3 Things to Know Before Buying a Vacation Home
Do you want to be able to walk to the lake from your home?
Would you like to be near golf courses or ski resorts?
Do you want to go out for some nightlife, dining, shopping, or entertainment?
Are there any grocery stores?
Are medical facilities available?
Is the community friendly?
Is the area safe and secured from any form of threats?
The Pros and Cons of a Vacation Home
It’s an investment, and like your principal residence, it’ll probably appreciate in value (especially if you settle near popular areas like a beach or mountains).
This property will allow you to save money on a place to stay and stay for longer than you would in a holiday rental, enhancing your own vacation experience. It will also provide you with a location to invite loved ones for some R&R!
Make money by renting out this property during the months you aren’t there or even to other vacationers.
If you plan to buy a vacation home in Colorado, get help from a local commercial real estate expert to give you the best properties to choose from.
Cons of purchasing a vacation home:
Vacation homes are not cheap! You’ll have to pay a new mortgage, as well as property taxes, insurance, and utilities. These fees may imply less money saved for other goals, such as a college fund or retirement.
When you’re not there, you must consider the maintenance and security requirements. Even with today’s technology, you can watch your property from afar, but what will you do in the event of an emergency if your vacation house is far distant from your regular residence?
Will you become bored with the scenery? This is why it’s critical to avoid making an emotional judgment when buying a vacation home. Do you think you’ll be wishing for a change of scenery in a few years? Will you refrain from taking vacations somewhere else?
Can Solar Panels Increase the Value of Your Property?
Your location will have a significant impact on your solar potential. It will also influence how much a solar addition is valued by buyers, with some places experiencing higher-than-average resale values as a result of solar energy and others seeing lower-than-average.
Larger solar systems generate more energy and are therefore more valued.
When calculating your potential return, consider the average cost of solar installation in your area. It also affects resale value, as some purchasers may determine that purchasing a property that is already set up for solar is more valuable than paying for installation on a home that isn’t.
What You Need To Do Before Putting Your Property Up For Sale
In the age of the internet, we have to be more connected to sell a property to that right Buyer. Being top in your field of online engagement with potential Buyers has become easier to get your property out there and receive higher offers from customers.
People can list properties on a number of websites, they can also use email or social media sites. When listing a property on these platforms, they need to be able to provide all the pertinent information about the home so that potential buyers know what they are getting into. This includes pictures or videos of different rooms, amenities offered in the area and information about local schools and activities in the area where they live.
So let’s go over what you need to do when it comes to preparing an effective real estate listing:
Where is this property?
As the property market is becoming more and more competitive, there are many property listing websites that users can choose from. It is important for these websites to provide the most accurate and up-to-date listings as possible.
The main issue with these websites is that they often mix up properties by location. This is a result of using keyword search engines to find properties, where one can use any keywords and not specific property details to search for listings.Your listed property should include details about the property, such as the price, location, and availability.
When to sell your property?
Timing is key in real estate. You have to be strategic when you want to sell your property. You need to take into account various factors such as the time of the year, location, and your personal needs.
There are certain best times of the year to list your home for sale if you want to maximize its value and attract a lot of buyers. The spring and summer months tend to be peak seasons for home sales, but it also depends on the location and what you need from a property in order for it to work well for you.
The time it takes for a home to sell is largely dependent on the preparation done by the seller. Before listing their property, sellers should ensure that their home is in the best condition possible and that its price is competitive. Sellers should also set a timeline and budget for their sale and be prepared to pay all of the expenses that come with it.
Set a realistic price
Pricing is a complicated subject. Property listings and properties themselves vary in quality and location. Setting a realistic price is vital for maximizing your sales and attracting the right clients.
The most important thing to remember when setting a realistic price is that it depends on the property listing, not just on the property itself. A realistic price for your property will depend on the location, neighborhood, amenities, and the condition of your home.
A realistic price will help you get potential buyers. A low listing price might lead people to believe that your home is not worth much, or that it needs many repairs, or that there are other issues with the home.
Research comparable properties in your area and adjust your listing price accordingly.
Hire an agent who knows the market
Listing a property is not always an easy task. You have to do the research, gather data, and take photos. But with all these digital advancements, it has become much easier to list your property online and get the best deal possible.
However, it is important to know what you are looking for in an agency before you start looking for an agent. They may specialize in a certain region of property such as rural property or apartments. Or they may specialize in a specific type of property such as commercial property or residential properties.
Hiring an agent who knows the market will increase your chances of getting your place sold quickly and at a higher price than if you were to sell without their help.
That is why if you’re planning to sell, we got you covered!
Westward Advisors will take care of preparing your listings, taking photos for you, and marketing the listing so that you can focus on moving ahead with your life. We are you Local Real Estate Team with a Global Reach that specializes in both residential and commercial properties.
About Westward Advisors
Westward Advisors has accumulated over $400 million worth of real estate in the 15 years it served in Chaffee, Lake, Summit, Park, Clear Creek and Jefferson counties. We are experts when it comes to the understanding of critical deal points such as resort property management, HOA documents, Land conservation easements, water and mineral rights, specific state water access laws and FBO access, and zoning.
Westward Advisors has closed more than 500 property deals and raised over $500 million in monetary capital for investors in the last decade all while building inspiring community support. We devote ourselves to connecting our clients to the best mountain resources we can provide. Our network is focused on Resort, Ranch, Estate, Land, Investment, Public Ownership Projects and Land Preservation/easements.
Why Work with Westward Advisors to Sell your current property?
Professional Presentation: Our marketing is crisp and sophisticated. We believe that visually telling each mountain story engages the user and attracts buyers to your property. While there is no replacement for actually being in the mountains and seeing the ranch, our marketing program will bring them as close to that as possible.
Efficiency: We streamline the marketing and sales process to minimize your own time and effort.
Information from One Source:We provide the key pieces of information such as sales data, valuation analysis, title review and resolution if necessary, market trends, tips for better property showings, etc.
Network: From our complete network of Global Agents and area real estate agents to our database of over 120,000 high net worth individuals, we build a personal network for you.
3 Reasons WE ARE NOT in a Housing Bubble
Home values appreciate on average by over 15% percent in 2021 and are forecast to continue rising this year. Voicing concerns that we may be in another housing bubble like the one we experienced over a decade ago. Here are 3 reasons why that’s not the case and the market is completely different today…
1. This time, housing supply is extremely limited…
The price of any item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase.
In real estate, this balance is measured in month’s supply of inventory, which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about six months. Anything above that defines a buyer’s market, indicating prices will soften. Anything below that means it’s a sellers market in which prices normally appreciate.
Between 2006 and 2008, the month’s supply of inventory increased from just over 5 months to 11 months. The month’s supply was over seven months in 27 of those 36 months, yet home values continued to rise. Month’s inventory currently stands at 2.4 months – near historic lows. Remember, of supply is low and demand is high, prices naturally increase.
2. This time, housing demand is real.
During the housing boom in the mid-2000s, there was what Robert Schiller, a fellow at the Yale School of Management’s International Center of Finance, called irrational exuberance.
The definition of the term is, “unfounded market optimism that lacks a real foundation of fundamental valuation, but instead rests on psychological factors.” Without considering historical market trends, people got caught up in the frenzy and bought houses based on an unrealistic belief that housing values would continue to escalate.
The mortgage industry fed into this craziness by making mortgage money available to just about anyone, as shown in the Mortgage Credit Availability Index (MCAI) published by the Mortgage Bankers Association. The higher the index, the easier it is to get a mortgage; the lower the index, the more difficult it is to obtain one.
Prior to the housing boom, the index stood just below 400. In 2006, the index hit an all-time high over 868, meaning nearly everyone could qualify for a mortgage. Today, the index stands at 128.1, which is well below even the pre-boom level.
In the current real estate market, demand is real, not fabricated. Millennial, the largest generation in the country, have come of age to marry and have children, which are two major drivers for home ownership. The health crisis also challenged every household to redefine the meaning of home and re-evaluate whether their current home met that new definition.
This desire to win, coupled with historically low mortgage rates, makes purchasing a home today a strong, sound financial decision. Therefore, today’s demand is very real. Remember, if supply is low and demand is high, prices naturally increase.
3. This time, households have plenty of equity.
Again, during the housing boom, it wasn’t just purchasers who got caught up in the frenzy. Existing homeowners started using their homes like ATMs. There was a wave of cash-out refinances, which enabled homeowners to leverage the equity in their homes.
From 2005 through 2007, Americans pulled out $824 billion in equity. That left many homeowners with little or no equity in their homes at a critical time. As prices began to drop, some homeowners found themselves in a negative equity situation where their mortgage was higher than the value of their home. Many defaulted on their payments, which led to an avalanche of foreclosures.
Today, the banks and the American people have shown they learned a valuable lesson from the housing crisis. Cash-out refinance volume over the last three years was less than a third of what it was compared to the 3 years leading up to the crash.
This approach has created a level of equity never seen before. According to the U.S. Census Bureau, over 38% of owner-occupied housing units are owned ‘free and clear’ (without any mortgage). In addition, the ATTOM Data Solutions first quarter 2021 U.S Home Equity Report reveals:
“17.8 million residential properties in the United States were considered equity-rich, meaning that the combined amount of loans secured by those properties was 50% or less of their estimated market value… The count of equity-rich properties in the first quarter of 2021 represented 31.9%, or about one in three, of the 55.8 million mortgage homes in the United States.
If we combine the 38% of homes that are owned free and clear with the 19.8% of all homes that have at least 50% equity (31.9% if the remaining 62% with a mortgage), we see that 57.8% of all homes in this country have a minimum of 50% equity. That’s significantly better than the equity situation in 2008.
This time, housing supply is drastically lower. Demand is real and rightly motivated. Even if prices were to drop, homeowners have enough equity to be able to weather a dip in home values. This is nothing like 2008. In fact, it’s the exact opposite.
#realestate #realestateagent #RealEstateInvestor #realestatelife #realestateinvesting #realestatemarket #realestateexpert #realestatebrokers #colorado #home #homevalue #homeowner #mortgage #investor
Want to more about home values before selling or buying a property? Call Lindsey Stapay at 970-435-5700 to arrange a consultation. While we’re at it, Lindsey will provide a private showing of all the properties for sale at the Summit County, Colorado just for you.
So You Want to Sell?
So you have decided to sell your property. Before anything else, it is a good idea to sit down and clarify your motivations and draw up a basic time frame for the selling process.
Why do you want to sell your property? Do you intend to simply find a larger property, or do you plan on moving to another neighborhood, school district, city or state? You might think your reasons are obvious, but it would do well to consider the implications of each option for your lifestyle, opportunities, and finances.
Being clear about your intentions for selling will make it easier for us to determine the most appropriate option for your specified financial, lifestyle, and real estate goals.
When Should I Sell?
You should immediately establish your time frame for selling. If you need to sell quickly, we can speed up the process by giving you a complete market analysis and action plan to obtain all of your goals.
If there is no pressing need to sell immediately, you can sit down with one of our expert real estate agents to thoroughly review the current market conditions and find the most favorable time to sell.
What Is The Market Like?
When you work with us, you can be sure that you will have our knowledge, expertise and negotiating skills at work for you to arrive at the best market prices and terms.
We will keep you up-to-date on what is happening in the marketplace and the price, financing, terms and conditions of competing properties. With us, you will know exactly how to price and when to sell your property.
How Do I Optimize My Finances?
Deciding to sell your property demands a serious consideration of your current financial situation and future possibilities. With the help of our qualified agents, you will be able to effectively assess the cumulative impact of these changes, estimate potential proceeds of selling your property, and plan effective tax savings and estate planning strategies.
We will ensure that you not only take control of your finances, but use them to their fullest potential.
Schedule a consultation today with Westward Advisors, your Local Real Estate Team with a Global Reach. 1st class Broker Services are here to sell existing property and to assist with coordinating the purchase of that next great opportunity; whatever that goal is, we make Dreams Come True.
#sell #selling #seller #sellers #selly #sellyourhome #sellinghomes #property #propertymanagement #propertyforsale #PropertyInvestment #realestate #realtor #realestateagent #commercial #newconstruction #investment
CYNTHIA DAUGHTREY, ESQ
Commercial Team Lead
Residential Team Lead
Westward Buyer Guide 2022
The weather isn’t the only thing that’s going to be hot this summer – the housing market will be as well.
Not only has residential real estate made full recovery from last year, but households that delayed their plans during the height of the health crisis are ready to regroup. If you’re thinking of buying a home, this summer may be your moment. Here’s a dive into some of the biggest wins for home buyers this season.
1. Mortgage Rates are still LOW.
Last year, the lowest mortgage rates in recorded history as they fell below 3%, first time ever. This season, they’re inching up slightly, but are still incredibly low compared to the historic norm. According to Freddie Mac
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year mortgage rate will average 3.4% in the fourth quarter of 2021, rising 3.8% in the fourth quarter of 2022.”
Today’s low mortgage rates are creating a great opportunity for buyers, but it’s unlikely they’ll last much longer. Buying this summer is the best way to secure a home with an impressively low rate.
2. Buying is More Affordable than Renting
With today’s low mortgage rates leading the way, buyer purchasing power is strong. According to Mike Loftin, author of Homeownership is Affordable Housing from the urban Institute:
“Contrary to popular belief, owning one’s own home is frequently more affordable than renting. It is cheaper to buy a home than it is to rent in 2/3 of American counties.”
Buying a home now instead of renting one may be the game-changer that amplifies long-term savings for renters who are ready to become homeowners. When paying a mortgage as opposed to paying rent, that money is reinvested back in your favor, so you’re contributing to your own net worth when you own a home. This is a term called equity, and it’s one of the biggest financial benefits of home ownership.
3. Equity is Growing
The latest Homeowner Equity Report from Carelogic notes that the average homeowner gained $26,300 equity over the past year. With equity growing so significantly, you can feel confident that home ownership is a sound investment in your future.
4. Home Prices are STILL Appreciating
According to many leading experts, home prices are expected to appreciate through 2022. When home values rise it’s another factor that increases your equity. According to the same report:
“As competition for the dwindling supply of for-sale homes drove prices up, average annual homeowner equity gains in the fourth quarter of 2020 reached the highest level since 2013. For current owners. These gains have created a buffer against financial difficulties brought on by the pandemic.”
Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home this year is advantageous from a price perspective and as a strong long-term investment.
If you’re considering buying a home, this may be your moment, especially with today’s low mortgage rates. Let’s connect to discuss your changing needs and set you up for success in the home buying process.
Here’s a look at what several industry leaders have to say about what home buyers can expect from the housing market this summer and into next year.
Lawrence Yun, Chief Economist at NAR said:
“As mortgage rates increase, the frenzied multiple-offer situation becomes less prevalent by year’s end.”
According to Greg McBride, Chief Financial Analyst at Bankrate:
“There’s no reason to procrastinate, so long as you expect to remain in your home more than a few years so that you can break even on closing costs… Keep in mind: If someone offered today’s rates to you this time last year, you would have jumped all over it.
Danielle Hale, Chief Economist at Realtor.com explained:
“Surveys showed that seller confidence continued to rise… Extra confidence plus our recent survey finding that more homeowners than normal are planning to list their homes for sale in the next 12 months suggest that while we may not see an end to the seller’s market, we might see the intensity of the competition diminish as buyers have more options to choose from.”
The Experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans last year, let’s chat to determine how you can re-engage in the home buying process this summer.
Patience is Key in a Competitive Market
According to the Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up, making it challenging in many areas for buyers to find homes to purchase.
NAR also reports that the actual number of homes for sale stands at 1.16 million units. Unsold inventory sits at a 2.4-months’ supply at the current sale pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.
What does this mean for you?
If you’re ready to buy and you’re having trouble finding a home, remain patient in the search process. At the same time, be ready to act immediately once you find the right home since bidding wars are more common when few houses are up for sale.
#breckenridgerealestate #summitcounty #mountainliving #realestate #realtorlifestyle #bestofbreck #visitbreck #brecklife #coloradolife #luxuryrealestate #blog #travel #lifestyleblogger #entrepreneur #gobreck #ski #food #travel
For a private showing of the condos currently for sale in Main Street Station or other properties for sale in Breckenridge CO Real Estate contact Lindsey@westwardbroker.com text 303-641-3341
Unique Considerations for Historic Homes in Breckenridge
If you are the type of person that loves ‘Old Homes’, then you must visit the Colorado Rockies! Breckenridge, Colorado is the perfect place to live for those who want to enjoy the benefits of both mountain and town life.
Breckenridge was originally settled during the Gold Rush. As time passed, it eventually became the Breckenridge Historic District which was designated a National Historic Landmark in 1987. It is one of the few surviving examples of a Victorian planned town, and it demonstrates the development of nineteenth-century resort towns which prospered from railroad transportation and recreational opportunities afforded by nearby mountains, rivers and now Dillon Reservoir.
However, there are many considerations when considering buying or renovating a historic home in Breckenridge. Decision depend on the location, the age of the house, and your plans for renovation.
Before buying the property, you need to ask questions. Such as, what is the zoning of the property? Is it located in a historic district? Is it protected? If not, can you apply for an easement to protect it from future development? Will it be subject to public scrutiny? Will it be on any historic registers or preserved as a landmark?
If you’re satisfied with the answers your contractor gives you, the next step is knowing how much the renovations will cost and whether they are worth it. Historic homes can be expensive to maintain but if you’re passionate about them, the costs might be worth it in the end.
It is important to understand the features and quirks of the home. For example, if the house is made with wood, it could have dry rotted and need to be replaced with metal or PVC pipes. It’s also important to know the condition of the foundation, plumbing, electric, roofing materials, and windows.
Also, these homes are most likely positioned specifically on “tight” lots and could share paths and fences with other people. It is also important to understand that these historic structures, for better or worse, can never be moved.
Another thing that needs to be considered as well is the lack of parking spaces, some of these homes come with the idea that they were possibly moved to the downtown cores sometime in the 19th century by the locals, and were not taken into account that we might have multiple vehicles in the future.
Lastly, historical homes need to be preserved for future generations of Breckenridge residents, as a lot of these homes hold decades of secret treasures from owners of the past, so it’s important to make sure that any renovations or updates are done carefully and according to specific guidelines set by the Historic Preservation Commission (HPC) in the area.
In order to make sure that you buy the best house in your price range, it is important that you start your search early and get professional assistance from an architect or contractor.
For a private showing of the condos currently for sale in Main Street Station or other properties for sale in Breckenridge CO Real Estate contact Lindsey@westwardbroker.com text 303-641-3341
Main Street Station Condo – Breckenridge CO Real Estate
Main Street Station Condos in Breckenridge CO is located in the heart of all the action in this lively ski town, with shops, restaurants and bars just minutes away. It’s an easy walk to Main Street for some shopping or dining. It has been recently renovated and is now available for sale.
Main Street Station Condo Breckenridge CO features two lifts that take you right up to Peak 8 or Peak 9 of the Breckenridge Ski Resort, which are some of the best skiing runs in Colorado!
Not only that, it has ski-in/ski-out access to Park City Mountain Resort, Main Street Station Condo offers spectacular views of the Rocky Mountains and convenience that comes with living in a ski-in/ski-out condo.
Built in 2000, Main Street Station Condo has a total of 82 residential units comprised of 9 – studios, 38 – 1 bedrooms, 23 – 2 bedrooms, 8 – 3 bedrooms and 4 – 4 bedroom condos ranging in size from 355 – 1957 square feet.
Main Street Station Condo has it all – high ceilings, large windows, granite counter tops, stainless steel appliances and spacious mountain decor. You will also have access to two outdoor heated pools and hot tubs as well as many other amenities including on-site parking garage and underground parking garage.
Each condo is professionally decorated with granite in the kitchens and bathrooms, decks that feature ski area, main street or mountain views in every room, and gas fireplaces.
While enjoying your stay at Main Street Station Condo in Breckenridge, Colorado take in all the amenities including an indoor/outdoor heated swimming pool with panoramic views of the Breckenridge Ski Resort, 6 hot tubs, fitness center with eucalyptus steam room, private 25-seat movie theater (must be reserved), pioneer club to relax by the fire and enjoy a cocktail, 24-hour front desk and bell service and an onsite concierge.
When considering Breckenridge Real Estate, Main Street Station is a condo complex not to be overlooked.
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(Photos courtesy of Main Street Station Breck)
Bluesky Breckenridge – Breckenridge Real Estate
Bluesky Breckenridge Condo is a premier resort destination for those looking for a mountain getaway. The most breathtaking views with the best amenities make this the perfect vacation spot.
Breckenridge is an exclusive resort town in Colorado, boasting the highest elevation of any Colorado ski area. The area’s ski slopes offer everything from beginner to expert runs, while the town offers shops, restaurants, and activities for all ages.
The Bluesky Breckenridge Condo Rentals are located at the base of Snowflake Lift at the Breckenridge Ski Resort and 3 short blocks to Breckenridge Main Street, and surrounded by stunning mountain views. It features luxury condominiums with vaulted ceilings and large windows providing breathtaking views of the mountains. Completed in 2007, BlueSky Breckenridge has 52 high-end Breckenridge condos comprised of:
2 – 1 bedroom condos
34 – 2 bedroom condos
12 – 3 bedroom condos
4 – 4 bedrooms condos
Residents can enjoy amenities like heated outdoor pool with hot tub, state-of-the-art fitness center, game room with pool table and shuffleboard table. Other amenities include an on-site concierge service to help you get reservations at top local restaurants or book your airport shuttle ride home.
That’s not all! It also has a fitness room, game room, library/computer room, and a CU Tavern where you can have a drink and appetizer. If you are looking for some pampering, book a massage, manicure or any service at The Spa at Breckenridge located onsite next to the seasonal ski shop.
While enjoying your Breckenridge condo park your car in the heated garage and take the shuttle to and from town to enjoy all that Breckenridge Main Street has to offer.
If you are looking for luxury condos for sale in Breckenridge Colorado look no further, BlueSky Breckenridge offers full amenities at a great location. You can’t get much better than BlueSky Breckenridge when looking for condos for sale in Breckenridge Real Estate.
#breckenridge #breckenridgecolorado #breckenridgeoutfitters #Breckenridgerealestate #breckenridgerealtor #breckenridgeskiresort #mainstreetcolorado #condo #realestate #blueskycondo #colorado #ski #luxuryrealestate (Photos courtesy of TripAdvisor.com)
To arrange a time to view the condos for sale at Bluesky Breckenridge or other properties in Breckenridge, CO real estate contact Lindsey@westwardbroker.com or call her directly at at 970-435-5700.
You may also set an appointment here!