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Real Estate Heading in the "Right Direction"

by Allison Simson

Real Estate Heading in the “Right Direction”

Real Estate Heading in the “Right Direction” | Keeping Current Matters

The housing market has taken a great turn toward recovery over the last few years. The opinions of the American public toward real estate took longer to recover, until recently.

For the first time since 2006, Americans have an overall positive view of real estate, giving the industry a 12% positive ranking in a Gallup poll.

Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from "very positive" to "very negative." The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry”.

America's View on Real Estate | Keeping Current Matters

Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008.  Gallup offers some insight into the reason for decline:

Prices Dropped

“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate's image taking a hard hit.”

Housing Bubble

“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries' close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”

Bottom Line

“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”

If the news of recovery has you considering homeownership, meet with a local real estate professional to discuss the opportunities that exist in today’s market.

Should you sell now?

by Allison Simson

In Summit County, historically, our busiest sales season is June - October.  Many homeowners in Summit County are waiting until the Summer ‘buying season’ to list their homes for sale. Here are five reasons why that might not make sense this year:

1.) Demand Is High
Home sales are higher than last year. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011 nationally.  Here, the increase in number of sales from 2011- 2012 was 18%. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Low
The monthly supply of properties for sale is at its lowest point (10 months) since 2006. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

3.) New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers.

4.) Interest Rates Are Projected to Inch Up
The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) Timelines Will Be Shorter
The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.

If you have thought about selling your property, consider these five good reasons why you should consider listing your house today instead of waiting.  If you would like a personalized valuation of your Summit County property, please respond to this email!  We are delighted to help! 
 

 

 

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  

 

Summit County News & Views is here!

by Allison Simson

Hello from Summit County!  We are in full gear for 2013 It’s starting out to be a great year!

Here is our latest (and greatest!) News & Views magazine.  It’s loaded with good info for you – Market updates, sales pricing history, articles on the various towns in Summit County, what your money can buy in Summit County, great properties – and best of all – the Summit Calendar of events! 

Please click on the picture below to enjoy our Winter edition of Summit Real Estate News & Views....

See something that catches your eye, please give us a call.  We'll be happy to send you more detailed information about ANY property for sale in Summit County.

We value your opinions and comments-if there is something you would like to see in our magazine next time, just ask!   Let us know what you think!  Have a safe and happy winter!

Condo financing good news!

by Allison Simson

Here is some more good news for condo owners...the FHA has revised the condo rules again to reduce some of the barriers to financing.  Restrictions still exist that hamper some investments, but we are heading in the right direction!  Click here for more details!

Keystone, Copper Mountain and Arapahoe Basin are up and running, and Breck's lifts will be turning by the end of the week!

 

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  

Dreaming of a vacation home?

by Allison Simson

Data from the 2011 NAR Investment and Vacation Home Survey shows vacation-home sales accounted for 10 percent of all transactions last year and investment sales were 17 percent of the overall market.

The median vacation-home price was $150,000 in 2010, while the median investment-home price was $94,000. The typical vacation-home buyer was 49 years old with a median household income of $99,500 and purchased a property that was a median distance of 375 miles from their primary residence. Investment-home buyers had a median age of 45, earned $87,600 and bought a home within a median distance of 19 miles.

Thirty-four percent of vacation-home buyers said they plan to use the property as a primary residence in the future, as did 10 percent of investment buyers.  

Are you considering a vacation or investment home purchase?  Although we think Summit County, Colorado is THE BEST place for your second home, we can put you in touch with a real estate agent in the area of your choice-even if it's not Summit County!  Just let us know where you are considering buying and we will take care of the rest.

For local market conditions click here!
 

And Here's Your Morning Coffee!

Summit County News & Views!

by Allison Simson

The Summit Real Estate- Simson/Nenninger Team - News & Views newspaper - your source for Real Estate news and properties in Summit County, Colorado - is now available in GREEN!

Please enjoy our Summer edition of Summit Real Estate News & Views.... 

We value your opinions and comments.  Let us know what you think!  Have a safe and happy summer! 

Economic News

by Allison Simson

 

Spring skiing is here in full force...with another foot of fresh powder dumped on Summit County over the past 3 days!  Crazy!   

With all the economic uncertainty in the world right now, it's difficult to discern what is really happening!  I received this "Market Insight" newsletter from Jeff and Rene' Kneller of Mountain Equity Mortgage and thought I'd pass along some information from it that I hope you'll find interesting and useful. 

Market Insight: Despite all the focus on government debt in Europe, it’s important to note that the problems are more than just financial; there is also a ton of political capital at risk. The stronger and more fiscally conservative Euro member countries like Germany and France do not want to pick up the tab for poor performing countries like Ireland, Greece, Portugal and many others standing in line behind them. And as news flows out of Europe - either good or bad - Mortgage Bonds and home loan rates here in the US will move in sympathy.

One news item that pressured Bonds lower last week was word that inflation in the United Kingdom (UK) jumped to the highest level in two years in February. Remember, inflation is the archenemy of Bonds, and
inflation around the globe seeps into the US.

In fact, we’re already seeing it as Producer Prices (which look at wholesale inflation) are running at very hot levels... with prices up 3.3% in just the last three months. If pricing pressures don't recede for producers of goods and services, companies will have one of two choices:

Either: Absorb the higher cost of goods - and, thereby, hurt earnings growth

Or: Pass those increased costs onto consumers - thereby, creating consumer inflation

Both of those scenarios would be bad for Stocks and Bonds. And since home loan rates are tied to Mortgage Backed Securities - which are a type of Bond - those scenarios would also be bad for home loan rates.

Speaking of Mortgage Backed Securities, last week the Treasury Department announced it is going to begin selling some of its massive Mortgage Backed Securities holdings. This is important to anyone looking to purchase or refinance a home. That’s because this announcement immediately pushed Bond prices significantly lower, as Traders tried to get their own positions sold. Think of it as a financial game of musical chairs... in which no one wants to be the last one standing with a mitt full of Mortgage Backed Securities. This isn’t the last we’ll hear about this - and since home loan rates are tied to Mortgage Backed Securities, this creates the potential for home loan rates to rise in the near future.

Fortunately, home loan rates are still at very attractive levels for now, despite the Bond market taking a hit for most of last week. So if you’ve been thinking about purchasing or refinancing a home, this is the time to see how you can benefit before rates possibly move higher. Because as bad as it was to lose some Bond pricing in the last few days, prices could move significantly worse depending on how they hold on to technical support.

CHECK OUT THE INDUSTRY ESSENTIALS BELOW TO LEARN MORE ABOUT THIS WEEK’S FORECAST.

Rate Review

In Freddie Mac Primary Mortgage Mkt Survey (for the week ending March 25th) in which the 30-yr fixed-rate mortgage (FRM) avg. 4.81%.

The 15-year FRM this week avg 4.04%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) avg 3.623%.

The one-year Treasury-indexed ARM avg 3.21%
 

Enjoy the week and, as always, we appreciate your continued referrals and support!    

 

And Here's Your Morning Coffee!

 

 

 

 

 

 

Summit Real Estate News & Views!

by Allison Simson

Hello from Summit Real Estate and Happy Fourth of July to you and your family! 

Please enjoy our summer 2010 edition of Summit Real Estate News & Views for all the latest real estate information in beautiful Summit County, Colorado! Click the front cover picture below....

Give us a call if you'd like more information about any properties currently available in Summit County! 

Displaying blog entries 1-8 of 8

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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