Breckenridge Real Estate Blog

Summit County home buyers who want the best properties with the optimum deals can prepare themselves for success.  Buyers can assume there is competition in today’s Summit County real estate market.  Although a buyer might not need to wear his/her Sunday best, a homebuyer can impress the seller by arriving with a great attitude and loan preapproval and down payment or cash in hand.

In the current encouraging market, we are seeing great prices, low interest rates, top amenities, organized homeowner’s associations, and beautiful neighborhoods.  Buyers access the condition of the condominiums or townhomes and single-family homes in Summit County.  After considering all of these elements, the buyer selects the property to fit his/her goals.

Many markets across the nation are seeing multiple bids. According to a Fox Business article by Andrea Murad on March 21, 2013, “To win the bid, buyers need to stand out from the crowd.”  How can a buyer land the Rocky Mountain property with the most attractive features?  Expert advice presented by Murad includes basics tips like plan ahead, look in your price range, offer more cash, get preapproved, minimize contingencies, and, if possible, close whenever the seller would like to close.

Then they said to charm the seller.  Savvy buyers can make an impression by sending the sellers nice letters explaining how they appreciate the specific properties.

So here’s the basic check list.  Several months before looking for houses, get your finances in order.  Check your credit reports.  Pay down debt and do not incur additional large debts. Pull together as much cash as possible but at least 20% for the down payment the extra money allows for flexibility between the appraisal amount and your offer.  At the right time, get prequalified for a loan and submit the pre-approval letter and proof of funds with your offer and letter of interest.

At times the right attitude is needed to beat out the all-cash offer that may be competing with your own.  Beyond the home inspection and the appraisal, try to keep the entire transaction simple so the seller will be more likely to entertain your offer.

For information about possibilities, call Summit County Realtor Candy Snyder at 970-485-3000.

Breckenridge 3 Bedroom Home for Sale in Warriors Mark West – $699,800

Beautiful Breckenridge 3 bedroom home for sale in prestigious Warriors Mark Sub. Short walk down the street-put your skis on & ski to lifts-same coming back home. Close to everything that Breckenridge has to offer. This Breckenridge 3 Bedroom Home is nestled in the trees with a cozy feel. SubZero fridge, Viking gas range, Thermadore double ovens and micro, Bosch-DW. This Breckenridge 3 Bedroom Home has TONS of storage in garage & master closet area. Baths redone. High Ceilings, a must see.

Breckenridge Warriors Mark

Type: Single Family Bedrooms: 3 Bathrooms-Full: 1 Bathrooms-3/4: 1 Bathrooms-half: 1 Furnished: Mostly Liv Area sqft 2420 MLS #: S383528

Watch Virtual Tour of Breckenridge 3 Bedroom Home for Sale

2013 Summit County Colorado property tax valuations indicate that the local housing valuations are flattening out from the past two years of decline. This includes properties in Breckenridge, Frisco, Dillon and Silverthorne as well as the out lying areas. Less decline than anticipated in the values of the county’s properties, including residential and commercial, indicate an improvement in housing values as the Real Estate market rebounds from the last few years.

According to a recent Colorado Business Economic Outlook for 2013 from the Leads School of Business at the University of Colorado, Boulder, construction activity and new housing starts will improve 21.3% to 910,000 in 2013, including 13,000 single-family permits. The largest increase will be attributable to residential construction, growing more than $1 billion in 2013.

The existing housing market in Colorado performed better than much of the nation in 2012 and will continue positive market growth in 2013. As long as interest rates remain low, expect the housing and real estate market to improve.

With home prices stabilizing, housing starts improving and the forecast looking better for the entire state, Summit county’s Real Estate market is looking forward to a wonderful summer.

For more information about real estate in Summit County as well as property rentals please call Candy Snyder, Omni Real Estate, 409 Main Street, Frisco, CO 80443 at 970-485-3000.

There are many factors that need to be considered when buying a home. Narrowing down your key criteria can be daunting, especially if you have a significant other and need to come to consensus.  Here are five areas to consider that will allow you to begin your search for the size and type of home and what area to look in.

How much room is needed.  In addition to needing the right space for now, you need to plan for the next few years growth.  Marriage, pets, kids leaving for or arriving back from college, parents returning to be cared for are all to be considered.  Some can be easily planned, others are unexpected.  Extra bedrooms or finished basement can accommodate the “guests”.

How much work can you do yourself.  Do you want a yard and house to customize to your lifestyle, or do you want someone else to take care of the townhouse or condo exterior.  This decision will lead you to the type of home you want to live in.

Repair and improvements.  Maintenance is always necessary when you own a home.  You can hire someone to do these, do them yourself, or buy a home warranty service contract to take care of most issues.  Decide how much maintenance you want to tackle and that will lead your search to new and well-cared for at a premium or fixer-upper at a discount.

Association Fees. Like the Home Warranty Service contract, some properties include Association fees.  These fees cover a range of services and other costs that are incurred by the association.  Pay attention to what the fees cover and if they are of importance to you.

What area fits your lifestyle.  The old expression is Location, Location, Location.  It is very true, and some things to consider when you pick your location is your commute to work, the distance to shopping, medical services, schools, pet’s services and personal hygene services.  Whether you will walk, drive, or take the bus, make sure the services you need are readily available.

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For more information about real estate in Summit County as well as
property rentals please call Candy Snyder, Omni Real Estate, 409 Main Street, Frisco, CO 80443 at 970-485-3000.

If you are selling your house yourself and you are not getting the number of buyers looking at it you want, then there are several questions you need to ask yourself. Here are 5 questions that you should think about.

1) Should you consider using a Real Estate professional? Selling it yourself can seem like you are saving the 6% commission, but if it doesn’t sell because it is not being marketed beyond the “For Sale By Owner” sign in the front yard, then it is not saving you anything. Also consider that you have to get a lawyer to complete the paperwork and coordinate all the activities of the deal that the Real Estate agent does free as part of the commission.

2) Is it priced too high? Sellers get nostalgic about their home and think it is worth more than it is. Especially when they paid a higher price then they are selling it for now. They want to get every penny they put into it, out of it. Ask a Real Estate agent to do “comparables” to find out what your home is worth compared to the other similar homes in the area. Really listen to their expert opinion about what the price should be – this is what they do for a living.

3) Maybe its not being marketed properly? If you are selling it yourself, you are limited to the amount of exposure it is getting. A Real Estate Agent can list your house in the local MLS – where most of the online sites get their data, they can advertise the property in the paper and on the internet, hold some weekend open houses, and promote it to the other agents in the area. The more people that know it is for sale, the better your chances are of finding just the right buyer.

4) Does your house stand out from the others? Does it have curb appeal? Is it staged well – free from clutter and clean? Is the paint fresh inside and out?

5) Are there any glaring issues with the house? The roof, the color scheme, the yard, the cigarette smell once the front door is open? Also, don’t let pets turn off potential buyers. If the great danes roam the backyard, clean up the mess, and take them with you when a potential buyer is looking at the house. Clean the litter box and bird cage at a minimum every time the house is shown. If the pets have made the carpets look “less than new” consider offering a carpet allowance right up front. The buyers will probably ask for it anyway, so take the issue away from the buyer’s mind. Many people have had issues with pets, and will not consider a house that has been “lived in”. This reduces the pool of potential buyers to pet owners that can overlook these issues.If you are limited to buyers driving by the house and seeing the sign, then you do not have the numbers in your favor.

If a buyer drives by your house and keeps going because of something they see or don’t see from their car, regardless of how they found out that the house was for sale, you have no feedback about that, and they do not even get to see how nice the inside is. A Real Estate Agent can help with these and other aspects that may be specific to your house – like a unique floor plan. They will have experience of how to put the best light on your house and the right agent will help sell your house in a shorter period of time.

For more information about real estate in Summit County as well as property rentals please call Candy Snyder, Omni Real Estate, 409 Main Street, Frisco, CO 80443 at 970-485-3000.

We are seeing prices for single-family homes up slightly in the Summit County housing market.  Prices for homes in Breckenridge, Frisco, and Keystone are rising steadily while prices for multi-family units and vacant land in this part of Colorado have fallen slightly year over year.

Lower inventory is causing the prices for Summit County real estate in some areas to go up, sometimes 25% higher. Yet the average price for single-family homes in Summit County is about the same as it was last year overall. So far in 2013, the median residential transaction is $380,000 with an average price per square foot of $275.  Most of the home sales have been in the lower price ranges and not homes priced over $1 million.  Nonetheless, prices for Summit County homes are nowhere near at the level they peaked in 2008.

Nationwide, on the other hand, home prices in the large markets are experiencing the highest increases since the peak years. There is a clear uptrend in the housing market. A report by S&P Case-Shiller reveals that the recovery in home prices spreads throughout all 20 markets in the study except Detroit. In general, the markets that fell the hardest when the housing bubble burst have made the greatest overall progress. Just as in Summit County, the overall USA index remains down substantially from the peak years during the late 2000s.

The current housing recovery has been influenced by low inventory, historically low mortgage rates, and the declining numbers of homes in foreclosure. As the economy stabilizes, sectors of employment including construction are positively affecting household wealth. A new wave of homeowners are able to refinance their loans at lower rates and stay current on their mortgages.

For more information about real estate in Summit County as well as property rentals please call Candy Snyder, Omni Real Estate, 409 Main Street, Frisco, CO 80443 at 970-485-3000.

The median value from 2007-2011 of homes in Summit County Colorado was $465,200.  Many young people would enjoy the mountain lifestyle readily available to owners of Summit County real estate.  Nonetheless, can they really afford the resort prices for homes in Silverthorne Micropolitan Statistical Area, a region comprised of Summit County towns, villages, and resorts?

A recent Gallup poll revealed that young people (Generation Z and early Y) still plan to buy property.  Gallup says 70 percent of young people aged 18-29 do plan to buy homes within the next ten years.  Less than a quarter of this age group presently own property.  Despite the emergent six-year trend to rent homes versus buying, fewer than 10 percent of young people do not plan to purchase property.

Summit County Colorado real estate spans over 600 square miles in the Colorado Rocky Mountains west of Denver.  Our vacation Mecca includes over 30,000 homes.  The majority are multi-family properties in the ski resorts.  Can the younger generations dream of purchasing real estate and raising families in Summit County?

Let’s say a young person decides to buy a Silverthorne home with a mortgage of $450,000.  The monthly payment for a 30-year-fixed loan today would be about $2500.  Based on figures from 2007-2011, the approximate median per capita income of $35,000 and median household income of $68,000, the house could cost a family of two working professions one entire yearly income.  But wait!  Summit County also features a number of single-family homes, townhomes, and duplexes for lower prices.  There are some very nice family friendly homes with a bit more seclusion in planned communities, cabins, and horse properties, too.

Income remains a strong predictor of homeownership levels.  An article by Meg Handley on April 19, 2013 tells us that 75 percent of people of all ages who make over $75,000 a year own a home.  About a third of those making under $30,000 say that they will be buying homes.  The poll information revealed that income is a deciding factor in ownership and those with lower incomes continue to be optimistic that they will one day be able to buy.

We welcome all buyers to Summit County!  For information about possibilities, call Summit County Realtor Candy Snyder at 970-485-3000.

Summit County CO showcase of homes starting under $400,000

An increasing number of Frisco and Breckenridge home designers are integrating new materials for countertops.  After decades of Formica and 20 years of granite countertops, several alternatives are popping up and for different reasons. Recent waves of countertop materials include engineered quartz, glass, stainless steel, concrete, ceramic tile, recycled paper, and bamboo.  We have seen all of them in Summit County homes.

First let’s talk about why owners and designers may look beyond laminates or granite when designing for Breckenridge or Frisco real estate.  Formica and other laminates are inexpensive and come in a variety of colors and textures.  Laminates are very durable but are easily scratched and burned.  On the other hand, granite is costly.  It is handsome and durable but cool to the touch, which makes it great for making pie dough.  Granite, however, is porous and thus hard to sanitize.

Enter engineered quartz.  This product is created by grinding quartz and bonding it together with a small amount of polymer resins.  The result is a bacteria-free surface.  Over the last 10 years, sales of engineered quartz countertops have taken off.  The product has that natural stone look and comes in a great variety of colors.  Price:  $50 to $100+ per square foot.

Glass countertops are also strong and heat resistant.  Glass reflects light into the kitchen area, adding a stunning design element.  They must be kept clean to look their best.  Price: $85 to $300 per square foot.

Stainless steel is used extensively in restaurants and for a farm-house look.  Stainless is versatile for the cook as sit endures heat, allowing the cook to place hot pans anywhere.  Price:  $100 per square foot.  Concrete is durable to the Nth.  It comes in every color and texture imaginable, too.  Builders need to consider its weight and design cabinets to hold it.  Price: $80 to $120 per square foot.

Ceramic tile is perhaps the easiest countertop for homeowners who are doing their own work.  It comes in a large variety of colors and designs, can be cut easily, and even repaired easily.  The biggest drawback is keeping the grout clean.

Recycled paper countertops are heat and stain resistant.  They are formed to be ¼ inch to 2 inches thick by building on a non-petroleum and formaldehyde-free resin base.  Price:  $40 to $80 per square foot.  Bamboo is another eco-friendly option and it runs about $35 to $70 per square foot.

For more information about real estate in Summit County as well as property rentals please call Candy Snyder, Omni Real Estate, 409 Main Street, Frisco, CO 80443 at 970-485-3000.

Breckenridge Homes for sale at $1,000,000

A large proportion Summit County real estate in Breckenridge, Keystone, Frisco, and Silverthorne will most likely be affected in one way or another by new legislation attempting to regulate homeowners’ associations (HOAs).  Last week, a bipartisan collection of Colorado lawmakers determined to regulate HOAs by introducing a series of four pieces of legislation: House Bill 1277, House Bill 1276, House Bill 1134, and Senate Bill 183.

Summit County Colorado real estate is highly dependent on HOAs.  Just about all of the resort condominium complexes, planned communities, and similarly organized collections of Summit County homes would become subject to these laws—if they pass.  The legislation aims to strengthen regulations and protect homeowners whose properties are maintained by HOAs. However, the cost of the new rules will likely be borne by property owners.

House Bill 1277 requires managers of homeowners associations to be educated.  The community managers would need to demonstrate knowledge of basic operations, budgeting, consumer protection, and debt collection.  The idea is supported by The Community Associations Institute, a trade group that represents many HOAs in Colorado.

The legislation brought by HB 1277 may work well for large HOAs.  Other associations, however, are comprised of maybe 4-15 properties.  Those HOAs are usually run on a voluntary basis by the residents themselves.  The condominium/small neighborhood HOA usually votes for officers amongst volunteers that rotate duties over the years.

House Bill 1276 assists homeowners who are struggling to pay monthly HOA fees as well as special assessments.  Special assessments levied upon homeowners when the community needs some major improvement.  HB 1276 restrains the homeowners association from filing liens before a delinquent party is given six months to pay off extra fees.

House Bill 1134 is somewhat of a mediation effort to keep homeowners from using the courts to settle disputes.  It creates an HOA Information Resource Center to coordinate data and monitor problems.

Senate Bill 183 prevents homeowners’ associations from fining residents who conserve water by using landscaping disallowed in the covenants.  For example, a neighborhood may require in the covenants all residents to have front lawns.  If a homeowner would rather install xeriscaping to conserve water, then he/she would not be fined.  In effect, this bill would strike down some landscaping covenants.

For information about homes for sale in the Colorado Rocky Mountains, call Summit County Realtor Candy Snyder at 970-485-3000.