Archive for December, 2009

Is the Tide Turning?

Monday, December 28th, 2009

First and second hand accounts lead me to believe the Steamboat Springs real estate market may be on the mend.  Personally, the past few months I have been very busy, not only from an inquiry and showing perspective, but also from a contract perspective.  Talking to other brokers in our market, they have also recognized an increase in activity…and this is at a period of the year that has historically been a slow time in the Steamboat Springs market.

Those who are buying Steamboat real estate now are buying at the most opportune time they have had in a number of years.  It is obviously hard to tell if even better times are ahead, but those who are making their move now are reaping great benefits that will be admired and enjoyed for years to come.

If you are looking for a great buy today in our market, consider this beautiful, foreclosure / bank owned home in Dakota Ridge with over 6000 sq.ft. of finished living space in mint condition and recently upgraded bathrooms, paint and light fixtures. The kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and dining room have beautiful hardwood floors and a full wall of windows to enjoy the views of the Steamboat Ski Area. The library/study is just off the living room with an attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-in cabinetry and access to the hot tub. Downstairs features Mother-in-Law quarters with Murphy bed, additional bedrooms and laundry room complete with new washer & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find!  The bank has just reduced the list price on the beautiful home from $1.8m to $1.695m!

Please give us a call for additional information on this spectacular property.

room have beautiful hardwood floors and a full wall of windows to enjoy the views of the Steamboat Ski Area. The library/study is just off the living room with

an attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-in

cabinetry and access to the hot tub.

, carpet, paint and light fixtures. Kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and dining

room have beautiful hardwood floors and a full wall of windows to enjoy the views of the Steamboat Ski Area. The library/study is just off the living room with

an attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-in

cabinetry and access to the hot tub. Downstairs features Mother-in-Law quarters with Murphy bed, additional bedrooms and laundry room complete with new

washer & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find!

, carpet, paint and light fixtures. Kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and dining

washer & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find!

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Posted in Buying Tips, Market Trends, Real Estate Opportunities, Steamboat Single Family Homes, Uncategorized | No Comments »

Patience Pays Off

Friday, December 18th, 2009

For quite some time you have heard our mantra for Exclusive Buyer Agency.  We represent only Buyers and never take listings. We believe that in the Traditional Real Estate offices there lay an inherent conflict of interest. If you pass a property and see a Real Estate sign you may be tempted to call and get further information. Remember that this person has a signed contract with the Seller of the home to represent them throughout the selling process.  How could they possibly represent you in the same transaction? The answer is simply that they cannot! They may legally circumvent the process by calling themselves a Transaction Broker and claim to represent neither party and just facilitate the transaction. But since they already have a signed contract with the Seller and have spent a lot of time and energy understanding the Sellers motivation for selling the property, can they simply throw up their hands and say “time out” I now won’t represent either in this transaction? How would you feel if you were the Seller and had divulged to someone who you assumed would be your fiduciary in this process. Or as the Buyer who is the newest member to this relationship. Can a Listing Agent simply forget about the relationship that they have established with the Seller and give fair and impartial dedication to both parties?   The Buyer Agency is more than just a business model or a cute niche marketing concept. Quite frankly it has become a movement; a movement has been slow to gain traction but is attracting more and more long time professionals who are accepting the ethical decision to represent only one side. The movement is also attracting attention from various governmental entities. The United States Department of Housing and Urban Development (HUD) produces a 49 page booklet titled: “Shopping for your Home loan”. On page 6 section IV: Shopping for a House, Role of the Real Estate Agent or Broker. Frequently the first person you consult about your home is a real estate agent or broker. Although these agents and brokers provide helpful advice, they may legally be representing the interests of the seller and not yours. You can ask your family and friends for recommendations.

It is your responsibility to search for an agent who will represent your interests in a real estate transaction. If you want someone to represent only your interests, consider hiring an “exclusive buyer’s agent”, who will be working for you.

  I couldn’t have said it better myself. Now that HUD recognizes the significance of Buyer representation the road to taking this movement to it Statutory conclusion seems more and more likely.

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Looking for A B&B? Victorian Gem available in Old Town.

Wednesday, December 16th, 2009

By Susana Field

If you’ve ever dreamed of running a Bed and Breakfast in the heart of Ski Town USA, a Victorian gem has recently come on the market in Old Town Steamboat Springs.

Two blocks from the main street of Steamboat’s charming downtown, this home has a separate apartment for you to live in while your guests enjoy the home’s three private bedrooms upstairs and a separate below-ground level which sleeps six in various alcoves, with its own family room and bath. The home has gorgeous hardwood and tile floors, an open kitchen and formal dining room, a two-car garage and extra parking in the back.

Recently, the not-so-easy to come by licensing, which allows nightly rentals in the otherwise primary-home dominated neighborhood, was obtained by the current owners.  This home would of course also work well as a single family home.

As Exclusive Buyer Brokers, you may know that we never list properties.  We do though constantly keep our eyes peeled for properties that could be of particular interest and/or value to our clients. We then help you purchase them at the best price and on the best terms. This specific property is listed by High Mountain Sotheby’s, with an asking price of $999,900.

Please give us a call if you’d like to learn more about this or any other property available in the Steamboat Springs area.

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Posted in Best Buys, Exclusive Buyer Agency & Consumer Protection, Real Estate Opportunities, Steamboat Single Family Homes | No Comments »

Mortgage Rates (& Prices), Falling Like Snowflakes!

Wednesday, December 9th, 2009

By Susana Field

The average 30-year fixed-rate mortgage  dropped to a new record low of 4.71% this last week, according to Freddie Mac. The week before it was 4.78%, while last year the average for a fixed-rate, 30-year mortgage was 5.53%.
 
The first-time homebuyer’s tax credit has been extended through next spring, and it was expanded to include folks that have lived in their primary home for at least 5 years and wish to move up.

We are also seeing more and more housing deals come on the market here in Steamboat Springs, Colorado. And buyers are taking advantage of this by gobbling up Steamboat’s housing opportunities.
 
This October Steamboat Springs saw 20% more deals close than a year-ago October. And although the number of deals was up, amazingly the total amount of money spent on those deals was down 33% this year from last. Twenty percent more deals, with a 33% price drop since last year!

November of 2009 saw 58% more deals close than November of a year ago, with a total price increase of only 17%.

Low mortgage rates, tax credits, and great prices! Maybe it’s time to… “Have yourself a Merry Little Christmas…” with a Steamboat house key under the tree. Give us a call and we’ll help you go shopping.

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Posted in Financing, Market Trends, Real Estate Opportunities, Taxes | No Comments »

Timing is Everything

Monday, December 7th, 2009

I often get asked by clients, “When is the best time of the year to make an offer on a property.”  I have approached this question from a number of different angles, and I feel the best answer to that question is, “When you find the right property.”

This answer has been derived from countless occasions I have seen clients experience in disappointment when a property they truly wanted to own went to another buyer because my clients were waiting for ‘the opportune moment.’  However, the time when you locate the right property could be beneficial because of the cyclical nature of the Steamboat Springs market.

I am a firm believer in buying when the market is low.  And with statistics dating as far back as 1995, the quarter of the year that is the slowest in Steamboat Springs is typically the first quarter (January , February and March).  This may come as a surprise to many, for those three months are right in the heart of ski season.  However, the nature of our market is that those entertaining the ownership idea begin to think about a property when visiting Steamboat during a ski vacation, but only ratify the decision by coming back for a summer visit…and once someone visits Steamboat Springs during the summer, it is an easy decision to make the Yampa Valley a more permanent part of their lives.

With this in mind, it is logical that the second (April, May & June) and third (July, August & September) quarters are the busiest.

Sellers receiving offers on their property this time of the year may take a closer look at a lower offer than, say in the summer, for they know this is a slow time and they will be faced with several more months of carrying costs before they may get another offer.  Accepting a lower offer now may end up saving them money in the end.  In addition, who knows what the market will be like, come summer.

If you’re a buyer, not only will the seller take a closer look at your lower offer, but if the property is used as a rental, you’ll still be able to receive the lion’s share of rental income from ski season, not to mention the ability to use it during that time.

And specific to today’s economic factors, interest rates are at historic lows right now!

Timing may never be better than over the next few months to make your move.  Please give us a call and we would be happy to discuss the opportunities that are now available.

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Origination for a better Destination

Friday, December 4th, 2009

Understanding all the aspects of a Real Estate purchase in Steamboat Springs is what we do well at Buyer’s Resource. From the inspection period to the title work and all the minor nuances are important aspects to appreciate and understand. One of the most important is, of course, lending. Even though interest rates are at historic lows there are still ways to save, possibly, thousands of more dollars through the term of the loan. One of these is through Origination points.

  

Origination points are often misunderstood. Points are nothing other than interest paid at the time of closing to obtain a lower interest rate on a loan. One point is equivalent to 1% of the loan amount. If you are going to borrow $300,000 on your loan, one point would equal $3,000. This generally generates 1/8 to 3/8 of a percent lower interest rate, depending upon the loan program. As always, current market conditions dictate what the best choice will be at the time you want to buy a home.

  

When deciding whether or not you should pay points, take into consideration where interest rates are at when you seek financing. Compare that to historical market trends. When interest rates are low it makes more sense to pay points, particularly if you think you will be living in the property for an extended period of time. When rates are higher then historical norms it probably isn’t prudent to pay for points because there is a strong likelihood that the interest rates will come down again will bring up the opportunity of refinancing. If you refinance too early then you would lose the money that you spent buying down the points.

  

Another strategy when negotiating the price of a property and you have reached an impasse is to pay a little more for the home and have the Seller buy down the interest points. This could be a win-win situation as the Seller gets the higher dollar amount while you, the Buyer, could save the extra money that you have paid for the property over the length of the loan. In some cases it may even help a Buyer qualify for a higher loan amount.

  Being savvy with the entire purchasing process is what we pride ourselves in at Buyer’s Resource.   

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