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What would give us the best return on our money and time?

by Allison Simson & Joyce Nenninger
Question: Allison, we’re planning to put our Wildernest Duplex on the market in the next few weeks. We’ve heard so much about “staging” a home to make it sell more quickly. Do you have any suggestions on what we could do that would give us the best return on our money and time?
 
Answer: Good question! Our Summit County market is slow right now and the only properties that are selling are the best properties, in the best condition with the best price. You can sell your property in today’s market – but it’s a price war and a beauty contest! 
To win the beauty contest, staging your home before listing it on the market is a crucial step- and it’s one that many homeowners often overlook. While the competition continues to be fierce in today’s market, homeowners must take the necessary steps in order to make their home stand out from the others. The International Association of Home Staging Professionals (IAHSPR) offers 5 home staging tips to help you compete in today’s market:
1. Home staging is not just for houses for sale. Home staging continues to cross over into many service areas that have nothing to do with selling a house. Traditional home staging involves working with sellers to prepare houses for sale, but today’s successful Accredited Staging Professionals have a multi-faceted business that allows them to serve clients with staging to live, help organize offices with staging to work, and provide event staging for a myriad of events from parties to large corporate parties. Home stagers also provide staging to live services for those remaining in their homes to help them refresh their interiors with simple solutions. Since much of what a home stager provides is the vision and organizational skills and ability to carry out that vision to fruition, their talents are being demanded by many parallel industries.
2. Home staging helps foreclosure, REO and short sale properties sell. With the increase of foreclosure, REO, and short sale properties in many markets throughout the United States, the need for presentation of these properties as a product that can sell is imperative. As professional home stagers continue to develop relationships with banks and investors, the services they offer of being able to visually package and market a property will continue to gain value. Banks and Investors need to invest money up front to stage and sell a house versus letting it languish on the market and lose tens of thousands of dollars per property.
3. Home staging becomes greener. In The International Association of Home Staging Professionals we see a trend towards eco-friendly home staging continuing as a viable market niche. Home stagers have specific inventory they can provide that is “green” to help a seller, builder or investor that wants to put their “green” foot forward and achieve their goal of marketing a product that truly has the environment at heart. There are even inventory lines devoted to providing a truly eco-friendly product created from recycled materials that any individual, builder or organization that states they are truly ecologically conscious should be focused on including with any home staging services they receive.
4. Home staging captivates mainstream media. There are currently no less than eight shows on HGTV devoted to the process of preparing a house for sale, and this trend will continue as long as the public finds value in learning what to do both inside and outside their home when getting ready to put it on the market. The key is that although many of the shows provide entertainment quality, what they miss is the ability for a viewer to truly be objective in their own house. Home stagers that can independently assess a house’s strength’s and weaknesses, and provide a concise and effective plan of action, will continue to be in demand.
5. Education and professional associations will become more important for screening qualified home stagers. With the influx of many people providing home staging services, we see a need for qualification of skills and education in order to weed out those that have not set up their businesses with professional standards.
 
For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field. 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   

County property tax assessments are higher

by Allison Simson & Joyce Nenninger
Homeowners, Don’t freak out. You’re about to get your property tax assessment in the mail. And, in some cases, the value of Summit County homes has risen by more than 40 percent. But Summit County assessor Beverly Breakstone said the increase doesn’t necessarily mean you’ll owe a lot more in property taxes next year.

“We’re very hopeful taxes don’t go up much,” Breakstone said. “The good news is, values have gone up.”

This year’s property tax assessments are based on the 3,119 sales from Jan. 1, 2007 through June 30, 2008. And, during that time, most areas still showed a hefty increase in prices. Sales that occurred after June 30, 2008 won’t be compiled for assessment values until 2011.

While some homeowners may be upset that the recent real-estate slowdown probably won’t be reflected in this year’s tax assessment, there’s nothing the county can do; it is subject to Title 39 of the Constitution, which defines the time periods Breakstone can compile. Breakstone said the county realizes, and empathizes with the fact that the last six months of 2008 data could decrease property valuations, but her hands are tied. The county did throw out the last six months of 2006 when sales were going gangbusters, because assessors “thought they would be pumping in a great increase,” she said. She added that homeowners might see the decrease in 2011, but only if real-estate sales continue to slow.

“This (recent decrease) could just be a blip,” she said.

Still, those homeowners who like to see small, rather than large, increases in the county’s valuation of their properties can rest assured knowing they won’t be paying 30 percent more in taxes if their property value went up by 30 percent.

Why not huge taxes?

While property taxes do increase with values, the mathematical calculation is not as simple as multiplying the home value by the assessor ratio of 7.96 percent, multiplied by the mill levy. Two amendments and three other factors weigh into the final amount of taxes homeowners pay.

First, the Tabor Amendment sets limits on how much any taxing entity — such as schools, fire departments, water and sanitation departments and, in Summit County’s case, Colorado Mountain College — can use.

Second, the Gallagher Amendment restricts residential owners to paying only 45 percent of the tax burden, which has collectively saved homeowners nearly $11 billion in property taxes since the amendment passed in 1982. That also means commercial real estate, industrial, vacant landowners and mining claims have paid disproportionately more; a $1.3 million home would pay $5,588 in taxes, while a piece of vacant valued the same would pay $20,361, Breakstone said.

The three factors that affect amounts individual residents pay are: population, total value of property in the county and taxing entities’ budgets.

Since 2007, Summit County has added more than 300 new taxpayers — including commercial buildings such as Walgreens — to distribute tax costs. Moreover, the total value of property in the county has increased from $10.9 billion in 2005 to $17.9 billion in 2009. (This number may decrease slightly, depending on how many property owners appeal to the county for a re-evaluation of their property’s worth.) Finally, the budgets of the taxing entities (schools, fire departments, etc.), which come out in November, affect tax rates. If budgets don’t increase significantly, taxes won’t be affected as dramatically.

“With these three factors considered, property taxes may increase, but at a percentage much lower than the increase in county property value(s),” Breakstone said.

Want more info?

Breakstone presented a wealth of data Thursday at a PowerLUNCH held by the Summit Chamber of Commerce at Quality Inn & Suites in Silverthorne. Her presentation broke down sales by area, type of property, numbers of foreclosures and more (see box for a snapshot of information). She then compared current numbers to those dating back to 2006.

She will hold an open meeting to discuss property values at 9 a.m. Friday, May 8 at the Community and Senior Center in Frisco. Early next week complete data can be found at www.co.summit.co.us.

 

Got questions?
Summit County assessor Beverly Breakstone will answer any
homeowner’s questions at 9 a.m. May 8 at the Summit County
Community and Senior Center in Frisco.

All property valuation appeals must be made by mail, e-mail, fax or drop-off by June 1. Visit www.co.summit.co.us for all sales lists used to evaluate every area, or call (970) 453-3480 for more information.

Property value snapshot: Jan 1, 2007 to June 30, 2008
• Vacant residential land went up by an average of 38.5 percent in Summit County, with Breckenridge land increasing 99 percent and
Silverthorne/Dillon land increasing 60 percent. In Colorado, Rio Blanco County saw the biggest increase, at 189 percent. Summit came in fifth in the state, behind Pitkin and ahead of Eagle.

• Homes (single and multi-family) appreciated by an average of 24.5 percent, ranking Summit sixth in the state. In contrast, Adams County saw a 12-percent decrease in home values.

• Keystone single-family homes appreciated 24 percent; Breckenridge by 21 percent; Frisco and Copper by 19.6 percent; and Silverthorne and Dillon by 16.2 percent.

• The total decline in sales volume from 2007 data to 2009 data was 23.8 percent. Vacant land was down the most, at 34.4 percent,
followed by townhomes (32.9 percent), condos and single-family homes (both 21.7 percent), commercial space (18.3 percent) and duplexes (15.4 percent).

For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  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   


 

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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