at high altitude is advantageous because of the oxygen deprivation, but it is so much more complex that,” he said. “The oxygen deprivation limits your performance in every other aspect. You can’t exert muscles to their fullest capacity because you will run out of respiratory stamina before you even get to the point where your muscles are tired.”

Because of the lower oxygen saturation, athletes never will be able to reach their maximum oxygen uptake level, expressed as VO2 max.

“Your heart and lung capacity is the limiting factor in training at high altitude,” he said.

That is why some athletes live by the “live high, train low” philosophy, where they live at high altitude to maximize blood oxygen efficiency and train at low altitudes to max out their workouts.

“‘Live high, train low’ centers around this philosophy that if you expose yourself for a certain amount of time to a high altitude environment, your body will create enough red blood cells to compensate for oxygen deprivation,” Roberto Ebert-Santos said. “But you want to train at low elevation to push your body to the extent you can allow your muscles to be challenged and grow.”

Dr. Ebert-Santos added that being born at high altitude provides some physiological advantages that can give a definite edge for endurance sports.

“Being born at high altitude gives an advantage for cardiovascular fitness,” she said. “People born at high altitude have larger lungs and higher lung capacity, which can certainly be an advantage for endurance sports. Muscles also develop more capillaries because there’s more circulation.”


Local runner Nichole Sellon tackles a trail at the west ridge of Loveland Pass on Tuesday, Sept. 3.

High altitude performance

Summit County resident Nichole Sellon, 33, has been trail running since she was 22. Born in Los Angeles, Sellon doesn’t have the cardiovascular advantages of being born at high elevtion. When she first arrived in Summit County in 2015, Sellon said she experienced the same adjustment period others do when moving to high elevation.

“For the first six to eight months, I had the obvious signs. It was harder to exercise, as soon as I hit a hill, my breathing shot up a lot quicker than at sea level,” Sellon said. “I was more of a hiker the first six months than a runner.”

After she was fully acclimatized, Sellon embraced the high elevation life in Summit, with its endless trails to explore and ridgelines to ramble over. Her passion became her everyday workout, making her fit enough to do things at sea level most people would never dream of attempting.

In August, while visiting her father in Palm Springs, California Sellon decided on a whim to do the Cactus to Clouds hike, one of the steepest, most grueling hikes in the country. In summer 2009, three people died attempting what has been called “the hardest hike in America.”

The hike starts at 400 feet above sea level in downtown Palm Springs and ends at 10,833 feet at the summit of San Jacinto Peak. That’s more than 10,000 feet of elevation gain within 16 miles. San Jacinto Peak is the sixth most topographically prominent peak in the lower 48 states, meaning it is the sixth highest summit relative to the surrounding terrain.

The hike starts in the desert and ends at the top of a mountain, with temperature extremes at both ends. Sellon said it took her six hours to get to the peak.

“It went really well, and I think it’s because I live at altitude,” she said. “I felt strong, and it felt easy going the distance. I didn’t feel out of breath, and in fact felt like I had a lot more oxygen to work with. It’s definitely easier to do things at sea level than before I moved to Summit.”

Real Estate Market Predictions for rest of 2019

by KCM

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic “We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR “We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about our specific market, let’s get together to discuss what’s happening in our area.

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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