Insights on Summit County Real Estate

May 21, 2019

Get our New BreckLiving Live MLS App

Ever stood in front of a home for sale and wanted to know the details instantly? Curious about the market, but not ready to buy yet? Want to see what homes are for sale and have sold around you?

 

Connect with me through our New BreckLiving Summit Area MLS-Client® mobile app. Easily get FREE access to the MLS® right in the palm of your hand. Search for your dream property in your favorite neighborhood and still get my real estate expertise. Click Here (https://mls-client.com/03924A8D) to Download the App!!

 

 

Search the MLS®

Get complete and immediate access on the map or by search criteria to all active, pending, sold and expired listings.

 

 

 

 

Instaview

Point your device toward a nearby property and get the full listing information for this property instantly.

 

https://u.realgeeks.media/breckliving/pre_market_stats_EN_US.5d8533d8.png

 

Incisive Market Stats

Keep your expectations in check and strengthen your position with instant market stats.

 

 

 

 

 

There's so much power in the palm of your hands. Click Here (https://mls-client.com/03924A8D) to Download the App!!

 

 

 

 

 

 

 

May 20, 2019

Appealing Your Property Valuation

The goal of your new Property Valuation Appeal would be to lower the valuation to lower your taxes. When making an assessment of your property, appraisers would look at the # of bedrooms, the age, and the square footage +/- 10%. Recent comps would be within 180 days of the June 2018 cutoff (per the valuation). Here's the process:

Use three to five comparable properties that have sold recently that are very similar to your own in terms of size, style, condition, and location.

Once you identify comps, check the assessments on those properties. Our Summit County local government maintains this information on the public databases (CLICK HERE). If the assessments on your comps are lower, you can argue yours is too high.

Even if the assessments are similar, if you can show that the comparable properties are superior to yours, you may have a case for relief based on equity. Maybe your neighbor built an addition while you were still struggling to clean up storm damage. In that case, the properties are no longer comparable.

Armed with your research, call the assessor’s office. Most assessors are willing to discuss your assessment informally by phone. If not, or if you aren’t satisfied with the explanation, request a formal review.

Pay attention to deadlines and procedures. There's a form to fill out and specific instructions for supporting evidence. The length of the review process varies but be prepared to wait a few months (or sometimes even longer) for a final decision. Expect to receive a decision in writing.

If the review is unsuccessful, you can usually appeal the decision to an independent board, with or without the help of a lawyer.

 

April 26, 2019

Are Low Interest Rates Here to Stay?

 

Are Low Interest Rates Here to Stay? | MyKCM

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

Are Low Interest Rates Here to Stay? | MyKCM

Bottom Line

If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today!

April 26, 2019

April 2019 Summit County Real Estate Market Update

 

 

In a recent post on the National Association of Realtors’ Economists’ Outlook Blog, it was revealed that Realtors are starting to sense that home values are beginning to stabilize and that we may see appreciation beginning to accelerate again.

The thinking that home appreciation has bottomed-out was confirmed in two housing reports recently released:

CoreLogic Home Price Index – The analysts at CoreLogic increased their projection for home appreciation for the next twelve months to 4.7% as compared to the 4.6% they projected in their previous report.

The Home Price Expectation Survey – In the 2019 first quarter survey, the nationwide panel of over one hundred economists, real estate experts, and investment & market strategists increased their projection for home value growth in 2019 to 4.3% compared to the 3.8% increase they had projected in the fourth quarter of 2018.

Here's a Snapshot of Summit County in the last month.

  • New Listings were down 29.6 percent for single family homes but increased 33.1 percent for townhouse-condo properties.
  • Pending Sales landed at 96 for single family homes and 177 for townhouse-condo properties.
  • The Median Sales Price was up 11.6 percent to $689,893 for single family homes and 12.8 percent to $521,000 for townhouse-condo properties.
  • Days on Market decreased 9.1 percent for single family homes but increased 14.5 percent for townhouse-condo properties.
  • The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

 

April 26, 2019

Buyer Demand Surging as Spring Market Begins

Buyer Demand Surging as Spring Market Begins | MyKCM

Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade.

However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available).

Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the last three months.

Buyer Demand Surging as Spring Market Begins | MyKCM

 

Bottom Line

It appears the spring buyers’ market is going to be much stronger than many had projected. Whether you are selling or buying, this is important news.

 

*The methodology behind the indices:

The ShowingTime Showing Index

“The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.”

The National Association of REALTORS® Buyer Traffic Index

“In a monthly survey of REALTORS®, NAR asks respondents ‘Compared to the same month last year, how would you rate the past month’s traffic in neighborhood(s) or area(s) where you make most of your sales?’ NAR compiles the responses into an index, where an index above 50 indicates that more respondents reported “stronger” traffic than “weaker” traffic.”

March 14, 2019

Calling All Investors!!

CALLING ALL INVESTORS!
147 Shores Lane

This is an incredible opportunity for the already lowest priced riverfront Shores residence. Current contract holder will RELEASE $125,000 of her earnest money at closing for any buyer that assumes her contract! The $125k credit will reflect a $1,640,000 acquisition price which is $255k below the unit next door! Read More....

This is a contractual assignment sale. The current contract holder has been allowed to assign their contractual interest by the developer. This new residence has direct access to National Forest & Blue River. Enjoy living near everything Summit County has to offer in this newly designed residence with clean transitional interiors to include modern stone finishes, hardwood, granite, stainless steel, refined kitchen & bath designs coupled with outdoor living. See More Information on this Home HERE.

I've put together these free guides based on over 5000 resources of economists, investment strategists and market analysts to provide relevant information that can help answer many of the questions you have. Download our Winter 2019 Guide to Buying.

March 14, 2019

Enjoy Spring Time in Breckenridge

Breckenridge Spring Fever is back!  Spring in Breckenridge is widely known for having the best snow in Colorado, along with sunny bluebird days, special events, and great deals for guests from around the world. There’s no better way to send off the season than with Breckenridge’s Spring Fever.

St. Patrick's Day Celebrations!
St. Patty’s Day is on a Sunday this year which means there will be St. Patrick’s Day celebrations all weekend long!  Plan to wear green on the mountain and keep an eye out for food and drink specials around town.  Looking to burn a few calories before indulging in some green beer? Don’t miss the St. Patrick’s Day 5K.

Breckenridge Brewery
 is bringing Ireland to Colorado by giving a local restaurant an Irish makeover and turning it into North America’s “highest Irish Pub” at a whopping 10,010 feet above sea level. Sevens, the on-mountain restaurant at Breckenridge Ski Resort will be renamed O’Sevens for the month of March in honor of St. Patty’s Day, and will be hosting a variety of Irish festivities. They are also hiding gold cans in their new 12 packs of Nitro Irish Stout from now to St. Patty’s Day and anyone who “strikes gold” can enter to win a trip to Ireland!

Breckenridge Spring Beer Festival - April 6

The Breckenridge Spring Beer Festival is one of the coolest events of the spring in the Colorado Rockies!  Featuring brews, views and free live music, the Breckenridge Spring Beer Festival is an event you don’t want to miss. DON’T FORGET YOUR CRAZY COSTUME FOR THE BRECK BEER FEST!

Imperial Challenge - April 13
T
he 2019 Imperial Challenge… the most unique pseudo-triathlon anywhere enters its 28th year! Ride your bike 6 miles from the Breckenridge Rec Center to the base of Peak 7 at the Breckenridge Ski Resort. Ascend on your choice of gear to either the top of the T-bar (Sport Course 2500’) or to the top of Peak 8 (Expert Course 3000’).

Easter Celebration - April 21
Get ready for an egg-celent day in Breckenridge! For one day this season, there’ll be bunny on the slopes! Join us in Breckenridge for a Sunrise Easter service at Tenmile Station and other Easter festivities around town. Easter is one of the spring events in Breckenridge that is perfect for the whole family to enjoy.

Breck Plunge - April 21 (although can be moved to closing day!)
The Breck Plunge pond skim event will help kick off the Resort’s extended 2018-19 season with a splash, April 21st, 2019. Join the fun at the base of Peak 8 with live music, food, drinks and great people!

 

March 11, 2019

Why an Economic Slowdown Will NOT Crush Real Estate this Time

Why an Economic Slowdown Will NOT Crush Real Estate this Time | MyKCM

Last week, the National Association for Business Economics released their February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:

“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”

Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:

  1. The Pulsenomics Survey of Market Analysts
  2. The Wall Street Journal Survey of Economists
  3. The Duke University Survey of American CFOs

That raises the question: Will the real estate market be impacted like it was during the last recession?

A recession does not equal a housing crisis. According to the dictionary definition, a recession is:

“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

During the last recession, prices fell dramatically because the housing collapse caused the recession. However, if we look at the previous four recessions, we can see that home values weren’t negatively impacted:

  • January 1980 to July 1980: Home values rose 4.5%
  • July 1981 to November 1982: Home values rose 1.9%
  • July 1990 to March 1991: Home values fell less than 1%
  • March 2001 to November 2001: Home values rose 4.8%

Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained:

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.”

The housing market is just “normalizing”. Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.

Bottom Line

If there is an economic slowdown in our near future, there is no need for fear to set in. As renowned financial analyst, Morgan Housel, recently tweeted:

“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”

March 7, 2019

Thinking of Entering the Housing Market this Spring?

March 4, 2019

March 2019 Summit County Real Estate Market Update

Just like our clocks this past weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right. Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas impacted by arctic conditions (like Summit County).

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are increasingly jumping off the fence and into the market to secure a lower rate.

  • New Listings were up 23.1 percent for single family homes and 19.8 percent for townhouse-condo properties.
  • Pending Sales landed at 92 for single family homes and 162 for townhouse-condo properties.
  • The Median Sales Price was up 7.8 percent to $792,500 for single family homes but decreased 31.2 percent to $426,000 for townhouse-condo properties.
  • Days on Market decreased 15.2 percent to 95 days for single family homes but increased 26.2 percent to 82 days for townhouse-condo properties.

It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their home ownership goals.