Just one more week until the opening of the ski season in Steamboat Springs.  In the 33 years that I have lived in the Yampa Valley we have seen very few bad snow winters. Two of those were prior to snowmaking capabilities at the mountain.  We still average around 350 inches of snowfall per year and have seen a couple of years approach the 500 inch level. This near predictability of solid snow levels sets Steamboat apart from most other Ski areas.

 

An item that most people either forget or unaware of is our elevation. Steamboat is one of the lowest ski areas in Colorado with the base area at 6,700 feet and the summit around 10,400 feet. This translates to about 3 weeks less winter on either end of the ski season. These three weeks are often put to good use preparing for the winter, getting in that last round of golf or simply enjoying the outdoors.

 

As the seasonal workers arrive, many are dismayed at the perceived lack of snow. This dismay turns rapidly to joy and exhilaration as the snow begins to accumulate. Then at times there may even be a bit of panic if we have another January like we did in 1996 when we had a record busting 217 inches in one month. That was one winter when everyone was ready for Spring to arrive. Usually by the third week in March we can drag the golf clubs out again and drive less than 40 miles to Craig.

 Of course having this certainty of reliable snowfall is of value to property values in Routt County. Knowing that the chances are above normal that you will always be able to experience great skiing and winter recreational opportunities is attractive to families, as well as travel agents, booking their winter vacation well in advance.

Some great news was just received as Congress has extended the $8,000 tax credit for first time homebuyers. The President is expected to sign the bill today. Not only have they extended the bill until the last day of April, 2010 but have expanded the possibilities to people who have owned their home for a minimum of five years.

 

First the extension of the $8,000 tax credit. Through August of this year approximately 1.4 million people nationwide have taken advantage of this program accounting for about 40% of all home purchases. The new stipulations are that the property must be under contract by April 30^th, 2010 and close by June 30^th, 2010. This is in line with most current lending practices of 45 days to process a mortgage loan. The credit will also be extended for one year for members in the military who have or will serve overseas for a minimum of 90 days.

 

Now to the Expansion of the tax credit to people that already own a residence. This credit will be for $6,500 and will include anyone who has owned their primary residence for at least five years. This tax credit is not eligible for individuals earning over $125,000 per year or joint filers earning more than $225,000. It will be eligible for homes priced under $800,000. Unfortunately it is only for primary residence and not for second or vacation homes.

 In the Routt County Real Estate market this should allow those who were saving up for the down payment a reprieve. If you are in this market it is vital that you contact your Exclusive Buyer’s Agent now to help guide you through this process to allow for a successful closing and advantageous tax credit. There are still important steps to take and the process can be slow and confusing at times. Let us help you understand what steps you need to take right now to take advantage of the extension.