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Sell this Summer? Why it Makes Sense to Sell.

by KCM

Here are 5 compelling reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index  from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to start living the life you desire.

Buyer or Seller's Market?

by KCM

Some Highlights:

  • An emerging trend for some time now has been the difference between available inventory and demand in the premium and luxury markets and that in the starter and trade-up markets and what those differences are doing to prices!
  • Inventory continues to rise in the luxury and premium home markets which is causing prices to cool.
  • Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis for 85 consecutive months.

Some Highlights:

When listing your house for sale, your top goal will be to get the home sold for the best price possible!
There are many small projects that you can do to ensure this happens!
Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

How To List Your Home for the Best Price

by KCM

If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.

The map below shows the results of the latest index by state.


Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.

This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% appreciation, with the majority of the country gaining at least 4.0%! The prediction for the country comes in at 4.6%. For a median-priced home, that translates to over $14,000 in additional equity next year! (The map below shows the forecast by state.)

So, how does this help you list your home for the best price?

Armed with the knowledge of how much experts believe your house will appreciate this year, you will be able to set an appropriate price for your listing from the start. If homes like yours are appreciating at 4.0%, you won’t want to list your home for more than that amount!

One of the biggest mistakes homeowners make is pricing their homes too high and reducing the price later when they do not get any offers. This can lead buyers to believe that there may be something wrong with the home, when in fact the price was just too high for the market.

Bottom Line

Pricing your home right from the start is one of the most challenging parts of selling your home. Once you decide to list your house, let’s get together to discuss where home values are headed in your area!


Heading into the spring buying market, there are strong trends starting to emerge.

The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way!

Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!

1. National Association of Realtor’s Existing Home Sales Report

Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every year, and some can be explained even further by a lack of homes available for sale on the market.

Inventory

For the last eight months, the inventory of homes for sale has been higher when compared to the same month the year before. The challenge in the market is the mismatch of the type of home that is available for sale. First-time homebuyers looking for a starter home are often competing with other buyers to stand out, often outbidding each other.

Lawrence Yun, NAR’s Chief Economist, agrees that the market is still experiencing an inventory shortage.

“In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed.”

Home Prices

The median home price for homes sold in January was $247,500. This is up 2.8% from January 2018 and marks the 83rd consecutive month of year-over-year gains. The 2.8% growth in home prices represents the smallest year-over-year change since February 2012 but is a welcome change for buyers who had feared being priced out of the market.

Days on the Market

Properties that sold in January were on the market for an average of 49 days with 38% of homes on the market for less than a month.

Yun is positive about how today’s market conditions will help buyers this spring,

 “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

2. NAR’s Pending Home Sales Report

The national Pending Home Sales Index (PHSI) rose 4.6% to 103.2 in January from 98.7 in December. An index score of 100 is considered normal. All four major regions of the country experienced gains in January, with the largest increase coming in the South.

 “The PHSI is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.”

Increases in the PHSI often predict increases in the level of home sales in the coming months, which is great news for the housing market leading in to spring! Yun had this to say,

“Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”

Bottom Line

The housing market in 2019 will require homeowners to list their house at the right price to attract buyers. If interest rates continue to stay low while wages increase, and more inventory comes to market, 2019 could be one of the best years for home sales in recent history.

Preparing to Spring Forward [INFOGRAPHIC]

by KCM

Some Highlights:

  • In the majority of the country, this weekend marks the start of Daylight Savings Time as we set our clocks forward an hour on Sunday at 2:00 AM EST.
  • Whether you plan on buying or selling this spring, these tips could help you ‘spring ahead’ of your competition!
  • Spring brings two things: more buyers & more sellers! Get prepared now to stand out in the crowd!

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

by KCM

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

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

Happy New Year!

by Allison Simson & Chels Knor

Happy New Year!

Allison Simson, Owner/Broker, Summit Real Estate.

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If you’ve already done major repairs:

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

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

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

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

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

by Chels Knorr- Homelight

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

Silverthorne puts new regulations on short-term rentals

by Eli Pace- Summit Daily

Silverthorne became the latest Summit County government to enact tighter regulations on short-term rentals with town council approving a series of new rules Tuesday on second reading.

Included in them are occupancy caps and the requirement "a responsible agent" be able to address complaints within one hour 24/7, unless a complaint comes in between 11 p.m. and 7 a.m., at which time the agent will have only 30 minutes to address the issue. Multiple failures to do so could result in an owner losing their licenses for two years.

The town is also creating a new licensing process that requires each rental to secure a unique business license, rather than allowing multiple properties to operate under a single license. Rentals will also have to post those license numbers in all their advertisements. According to the town, this helps identify properties that have not obtained the proper license and are not remitting the proper sales and lodging taxes back to the town.

There will also be new fees, ranging from $100-$300 based on the number of bedrooms inside the rental. The new fee structure isn't designed to make money, only cover the town's costs of administering the program, officials said.

Occupancy caps have been one major point of contention as individual governments across Summit County have sought to better regulate short-term rentals recently. Silverthorne hasn't shied away for them, opting to limit short-term rentals to two guests per bedroom plus two. That means a four-bedroom home can sleep at most 10 people. The number of bedrooms inside a rental will be determined by information on file at the Summit County Assessor's Office.

The towns and the county have working together closely as they each look to better regulate the booming industry in their jurisdictions. Together, they plan to set up a 24-hour countywide call center so people can phone in complaints about short-term rentals across the county. A designated "responsible agent" would then have to address those complaints within a specific timeframe or face penalties.

In many ways, Silverthorne's ordinance runs parallel to others already enacted or in currently the works across the county. However, Silverthorne is the only one so far to give agents a 30-minute window to address overnight complaints.

Other provisions speak to health and safety standards and potential inspections.

Like the listings seen on Airbnb.com and VRBO.com, a short-term rental is defined by Silverthorne as any home — or any room inside a home — that's available for rent for a term of less than 30 consecutive days. According to town officials, hundreds are currently operating inside Silverthorne. The goal is to get all of them kicked over to the new licenses by the New Year.

How the Housing Market is Impacted by Natural Disasters

by KCM
How the Housing Market is Impacted by Natural Disasters

Just like most other things, natural disasters can impact the housing market and the value of your home. As prices have appreciated, it's important to make sure that you have the proper coverage for your home. Let's get together today to make sure you're properly insured!

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

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