Aspen Snowmass Real Estate BlogRecently posted or modified blog postshttps://www.aspenvalleyproperty.com/blog/Copyright AspenValleyProperty.com2021-05-06T15:21:04-07:00tag:aspenvalleyproperty.com,2012-09-20:11444Spring Cleaning.. Let's Put a Method to this Madness!Spring Cleaning- Let’s put a method to this madness...
Getting your home ready to be put on the market is similar to preparing it for the next season. When putting your home on the market, you want to ensure that it is organized, clean, and presentable. Because potential homebuyers are trying to envision themselves in your house, they do not want to see an abundance of your personal items or decorations. For this reason, seasonal cleaning is very important because it prevents build-up and ensures that your house can be ready to go on the market at any time. So, if you haven’t started already, it’s time for some spring cleaning!
<img src="https://assets.site-static.com/userfiles/1883/image/153-Meadow-Ranch-Rd-1238-ft2-2-Bed-15-Bath-kitchenliving.jpg" width="6068" height="3413" alt="153 Meadow Ranch Road" title="Organized Kitchen and Living Space" />
Don't you want your living area to look this organized? Spring cleaning is a scary task to tackle but it is totally worth your time. Getting your house organized and getting rid of clutter is the best way to prepare yourself for the next season. But, if you don’t do this in an orderly manner, you can waste tons of time and get very frustrated with the task at hand. We’ve got many tips and tricks for the method to this madness, and have great suggestions for places to recycle your clothing in the Roaring Fork Valley.
Don’t stress, we’ll help you handle the mess!!
Step 1.
Drop the attitude, and let go! Many of us dread deep cleaning our home, but with a good attitude and an open mind, this task will feel rewarding, and maybe even fun! Additionally, we MUST be open to getting rid of the things that we don’t need.
Step 2.
Before you begin, decide the order in which you will clean each room. We recommend that you start with the smaller rooms, and then make your way to the main living space. Here, at the Engel and Volkers Aspen Shop, we started in the individual conference rooms and office spaces and then moved on to the lobby and communal spaces. This allows you to get the clutter out of the small corners, and to then work on deciding where you want your belongings to go. At home, it may be smart to start in the bathroom or coat closet, and then to move onto the bedrooms and the kitchen. Working on one area at a time will keep you focused and will prevent you from feeling too overwhelmed.
Step 3.
Sort things based on the season that you use them. Here in Colorado, we have different wardrobes for the summer and winter months. When we try and fit all of these into our closet, it can get very cluttered and unorganized. But, if you are able to store the off-season clothing, your closet will be arranged in a way that allows for you to see and access all of your clothes. And, not only does this apply to your wardrobe, but it also applies to your miscellaneous cabinets and your garage. There is no reason for having easy access to your skis in the summer. Instead, put those away and put your mountain bikes and your water toys out on display. Who doesn’t love paddleboarding down the Roaring Fork River in the summertime?
<img src="https://assets.site-static.com/userfiles/1883/image/125-E-Homestead-Drive-master-closet1.jpg" width="6068" height="3413" alt="125-E-Homestead-Drive-master-closet" title="Cluttered Closet" />
As we can see, this closet has too much going on. When there are too many clothes in one area, it looks very crowded and prevents you from seeing all of your options. And, who wants to see all of this when they are looking to buy a home?
Step 4.
Once you have your clothing and other household items sorted, go through the belongings that you plan to keep and check to see if any need to be replaced. When reorganizing your home or getting your house ready to go on the market, it is important to make sure that things are up to date. Are any of your lightbulbs out? Do your walls need a paint touch-up? These small details truly do create an entirely different look and when put together, can increase the value of your home.
<img src="https://assets.site-static.com/userfiles/1883/image/2567_Snowmass_Creek_Rd_HighRes_17.jpg" width="4928" height="3280" alt="Organized closet after spring cleaning" title="The Results of Spring Cleaning" />
Here, the space is much more useable and the clothing is much more accessible. It is much more effective to have a seasonal closet, rather than shoving all of your clothing into one area year-round.
Now that you have planned out this process and gotten all of your belongings in order, you can choose what to do with your “hand me downs”. Here, you will see that some things simply need to retire. After holding onto clothing for so many years, you may realize that they no longer fit or that they are outdated. There are many great non-profit organizations that will take these clothes from you and distribute them to those in need. These places, such as <a href="https://www.steppingstonesrfv.org/services">Stepping Stone of Roaring</a>, <a href="https://habitatroaringfork.org/pages/donate-goods">Habitat for Humanity</a>, and <a href="https://unitedwaybb.org/">The United Way of Garfield County</a>, will ensure that your donations go to those who need them.
On the other hand, if you have nicer and valuable items that you would like to sell, there are many thrift stores around the Roaring Fork Valley. These stores, like <a href="https://www.heirloomsresale.com/">Heirloom Resale</a> or <a href="https://www.facebook.com/lulusthriftshoppe/">Lulu’s Thrift Shoppe</a>, will buy your clothing from you and sell it in their store.
<img src="https://assets.site-static.com/userfiles/1883/image/untitled-6.jpg" width="1024" height="683" alt="Consignment Store for used Clothing" title="Heirlooms Resale, Carbondale, CO" />
Overall, taking care of your home regularly will only make your life easier in the future. Waiting to clean and organize will cause buildup, and will make your home seem cluttered and dated. Spring cleaning, along with seasonal check-ins, will create ease when putting your home on the market and will make your life much more simplistic.
<br /><br />2021-05-06T10:17:00-07:002021-05-06T15:21:04-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:11110The Do's and Don't's When Applying for a MortgageThe “Do’s and Don’t’s” When Applying For a Mortgage
Are you a first-time homebuyer? We've got your back!⁠ Buying your first home can be very intimidating. From finding the right advisor to learning about loans and mortgages, there are so many details involved in this process. ⁠
<img src="https://assets.site-static.com/userfiles/1883/image/NotesFromAWanderlust2G0A6893.jpg" width="5760" height="3840" />
⁠Engel and Völkers offers support and guidance throughout the entire journey. With our enthusiastic and experienced agents, you can trust that this process will be seamless and educational. ⁠No one wants to feel left in the dark when they begin the home buying process!
<img src="https://assets.site-static.com/userfiles/1883/image/Basalt_Agent_Lifestyle-6.jpg" width="5184" height="3456" alt="Basalt Agents Teaching" title="Basalt Agents Teaching" />
For many, the first step is learning about how to successfully apply for a mortgage. There are many pieces of this puzzle that must come together in order to be approved. From what to do to prepare for the application, to what you must avoid afterward, the process can seem very tricky.
BEFORE YOU APPLY
Before you apply for a mortgage, you must get all your ducks in a row. There are many requirements needed to qualify for a loan. These include your income stability, your credit score, and your debt to income ratio.
Income Stability
When lenders review your case, they immediately look at your income levels and check that you have a steady income. Because they are lending you large sums of money, there can be no question about whether or not you have the income level to pay them back. This involves both the monthly payments and the initial downpayment. Individuals who seem to be constantly changing their careers and leaving jobs raise a red flag in the eyes of the lender. Before applying for a loan, you should make sure that you have a solid career history and that you have good explanations for why you have switched professions in the past.
Credit Score
Your credit score, which typically ranges from 300 to 850 (over 720 preferred), represents the creditworthiness of yourself as an individual. This allows banks and investors to decide whether or not you are reliable to pay back the loan. For most loans, you will want to check your credit score a few months in advance to prepare for your application. In doing this, you want to ensure that there is nothing questionable on your statement. There are many different types of loans, all of which have different credit requirements.
When applying for a conventional loan, which has a limit of about $765,000, you want your credit score to be a minimum of 650. Although there is still a possibility of approval with a lower score, your rates will likely be higher and the terms of your loan will not be as favorable.
However, when purchasing a more expensive home, you will likely need to apply for a jumbo loan. These loans, which are often granted by major banks like Wells Fargo or Chase, are for mortgages that exceed the limit set by the Federal Housing Finance Agency (FHFA). Because of the high housing market we see in Pitkin County and the surrounding Roaring Fork Valley, these loans are often seen with our clients. To receive a jumbo loan, you likely need a credit score north of 720 to get the best rates and terms. This will ensure that investors feel that you are reliable and trustworthy in paying back your loan.
Debt to Income Ratio
Your debt to income ratio represents your monthly debt payments in comparison to your monthly gross income. This number helps lenders gauge your reliability in paying your monthly mortgage. In most cases, lenders will require that you have a ratio below 43%. Having low debts makes you seem like a low-risk candidate for a loan. To lower this number, you need to decrease your spending months before applying for a mortgage. With a lower DIR, you will likely qualify for a lower interest rate.
AFTER YOU APPLY
Wait! Successfully receiving your mortgage loan does not mean your work is over. There are many things you need to avoid after being granted a loan. Lenders still pay very close attention to your spending and your reliability. Although they are many important factors in successfully paying off your mortgage, there are a few that really stand out. Once being approved, make sure to avoid making any large purchases, missing any credit card payments, and applying for a new loan.
<img src="https://assets.site-static.com/userfiles/1883/image/NotesFromAWanderlust2G0A6978.jpg" width="3840" height="5760" alt="Explaining Mortgages" title="Explaining Mortgages" />
Making Large Purchases
Your loan gets approved because the lender believes that you are in need of the money and that you are credit-worthy. If you immediately make large purchases, the lender will question your reliability. It can be very tempting to splurge on home improvements and new furniture when you finally move into your dream home. However, it is very important to be financially responsible and to stay committed to the terms of your loan. Big purchases should be avoided during the early stages of your mortgage payments in order to prove your creditworthiness.
Missing Credit Card Payments or Loan Payments
Missing a credit card payment is a huge red flag. If you fail to pay a credit card bill within 30 days of its due date, your credit score will drop and your lender will be notified. This can cause the bank to question your credibility and will affect your chances of receiving a new loan in the future.
If you are missing credit card payments, it is likely that you are failing to pay your monthly mortgage. This is a very serious problem and often can result in the foreclosure of your new home. Here, the bank will attempt to recover the remainder of the loan by forcing you to sell the house, resulting in the termination of your contract.
Applying for a New Loan
When making your first few mortgage payments, it is important to not apply for any new loans. This is because you do not want to increase your debt to income ratio. After being granted a mortgage loan, it is important to ensure that you will be able to pay off the debt on time. When a lender sees your credit score drop or your DIR rise, they will likely become concerned.
<img src="https://assets.site-static.com/userfiles/1883/image/Basalt_XMAS_2019-0817.jpg" width="3720" height="2282" />
Buying your first home is a huge milestone in life, and Engel and Völkers is here to make the process as seamless as possible. With a very diverse group of advisors, we are able to form amazing relationships with our clients by teaching them about the real estate market in the Roaring Fork Valley. Explore your options and educate yourself through all the resources Engel and Völkers has to offer!
2021-04-08T09:57:00-07:002021-04-08T10:33:01-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:10782March Madness in SnowmassMarch Madness in Snowmass! Check out all the new restaurants, housing opportunities, and activities that Snowmass has to offer. March is one of our favorite months here in the Roaring Fork Valley, and we are LOVING the newest additions to Snowmass Village. The real estate market is on fire, and so is the town itself.
The three new restaurants have already won us over. As the village grows, so do the crowds, and many restaurant owners have taken the opportunity to open new locations and expand their businesses.
<a href="https://www.gosnowmass.com/dining/jus-snowmass/">JÜS Snowmass </a>
<img src="https://assets.site-static.com/userfiles/1883/image/jus.jpg" width="817" height="646" />
With its original location in Downtown Aspen, the Snowmass locals are thrilled that JÜS has finally arrived in the village. This special cafe offers fresh and homemade juices, smoothies, and smoothie bowls along with great salads, wraps, burritos, and small snacks. And, guess what?! Rumor has it that there are special happy hour and aprés opportunities to come. Check out their <a href="https://www.jusaspen.com/menu">menu</a>!
<a href="https://www.eatsnowmass.com/snowmass/restaurants/1524/kenichi-snowmass">Kenichi Snowmass</a>
<img src="https://assets.site-static.com/userfiles/1883/image/kenichi.jpg" width="311" height="162" />
Sushi anyone? Kenichi, scheduled to open in Snowmass this summer, opened its first location in Aspen in 1991 and has been a local favorite ever since. Their to-die-for Asian cuisine and sushi paired with their hot and happening atmosphere makes this a very desirable restaurant. Who can say no to a sake night?
<a href="https://www.aspensnowmass.com/our-mountains/snowmass/dining/village-tasting-room">The Village Tasting Room</a>
<img src="https://assets.site-static.com/userfiles/1883/image/Wine_Glasses.jpg" width="4256" height="2832" />
This endearing, small but fashionable tasting room offers a luxurious experience of nice wines and small plates, making it a very desirable place for apps and aprés. After a long day of world-class skiing, kick off your skis and walk right over to the tasting room for a nice glass of your choice!
Because the market is in such high demand right now, many new residential developments are underway. From sustainable living opportunities to beautiful single-family homes, the new opportunities seem to be very attractive in today's market.
<a href="https://www.electricpasslodge.com/">Electric Pass Lodge</a>
<img src="https://assets.site-static.com/userfiles/1883/image/SBV_Electric_Pass_Lodge_South_Facade.jpg" width="4000" height="2380" />
100% electric mountain home? Say no more… The Electric Pass Lodge is the first residential development solely powered by renewable energy. Engel and Volkers LOVES this idea. We are so blessed to live in the heart of the rocky mountains, and the least we can do is protect our environment and take care of our community. Beautifully designed, the architecture in this building represents both luxurious and simple living, creating the perfect opportunity for mountain-style living. These two and three bedroom residences come with very desirable amenities; a 75-foot saltwater lap pool, an indoor/outdoor lounge/courtyard for entertainment, a personal ski locker, a 2,500 sqft gym, storage space, and a car share program. Click <a href="http://www.electricpasslodge.com/residences.">here</a> for more information about this amazing living opportunity or to reserve a spot in line.
<a href="https://havenssnowmass.com/">The Havens</a>
<img src="https://assets.site-static.com/userfiles/1883/image/havens.jpg" width="1600" height="900" />
Introducing the <a href="https://havenssnowmass.com/">Havens</a>, ten single-family ski-in/ski-out homes located on Wood Road in Snowmass. These brand new, European chalet-inspired ski homes are in the perfect location for local families and for second-home owners. Sitting on Fanny Hill, the Havens have immediate access to skiing, hiking and biking trails, and to the activities that the village has to offer. What could be more relaxing than sitting outside by the fireplace after a long ski day? The views from these homes are seriously unbeatable!
Now that we've convinced you to come visit, you must explore the activities that are offered this month. Snowmass Village has many fun events scheduled for you and your friends and family.
<a href="https://www.gosnowmass.com/activity/snowmass-smores/">Snowmass S’Mores</a><a href="https://www.gosnowmass.com/activity/snowmass-smores/"></a><a href="https://www.gosnowmass.com/activity/snowmass-smores/"> </a>
<img src="https://assets.site-static.com/userfiles/1883/image/snowmass_smores.jpg" width="1567" height="1175" />
If you get to aprés, then your kids should get a treat! Starting at 3:30pm daily, free s’mores are offered at the bottom of the ski hill. At Snowmass Base Village, you’ll find a delicious S’mores Cup that will leave you wanting more. And then, at the Snowmass Mall, you can try the S’Mores Bar with rice crispy pieces and a chocolate drizzle. Kindly sponsored by Mix6 and Slow Grovin’ Chophouse, these special treats are the perfect end to a long day on the slopes.
<a href="https://www.gosnowmass.com/event/ice-disco-party-at-the-rink/2021-03-13/">Ice Disco Party at the Rink</a>
<img src="https://assets.site-static.com/userfiles/1883/image/SBV_IceRink.jpg" width="2083" height="1389" />
On March 13th, 20th, and 27th, Dj Tenza will be playing at the rink! Put on your best dancing outfit and bring your skates; locals say his music is the best! This Saturday event is great for kids, families, and friends. Reservations can be made at gosnowmass.com, and walk-ins are welcome!
<a href="http://www.snowmassrecreation.com/DocumentCenter/View/1152/January-to-May-2021?bidId=">Sunrise Yoga</a>
<img src="https://assets.site-static.com/userfiles/1883/image/Yoga_girl_on_Ying_Yang_dance_floor.jpg" width="1917" height="1079" />
Sore from skiing all day? Get to bed early and join us for a sunrise yoga class at the Snowmass Recreation Center. This one-hour Hatha Yoga class will reset your body and prepare you for another day on the slopes. Get stronger and start your day with a good stretch.
<a href="https://www.gosnowmass.com/activity/breathtaker-alpine-coaster-2/">Breathtaker Alpine Coaster </a>
<img src="https://assets.site-static.com/userfiles/1883/image/alpine_coaster_snowmass.jpg" width="1440" height="960" />
You can never be too old to ride a roller coaster… This famous coaster brings you through Snowmass Mountain and is a perfect tour for those who do not ski. Take the gondola up to Elk Camp and spend the day playing in the snow. This adventure is offered daily and is even open on “Uller” nights every Friday. This 15-minute ride never gets old. 2021-03-12T11:04:00-07:002021-03-15T10:59:06-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:6469Zone 4 Architects with Bill Pollock<img src="https://assets.site-static.com/userfiles/1883/image/zone_4.JPG" />
I sat down with <a href="https://www.zone4architects.com/about/">Bill Pollock</a>, the president of <a href="https://www.zone4architects.com/">Zone 4 Architects</a>, to learn more about his company and team. Choosing an architect can be a stressful task, but with the right company, everything will fall into place. <a href="https://www.zone4architects.com/">Zone 4 Architects</a> are <a href="https://www.zone4architects.com/contact/">located</a> on the Hyman Mall and if you ever stop in and say hi you will be greeted by seven hardworking, happy and creative individuals. After a quick chat with Bill, I have gained a greater understanding of why this company is so incredible. If you are looking to build a home or a commercial property, Zone 4 Architects is a wise choice.
<br />What style of architecture do you focus on?
“We focus mostly on Modern. In Aspen it is called ‘mountain modern.’ We also label a lot of our work ‘transitional.’ Meaning traditional forms with modern details. For example, we might take barn wood or a regular house shape and put some modern detail with metal roofs, white, and simple details. Ultimately, we focus on each clients’ individual needs, but currently people are wanting modern.”
What is the meaning behind the name of your company “Zone 4?”
“The original concept was the climate zone. We used to be in Climate Zone 4 but what we did not know is that, every once in a while, they change that. It is about context, we want to build for Zone 4. Arid, high mountain, and dry. We want to be in context whether the home is modern or not. A white box here would be cool, but it might not be contextual. It is also about the symbolism of four, four elements, four seasons, stability… and that relates to house and home.”
What makes you different?
“We have a wide range of styles and we are not going to force our style onto our client. This is their house not ours and we want them to be happy. And sometimes we have to swallow our ego to do that. We try to make the process fun. Being invited over to dinner after the project is done is the goal because that means the client is happy.”
Which home is your favorite?
“The next one.”
What goals do you have for your team in the future?
“To keep everyone happy. The team and our clients.”
What do Zone 4 Architects do best?
“We are very design oriented and we all get along very well.”
What inspires you?
“All architects learn from each other which is always inspiring. The environment also inspires me. If there is an incredible mountain view, then obviously that becomes the focus.”
Be sure to take a look at Zone 4’s website and stop by there beautiful office. The fun people and Aspen Mountain deck views are worth the trip.
Photography by David Marlow.<br />For more information <a href="https://www.zone4architects.com/">click here.</a>2020-04-28T11:43:00-07:002020-04-28T13:32:46-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:6468Aspen Airport: New Plans for a Facelift! <img src="https://assets.site-static.com/userfiles/1883/image/aspen_airport.jpg" width="1440" height="810" />
If you’ve ever flown into Aspen, you already know this isn’t your average airport. The surrounding mountains and close proximity to the highway require a steep, tight, descent that is one of the most technical and challenging in the country, revered by commercial pilots. Maybe you’ve experienced the sharp turn before landing, your nose pressed against the window as you wonder how a commercial flight could be this exciting. Maybe you wondered why the wheels go down when the aircraft is so far from the ground, only to learn minutes later that the landing is imminent. Maybe you’ve waited in the crowded terminal when flights were delayed or canceled and not even been able to find a seat.
What you might not know about our little airport is there is only one type of Commercial Aircraft presently flying here that can land (the CRJ-700), because our runway is too narrow to accommodate larger planes. You probably also know that these planes are pretty cramped, with only two seats on each side of the aisle, and that they’re not big enough to accommodate carry-on bags. But you might not know that these planes are coming to the end of their lifespan and will eventually be taken out of service within 7-10 years.
Plans are in motion to create a wider runway and build a new terminal. The County Commissioner allowed for the creation of a <a href="https://www.asevision.com/">public volunteer committee</a> to represent community input (a process virtually unheard of by the Federal Aviation Administration) and to make sure the project meets Aspen’s wants and needs.
In July, the FAA approved the final environmental assessment for the airport’s proposed runway and terminal improvement projects, and determined there would be no significant impact on the environment from the redevelopment. The FAA’s approval clears the airport to shift and widen its runway 80 feet to the west, widen it up to 150 feet and strengthen it to allow up to 150,000 pounds of landing weight.
Like any major development project in Aspen, it’s stirred up a bit of controversy. The good news is the public visioning process and dialogue will give everyone a chance to voice their concerns and ultimately come up with a plan that represents the will of the Aspen community.
Here’s a basic rundown of the debate, just so you’re prepared to discuss this hot topic at your next Aspen holiday party:
PROS
-A wider runway is needed for a new generation of jets with wider wingspans that will replace the smaller planes currently landing at the airport, which currently restricts aircraft with wingspans greater than 95 feet.
-The newer jets should be more efficient than the current CRJ-700s serving the airport’s commercial passengers.
-The improvements would allow larger commercial jets, with bigger passenger loads, to access the airport.
-The current facilities do not meet many federal operations and safety requirements, air-service operational requirements, or modern systems-technology requirements.
-The new project strives to meet local sustainability, connectivity, and mobility goals. The new planes would be cleaner, greener, and quieter.
-The aging facilities also are inefficient, difficult to maintain, costly, and do not provide a customer experience that reflects the character or sense of place of the community.
-If the Aspen airport can’t stay competitive and offer reasonably priced airfare to the commercial market, it will encourage more people to fly private or to visit other mountain resort markets with better air service.
CONS
-The airport may shut down for two straight months or longer, most likely during a fall or spring off-season, to accommodate construction.
-The improvements would allow larger commercial jets, with bigger passenger loads, to access the airport. (Some people see this as having a negative impact on the town’s growth).
-The cost could be as much as $400 million, with federal grants expected to contribute over $150 million to the runway. It would represent one of the largest infrastructure initiatives on the Western Slope since the development of Interstate 70 through Glenwood Canyon.
-Some people feel that Aspen is an important enough market that the burden should fall on the industry, not the taxpayer, to figure out how to adapt to its challenges.
-A new airport would not reflect the character of the town, and the requirement of jetways (as opposed to stepping off the plane and having to walk outside to enter the terminal) would detract from the small mountain town experience.
<br />For more information on the <a href="http://aspenairport.com/">Aspen Airport</a> improvement project and its community input, visit<a href="https://www.asevision.com/"> www.asevision.com</a>.2020-04-28T11:35:00-07:002020-04-28T11:43:08-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:6467Modifying Strategies For Uncharted Territories<img src="https://assets.site-static.com/userfiles/1883/image/35_9536_mls.jpg" />
While we may not have a cure or vaccine for <a href="https://www.cdc.gov/coronavirus/2019-ncov/downloads/2019-ncov-factsheet.pdf">COVID-19</a> yet, we do have the ability to change or control other aspects of our lives in conjunction with this new obstacle. Your goals—whether to buy or sell your home, lose weight or gain muscle, read more and watch TV less, write more personal notes and fewer texts, or to relocate to your dream mountain home—shouldn’t change for 2020. Rather than give up entirely, consider re-strategizing and adjusting to achieving those same goals.
If, for example, you were planning on purchasing property in 2020 prior to COVID-19, there are still opportunities for you. While nobody can determine what the long-term effects of COVID-19 will be on the <a href="https://www.forbes.com/sites/petertaylor/2020/04/12/what-will-americas-housing-market-look-like-after-the-coronavirus-pandemic-ends-heres-what-5-top-producing-real-estate-agents-had-to-say/#17e3d6f49525">housing market</a>, there are many certainties that we do know: (1) the Rocky Mountains will never close, (2) the wonderful community we have in the Roaring Fork Valley has never been stronger, (3) the <a href="https://www.bostonglobe.com/2020/04/04/opinion/revisiting-an-old-treatment-infectious-disease-fresh-air/">fresh clean air</a> and outdoor activities are abundant, (4) there is new demand from buyers moving to the Valley to <a href="https://www.washingtonpost.com/politics/coronavirus-great-american-migration/2020/03/28/b59d4d44-6f6f-11ea-a3ec-70d7479d83f0_story.html">escape larger cities</a>, and (5) mortgage rates are at a <a href="https://www.msn.com/en-us/money/realestate/mortgage-rates-are-down-due-to-covid-19-should-you-refinance/ar-BB11H7ZZ">historical low</a>. If you are considering buying, please reach out to Engel & Völkers to understand your personal situation and together, we can determine how to achieve your goals.
Should you list your property on the market during COVID-19?
If you have been wondering whether or not you should try to sell your home during the COVID-19 period, there are many factors to consider, some of which include understanding the <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/housing-appreciation.asp">value of your property</a>, and the levels of inventory and demand in your price point. What is unquestionably inarguable is to promote <a href="https://www.nar.realtor/safety/56-safety-tips-for-realtors">safety and health</a> through the entire listing and sale process.
What does the process of listing your home look like during COVID-19?
If your property is not on the market yet, now is the perfect time to reach out to your trusted real estate advisor for a home evaluation and to discuss if it is the appropriate time to sell. The ability to have a video consultation with your phone will allow us to see your property without actually going inside. We will also perform our own pricing evaluation based on our innate market knowledge of recent on and off market sales, your homes’ features, and the current inventory and demand.
Once a recommended asking price is established, a listing agreement will be drawn up in advance leaving the activation date blank for the time being, but at least you’re poised to launch the listing on the open market as soon as the time is right for you. Additionally, this is the perfect time, while at home all day, every day, to do everything you need to <a href="https://www.forbes.com/sites/trulia/2014/06/13/21-ways-to-prepare-your-home-for-selling/#4844623a4f13">prepare your home for showings</a>. This includes decluttering, staging, cleaning, doing repairs, painting, refinishing, and working on the front-entry curb appeal.
As part of our new COVID-19 listing strategy, we highly recommend <a href="https://www.nbc12.com/2020/03/27/local-realtors-opt-virtual-tours-amidst-impacts-covid-/">video and/or 3D virtual tours</a> of your home, and if it is vacant, we can do virtual staging. This will yield you much more exposure for out of area, and even local buyers who may not feel comfortable being in public yet, as they can view the property in its entirety from the comfort and safety of their own homes.
In summary, the following are other reasons to list now or keep your property on the market:
(1) Many homeowners have realized they want a different home to spend time in during this extended COVID-19 period. They want to upsize, downsize or move neighborhoods.
(2) We are seeing more demand from new out of area city buyers wanting to relocate to rural areas.
(3) Consumers are generally online all day and all night, now surfing real estate websites, and you want to be a contender among other properties on the market.
(4) Properties could potentially take longer to sell if they are in less demand or at a higher price point because buyers can be tentative about investing due to job losses or pay decreases.
(5) While nobody, even economists and statisticians, have a crystal ball, if the economy worsens later this year and you can sell this summer before that occurs, then you may be able to achieve a higher price now instead of waiting.
(6) Mortgage rates are projected to continue to be at historical lows over the next several months which could incentivize buyers in every price point to invest now.
We look forward to speaking with you and assisting you with whatever your real estate goals may be.2020-04-28T11:26:00-07:002020-04-29T09:51:38-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:5424Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1883/image/aspen_mountain.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2020-02-04T13:00:00-07:002020-04-27T07:25:23-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:5423Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/1883/image/810ECooper_WEB318.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2020-02-04T13:00:00-07:002020-04-27T06:50:00-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:5422Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1883/image/40NorthStarCir_HiRes_121219_s16.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2020-02-04T13:00:00-07:002020-04-27T06:46:47-07:00Summer Bergtag:aspenvalleyproperty.com,2012-09-20:5421Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/1883/image/23MeadowLane_02_WEB.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2020-02-04T13:00:00-07:002020-04-27T06:44:24-07:00Summer Berg