This seems to be the popular question.  Our market is staying pretty strong.  We typically only have about 3 properties on average that actually go to foreclosure at the courthouse in Breckenridge.  The properties that end up in Foreclosure usually are purchased back from the banks.

Click here for the  latest update for Summit County.

Throughout Summit County, the average sold price is approximately 5% lower than last year at this time.  The properties that are under contract is up 5% throughout Summit County, so properties are selling.  The properties that have sold year to date are up 14% from last year at this time.

All indicators are predicting the market to begin to stabilize.  Interest rates are still extremely low 3-5%.  Prices have come down, so if you are thinking about buying, it is a great time to do so.  There are some great deals, however, keep in mind that the good deals get snatched up rather quickly.  So it is best to be pre-qualified and be in the position to react rapidly if you do want the best deal.

Contact Leah Baxter at ReMax Properties of the Summit for more information 970-389-6367.

Spring is in the air, the snow is beginning to melt,  and thoughts of warm sunny days ahead.  So, you might be thinking is it a good time to Sell  in Summit County, Colorado or not?  Well, it depends on what your intentions or motivations are at this point in your life.

Things you should consider before selling-

1.  What year did you purchase your home?  If you purchased after 2006, chances are you are not going to make a profit, you may break even or even take a small loss.  We are in a declining market, so if your intention is to walk away with cash in your pocket, you may want to wait a couple years when prices start to stabilize.

If you are able to wait a couple years, you may want to consider starting that remodel project . Now is the time to get things updated.  When buyer’s see an outdated property, they typically move on or take a wild guess on what it may cost to remodel (which is typically exaggerated).   The majority of  buyers looking  don’t want to put in the sweat equity needed to update a property, especially if they can go down the street and find a turn key property similar to your property. If you spend the time now and do the upgrades needed, then, when it is time to sell, you will be in a much better position and get the best price for your property.

The interest rates are predicted to increase in the near future which will impact everyone.   Although prices may be declining, if interest rates rise, buyer’s who finance will pay more for a property that has been reduced in the future.  For example , in 2011 a property is listed for $400,000 with a 4.5% interest rate.  In 2012 that same property is now listed at $375,000 with a 6.0% interest rate.   The monthly payment for the $400,00 property is $1621.40 and the monthly payment for the same property listed at $375,000 would be $1798.65, a difference of $177.25 per month.   Which brings me to the next point, are you priced to sell?

2.  What happens if I can’t wait and need to sell now, but don’t have much equity left in my house?  Well, you need to think about being very realistic about the price.  Since price seems to be dictating the homes that are selling, you want to be the best priced in your neighborhood and have it priced to sell.

3.  What should I do to get ready for listing my property to make it stand out and be appealing?  Have all your ducks in a row, first thing is you should have an inspection up front, this is pretty critical since a lot of transactions fall apart during this phase in the  contract.  The buyer is in the driver’s seat and may want you to fix everything on their list (even if it is minor).  This can become  an emotional roller coaster for both the buyer and the seller.  Since the Buyer is in the driver seat, they can easily walk away at this point in the transaction  if they are not satisfied with their inspection requests.

An inspection addresses  items that need to repaired.   Also, get your roof , furnace and water  heater inspected, since this can be a critical breaking point in a transaction as well.  When you have addressed all of these issues, make sure you have copies of the reports and repairs readily available, since, the buyer is going to want to verify this.

After you have done your inspection and addressed any issues, then clean up all your clutter, imagine that you are moving, and put the clutter away,  or better yet donate it.   To open up the rooms, remove excessive furniture and store it somewhere out of sight.  Clean your carpets and possibly consider a fresh coat of paint on the walls.  Once you have everything order, than you are ready to sell.

The first week that your property is listed is very critical, since this draws everyone out to see the new property.  Make sure everything is ready to go, dogs out for walks, work around the children’s schedule so that everyone is out of the house and it is clean and ready to go. Also, timing is everything, contrary to popular belief, spring and summer are the peak times to sell in Summit County, that is when the majority of our buyers look.

For more information on helping you sell your house Leah Baxter can be reached at 970-389-6367 – Email leah @leahbaxter.com, www.leahbaxter.com ReMax Properties of the Summit, Frisco, CO

Did you know that according to the latest 2010 Census Bureau statistics, the population in Frisco is currently 2612. The population in Summit County is currently 27,239. The towns that comprise Summit County, Colorado consist of Breckenridge, Dillon, Keystone, Silverthorne, Copper Mountain .
There are approximately 3023 housing units, which include single family, duplex’s, town-homes, condos, and mobile homes. Out of the 3023 properties, only 972 are occupied, which means that 68% of our properties are not owner occupied. A majority of the these homes are owned by Second homeowners from all over the country.

The median household income for Frisco is $78,512, (the US is $62,363). One may think that property values are moderate, however, it is quite the contrary. The median value of a home in Frisco is $504,200 compared to the median value of a home in the U.S., which is $185, 400.
Our home values are 2.7 times higher than the national median value of a home.
The good news is our property values have not dropped. They have increased over the past 10 years and are remaining stable right now. For example, the median price of a home in Frisco in 2000 was $298,800. In a span of 10 years that is over a $200,000 gain. Have your stocks and other investments produced that? Now is a great time to buy, interest rates are low, prices have come down to 2005-2006 price points, and a lot of Seller’s are motivated! The following statistics are taken from the actual data of the Census Bureau 2010

OCCUPIED HOUSING UNIT CHARACTERISTICS: In 2005-2009, Frisco town had 970 occupied housing units – 610 (63 percent) owner occupied and 360 (37 percent) renter occupied. One percent of the households did not have telephone service and less than 0.5 percent of the households did not have access to a car, truck, or van for private use. Multi Vehicle households were not rare. Fifty-seven percent had two vehicles and another 22 percent had three or more.
HOUSING CHARACTERISTICS: In 2005-2009, Frisco town had a total of 3,000 housing units, 68 percent of which were second homeowners. Of the total housing units, 42 percent was in single-unit structures, 57 percent was in multi-unit structures, and 1 percent was mobile homes. Forty percent of the housing units were built since 1990.

The Types of Housing Units in Frisco town, Colorado in 2005-2009
Single-unit structures 42%
In multi-unit structures 57%
Mobile homes 1%
OCCUPIED HOUSING UNIT CHARACTERISTICS: In 2005-2009, Frisco town had 970 occupied housing units – 610 (63 percent) owner occupied and 360 (37 percent) renter occupied. One percent of the households did not have telephone service and less than 0.5 percent of the households did not have access to a car, truck, or van for private use. Multi Vehicle households were not rare. Fifty-seven percent had two vehicles and another 22 percent had three or more.

HOUSING COSTS: The median monthly housing costs for mortgaged owners was $1,777, nonmortgaged owners $550, and renters $1,361. Thirty-seven percent of owners with mortgages, less than 0.5 percent of owners without mortgages, and 35 percent of renters in Frisco town spent 30 percent or more of household income on housing.

Occupants with a Housing Cost Burden in Frisco town, Colorado in 2005-2009
Owners with mortgage 37%
Owners without mortgage 0%
Renters 35%

Percent paying 30 percent or more of income for housing
Source: American Community Survey, 2005-2009

COSTS: The median monthly housing costs for mortgaged owners was $1,777, nonmortgaged owners $550, and renters $1,361. Thirty-seven percent of owners with mortgages, less than 0.5 percent of owners without mortgages, and 35 percent of renters in Frisco town spent 30 percent or more of household income on housing.

Occupants with a Housing Cost Burden in Frisco town, Colorado in 2005-2009
Owners with mortgage 37%
Owners without mortgage 0%
Renters 35%

Percent paying 30 percent or more of income for housing
Source: American Community Survey, 2005-2009

The current super low mortgage rates have many people wondering whether or not now is the time to refinance and if you are in good shape there, now is a great time to get into the Resort Market in Summit County, Colorado. For 23 weeks rates have been under 5%, last week headlines touted that the average rate for a 30 year fixed rate mortgage was 4.19%, the lowest recorded since mortgage rates began being recorded. With such history how could now not be the time to refinance? Oddly enough, now might not be the right time for you.

Here are some things to keep in mind to determine whether refinancing is right for you:

• Do you have equity in your home? If you are underwater on your mortgage you will have a hard time refinancing.
• Costs of refinancing. How much is it going to cost to refinance and how many months will it take to recoup the cost? Will you be in your home that long?
• Taxes. Mortgage insurance is a write-off come tax time. Is lowering the interest in your best interest?

These are just a few points to think about when considering refinancing your real estate. If you have plenty of equity, good credit and overall financial stability this could be the best time. There are a lot of things to think about when refinancing, for example, if you have less than 20% equity you will have to have prime mortgage insurance (PMI) which will add to your monthly costs. Take time to evaluate your financial and real estate picture. The historically low rates are eye-catching and are great for buying a home but they may not be ideal for refinancing your home.

Now is a great time to buy that second home, prices have come down in Breckenridge, Frisco, and several of the other Mountain towns in Summit County. So if you are ready to buy your Mountain Property, contact Leah Baxter www.leahbaxter.com or leah@leahbaxter.com

 Sourced from: Kinetic Content Library

Three years ago, Summit County Sellers had buyers lining up to buy their property.  They were getting top dollar and receiving a nice appreciation.

It isn’t a surprise that it is a  buyer’s market out there which is great news for buyers, not so great for sellers. Sellers are no longer in a position to dictate the rules of the game and have to be careful how they respond and counter to offers, due to the fact that if a buyer doesn’t get his way he might just move on to the next seller, and there are a lot of sellers out there.

Summit County is usually last to feel a recession and last to recover. Interest rates are still very low, and now is the time to get in the market for the buyer.

If you purchased your home in Summit County within the last few years, you should not expect to make any money if you sell today.  This is the type of market we are experiencing. The good news is, if you owned a home in another part of the Country, you would be fortunate if you didn’t have to take a loss on your home.  Also, if you purchased your home within the past 5-10 years, you will most likely be able to experience a return on your investment.  The problem that we see is the Seller’s still want more money back, if this is the case than hold on to your property for a few more years.

There are a few difficult things about being a seller today. A seller doesn’t know how long it will take to sell his home and when he gets a contract he can’t guarantee whether another one will come or not. What this means is that if a seller has to sell his home then he has to be wary of scaring the buyer away.

The inspection is one aspect of a contract where a seller can lose his shirt. If trying to sell your home it is a wise idea to have your home inspected before listing your home. This way you can make the necessary improvements and will avoid being surprised by unexpected requests. Because sellers are not in a position to capitalize on their real estate investment it is more important than ever to be on top of things, in order to retain as much value as possible.

An experienced Realtor is incredibly helpful in maneuvering a tricky real estate market, enabling a seller to evaluate his home, price it appropriately and sell it in a reasonable amount of time. For more information give Leah Baxter a call 970-389-6367 or if you would like a free market analysis leah@leahbaxter.com – www.leahbaxter.com for a list of all the properties available in Summit County.

Sourced from: Kinetic Content Library

BRECKENRIDGE- The average price of a SF home sold  in Breckenridge was $1.34 million, price per sq. ft. was $327sq ft.  The avg. Sales price for a duplex was $956k  or $325 per sq. ft.. The avg. price of a condo sold was $576k  or $431 per sq. ft.   The avg. price of a Town home was $300k or $409 per sq ft. 

COPPER MOUNTAIN- The average price of  a SF home sold  was $1.5 million or $276 per sq. ft.   The average price of a condo was $504k or $365 per sq. ft. 

FRISCO- The average price of a SF home was $929k or $273 per sq. ft.  The average price of a Duplex was $769k or $248 per sq. ft. The average price of a condo was $448k or $289 a sq. ft.  The average price of a Town home was $1 million or $471 a sq. ft.

KEYSTONE- The average price of  SF home sold was $1.5 million or $352 per sq. ft. The average price for a condo was $500k or $346 per sq. ft.  The avg. price of a Townhome was $1.29 million or $268 per sq. ft. 

SILVERTHORNE/DILLON- The average price of a Single family home sold for $967k or $252 per sq. ft. The average price for a duplex was $638k  or $229 per sq. ft.  The average price of a condo was $332k or $289 per sq. ft.  The average price of a townhouse was $527k or $241 per sq. ft. 
The change of the average sales price from 09 vs 08 are as follows: Breckenridge was -3.2% , Frisco was -5.3%, Copper MT. was +2.8% , Keystone was +5.0% Dillon was -5.1%, Silverthorne and Wildernest were +0.5%.
These statistics were obtained from SAR’s MLS Database.  This information is believed to be accurate, but has not been verified.  Buyers and Sellers are cautioned to verify all information to their own satisfaction. 

If you would like a free Comparable Market Analysis of your property, please email me at leah@leahbaxter.com or call 970-389-6367.

It is now the end of April, we are finally heading into our Spring.  Most of the Ski resorts are closed for the season and everyone is gearing up for our Summer Season.

Have you been thinking about buying property for quite some time, but wonder if it is a good time or not?  Now is a great time to buy properties in Summit County!  We are experiencing price points from 2007 and 2006.  Our market is currently flat,  and Seller’s seem to be a little more motivated these days .  The best part about buying now are that Interest rates are at an all time low under 5%. 

Resort real estate is a great long term investment, even if you are just trying to get into the market, you can get a studio for as low as $124,900.  That is the lowest prices studio in Summit County.  There isn’t as much competition between buyers now, so don’t wait until the frenzy begins again, which historically will happen as soon as consumer confidence emerges. 

So, if you have thought about that mountain property, and would like to see what is available, give me a call 970-389-6367 or check out my website www.leahbaxter.com.

Also check out all of the properties Summit County has to offer, what are you waiting for?

The market in Summit County, Colorado which consists of Breckenridge, Keystone, Copper Mtn., Frisco, Dillon and Silverthorne ended up pretty well last year. 

The most expensive condo to sell in Summit County was $2.4 million. The Most expensive single family home sold for $5.5 million . There were 646 condominiums sold in Summit County with the lowest price of $122,500.

The lowest priced  non-modular home Single family  home sold for $300,000. A total of 324 Single Family homes sold in Summit County.  The average Sold price was $950,000 and the Median Sold Price was $755,000.  The percentage of Asking price was 95.7%.

The total number of residences sold was 1199.  The average sales price was $463,000 and the percentage of asking price was 96.5%.

Please visit my website www.leahbaxter.com or simple go to the MLS and search all properties available in Summit County.  Leah Baxter can be reached at 970-389-6367 for more information.