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What do interest rates mean for home costs?

by Allison Simson

HAPPY TUESDAY MORNING TO YOU!

The COST of a Home: Last Year, This Year & Next Year

Posted: 26 Aug 2013 04:00 AM PDT

Same Price, Lesser Cost

The cost of a home is determined mainly by two components: price and mortgage rate. Today, we want to show how the monthly cost of purchasing a median priced home has changed over the last twelve months and how it might change over the next twelve months. For the first two examples, we will be using the National Association of Realtors’ (NAR) Existing Home Sales Report to establish median price and Freddie Mac’s Primary Mortgage Market Survey to establish mortgage rate. We also assumed a 20% down payment in all examples.

LAST YEAR

The median priced home in the country was selling for $187,800. The 30-year fixed mortgage rate was at 3.5%. Here is what it would cost to buy a home last year:

Last Year

TODAY

The median priced home in the country is selling for $213,500. The 30-year fixed mortgage rate is at 4.5%. Here is what it would cost a purchaser to buy a home today:

This Year

The monthly cost increased by: $190.78!

NEXT YEAR

Projecting into the future in real estate can be rather tricky. To establish future pricing, we depended on the over 100 housing experts surveyed for the Home Price Expectation Survey who called for an approximate appreciation rate of 5% over the next twelve months. For the interest rate, we took the average of the projections from the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae. Here is what these experts project will be the approximate cost of a home a year from now:

Next Year

The monthly cost will increase by about: $97.32!

Bottom Line

From a financial perspective, why wait if you are thinking about buying?

And Here's Your Morning Coffee!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Event Coordinator
 

Go Green 2

Preparing for a Home Inspection

by Allison Simson

Happy Tuesday to YOU

At some time or another, it is likely that you'll be selling a property and the buyer will want to do an inspection.  Here are some great tips I got from Tiger Home Inspections.  Take a look and let me know what you think....these are also really great home maintenance tips!

And Here's Your Morning Coffee!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Event Coordinator

 

Go Green 2

Market Reports

by Allison Simson

Happy Tuesday to YOU!

The real estate market is active in Summit County this summer!  Our number of sales is up 17% over this time last year and the sales volume, predictably, is up as well. 

Our average sales price, however, is down a bit. The average sold price this time last year was $517,066 and this year it is $498,031.  Down about 4%.   The inventory is down a bit this year - which is good.  Overall, we are seeing a nice, steady recovery, and barring any national or global disasters, we'll continue to see this trend. 

For a market report specific to the different towns in Summit, please click the links below. 

1) Breckenridge
 
2) Dillon
 
3) Frisco
 
4) Keystone
 
5) Summit_County_Update
 
6) Wildernest_Silverthorne

And, of course, if you would like to know how the market is doing in your complex or subdivision, please click "REPLY" and we'll get the stats to you right away! 

Enjoy these "dog days" and we'll see you on the slopes!

 

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100 Cove Blvd, 9

Price: $185,000

Beds: 1

Baths: 1

Sq Ft: 524

A bright, cheery place that has been totally remodeled-it's gorgeous! Pretty granite counters, stainless appliances, killer bath remodel w/ glass block & granite. What else? Stack washer/dryer, stage stop, paved bike trail right outside. Close t...

View this property >>

And Here's Your Morning Coffee!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Event Coordinator
 

Go Green 2

Displaying blog entries 1-3 of 3

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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