, , , , , , ,

Transforming Dreams into Reality: A Yearlong Journey to Crafting the Perfect Mountain Retreat in Vail!

, , , , , , ,
 
 

West + Main Agent Melanie Harbaugh

 
 
 

When West + Main agent Melanie Harbaugh's dear friends were searching for their second home in Vail, they had a few requirements.

“This home had to be close enough to the lifts to allow their children to come and go easily, have the space they wanted for entertaining, and have the mountain lodge aesthetic they dreamed of. After searching for many months for just the right fit, they decided that this one particular place in East Vail had all the potential if just given some attention, which reflects a thoughtful and strategic approach. So they rolled the dice, got under contract and closed on the last day of the year in 2022.”

 
 
 
 

“Over the next year, they gutted the townhome, and completely remodeled it from top to bottom. While some processes took longer than they hoped, they were able to spend their first Thanksgiving in their new place with their family in 2023. The remodel is incredibly impressive. The modern finishes, with the rustic accents provide a truly Modern Mountain cozy lodge abode. Their story encapsulates the essence of a well-thought-out journey in real estate. The blend of emotional connection and practical considerations is often key in turning a house into a home, especially when undertaking a significant renovation project.”

“My clients chose to forego the homes on the market, as they each missed the mark in different ways. Our strategic decision-making process, including running comparables and assessing the investment against the potential value, demonstrates a well-informed approach. This strategic decision-making, considering both the personal and financial aspects, adds another layer of wisdom to their approach. It's not just about finding a house; it's about creating a home that reflects their style and meets their needs.”

“I applaud their vision, their determination and execution. Their ability to see the potential in a property that others might have overlooked and their dedication to bringing their vision to life are commendable. Renovations can indeed be challenging, but the reward of creating a space that resonates with one's aspirations and lifestyle is immeasurable. This story serves as an excellent example of how vision, determination, and careful planning can turn a fixer-upper into a stunning mountain retreat. Their newly remodeled mountain retreat will be a source of joy and cherished moments for years to come, not only for them but for everyone fortunate enough to share in the warmth and beauty of their home."

 
 
 

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

, , , , , , ,

A List of New Year Renovation Resolutions

, , , , , , ,
 
 

With the start of the new year, it’s never too late to reflect on new resolutions to give your home a much-needed upgrade.

Sometimes, the smallest changes can accomplish the biggest transformations. As you start to ponder where to begin with your home renovation, we have created a list of new year renovation resolutions for your living space. Take a look, and hopefully, you can take a few from our list and make your house more awesome.

Declutter, Repurpose and Recycle
By removing excess items, you can create a brighter, more spacious atmosphere that’s perfect for starting the new year. Instead of throwing away items you no longer need, consider repurposing them or donating them to someone who can use them. This not only reduces waste but can also save you money in the long run. Recycling household products is another great way to clear space and improve your environment.

Look Into Roof Maintenance or Replacement
Taking care of your roof is critical in maintaining the safety and protection of your home, especially after the harsh winter weather. By inspecting your roof for any damage, leaks, or cracks at the beginning of the year, you can catch any potential issues early on, saving you both time and money in the long run. Consider replacing old roofing with newer, sturdier and more energy-efficient options such as metal or asphalt shingles. Not only will this add value to your home, but it will also ensure that your household is adequately protected from any external elements. Don't hesitate to look into roof maintenance or replacement this year to keep your home in tip-top shape or to reach out to residential roofers if you think you need a professional on the project.

Add Plants to Your Home Decor
Looking to spruce up your living space? Why not add some greenery to your home decor? Plants are a great way to add a touch of nature to your home, and studies show that having plants around can even improve your mood and sense of well-being. Not only do they look appealing, but certain plants also have air-purifying qualities, making them a great addition to any room. If you're new to the world of plants, don't worry - there are plenty of easy-to-maintain options such as Succulents, Fiddle Leaf Figs, Pothos and Ivy. So why not consider adding some green to your space today and see how it transforms your home?

Install New Cabinets, Countertops and Appliances
Upgrading your kitchen cabinets, countertops and appliances can completely transform the heart of your home. If you're tired of looking at the same outdated design, consider investing in new, modern fixtures. Not only will it give your kitchen a fresh new look, but it will also improve the functionality of your space. Imagine cooking in a kitchen with top-of-the-line appliances and ample counter space. It's easy to see why making this update can make daily life easier and more enjoyable.

Add a Home Office or Entertainment Space
With remote work becoming a new norm, the need for a comfortable and functional home office space is undeniable. Working from the kitchen table or couch may not be a conducive environment, hence the need for a designated work area. Why not take it further and create an entertainment space? It's a great way to make your home feel more inviting, and you can utilize the space for casual hangouts with friends or family. Whether you choose a gaming room or mini bar, the possibilities are endless. It's time to spruce up your living space and make it more practical and enjoyable.

Upgrade Your Shower and Lighting
Transform your bathroom into a soothing retreat with a shower and lighting overhaul. Upgrade your shower system and give your bathroom a fresh look by adding new tiles, fixtures and shower heads. From rain shower heads to handhelds, the options are endless. To enhance your experience, install energy-efficient lighting that not only saves money but also creates an inviting atmosphere. With the right lighting, you won't dread getting ready in the morning or winding down before bed. Upgrade your shower and lighting to create a relaxing and rejuvenating spa-like heaven right in your home.

Update Your Exterior Siding
Whether you're looking to boost curb appeal or simply freshen up the look of your place, swapping out old, weathered siding for something shiny and new can make a world of difference. These days, vinyl siding is a top choice for many homeowners—not only is it cost-effective and easy to maintain, but it's also incredibly durable and can last for decades. So if the exterior of your home could use a bit of an update, companies such as Superior Products are ready to supply you with the materials you need to get started.

Home renovation resolutions can be a refreshing start to the new year. Taking the time to evaluate your living space and reflecting on how to make it more awesome can make a significant impact on your daily life. Whether you opt for decluttering and recycling or adding a home office, upgrading your kitchen, or adding plants to your decor, there are a plethora of options to make your home a happy and relaxing place to be. Start small, stay focused and enjoy the transformation of your home.

Read more at Rismedia.com

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in North Carolina

Search Homes in Oklahoma

Search Homes in Oregon

Search homes in Minnesota

, , , , , , ,

Are the Top 3 Housing Market Questions on Your Mind?

, , , , , , ,
 
 

When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now.

You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions. That’s where a trusted local real estate agent comes in.

Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them.

1. What’s Next for Mortgage Rates?

Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.

There’s a long-standing relationship between mortgage rates and inflation. Basically, when inflation is high, mortgage rates tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down.

And in some ways, we’ve started to see hints of slightly lower mortgage rates in recent weeks. But it’s certainly been volatile and will likely continue to be that way going into next year. Some ongoing variation is to be expected, but the anticipation is, that in 2024, we’ll see a downward trend. As Aziz Sunderji, Strategist at Home Economics, says:

“The bottom line is that interest rates are likely to be lower-perhaps even lower than many optimists think – in the weeks and months to come.”

2. Where Are Home Prices Headed?

While there’s been a lot of concern prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in most of the nation. Experts say that trend will continue, just at a slower pace that’s much more normal for the housing market – and that’s a good thing.

To help show just how confident experts are in this continued appreciation, take a look at the Home Price Expectation Survey from Pulsenomics. It’s a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. As the graph below shows, the consensus is, that prices will keep climbing next year, and in the years to come.

 
 

3. Is a Recession Around the Corner?

While recession talk has been a common thing over the past few years, there’s good news on that front.

The Wall Street Journal (WSJ) polls experts on this topic regularly. And last year at this time, most of them thought a recession would have happened by now. But as experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely. The latest results show that more experts now think we’re not headed for another recession (see chart below):

 
 

This is big news for the housing market. And while the 48% to 52% split may seem close to half and half, the key thing to focus on is that the majority of these experts think we’ve avoided a recession already.

Bottom Line

The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. Reach out to a local real estate agent to talk more about the housing market questions on your mind heading into the new year. 

Read more at KeepingCurrentMatters.com

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in North Carolina

Search Homes in Oklahoma

Search Homes in Oregon

Search homes in Minnesota

, , , , , , ,

Homebuyers Will Be So Thankful To Hear These Strangely Hopeful New Housing Statistics

, , , , , , ,
 
 

Now that the holiday season is in full swing, the housing market typically slows down until the new year. This holiday housing market, however, might be a whole different world.

One reason for this is that mortgage rates have dropped again, averaging 7.29% for a 30-year fixed-rate home loan in the week ending Nov. 22. (The results include an adjustment for the observance of Thanksgiving.)

“In recent weeks, rates have dropped by half a percent,” said Sam Khater, Freddie Mac’s chief economist. However, “potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing-home sales have fallen to a 13-year low.”

Yet the latest housing statistics from Realtor.com® show a glimmer of hope coming down the pike: For the week ending Nov. 18, new listings shot up a whopping 5% compared with last year.

We’ll break down what this and other just-released real estate statistics mean for buyers and sellers in this latest installment of “How’s the Housing Market This Week?”

Why more homes are hitting the market

Housing inventory has been famously scarce in recent months, but in the past three weeks, there’s been an upward trend of new listings coming to market.

“With the number of homes for sale already limited, a pickup in new listings is a welcomed change to recent inventory woes,” notes Realtor.com economic research analyst Hannah Jones in her analysis.

In addition to this gush of fresh listings, the total number of active listings (both new and old) increased by 1.5% for the week ending Nov. 18 compared with a year earlier. This is the second week in a row that these numbers exceed last year’s levels.

Granted, Jones points out that, “from a longer-term macroeconomic perspective, housing remains undersupplied.”

Pull back to the big picture, and you might be shocked to know that the number of for-sale homes is currently 41.8% below pre-pandemic levels.

Still, more homes are slowly but surely coming—particularly since both housing starts and housing permits have been climbing month over month.

The latest trend in home prices

On the not-so-good news front? So far at least, home prices are still rising.

The nation’s median list price ticked up by 1.2% over last year’s levels for the week ending Nov. 18.

“Though prices have continued to climb over last year’s level, mortgage rates have fallen for the last three weeks, promising relief for buyers,” Jones points out.

As more homes come to market and ease supply issues, prices might soon settle down, too.

“More active inventory will take some pressure off of home prices,” Jones explains. “And falling home prices, coupled with falling mortgage rates, will help buyers trickle back into the housing market.”

Still, this “gift” is more of a consolation prize, at least at this point.

“Prices remain higher than a year ago, and rates remain in the mid-7% range,” Jones concludes. “Meaning that unaffordability is likely to persist for the time being.”

Why the pace of home sales is picking up

While the pace of home sales tends to slow to a crawl in the fall, this season has been different on this front, too.

“This fall, the time a typical home spends on the market is growing much more slowly than is typical for this season,” says Jones.

In fact, the pace of sales has recently been speeding up. For the week ending Nov. 18, homes spent four fewer days on the market compared with this same time last year.

The take-home lesson for buyers is that if they see a home they like, they should not wait to close the deal—and that this holiday housing market is shaping up to be a highly unusual one.

Read more at Realtor.com

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in North Carolina

Search Homes in Oklahoma

Search Homes in Oregon

Search homes in Minnesota

, ,

Navigating the Insurance Landscape: Insights from Summit County Commissioner’s meeting

, ,
 

In a recent eye-opening meeting, I delved into discussions led by Colorado Insurance Commissioner, Michael Conway, dissecting the issues and potential trajectories within the insurance landscape.

As a real estate professional deeply invested in the well-being of our community, the updates were both informative and concerning.  We're witnessing a stark reality: escalating insurance costs for single-family residences and the disconcerting trend of insurance companies severing ties with HOAs, leaving them in a scramble to secure coverage at significantly higher rates. In this context, Commissioner Conway's insights assumed a crucial role in unpacking the complexities of this evolving scenario.

One notable development discussed was the Fair Plan signed into law on May 12, 2023. This plan is designed (like affordable health insurance) to provide insurance when unavailable through traditional means. The Fair Plan offers two options: a $750,000 cap plan for single-family homes and a commercial market plan with a $5 million cap, catering to HOAs. While these may seem low, it was emphasized that extensive negotiation was needed to push this legislation through.

However, the timeline for the Fair Plan is ambitious. Setting up what is essentially a new insurance company involves multiple steps, from appointing board members to establishing bank accounts. The goal is to have products available by January 1, 2025. This, Commissioner Conway acknowledged, is not an immediate solution.

One of the key takeaways was the frustration within the industry. The lack of proactive solutions and the absence of collaborative efforts have left the Commissioner and others looking for answers. As a real estate professional, it was disheartening to hear that there aren't immediate solutions, and the industry is grappling with the complexity of current modeling technology.  Concerns were raised about the role of local governments and fire departments. The Commissioner expressed the insurance industry's move beyond ISO modeling, making it challenging to understand the intricacies of the technology. This lack of insight hampers the ability to make informed decisions on crucial matters like infrastructure planning.

When asked about guidance for realtors to share with clients, the outlook wasn't optimistic. Commissioner Conway candidly mentioned that it might get worse before it gets better, anticipating premium increases. He did, however, express hope in maintaining robust availability, acknowledging that the community's efforts in fire mitigation have played a significant role in retaining insurance access.

In terms of the commercial market, it was affirmed that some sectors, like hotels (Estes Park discussed), are already feeling the impact. Conversations about commercial solutions are on the horizon, but, as stressed throughout the meeting, finding creative, long-term solutions will take time.

As real estate professionals, it's crucial to stay informed and transparent with our clients. While the road ahead seems challenging, the resilience of our community, coupled with ongoing efforts, remains a beacon of hope in navigating these insurance complexities. It's a time to brace for change, advocate for solutions, and keep in close touch with your trusted insurance advisor to address the evolving landscape of insurance in Colorado.

by Emily Lawless

Read more about the FAIR Plan

 
 
W+M_Logo (1).jpg
 
Cart (0)