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Fed rate hike: What it means for consumers
January 1, 2017

Financial markets have sent a forceful message that the era of super-low interest rates is coming to a close.

The Federal Reserve’s decision Wednesday to raise its benchmark short-term interest rate will slowly push up rates on everything from mortgages and credit cards to savings accounts. 

The Fed increased its federal funds rate by 0.25 percentage points. It was only the second increase in more than a decade. Chairwoman Janet L. Yellen said at a press conference that the economy had shown enough improvement in the last year to warrant higher increases and projected three more rate hikes in 2017.

Here’s how the rate hikes will affect your pocketbook.

Mortgage rates

Mortgage rates are already historically low and the Fed’s short-term rate bump — which indirectly affects mortgage rates — is not likely to make a big difference in the next few months. But, subsequent hikes by the Fed in 2017 could start to really add to the cost of a home. 

Zillow and other industry watchers say mortgage rate increases have more of an impact in costly home markets, like San Diego County. 

Rates have already gone up since president-elect Donald Trump’s victory.

Since the day before the election, the cost of a typical San Diego County home increased by $50,400 over the course of a 30-year fixed rate mortgage with 20 percent down. 

The median home price in the county, $507,500, hit its highest point in a decade in [more...]

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Commercial real estate sales (8)
Crested Butte Fall Foliage (2)
Crested Butte Real Estate (8)
home sales (10)
real estate (11)
Real Estate Crested Butte Colorado (6)
real estate market reports (10)
real estate market stats (10)
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Here Are The 10 Best Places To See Colorado’s Stunning Fall Colors
September 27, 2015

 
[more...]
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Stats for the month of January 2014...
February 19, 2014

Provided by Sigrid Cottrell, Red Lady Realty - Sales for all categories- Almont-North- based on Listing Side - Monthly comparisons

January
2007      7,010,000.00
2008      6,051,000.00
2009      2,772,858.00
2010      2,854,600.00
2011      4,256,000.00
2012    14,108,750.00
2013      8,809,200.00
2014      8,067,436.00

February
2007    10,751,500.00
2008    10,923,900.00
2009      4,105,949.00
2010      4,454,069.00
2011      2,778,078.00
2012      4,545,898.00
2013      8,741,475.00
 
March
2007    12,743,500.00
2008    18,061,000.00
2009      3,827,500.00
2010      8,115,831.00
2011      8,091,400.00
2012      5,860,700.00
2013    10,751,486.00
 
April
2007    12,596,550.00
2008      6,726,000.00
2009      2,129,000.00
2010      4,174,000.00
2011      9,259,925.00
2012      8,032,800.00
2013    17,131,900.00
 
May
2007    36,092,910.00
2008      6,654,900.00
2009      6,450,000.00
2010      7,331,250.00
2011      8,391,150.00
2012    10,256,700.00
2013      8,562,900.00
 
June
2007    27,918,364.00
2008      7,962,500.00
2009      2,571,000.00
2010      4,481,000.00
2011      7,010,900.00
2012    10,568,365.00
2013    11,965,249.00
 
July
2007    20,867,200.00
2008      6,296,350.00
2009     13,026,000.00
2010       6,313,500.00
2011     10,291,000.00
2012       3,709,800.00
2013     13,856,000.00
 
August
2007     13,223,400.00
2008     11,507,075.00
2009     19,664,750.00
2010       9,242,100.00
2011     12,932,900.00
2012       [more...]
Posted by Sigrid Cottrell
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Crested Butte, the Best Ski Town in North American...
February 18, 2014

...The 15-seed mountain in Southern Colorado that beat everyone else

[The people of Crested Butte are taking to the streets to get the vote out. PHOTO: Crested Butte]
The people of Crested Butte are taking to the streets to get the vote out.
PHOTO: Crested Butte
The day after taking the second annual Ski Town Throwdown presented by Liftopia championship,
Crested Butte and its passionate denizens went after another win—the world record for the most
Santas skiing at one time. Santa suits sold for $25 a piece (and that included five drink tickets) and
hundreds of jolly red and bearded skiers stormed the mountain. That’s one of many reasons why
people voted Crested Butte the best ski town in North America. “We’re definitely a different breed
here in Crested Butte,” says Gabe Martin, 33, who owns the ski shopColorado Freeskier. “We’re so
far off the beaten path and we love that.”
Crested Butte was rated as a 15-seed in the Rocky Mountain West region, but the mountain beat
the oddsin the 64-town/ski area field, overcoming Powder Mountain/Snowbasin, Aspen, Big Sky,
Sun Valley, Stevens Pass, and the tournament runner-up, Eaglecrest, Alaska, by a record final
score of 17,156 votes to 17,063. CB is known for steep terrain and for hosting one of the longest
running big mountain competitions in the country (Freeskiing Extremes, a FWQ 4-star event), but
it’s also the kind of place where fundraisers are thrown for your neighbor’s dog who needs
surgery—and the entire town comes out to show support, says Martin. It’s a town of referrals,
where [more...]
Posted by Sigrid Cottrell
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How Much Snow is Too Much Snow on Your Roof?
February 6, 2014

By: Douglas Trattner[Snow on a home's roof]Wet snow is much heavier than dry, fluffy snow. Six inches of dry snow weighs about as much as 38 inches of wet snow. Image: Zvozdochka/iStockphoto

If you’ve had a big snowfall in your area and you’re wondering if your roof can stand the extra weight, don’t reach for a ladder and a shovel — reach for the telephone. Calling in a professional to remove ice and snow from your roof is the smartest — and safest — option.

When (If Ever) is it Necessary?

The critical factor in determining excessive snow loads on your roof isn’t the depth of the snow, it’s the weight, says home improvement expert Jon Eakes. 

That’s because wet snow is considerably heavier than dry, fluffy snow. In fact, 6 inches of wet snow is equal to the weight of about 38 inches of dry snow.

The good news is that residential roofs are required by building codes to withstand the heaviest snows for that particular part of the country.

“Theoretically, if your roof is built to code, it’s built to support more than the normal load of snow and ice,” says Eakes.

You can determine the type of snow you’re getting simply by hefting a few shovelfuls — you should be able to quickly tell if the current snowfall is wet or dry. Local winter storm weather forecasts should alert you to the possibility that snow loads are becoming excessive and a threat to your roof.

[more...]
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Heightened Market Conditions Fuel More Multiple Offers...
November 23, 2013

... and Higher Selling Price


More properties were sold above their asking price this year, as tight supply conditions
continued to heat up market competition in the first half of 2013, according to the
CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 Annual Housing Market
Survey.”


Nearly half (49.5 percent) of all homes sold in 2013 were sold above asking price, nearly twice the share in 2012 (25.9 percent) and triple the share in 2011 (16.6 percent). The 2013 figure was more than twice the long-run average of 18 percent during the past 20 years. For homes that sold above the list price in 2013, the median premium paid over the list price was 4.8 percent, unchanged from 2012. For the third consecutive year, an increasing number of home sellers – nearly half – planned on purchasing another home in the future.


“Sellers are more upbeat about the housing market and are more comfortable with their
financial situation. As the real estate industry and the economy continue to recover, many sellers regained confidence in owning a home since the Great Recession,” says C.A.R. President Don Faught. “The number of home sellers planning on repurchasing, in fact increased to the highest level since 2007, which suggests that repeat buyers could be the driving force in the housing market in 2014.”


The shortage of housing supply intensified further this year, leading to heightened market [more...]
Posted by Sigrid Cottrell
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850,000 Properties Bounce Back to Positive Equity!
June 16, 2013

Residential property analytic provider

CoreLogic® recently released new analysis

showing the market is making big moves, with

850,000 additional residential properties turning

to positive equity during the first quarter of 2013.

In addition, the analysis shows good news for

mortgages: the total number of mortgaged

residential properties standing in negative equity

is down by nearly 1 million from the previous

quarter, moving from 10.5 million (21.7 percent)

at the end of the fourth quarter of 2012, to 9.7

million (19.8 percent) in the first quarter of 2013.

The national aggregate value of negative equity decreased more than $50 billion to $580

billion at the end of the first quarter from $631 billion at the end of the fourth quarter of 2012.

This decrease was driven in large part by an improvement in home prices.

“We are seeing an increase in homeowner equity as home prices continue to rise,” said Rei

Mesa, President & CEO of Prudential Florida Realty in January’s issue of RISMedia’s Real

Estate magazine. “This translates to a larger number of homeowners who are no longer

underwater and can move up, or make a lateral move or downsize because they are now in a

position to sell their home. With this lift in homeowner equity, we should experience a rise in

traditional home sales.” Of [more...]

Posted by Sigrid Cottrell
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Commercial resurgence? Gunnison real estate market springs to life in
June 8, 2013

 
 
Commercial resurgence? 
Gunnison real estate market springs to life in recent months
Times Editor
Originally published 2013-05-30

Over the last six months, a glut of commercial properties on the market in the City of Gunnison has been whittled away by a growing number of ventures new to town.

So far this year, a total of three noteworthy, non-lodging commercial or industrial properties have sold, accounting for nearly $1.2 million in sales within the city, according to Multiple Listing Service (MLS) data. And those only include parcels that were listed at the time of sale.

By way of comparison, four commercial properties (totaling $670,000) changed hands in Gunnison in all of 2012 — a year during which commercial sales activity was significantly higher than the three years prior.

Yet, common among many of the commercial sales in recent months is an influx of dollars from outside the community. Large national chains such as Tractor Supply Co. and Family Dollar have staked claims along Gunnison’s busiest thoroughfares. And a few smaller businesses born in Crested Butte have expanded southward, scooping up properties that in some cases had remained on the market for years.

Longtime Gunnison Valley realtors report being encouraged by the recent activity — including that it may be a signal of bigger things to come. One need only look to the concrete walls going vertical in Van Tuyl Village or demolition taking place at the former John [more...]
Posted by Sigrid A. Cottrell
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