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Allison Simson

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Displaying blog entries 11-20 of 568

Real Estate Market Predictions for rest of 2019

by KCM

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic “We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR “We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about our specific market, let’s get together to discuss what’s happening in our area.

16th Annual SRE Client Appreciation Party Wrap Up!

by Summit Real Estate

Another year of great food, friends and engaging with the great folks of Summit County! We truly enjoy what we do and when we get a chance to celebrate we do so with so much joy and gratitude it lasts long after the celebration!

"Thanks to all the staff who provided a wonderful evening for us!  Everything was wonderful. You’re the best!" The Bonnets

"Thank you very much for a  great party.  It is always such good food and such good company.  I appreciate being invited." M. Rachwalski 

A Special Thank You to Our Generous Sponsors: Movement MortgageTiger Home InspectionsNew Belguim Brewing, CO and Mountain Equity.  Great food and Service from Mountain Lion Cafe. 

 

 

 

Isabel Live Day of Party- A Picture Perfect Day!

 

 

 

 

 

 

 

 

 

We can't thank you enough for those who attended and made this event all it is to us!

Warmly, SRE TEAM

Summit Real Estate's Very Own BEST OF SUMMIT- Kelie Gray

by Summit Real Estate

Kelie is truly honored to have been nominated & her team here at

Summit Real Estate is super proud ​to support her! 

We have voted for her and would love for you to

join us in voting for the BEST! 

 

VOTE FOR KELIE

Go to Services> Real Estate Agent

About Kelie:

It is Kelie’s goal to help you focus on your mountain real estate needs so that you can move on to new adventures. She truly listens and works diligently on your behalf, while keeping your goals in mind.  Her love of the mountains, extensive knowledge of the local real estate market, and long career of helping buyers and sellers in Summit since 2002 will help get you where you want to be.  Real Estate is her Specialty and helping others is her Passion!

“Moving to Dillon from Iowa in 1999 was the best decision I ever made. The midwest is  a wonderful place to be from, but I look forward to raising my family in the mountains! I would be honored to help you find the mountain property of your dreams, and listening to your needs and goals is always a good place to start. Whether you're looking for a vacation home or looking to make Summit County your permanent home I hope that I can share my love for the mountains!"  

Kelie's Success Stories told by her clients: 

 "Quite simply put, Kelie is THE best. She knows her stuff and possesses a plethora of pertinent, far ranging information. Though every agent has access to all mls listings, it’s what they do or do not do that is important. Kelie KNOWS what to do!Gary Moore's 5 Star Google Review

HUD to Announce Long-Awaited FHA Condo Rules

by NAR

The U.S. Department of Housing and Urban Development is expected to release updated guidance tomorrow on FHA-insured condominium financing. The new rules should benefit your real estate clients and customers by allowing more buyers to obtain low down-payment mortgages on affordable housing options.
 

Specifically, the new rules will:
 

Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.

Allow for single-unit mortgage approvals—often known as spot approvals—which will enable FHA insurance of individual condo units, even if the property does not have FHA approval.

Secure additional flexibility in the ratio of investors to owner-occupants allowed for FHA financing in a condo building.
 

The full guidance will go into effect in mid-October, 60 days from publication.
 

“Condominiums are often the most affordable option for first time home buyers, small families, and those in urban areas,” said NAR President John Smaby, in a statement issued to the media Wednesday morning. “We are thrilled that (HUD) Secretary (Ben) Carson has taken this much-needed step to put the American dream within reach for thousands of additional families.”
 

Since 2008, NAR has championed policy changes in condo lending. NAR has sought rules that would allow the owner-occupancy level to be determined on a case-by-case basis and that would extend the approval period for project certification to five years.
 

NAR’s existing-home sales report for June showed condominium and co-op sales at a seasonally adjusted annual rate of 580,000 units, a decline of 3.3% from May and 6.5% from June 2018. With more than 8.7 million condo units nationwide, only 17,792 FHA condo loans have been originated in the past year.
 

“This ruling, which culminates years of collaboration between HUD and NAR, will help reverse recent declines in condo sales and ensure the FHA is fulfilling its primary mission to the American people,” Smaby said.
 

The full rule for single-family condo financing is scheduled to be published in the Federal Register on Aug. 15, 2019, and available online at https://federalregister.gov/d/2019-17213, and on govinfo.gov.

ABasin to Join Ikon Pass starting winter 2019-20!!!!

by Summit Daily

FRISCO — Arapahoe Basin Ski Area announced Friday morning that it would partner with Alterra Mountain Co. and join the Ikon Pass starting this winter.

The news comes more than five months after A-Basin ended its more than 20-year partnership with Vail Resorts on Feb. 18 citing overcrowding in its parking lots, facilities and restaurants.

“We think we’re ready to go this on our own,” A-Basin chief operating officer Alan Henceroth said in February, and spokeswoman Katherine Fuller said in March that A-Basin was “discussing opportunities with several resorts and resort groups.”

In an email blast announcing the news Friday, Henceroth said the new pass partnership would provide more “elbow room” than in previous seasons.

“I think everyone that has been skiing here for the last several years has realized how busy we’ve become, and we really wanted to address that,” Henceroth said on the phone Friday.

Asked how joining another pass product would help with crowding, Henceroth said the scale of Ikon is nowhere near the scale of Epic.

“We are very confident this is going to address the crowding issues we’ve been talking about for a while,” he said.

Henceroth said the Ikon Pass partnership also will help reduce crowds because the passes offer a limited number of days with blackout periods.

Ikon passholders will have seven days at A-Basin with no blackout dates, and Ikon Base passholders will get five days with blackout dates over the holidays.

“We’re committed to getting quite a few less people here over those busy periods,” he said.

Also in the Friday email blast, Henceroth said he personally skis at many of the Ikon Pass resorts — including Alta and Snowbird in Utah, Jackson Hole in Wyoming and Squaw Valley Alpine Meadows in California — and that their brands are “in sync” with A-Basin.

“We really think when we look at the Ikon partners … we think those are resorts whose brand is really in sync with our brand, and people who like to ski A-Basin will like to ski those places, too,” Henceroth said.

“For us, it’s really about maintaining the culture and the vibe” of A-Basin, he said.

The news means Summit County is now split with Breckenridge Ski Resort and Keystone Resort on the Epic Pass and A-Basin and Copper Mountain Resort on Ikon.

The news also puts the pass war tally even in Colorado, with six resorts on each pass:

Ikon Pass: A-Basin, Aspen Snowmass, Copper, Eldora Mountain Resort, Steamboat Resort and Winter Park Resort
Epic Pass: Beaver Creek, Breckenridge, Crested Butte, Keystone, Telluride and Vail

Sell this Summer? Here are 4 Reasons

by KCM

Some Highlights:

Buyer demand continues to outpace the supply of homes for sale. This means that buyers are often competing with one another for the few listings that are available.
Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
Now may be the time for you and your family to move on and start living the life you desire!

Gov. Polis Signs New Traction, Snowplow Laws Outside Eisenhower Tunnel

by Sawyer D'Argonne- Summit Daily

As cars began to pile up on the east side of Eisenhower/Johnson Memorial Tunnel on Monday afternoon, Summit County residents were again reminded of the often treacherous nature of winter driving in the mountains. But drivers may be more prepared to deal with the elements by this time next year.

Gov. Jared Polis and representatives from around the state gathered under a soft dusting of snow outside of the tunnel on Friday afternoon, hoping to make the roadways to western Colorado a little safer. Polis signed two new transportation bills into effect at the meeting, both aimed at improving safety and keeping traffic moving in the corridor.

“These are both safety bills, but they’re more than that because for regular Coloradans these are also bills to reduce traffic,” said Polis, who spoke in front of a crowd — including Summit County Commissioners Thomas Davidson and Elizabeth Lawrence — inside the tunnel’s operations room before signing the bills. “This will really have an impact on keeping people moving in the High Country, which is good for business, good for quality of life and also good for safety.”

TRACTION

The first bill signed was a measure to increase the traction standards for drivers making the trip along Interstate 70. Under the previous law, motorists only needed to think about their equipment after the Colorado Department of Transportation put commercial or passenger vehicle traction laws into effect. Now, the restrictions are essentially in effect for the entire winter, from Sept. 1 through May 31, for anyone driving between Dotsero (milepost 133) and Morrison (milepost 259).

The bill also raised the bar for traction requirements. Drivers will only legally be allowed on the roadway if they have a tire tread depth of at least 3/16th of an inch (previously 1/8th of an inch), along with four-wheel drive, all-wheel drive, or either mud and snow or all-weather rated tires. Commercial vehicle drivers are required to carry chains for at least four tires, or an alternate traction device, throughout the entire period in case traction laws go into effect.

“It will improve safety; it will reduce traffic jams,” said Rep. Dylan Roberts, one of the bill’s prime sponsors along with Sens. Bob Rankin and Kerry Donovan. “This is one way we can start reducing traffic on I-70, and keep our local economy humming.”

While all agree that state officials had the right idea in mind in coming up with the new law, some are concerned about enforcing the measure.

Colin Remillard, a local spokesman with the Colorado State Patrol, said that any bill aimed at improving the traffic flow on I-70 would be helpful, but noted that educating the public on the law could be an issue, especially for out of state visitors.

“In every winter storm there’s always dozens of passenger cars without the ability to get up the hill,” said Remillard. “That creates a domino effect, where if there’s cars spun out it’s really hard for them to treat it, and we’re in a position we can’t clear the road. So this is a step in the right direction.

“Enforcement could be an interesting issue. I’m not saying ignorance is an excuse, but for people coming up from Florida for a week, this type of thing really isn’t on their radar.”

Peter Griff, owner of Breckenridge Rental Car, reciprocated Remillard’s concerns, noting that car rental companies in Denver won’t be keeping the law in mind when renting out cars.

“I think it’s just an ongoing issue of people not knowing the area,” said Griff. “They don’t know the laws or how they work. They think they’re all set with that four-wheel drive car, even if they don’t have the right tires. I think the intention is in the right place, but it’s a matter of how enforceable this is.”

SNOWPLOWS

In addition to the traction bill, Polis signed off on a new law increasing penalties for motorists who unsafely pass snowplows on the road. Under the former law, a person who overtakes an operating snowplow while failing to “exercise more than ordinary care and caution” could be charged with a class B traffic offense. The new law creates more a severe punishment in the form of a class A traffic offense for drivers that pass an operating snowplow in “echelon formation” with one or more other snowplows. Echelon formation denotes snowplows arranged diagonally, with one unit behind and either to the right or left of the other.

Class A traffic offenses are punishable by a fine typically between $15 and $100 along with a surcharge.

According to CDOT, plows operating in echelon formation is the safest and most efficient snow removal method, and attempting to pass is dangerous for all parties involved due to potential white out conditions coming off the plows and ridges of snow between lanes.

“It creates a class A traffic infraction for passing a snowplow in echelon formation,” said Polis. “Its another safety measure, also one that will prevent accidents which lead to road closures, again to keep people moving in the high country safely.”

“We ask CDOT to keep us safe, and these two bills will hopefully pay that forward by helping to keep CDOT safe while they’re helping us,” added Sen. Donovan.

OpenSnow launches ‘OpenSummit’ Summertime Mountaintop Weather Forecasts

by Antonio Olivero- Summit Daily


In time for summer hiking, the skiing-focused weather forecasting website OpenSnow and its Colorado-based founder Joel Gratz have launched a new mountaintop weather-forecasting service dubbed “OpenSummit.”

OpenSummit — available at OpenSummit.com — provides access to hourly weather forecasts for more than 1,000 locations across the country. Information for each location includes the chance of precipitation, lightning potential, temperature, wind speed and sunrise and sunset times free to all readers up to two days, and up to five days for OpenSnow/OpenSummit all-access subscribers. Gratz said additional forecast data and locations will be added over time. A dual OpenSummit-OpenSnow yearly subscription costs $19 annually.

The forecasting service provides information specific to 232 mountaintop locations in Colorado. Here in Summit County, the service provides information at locations including Buffalo Mountain, Uneva Peak, Peak One, Peak 10, Crystal Peak, Pacific Peak, Atlantic Peak, Fletcher Mountain, Quandary Peak, Bald Mountain, Mount Guyot, Mount Valhalla, Mount Powell, Eagles Nest, Arapahoe Basin Ski Area, Keystone Resort and Breckenride Ski Resort.

Other nearby locations include Torreys Peak, Grays Peak, Mount Edwards, Mount Sniktau, Pettingell Peak, Byers Peak, Square Top Mountain, Notch Mountain, Mount of the Holy Cross, Holy Cross Ridge, Clinton Peak Mount Lincoln, Mount Cameron, Mount Democrat, Mount Buckskin, Mount Bross, Mount Silverheels, Dyer Mountain, Mount Sherman, Horseshoe Mountain, Mount Massive, Mount Oklahoma, Mount Elbert, Casco Peak, Lackawanna, French Mountain. Mount Parnassus, Bard Peak, Vasquez Peak, Winter Park Resort and Colorado Mines Peak, among others.

An OpenSummit mobile-phone application is also available for download on iOS, while Android will be available by early June.

To search and see which mountains are included in the forecasting service, vist: OpenSummit.com/Explore.

 

Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

Home values will continue to appreciate. Waiting may no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off around 4.3%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Many experts are revising their initial predictions for 2019 to reflect more aggressive projections for home price appreciation. This is great news for homeowners who will gain even more equity in their homes as prices rise! Let's get together to chat about what this means for you!

Displaying blog entries 11-20 of 568

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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