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3 Things You Need in a Shifting Real Estate Market

by KCM

Whether you are thinking of selling your house or buying a home, today’s real estate headlines can be confusing – perhaps even concerning. What is actually happening with mortgage rates? Are home values dropping or are they just rising at a slower pace? What impact will the economy have on the housing market?

If you are either a buyer or seller (or both), you need to know what it will mean to your family if you go ahead with the move. You need to understand three things:

1. What is happening in the housing market right now?

Consumers must get past those fear-mongering headlines and gain a deep understanding of what is truly happening. How strong is buyer demand right now? How much competition do listings have today compared to what they will have in the spring? People want to make an educated decision on what is probably their family’s greatest financial asset.

2. Why is it happening?

Understanding the individual pieces that impact the sale or purchase of real estate is important. Understanding how those pieces impact each other is critical. How does the amount of a down payment impact the mortgage rate a buyer will be offered? Can you still price your house a ‘little ahead’ of the market and still be sure it will sell?

3. How do the first two affect your local market?

Basically, you want an understanding of the overall housing market and a simple and effective explanation of how it will impact your personal real estate goals.

Bottom Line

The best way to get all three is to work with a professional who understands this shifting real estate market and can expertly guide you on the journey to reach your housing goals. Let’s get together to discuss what today’s market means for you.

Buying A Vacation Property? Now Is A Good Time!

by KCM

Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.

For those homeowners staying at their first residence, AccuWeather warns:

“The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.”

Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!

According to the Investment & Vacation Home Buyers 2018 Report by NAR:

“72% of vacation property owners and 71% of investment property owners believe now is a good time to buy.”

It’s time to take advantage of the equity in your home. As the latest Equity Report from ATTOM Data Solutions stated:

“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.

The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”

This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR:

“33% of vacation buyers purchased in a beach area, 21% purchased on a lakefront, and 15% purchased a vacation home in the country.”

Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!

Bottom Line

If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, let’s get together to discuss your options!

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.

Buying a Home this Year? Here Comes the Inventory!

by KCM

Buying a Home this Year? Here Comes the Inventory!

The top reason homeowners cited for not listing their home for sale in 2018, was their belief that they would be unable to find a home to buy. After 3 years of declining inventory for sale, we’re finally starting to see more listings come to market! Let’s get together to chat about what this means for our market!

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.

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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