New under contract activity remains very strong, in fact last week was at a level usually only witnessed during the peak summer selling season! Sales are up, the average sold price is up and the pending properties are holding at over 400 still (they have been that way all summer long)…this is a very impressive wind down to our summer selling season here in Summit County, Colorado.

FYI: That 400 pending represents about 30% of what has already closed this year and there are still three months left.

Interesting: Summit County residential properties that are under contract today have a higher average list price than what has sold this year (over $100,000 higher). In fact, if what is under contract today closes at an average sold price at the same list/sell ratio the county has witnessed so far this year the average sold price is going to move up.

The Average Sold Price So Far by Town for Residential Sales

So what about the luxury sales market in Breckenridge you ask? 2014’s closing numbers show a 7.6% increase from 2013. The average price went up ads well and is around 1.6M, 6.2% increase from the previous year!

Check out this video to learn more.

Most homeowners know when selling a home, it is important to keep a home clean, bright and free from clutter. But these days when trying to sell your mountain home or condo, taking the extra step by home staging can make a difference in how a buyer values it and the price a seller might get for it.

“Realtors know how important it is to have a home in the best shape possible when showing it to prospective buyers. “At a minimum, homeowners should conduct a thorough cleaning, haul out clutter, make sure the home is well-lit and fix any major aesthetic issues. Another option is staging a home, which Realtors often suggest to sellers to help prospective buyers better visualize themselves in the home and could modestly increase the home’s value for both the buyer and seller.

One report found that 49 percent of surveyed Realtors who work with buyers believe home staging usually has an effect on the buyer’s view of the home. Another 47 percent believe that staging only sometimes has an impact on a buyer’s view of the home only.
Realtors on the buyer side believe that staging makes an impact in several ways; 81 percent said staging helps buyers visualize the property as a future home, while 46 percent said it makes prospective buyers more willing to walk through a home they saw online. Forty-five percent said a home decorated to a buyer’s tastes positively impacts its value.

Realtors representing both the buyer and seller agreed on two major points in the report—which rooms should be staged and the change in dollar value a buyer is willing to offer for a staged home compared to a similar not-staged home. Realtors ranked the living room as the number one room to stage, followed by the kitchen. Rounding out the top five rooms were the master bedroom, dining room and the bathroom.
“Working with a realtor gives buyers, sellers and investors the advantage they need to succeed in today’s market, as they know what buyers want and how to best market and stage a home for sale while many factors play into what a home is worth and what buyers are willing to pay for it, staging is an excellent tool that can be used to give a home a little extra push for sellers.

By Teresa Moen

Most Buyers at some point reach a difficult real estate crossroads: Do they renovate an existing home to fit their current needs, or do they go out and buy another house that’s already the way they like it?

This is a question with no one-size-fits-all answer.

The most important issue is location. Are you buying a ski in ski out property for rentals or do you want something you and the family can enjoy as well? Or maybe you want a cabin in a more rural area of Breckenridge.

The second major question is budget: Is it more economical to renovate your new purchase or buy another one? The answer to this question will depend upon your desires, your budget and your needs. Many buyers tell me they want an older property so they can renovate. Before you do this, consider trying to do this if you live out of state. Many families can make this work and enjoy it. Also consider the higher cost of supplies and labor in the mountains.

After considering all this if you still want an older property, start with your list in hand. Consult with a realtor or builder. A realtor can discuss re-sale issues with you and a builder can tell you about pricing and timing.

With over 15 years in the Breckenridge real estate market, we do have a great team of people to refer you to. We are also happy to answer any questions you might have if this is an idea you are considering. Click the blue/gray “Live Chat” button above or click here to send us an email.

Are you thinking of buying a vacation home in Breckenridge? Considering buying a ski in ski out property? Dreading walking through the homes of strangers and the long paperwork? Hiring a professional real estate agent can take away many of the challenges of buying a home in Breckenridge. Just like a doctor or accountant, a real estate agent is worth more than the commission they charge. We believe we are those kinds of agents.

In order to find a good real estate agent in Breckenridge, you must be able to distinguish the average agent from the great ones. These are some of the things we promise you:

1. Tell the truth about the price

Too many agents just take your offer at any price and then try to ‘work’ both the seller and you while negotiating later. Demand that the real estate agent prove to you that they believe in the price you are offering. Make them show how they will convince both the seller – and the bank – to accept that price. Every house in today’s market must be sold twice – first to you and then to your bank.

The second sale is often more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. It has become more difficult to get banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the original offer.

2. Respect your timetable

You will be moving your family into a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will need to work according to plan.

Getting everything in order to keep to the schedule can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. While your agent cannot pick the exact date of your move, but they should exert any influence they can to make it work.

3. Safely navigate the challenges of buying a new home.

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market.

Remember: If you have an agent who was weak negotiating with you on parts of the purchase offer, don’t expect them to turn into a super hero when they are negotiating with the seller for you and your family.

4. FIND the right house!

There is a reason you are putting yourself and your family through the process of moving.

You are moving on with your life in some way. Whether you are looking for a new home or a vacation home, the reason is important or you wouldn’t be dealing with the headaches and challenges that come along with purchasing. Do not allow your real estate agent to forget these motivations. Constantly remind them that finding the right house is why you hired them. Make sure that they don’t worry about your feelings. If they discover something needs to be done to attain your goal (i.e. rethinking price), insist they have the courage to inform you.

Any agents knows how to deliver good news. Only great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT.

Roger and Teresa Moen deliver these promises. With over 15 years of experience in the resort community of Breckenridge, we will work to get you the best opportunity in selling or buying your dream home.

Images and concept provided by Keeping Current Matters

Summer Peak 8 Improvements

Residential Market Sales by Price Point : Residential sales for all of Summit County in October 2013 had 209 transactions with $98,968,000 gross sales volume.   There were 15 properties that sold for $1M and above in October.  The most active price points in October were once again between $200K -$300K.   October had 67 single family, 142 multi-family and 13 vacant land transactions.

Thinking about buying a second home? You may have done your research and found it would be a great investment, but you also might have second thoughts on this second home sweet home. Before you get too far down the yellow brick road of investing in a second property, here are some ways you can be prepared to make sure you get to Oz, house intact and tornadoes aside. (Even if you have never heard the story of how Dorothy’s house got swept up in a tornado, you can still clue in here to get the best tips on how to be a responsible second home owner and learn how to make it work for you.) Insuring your second home would ensure a solid profit and we will show you how (and more ways to make the most of your investment) here.

How to save more with an alarm system

An alarm system is crucial in any home and this is surprisingly often forgotten about or swept aside in the hustle and bustle of making preparations for a second home. The benefits start increasing once you get an alarm system installed. With burglary and smoke alarms installed, you can knock 20% off the insurance cost. Even more alarming is the fact that burglars target second homes and areas with a high percentage rate of vacation homes since the alarm systems tend to be non existent and the homes are so often left empty for long periods of time. You can even alert the neighbors with this alarm now that you know how to use your alarm system to work for you, maximizing your profit on your second home.

Caretakers for your Second Home

Do you remember the munchkins in the Wizard of Oz? How cheery and helpful they were? Aside from putting on their own musical numbers worthy of Dancing with the Stars and American Idol, they were invested in the plight of Dorothy and her friends, but there was only so much they were able to help with. They needed Glenda, the “good witch” to help them. You need a good caretaker to help ensure your home and second property is well cared for. So that your investment does not fly away like Dorothy’s house did. Find someone trustworthy who can check on the house every so often to make sure everything is in order. This will qualify you for an insurance discount. They need not be full time and this is a simple way to help not only with your insurance costs, but also with the upkeep and maintenance of your second home. This is how disasters can be avoided in the long term. No one wants a house to fall on their head. With a caretaker for your second home, no one needs to worry about their valuable ruby slippers getting lost.

Homeowners Insurance: The Nitty-gritty Details of the Policy and How to Save More

Using the same provider for your first and second home will allow more money to be saved. This will open up the door to savings as much as 10% off of the cost of the policy for the second home investment property. Do you own additional homes, or vehicles or a boat? Add those to the platter too and maximize savings with a package policy that gives you even more discounts.

Thinking of renting out your second home, now that it’s all set and ready to go? Before you continue on that brick road, think twice of what you are asking the Great Wizard for. This can increase the cost of the insurance policy by a whopping 20% compared to a policy where the home won’t be rented out. It is best to factor this into your plan and budget before you hand over that lease to the Lollipop Gang, which will increase the insurance rates with tenants in your second home.

Taking Inventory in your Second Home

Making a list and checking it… twice? Many homeowners keep track of what they own in their first home sweet home. It is crucial to keep the same count of what you own in your second home, in case of emergencies [Insert flying monkeys and tornadoes here]. This will allow you to maximize savings on your second home investment property, as well as to prevent loss from additional or unexpected costs that arise, as they will be covered by insurance.

Location, Location, Location: Insurance Requirements for your Second Home

When purchasing a second home, the location may be far or near from your first home. It is good to check the requirements either way, as they may be very different from those of your primary home. To find out what kind of coverage is required in the area of your second home investment property, ask your insurance agent for the details.

Certain coverage may be required that extends beyond homeowners’ insurance. Flood insurance may be required in one area while protection against wind, tornadoes, hurricanes (and flying monkeys) may be required in another.

Though Dorothy may have said “There’s no place like home” while clicking her ruby slippers together, our bets are placed on her second home investment property, insurance-protected against tornadoes and melting witches alike.