Buyers and Sellers: Take Action Now

If you’re on the fence about buying or selling a home, now is the time to hop off and take action.

Call me at (970) 418-0183 for a FREE home buying or selling consultation

If you’re thinking about buying or selling a home, now is a great time. For sellers, there is so little inventory that homes which are priced correctly are selling quickly. We’re seeing multiple offers in the first couple weeks for nearly every home that is selling.

Once the slopes close, however, we are going to see an increase in inventory. One of our listing clients was bringing their townhome onto the market. The last sale was at $650,000 and we were going to price theirs below that because the location was not quite as desirable. But someone in the building decided they needed to sell fast, so they came on at $500,000, which affected everyone in the building. A home that we would have brought on over $600,000 now needs to wait until the prices recover. Granted, they did have multiple offers, and we don’t know how much it sold for, but once it closes, it will definitely have an effect on everyone.

If you’re thinking about selling, let’s price it right to sell quickly.

As interest rates increase, buying power for some buyers decreases. Buyers are going to see an uptick in inventory, but there are still a lot of buyers out there and the competition is fierce. When a property that is a perfect fit for you comes on the market, we need to be ready. If you’re getting a loan, get pre-qualified as soon as possible. We also need to know how to write the contract so that you’re going to win.

As interest rates increase, buying power for some buyers decreases.

If you’re thinking about buying, remember that interest rates are on the rise.

For every $100,000 of purchasing power, when the interest rates go up by 1%, the cost of that is approximately $60 per $100,000. I’m not a lender, so I can’t give you an exact figure, but you can check out a mortgage calculator online to see how rising rates will affect you personally.

There are going to be some great properties coming onto the market, so let’s be ready.

If you have any questions or need any help, please feel free to contact us. We would love to hear from you.

What to Expect From the 2018 Summit County Market

What can you expect from the Summit Country real estate market in 2018? I’ll share a few of my predictions, as well as an announcement about my new video series.

Call me at (970) 418-0183 for a FREE home buying or selling consultation

What will the 2018 real estate market look like? We’ll share a few predictions. I’m also excited to announce a new video series. 

As many of you know, homes were selling extremely fast in 2017. Inventory continued to be low, and 25% of homes were selling in less than two weeks. 

In 2018, we don’t expect that to change. We think that 30% of homes will sell in less than two weeks, and we will continue to have a shortage of inventory. 

The market continues to improve, and homes are selling quickly.

If you are looking to buy a home this year, you need to be in touch with us. Our buyer agents will look for a home that suits your specific needs. 

If you are thinking of selling, there couldn’t be a better time. The market continues to improve, and homes are selling quickly. 

I also want to let you know that this year, we will introduce you to a new company in Summit County each week. We will interview them to find out what they do and see what specials they offer you. We’ll also introduce you to businesses in Vail and Beaver Creek. 

If you have any questions in the meantime, just give me a call or send me an email. I would be happy to help you!

Tax Reform and Real Estate: What’s Changing?

How will tax changes impact the real estate market? Here are a few things we’re keeping an eye on.

Call me at (970) 418-0183 for a FREE home buying or selling consultation

A lot of you have been asking me lately about the tax reform bill and how it will affect the real estate market. Since the majority of homeowners around here are secondary homeowners, it won’t have the same effect on their vacation homes as it will on their primary residences. However, there are a few changes that may affect you that I wanted to touch on today.

First things first—the mortgage interest deduction cap has been decreased from $1 million to $750,000. Since 60% of homeowners around here finance their homes, it will have an impact.

Another part of this tax bill is the limiting of state and local tax deductions. Here in Colorado, our taxes are already so low that it won’t have a big impact. However, for those of you in states where the taxes are much higher, you’ll definitely want to do some homework to see how it will affect your primary and secondary residences.

Capital gains weren’t touched in the new plan.

Finally, the capital gains tax is another piece that a lot of people are worried about. Basically, if you’ve lived in a home for two out of the last five years as a primary residence, you can deduct any capital gains up to $250,000 as a single person and up to $500,000 as a married couple. This piece wasn’t touched in the tax plan, which is good news for homeowners.

Click here for a deeper look at the tax reform bill.

If you have any more questions about exactly how these changes are going to affect you personally, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.