Insights on Summit County Real Estate

June 15, 2020

June 2020 Summit County Colorado Market Update

What's the Real Estate market in Summit County looking like now that the country is opening back up for business? Find out now! Don't forget to ask for your personal market report for your area specifically.

June 11, 2020

New Listing! 2BR, 2BA in the heart of Breckenridge

FOR SALE

 

May 27, 2020

Why You would want a Comparable Market Analysis from a Realtor

Why You would want a Comparable Market Analysis from a Realtor

Making the most of the "social distancing" requirements proves to be an opportunity for additional education. And, once we can all come out of our quarantine - and depending on the length of time that happens to be - we can expect a very different real estate market - at least for some time. So, the question becomes how to navigate through that market and how to price homes correctly.

This past weekend, I completed the PSA, Pricing Strategy Advisor course to better prepare me to help my clients with home pricing. We'll be as prepared as we can be as we move forward. If you are looking to sell your home or buy a home, please give us a call.

What other reasons might you want a Comparable Market Analysis?

  • An opinion of value or price is prepared other than in pursuit of a listing or to assist you as a buyer in formulating a purchase offer.
  • The sellers are getting a divorce, and it is amicable (so far). One party wants to buy the other one out, so they need a price for the house.
  • The property is an estate, and the family might keep it—they want a price.
  • A consumer is questioning the assessed value on his home, used to calculate property taxes. In his location, assessed value is supposed to be the market value of the property, so he wants a price.

May 27, 2020

Why This Summer Is the 2020 Real Estate Season

Why This Summer Is the 2020 Real Estate Season

Why This Summer Is the 2020 Real Estate Season | MyKCM

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

Joel KanEconomist at The Mortgage Bankers Association (MBA) notes:

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

Additionally, according to Google Trends, which scores search terms online, searches for real estate increased from 68 points the week of March 15th to 92 points last week. As we can see, more potential homebuyers are looking for homes virtually.

What’s the Opportunity for Buyers?

Another reason buyers are coming back to the market, even with forced unemployment and stay-at-home orders, is historically low mortgage rates. Sam Khater, Chief Economist at Freddie Mac indicates:

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.”

With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.

What’s the Opportunity for Sellers?

Finding a home to buy, however, is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level.

According to last week’s Weekly Economic and Housing Market Update from realtor.com:

“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

If you’re thinking of selling your house this summer, now may be your best opportunity. With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Trusted real estate professionals can help you list safely and effectively, keeping your family’s needs top of mind. Buyers are looking, and your house may be at the top of their list.

Bottom Line

If you’re thinking of selling, many buyers may be eager to find a home just like yours. Let’s connect today to make sure you can get your house in on the action this summer.

May 20, 2020

Interest Rates Hover Near Historic All-Time Lows

Interest Rates Hover Near Historic All-Time Lows

Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC] | MyKCM

Some Highlights

  • Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.
  • Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.
  • Let’s connect to determine the best way to position yourself for a move in today’s market.
May 15, 2020

How are Short Term Rentals Revenues affecting the Real Estate market?

How are Short Term Rentals Revenues affecting the Real Estate market? What does lending look like right now? What are the predictions on how this affects Home values? Hopefully this quick video will help you answer some of these questions! Let's make a savvy buyer or seller out of you!

#FutureofRealEstateinSummitCounty #BreckLiving #ShortTermRentalsinBreckenridge #PurchasingPower #whatarebuyerslookingforinRealEstate #RealEstateOptimism #RealEstate #househunting #realestateexpert

 

May 13, 2020

Experts Predict Economic Recovery Should Begin in the Second Half of the Year

Experts Predict Economic Recovery Should Begin in the Second Half of the Year

Experts Predict Economic Recovery Should Begin in the Second Half of the Year | MyKCM

One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery? As the country begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say.

Jerome Powell, Federal Reserve Chairman

“I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…

So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that. I’m highly confident of that. And it won’t take that long to get there.”

Nonpartisan Analysis for the U.S Congress

“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures. The labor market is projected to materially improve after the third quarter; hiring will rebound and job losses will drop significantly as the degree of social distancing diminishes.”

Neel Kashkari, President, Minneapolis Federal Reserve Bank

“I think we need to prepare for a more gradual recovery while we hope for that quicker rebound.”

We’re certainly not out of the woods yet, but clearly many experts anticipate we’ll see a recovery starting this year. It may be a bumpy ride for the next few months, but most agree that a turnaround will begin sooner rather than later.

During the planned shutdown, as the economic slowdown pressed pause on the nation, many potential buyers and sellers put their real estate plans on hold. That time coincided with the traditionally busy spring real estate season. As we look ahead at this economic recovery and we begin to emerge back into our communities over the coming weeks and months, perhaps it’s time to think about putting your real estate plans back into play.

Bottom Line

The experts note a turnaround is on the horizon, starting as early as later this year. If you paused your 2020 real estate plans, let’s connect today to determine how you can re-engage in the process as the country reopens and the economy begins a much-anticipated rebound.

May 8, 2020

What effects are the pandemic having on home sale values?

I get this question a LOT recently..."What effects are the pandemic having on home sale values?"...So I made this video to give you some quick answers. You know where to find me if you need more!

 

May 6, 2020

Housing Market Positioned to Bring Back the Economy

Housing Market Positioned to Bring Back the Economy

Housing Market Positioned to Bring Back the Economy | MyKCM

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which sectors of the economy will drive its recovery? There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary.

Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit.

As Mark Fleming, Chief Economist of First Americanrecently explained:

“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft, Chief Economist for CoreLogic, (@DrFrankNothaft) tweeted:

“For the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.”

And, Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:

“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”

Bottom Line

Every time a home is sold it has a tremendous financial impact on local economies. As the real estate market continues its recovery, it will act as a strong tailwind to the overall national economy.

April 24, 2020

What's Happening in Breckenridge after 6 Weeks of Stay at Home Orders?

Here are my favorite meme's that help tell the story of what's going on in Real Estate after 6 weeks of Stay at Home orders in Summit County. #summitrealtorslive #BreckLiving