Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 20

November Market Update - Kelie Gray

by Kelie Gray
 

With many mountains opening, winter's officially here! We are excited that Keystone and Breckenridge have both reported record snowfall for the month of October. 

As you can see in my video, this is just a brief market update. For those of you that would like more details or to discuss how the market affects you personally, let’s talk! What are you doing for lunch next week?!!

With the graph below, I have included some additional interactive statistical links. These numbers will dive deeper into the comparison of the past to the present market.
  • There are approximately 630 active listings, and less than 450 under contract. Things are moving!
  • Still low interest rates
  • Very high consumer confidence
  • We will continue to see price appreciation and growth, but at a much slower pace than we have seen in the past several years.
Remember that even though many are predicting a recession before the next presidential election in 2020, this does not mean there will be a housing crisis.
The actual definition is 2 or more consecutive quarters of negative GDP growth. 
Check out this great article: "How will the Next Recession Affect the Housing Market" 
Interesting, right? Recession does NOT necessarily equal a housing crisis. 

I would love to be your local resource for all things Summit County.
I also have a great network of referral brokers across the country.
Consider me your local real estate expert!
1 of only 7 Summit County Real Estate Brokers with this Elite Designation.

The Summit Area Specialist Designation differentiates REALTORS
®
 who dedicate themselves through education, community involvement, and transactional experience. Those who gain the Summit Area Specialist Designation will have the localized knowledge, production, expertise, and community involvement to better serve Summit County, Colorado.
 
 
Click on image for an interactive graph
Additional Interactive Graph Links:
Active Listings
Average Days on Market
Median Sold Price Per Sq Foot
Median List Price to Sale Price Ratio
 
"Kelie Gray is the best. She helped us in our move from Indiana to Summit County. Working remotely with her was super easy and the process happened without any issues. Looking forward to working with her again." - Don Chastain


  Kelie Gray    Real Estate Matchmaker
  C: 970.406.0537      970.468.6800  
  
[email protected]
  SummitRealEstate.com


 
Website
Email
Copyright © *|2019|* *|Gray Mountain Properties|*, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Email Marketing Powered by Mailchimp

Summer is HEATING Up!

by Allison Simson

Stationery header

Visit Website

 

Happy Tuesday to YOU!

After a pretty gloomy May, we are ready for the mountain sunshine!  You've heard it before, but it's TRUE!  People come to Summit County in the winter to visit, and they come back in summer to stay!  Summer here is just, well, heaven!!  

The market overall in Summit is HOT- warm in some segments and sizzling in others. Values are hyper-local- as usual! 

For some of the nitty-gritty details in our different communities, check out the links below.  If you are wondering about values in a particular neighborhood or complex, reply to this email and we can get you the details - STAT!!  

1) Breckenridge
 
 
2) Dillon
 
 
3) Frisco
 
 
4) Keystone
 
 
5) Summit County Update
 
 
6) Wildernest/Silverthorne
 

See you on the trails!

And check out this new listing....the perfect mountain getaway:

Image Unavailable

161 North Side CIR

Price: $475,000

Beds: 3

Baths: 2

½ Baths: 1

Sq Ft: 1624

Wait till you see the inside of this one! Tastefully updated & furnished DP w/ new hardwood floors, carpet, freshly painted deck. Take in the Keystone & Divide views while sitting in your private hot tub. Sunny & large master suite, that's very priv...

View this property >>

Stationery Footer

 

 

2015 Real Estate Trends to Watch

by Allison Simson

The beginning of a new year - and everyone has their thoughts, opinions and wise-cracks about the real estate market.  I've boiled down a few articles that I think have some merit and interesting points of view!

 

1) Five real estate trends to watch in 2015 - (MarketWatch, 12/29/14)
While the U.S. housing market and home lending levels in 2014 continued an uneven recovery from the Great Recession of 2008-2009, the coming year could see many of those gaps finally filled in as economic and job growth in the U.S. accelerates and consumers benefit from low inflation thanks to plunging gasoline and energy prices. Read More


2) What to Expect From the Housing Market in 2015 - (Time, 12/29/14)
Consumers think 2015 will be a better year than 2014, especially for selling a home. But the recovery faces an uphill climb. Read More


3) Wells Fargo’s 7 housing predictions for 2015 - (HousingWire, 12/29/14)
As the calendar ticks toward the end of 2014, it’s time to look ahead to what next year will hold for housing. Will the next 12 months see any legitimate movement on housing reform legislation? Read More


4) CoreLogic: 5 drivers of housing in 2015 - (HousingWire, 12/29/14)
It’s been five years since the financial crisis, and the housing economy continues to steadily improve, paving the way for an even better 2015, CoreLogic’s 2015 Housing Outlook said. Read More

 

Of course, all of this information is just that, information.  If you would like to further the discussion to see how the Summit County market can best work for you and your lifestyle, please give us a shout!  We knows the in's and out's of this market - all the likely spots as well as some hidden local gems!  

Buyer's Market? Seller's Market?

by Allison Simson

Happy Tuesday Morning to YOU!  

We hear a lot about the market in the media - and in basic cocktail conversations, but what does it mean?  Is is a buyer's market?  A seller's market?  Nobody's market???  How do we evaluate this? 
Actually, it's pretty easy.  Here's a quick paragraph that you can use to dazzle your friends and neighbors at the next party:

One Key Metric for Local Real Estate Market Health
How do you know if your market’s recovering or not?
Regardless of what your buyers and sellers hear in the national media, we all know that real estate markets are localized economic systems with complex factors influencing pricing, inventory, and trends.
So how do you know if your market has hit bottom, is still sliding down, or is showing signs of recovery? What key indicator should most influence your opinion?
According to the talented real estate mind of Bernice Ross, there’s one simple, precise indicator: How many months of inventory are on the market? Here’s Ross’ opinion on market health:
More than 8 months inventory = “rocky buyer’s market”
Between 7 – 8 months inventory = “market is more balanced -bottom may be behind you”
Less than 6 months inventory = “good news, early signs of recovery”
To determine “months of inventory” use this equation:
Months of inventory = (total # of active listings)/(average # of monthly sales over the prior 12 months)

In Summit County currently, we are in a recovering market with regard to inventory.  Some segments are still really high and some are super low, but overall, the months of inventory in Summit County is about 7.  Balanced.

If you would like the specifics on a particular segment, just let me know.  I'm happy to give you the stats!   

Image Unavailable

195 River Run RD

Price: $389,000

Beds: 2

Baths: 2

Sq Ft: 912

Jackpine- closest building to the gondola -knows how to work every angle. Great floor plan, beautiful upgrades- just steps to the slopes! Granite-stainless-slate-the works! Pretty fireplace to warm every cozy corner. Tucked away, but close to everyt...

View this property >>

And Here's Your Morning Coffee!

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   

Summit County Quarterly Sales Report for your area is available!

by Allison Simson

How is the Summit County, Colorado Real Estate market???  Good question!

At Summit Real Estate, it is always our pleasure to keep you informed about what’s happening with regard to the market here in our fine county!  We enjoy providing the HARD FACTS about the market – not just the cocktail conversation and innuendo!

Ready for some great information about each and every complex in Dillon, Frisco, Keystone and Wildernest/Silverthorne regarding recent sales and active listings? You can view it online right now! Click the hyperlink below, fill out the information required and you will automatically be directed to the sales reports for Summit County.  Good stuff.

Summit Real Estate Quarterly Report

We value your opinions and comments.  Let us know what you think!

8 things to know about buying a home today

by Allison Simson

Question:  Allison, we are interested in buying property in Summit County, CO.  What should we be on the lookout for?

Answer:  The home-sale market is showing signs of life. More buyers are confident now than they were a year ago that now might be a good time to buy. Interest rates are near all-time lows and home prices in some areas nationally are back to 2002-2003 levels.  In Summit County, the prices are back to 2005-06 levels in many areas.

According to Dianne Hymer, with Inman News some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it's too soon to know if this will result in a sustainable increase in prices.

The recent home sales in areas around California's Silicon Valley defy the norm. Significant job growth in the area combined with a low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.

In other high-demand, low-inventory areas, you may find yourself bidding against other buyers, perhaps even more than once. This doesn't necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition and price.

It's important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you'd really like to buy. It helps to work with an experienced local real estate agent.

Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.

HOUSE HUNTING TIP: Whether you're anticipating competition or not, you should be preapproved for the mortgage you'll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

Buyers aren't the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they've been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.

You should expect that you will have to negotiate. Many of today's sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn't anticipated.

Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you're applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed.

THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.

 

 

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  

Price is everything (just about!) - Market Recap

by Allison Simson

I hope the spring is treating you well!  We are enjoying a very warm, dry spring here in Summit County, CO... I'm not complaining... AND it is a little weird not having much snow in April! 

  Our market is proving to be steady as she goes right now... that's a good thing!  The number of sales is up slightly, prices still coming down slightly and inventory is down.  These are all signs of a market that is stabilizing....

Here's an interesting article on price and the market.

MARKET RECAP
Prices always make news, as well they should. A price is an important factor in determining loan amount and equity position. Price determines whether someone buys, sells, or holds. You could say that price is everything.
With that thought in mind, home prices have been volatile in 2012, which has lead to volatile sales data. But though prices have been volatile, they have been trending higher. S&P/Case-Shiller's 20-city composite home price index shows prices increased 0.2 percent in February compared to January.
Though the S&P/Case-Shiller index is the most monitored index, it's a little stale, being two months in arrears. We were more interested in contemporary price data released by Zillow, which show home values were up 0.5 percent in its 30-market index. Zillow believes 19 of the markets it follows have either hit bottom or are expected to hit bottom by the end of the year. Zillow chief economist Stan Humphries advises, "For people who have been waiting to time their home purchase close to market bottom, it’s time to start shopping.”
Not to pat ourselves too hard on the back, but we've been offering similar advice for the past six months. Now, no one can precisely call a bottom, but you can get a “vibe” in your market through experience and information. More of the vibes and much of the information is turning positive in many local markets. To be sure, bad news can still be found, but if you wait for nothing but good news, the bottom will have long been gone.
Existing home sales prove that the news still isn't all good. Sales for March came in softer than expected, posting at 4.48 million annualized units, a 2.6 percent dip from February. The good news is that market dynamics appear to be shifting from mostly low-end homes to higher-end ones: the median national home price rose a strong 4.6 percent to $163,800.
As for new homes sales, the news was decidedly good. New home sales posted a better-than-expected 328,000 annualized units in March, after being revised strongly upward to 353,000 units in February. The national median sales price dipped 1 percent, to $234,500, in March, but we'd be surprised not to see a price rebound in April, because of a dearth of new homes. In fact, the supply of unsold new homes fell to just 144,000 in March – the fewest on record dating to 1963.
Mortgage rates, meanwhile, continue to skim along the bottom, though they're showing no inclination to move meaningfully lower. Again, we can't stress enough the risk/reward paradigm in the mortgage lending market: Even after a spat of bad economic news in Europe, rates hardly moved. This suggests to us that waiting for still lower rates means incurring a great deal of risk for little reward.


 

Quarterly Sales Report for your area is available!

by Allison Simson

Summit Real Estate's Quarterly Sales Reports are here!

It is our pleasure to keep you informed on Summit County’s Real Estate Market.
Click the hyperlink below, fill out the information required and you will automatically be directed to the sales reports for Summit County.

Summit Real Estate Quarterly Report

We value your opinions and comments.  Let us know what you think!

 

 

 

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 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  

 

Displaying blog entries 1-10 of 20

Syndication

Categories

Archives

Share This Page

Contact Information

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