Real Estate Information Archive


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2 Myths Holding Back Home Buyers

by KCM

In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,

 “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”

 Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate how much they need to qualify for a home loan. According to the same article:

“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.”

While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market sooner than they ever imagined.

Myth #2: “I Need a 780 FICO® Score or Higher”

In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing a ‘good’ credit score is 780 or higher.

To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.

As indicated in the chart above, 50.23% of approved mortgages had a credit score of 500-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Believe it or not – your dream home may already be within your reach.


Some are afraid the real estate market may be looking a lot like it did prior to the housing crash in 2008. One of the factors they’re pointing at is the availability of mortgage money. Recent articles about the availability of low-down payment loans and down payment assistance programs are causing concern that we’re returning to the bad habits of a decade ago. Let’s alleviate the fears about the current mortgage market.

The Mortgage Bankers’ Association releases an index several times a year titled: The Mortgage Credit Availability Index (MCAI). According to their website:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is…a summary measure which indicates the availability of mortgage credit at a point in time.”

Basically, the index determines how easy it is to get a mortgage. The higher the index, the more available the mortgage credit.

Here is a graph of the MCAI dating back to 2004, when the data first became available:

As we can see, the index stood at about 400 in 2004. Mortgage credit became more available as the housing market heated up, and then the index passed 850 in 2006. When the real estate market crashed, so did the MCAI (to below 100), as mortgage money became almost impossible to secure.

Thankfully, lending standards have eased since. The index, however, is still below 200, which is half of what it was before things got out of control.

Bottom Line

It is easier to get a mortgage today than it was immediately after the market crash, but it is still difficult. The difference in 2006? At that time, it was difficult not to get a mortgage.

Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:

With inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

 This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

 If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell.

3 Things To Avoid After Applying for a Mortgage

by KCM

Before making any big purchases, moving money around, or making any big-time life changes, consult your loan officer. They will be able to tell you how your decision could impact your home loan.

November Market Update - Kelie Gray

by Kelie Gray

With many mountains opening, winter's officially here! We are excited that Keystone and Breckenridge have both reported record snowfall for the month of October. 

As you can see in my video, this is just a brief market update. For those of you that would like more details or to discuss how the market affects you personally, let’s talk! What are you doing for lunch next week?!!

With the graph below, I have included some additional interactive statistical links. These numbers will dive deeper into the comparison of the past to the present market.
  • There are approximately 630 active listings, and less than 450 under contract. Things are moving!
  • Still low interest rates
  • Very high consumer confidence
  • We will continue to see price appreciation and growth, but at a much slower pace than we have seen in the past several years.
Remember that even though many are predicting a recession before the next presidential election in 2020, this does not mean there will be a housing crisis.
The actual definition is 2 or more consecutive quarters of negative GDP growth. 
Check out this great article: "How will the Next Recession Affect the Housing Market" 
Interesting, right? Recession does NOT necessarily equal a housing crisis. 

I would love to be your local resource for all things Summit County.
I also have a great network of referral brokers across the country.
Consider me your local real estate expert!
1 of only 7 Summit County Real Estate Brokers with this Elite Designation.

The Summit Area Specialist Designation differentiates REALTORS
 who dedicate themselves through education, community involvement, and transactional experience. Those who gain the Summit Area Specialist Designation will have the localized knowledge, production, expertise, and community involvement to better serve Summit County, Colorado.
Click on image for an interactive graph
Additional Interactive Graph Links:
Active Listings
Average Days on Market
Median Sold Price Per Sq Foot
Median List Price to Sale Price Ratio
"Kelie Gray is the best. She helped us in our move from Indiana to Summit County. Working remotely with her was super easy and the process happened without any issues. Looking forward to working with her again." - Don Chastain

  Kelie Gray    Real Estate Matchmaker
  C: 970.406.0537      970.468.6800  
[email protected]

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Real Estate sales in Summit County's third quarter

by Allison Simson

It's been a chilly couple of weeks here in Summit - record lows for this time of year. BRRRR! Fall came and went in a hurry!  Real Estate sales in Summit County's third quarter of this year were down a bit by 5 percent. The median sales price of Summit County's single family homes increased 11% from September 2018 to September 2019, while the median sales price of townhouses and condos increased 14% in September compared to the same month a year ago. 

Looking only at price, you might think real estate is going gangbusters in Summit County real estate, but market dynamics have definitely changed in the last quarter, with increasing inventory, more days on the market, price reductions are more common and showings are down. Many of the strongest real estate markets across the country are seeing similar softening, and while we now have more properties on the market than anytime since 2014, inventory still has not recovered to historic levels.

Buyers do have more housing choices and can take more time analyzing the details of every home, while pricing for sellers has become more important than ever with the market normalizing.

Economic conditions in Colorado remain favorable with 2 percent unemployment, increasing job creation, an outstanding outdoor lifestyle and strong economy. Low interest rates are also a big plus!

If you have questions about any specific segment of the market, give us a call or shoot us a text/email- We LOVE to talk Real Estate! 


Allison Simson

Gallup surveyed Americans on their choices for best long-term investments, and reveals the stability of housing as a long-term investment.

Don't Fall into the Rental Trap

by KCM

62% of renters indicate they believe they are losing money by renting- and rents only continue to increase. Don't fall into the rental trap! If you're currently renting, let's get together to explore your homeownership options.

Summit Real Estate's Deena Heppner Sponsoring Fundraiser

by Allison Simson

Join Us! A Fundraiser to benefits our local Silverthorne Climbing Gym!

When: November 5th, 2019 6:00 pm

Where: Summit Climbing Gym 1291 Blue River Parkway Silverthorne (Next to Habitat ReStore)

What: Watch the latest (often sold out) Reel Rock installment "Reel Rock 14". Plus FREE Beer/Pizza and a Rad Raffle!

View Trailer "Reel Rock 14":

Get Reel Rock 14 Tickets click on image:


FRISCO — Upgrades are coming to some of Frisco’s community parks.

The Frisco Town Council unanimously passed a resolution to adopt a new Neighborhood Parks Master Plan at its regular meeting Tuesday night, opening the door for an estimated $3 million worth of improvements in the next five years.

“These final neighborhood park concept plans are the result of a comprehensive community outreach process that stemmed from our community plan update last fall,” Community Planner Susan Lee said. “These were the parks that rose to the top in terms of community desire for improvements.”

The new plan was developed following a special public meeting held in November 2018 — along with online surveys, site visits and conceptual design development by Norris Design — prioritizing improvements to Walter Byron Park, Meadow Creek Park, Pioneer Park and Old Town Hall Park.

The plan outlines a number of upgrades and capital improvements for each of the parks based on community feedback.

Instead of completing all of the outlined improvements at one park at a time, Lee said the town likely would mix and match when it jumps into projects within the parks.

At Walter Byron Park, the plan details almost $1.5 million in improvements including upgrades to create a year-round restroom facility, incorporating new playground equipment, providing more access points to Tenmile Creek and creating additional gathering areas for things like picnics.

The upgrades at Meadow Creek Park, expected to cost about $676,000, largely revolve around efforts to improve safety and optimize use during winter. The plan for the park includes reconfiguring parking and landscaping to improve visibility in the park, installing overhead lighting over the pond, improving ice skating amenities, creating better connections to trails in the area and investing in new playground equipment.

The plan also outlines more than $320,000 worth of improvements at Pioneer Park, including better maintenance on tennis courts, the addition of a new nature play area for kids, and infrastructure investments to improve drainage and signage, among other projects.

Finally, the plan anticipates about $550,000 in upgrades to the Old Town Hall Park. The plan calls for the development of a more functional urban plaza space so that the park serves as a kind of extension of Main Street, along with improved amenities like better lighting and additional seating. The plan also includes the installation of a small stage that could be used as an outdoor classroom, and the development of interactive play features for kids.

While there aren’t any hard timelines on the park improvement projects, the town is expected to begin putting out requests for proposals to contractors next year. The town budgeted $750,000 for park improvements in 2020, beginning with Walter Byron and Meadow Creek parks.

The first phase of improvements scheduled for next year includes the restroom and playground upgrades at Walter Byron Park, followed by safety and landscaping improvements at Meadow Creek Park.

Displaying blog entries 1-10 of 580




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Contact Information

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

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