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Is now a good time to purchase a second home?

by Allison Simson

Question:  We are considering purchasing a second home in Summit County, CO…we are nervous about the economy, of course, but it has been a dream of ours for a very long time.  Is now a good time?

Answer: Good question!  Yes, there is cause to be nervous about the market and the global economy, AND the things that you love about Summit County and the benefits that owning here will bring to your family are priceless.  Sometimes it helps to take a look at what the rest of the country is doing…. according to Keeping Current Matters and a report from the National Association of Realtors, vacation homes sales were on the  rise in 2012!

“The American desire to own a second home as a vacation home is alive and well!

The National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. Their 2013 Investment and Vacation Home Buyers Survey shows vacation home sales improved in 2012.

NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.”

Here are the key findings from the report:

Raw Numbers

  • Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011
  • Sales accounted for 11% of all transactions last year, unchanged from 2011
  • 35% of vacation homes purchased in 2012 were distressed homes

Buyer Profile

  • The typical vacation-home buyer was 47 years old
  • The median household income was $92,100
  • Buyers plan to own their recreational property for a median of 10 years
  • 29% said they were likely to purchase another vacation home within two years
  • 78% of all second-home buyers said it was a good time to buy (compared with 68% of primary residence buyers)

Reasons for Purchasing

Lifestyle factors remain the primary motivation for vacation-home buyers:

  • 80% want to use the property for vacations or as a family retreat
  • 27% plan to use it as a primary residence in the future
  • 23% plan to rent to others
  • 23% wanted to diversify their investments or saw a good investment opportunity

Location

  • 45% of vacation homes purchased last year were in the South
  • 25% in the West
  • 17% in the Northeast
  • 12% in the Midwest

The vacation home buyer purchased a property that was a median distance of 435 miles from their primary residence

  • 34% were within 100 miles
  • 46% were more than 500 miles

Financing

  • 46% of vacation-home buyers paid cash in 2012

The median down payment was 27%, the same as in 2011

So, while you can never be 100% certain about the real estate market, signs are pointing toward increased consumer confidence in the market. 

For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. 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   

Tips on staging your home to sell!

by Allison Simson

Question:  Allison, we are ready to put our condo in Frisco, CO on the market, and we know we have a lot “de-cluttering” to do before it is ready.  What suggestions do you have for us?

Answer:  First off, good for you for asking!  And know that you are two steps ahead of a lot of your competition by getting your place “parade ready” before you put it on the market.  I always say that if you had a float in a parade, you wouldn’t drive it down Main Street saying, “Well, it’s going to look a lot better when we finish.  We are planning to put some more flowers on that part of the float, and we will clean up that bit.  Sorry about the squeaky wheels.  We’ll get that fixed later.”  No, you wouldn’t say that and it’s the same with selling real estate – You have to be “Parade Ready” from the get go! 

Another phrase that should help you is from the Seniors Real Estate Specialist Jan/Feb 2013 issue:   I love this phrase, “Adopt the ‘Hotel Philosophy’ to Stage Your Home”. A house is not staged to sell the same way it is staged to live in. When you decorate to live in your home, it is visually appealing as well as functional for your needs, interests, tastes and lifestyle. However, when you stage to sell, stage your home to look like a luxury hotel. In a hotel, you carry in a small bag of personal belongings…everything else you need is there and no unnecessary items clutter the space. Everything is neat, clean and nothing is out of place…the bathroom sparkles, the floors are spotless, the beds are made, and there is no indication that any pet has ever crossed the threshold! Pare down to the essentials! All small personal decorates should be replaced with a single impact piece (no more than one) per room. Remove all personal mementos, family photographs, refrigerator magnets and similar items. Opt for lots of space and clear surfaces.

So, as your set the stage for your home to sell, ask yourself, “Does this room pass the ‘Hotel Test’? Can a buyer imagine bringing their personal items and living here comfortably? If the answer is yes, you have a properly staged home….and you have improved the odds that your home will sell faster and command a better price!

Good luck!

For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. 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   

Question:  Allison, we are looking to buy a home in Silverthorne, CO and we are wondering about prices and what are the predictions for the future?

Answer: Interesting news:  Predictions around the country for housing prices are looking up, up, up!  What does this mean for Summit County, CO?  Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" that come on the market.

What’s a cream puff? Good question!  A cream puff is the property everyone is looking for- it is priced right and in super condition!  Cream puffs are not lasting in our market!  So, when you see a cream puff and you really like it and can see yourself making family memories there – I would advise you to take action on it.  Cream puffs don’t last.

Consider the following from the Keeping Matters Current Crew:

Two Additional Experts Upgrade their Pricing Forecast

 Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.”
Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
 His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.”

Major rebound?  Sounds good to us.  Now is an excellent time to buy real estate in Summit County – interest rates are fantastically low and credit is easing for second homes, prices are good and although inventory is down from first quarter last year, we have some great properties available.  Summit County is still on sale!!

 

For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. 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   

What your money can buy ~ The perfect mountain home in Summit Cove

by Sarah McNeill

Buck Ridge Townhome – Summit Cove

It’s the perfect mountain home. This gorgeous two bedroom, two bathroom townhome is split over two levels with vaulted ceilings and attached oversized garage. High end finishes include slate, granite, stainless steel appliances, stone fireplace, log accents, washer/dryer, 6 panel doors, large deck with mountain views plus ground floor patio. Just a few steps out the back door and you are in the hot tub. The playground is located in a park like setting plus a grilling area for those group gatherings!  The bike path is right outside the front door plus you are so close to the Keystone Ranch trails including the Nordic Center. Walk to Lake Dillon, the Cala Inn and the Summit Stage bus stop. Minutes to Keystone, Arapahoe Basin and Breckenridge.

Listed for $320,000, 80 Stag Trail will go fast.

Don’t wait, give your broker or Summit Real Estate a call to see this bright and updated townhome today! 

   

Looking to Buy?  Not ready to speak to a broker?  Visit
www.SummitHomeBuyer.com

Meet Sarah McNeill, at Summit Real Estate-The Simson Team. Devoted to  working with Buyers, Sarah can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email at  [email protected]

Space, Sunlight & Super Upgrades in Keystone!

1324 Tennis Townhomes is a beautifully upgraded townhome style property in Keystone that will give you all the elbow room you are looking for. Space and sunlight abound in this 2 bedroom, 2.5 bathroom property with 1278 square feet and a washer/dryer.   Some of the updates include fresh paint throughout, newer kitchen countertops and appliances, wood flooring, pedestal sink in the half bath, tile floors in the bathrooms, and counter and sink updates in the master bathroom.  The new Pella windows, patio slider and lovely blinds top it all off.  Exterior renovations include a new roof and siding, as well as updates to the clubhouse.  Enjoy the outdoor pool year round, and take a soak in the hot tub or relax in the sauna after a long day.  1324 is the perfection location within the Tennis Townhomes subdivision.  Just steps away are both the clubhouse as well as the shuttle stop to take you to the slopes.  This quiet neighborhood is walking distance to the Keystone Lodge and Keystone Village shops and restaurants.  Step outside the door and you’ll be minutes away from hiking and biking trails.  Sit on the large, private deck and enjoy grilling dinner surrounded by aspen trees. This is what mountain living is supposed to be! 

Listed for sale at $275,000, you can’t find a townhome at Keystone with this kind of space and these updates for this price!  Monthly homeowner’s association fees are $680. and include cable tv, common area maintenance, building insurance, management of the HOA, trash pickup and snow removal, water and sewer.  Your dues also include access to the clubhouse with a large pool, hot tub and sauna. Pets are allowed for homeowners and you’ll find lots of grass for the dog and kids to run around in! 2012 property taxes were under $1000. for the year.  Don’t wait, give your broker or Summit Real Estate a call to see this bright and updated townhome today! 

Looking to Buy?  Not ready to speak to a broker?  Visit www.SummitHomeBuyer.com

Meet Kelie Gray, Buyer Specialist at Summit Real Estate-The Simson Team.  Devoted to working with Buyers, this Specialist tours hundreds of properties and commits to having the most comprehensive knowledge in the market.  Kelie can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email at [email protected]

Housing Price Predictions

by Allison Simson

The ski areas are winding down for the season - the sun is shining and we are enjoying a lovely spring here in Summit County.  The snow is still great, so I hope you get a chance to hit the slopes another time or two!

Interesting news:  Predictions around the country for housing prices are looking up, up, up!  What does this mean for Summit County, CO?  Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" * that come on the market.

* A cream puff is the property everyone is looking for- priced right and in super condition!  They are not lasting in our market!

Consider the following from the Keeping Matters Current Crew:

Two Additional Experts Upgrade their Pricing Forecast

 Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“
Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
 His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.

Enjoy the spring! 

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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