Real Estate Information Archive

So, big announcement... The Boyd Team has started our very own Facebook Fan Page! (cue the cheers, marching band and parade)

That's right, in an effort to bring those interested in Steamboat Springs real estate closer together, we've started a page that will hopefully serve as a useful forum in the months and years to come.  Please visit and become a "fan" by CLICKING HERE. 

As the saying goes, "if you build it they will come."  Well, it's here and now we just need YOU to tell us what you think.  This is an open forum for opinions, happenings, local or industry news and any other fun and friendly tidbits you can think of.  After all, though we are in the real estate business, this site doesn't have to be all work and no play.

So take a look and offer suggestions on what can make this a well-rounded and useful online community.  It's a work in progress so don't be dismayed if what you're looking for isn't there yet.

WELCOME FUTURE FANS... we look forward to mingling with you in cyberspace!

Recent news reported that in the aftermath of near-death to Fannie and Freddy, there are still a plethora of conforming loan products available.  A potential home buyer is still going to have to demonstrate a solid income history and good credit score (perhaps more now than ever) but mortgages are still available.

This is important news as we move into the upcoming ski season in Steamboat.  With the snow comes an onslaught of potential buyers to our valley and there have to be lender options if these investors will translate into sales.  What’s not to love about Steamboat in the wintertime?  I’m working very hard to make sure my listings are primed and ready to show once the planes start touching down, in an effort to capitalize on primary and secondary home purchases.

The caveat with this however is that rates are fluctuating more now than we’ve seen in the past.  Mike Larson, vice president of Mountain Valley Bank (a local lender) reports that rates on comparable loans may fluctuate as many as 3 times a day.  Now prospective buyers who are “shopping” for rates need not only compare rates of different lenders, but compare the time of day the quotes were received.  With a fluctuating scale such as the one we’re seeing now, this is the only way to insure an “apples to apples” comparison.

Keep in mind that non-conforming and jumbo mortgages are still going to be tricky.  Considering that many transactions in our area fall outside of a conforming “primary residence” type loan package, we’re still bracing for slower times ahead.  But the mere fact that loans are becoming more available and credit is beginning to loosen once again, there seems to be a shimmer of hope of good things to come.

There's no doubt that everyone is watching and waiting to see what happens on Election Day, myself included.  But the really important matter is what’s going to happen AFTER the election. 

Typically the final session of Congress is a “lame duck” session but with the current woes in the economy, many are hopeful for some important measures to start taking shape.

One focus that should be starring a lead role in Congressional debates is what to do about another economic stimulus package.  Will efforts be made to pass yet another bill to stimulate spending and if so, will it be directed more substantially to home buyers?

This past February brought with it a $150 billion plan that included re-payable tax credits for first time homebuyers.  The talk on Capitol Hill must now turn towards what they can do for ALL home buyers to encourage real estate sales.  The National Association of Realtors is lobbying hard for a nationwide relief package in hopes of jump-starting what has become a dramatically slowed industry. 

It’s still too early to say if any relief would come in the form of second home purchases or investment property, but any spark given to the housing market would create a needed trickle effect.

For example, in Steamboat we’re seeing a lot of second home buyers who are waiting to sell property elsewhere before they can invest in Steamboat.  If a home buyer tax credit helped facilitate that investor’s property sale elsewhere, it would logically foster their purchase here.  Steamboat has the needed inventory right now, what we need are more buyers.

This full story was printed in the Steamboat TODAY on 10/18....

Steamboat Springs — Routt County Habitat for Hu­manity benefited Friday from a bounce in participation in construction of its West End Village duplex, partly in response to the recent criminal charges against the organization’s former executive director.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

The Housing and Economic Recovery Act of 2008 was just signed by President Bush with some amazing benefits for first time homebuyers. Call everyone you know who wants to buy their first home (or who hasn't owned one in three years), this is too good to miss - it's a $7,500 tax CREDIT (not deduction but a credit).

If you have not owned a home in three years, you qualify as a first time home buyer. If you buy a home after April 9, 2008 and before July 1, 2009, you qualify for this credit. Call your friends who just bought a home since April 9th and tell them they may take $7,500 off their tax bill if they qualify. It has to be your principal residence, so rentals do not count.

The tax credit is 10% of the cost of the home, up to a maximum of $7,500. This is not an additional deduction that lowers the amount of income to be taxed, it is a tax credit. In other words, you take $7,500 off your tax bill. But there is a catch; the credit you receive now is actually an interest-free loan that must be repaid.

The loan has no interest, and will be paid back over 15 years. You get the credit on your 2008 taxes, but you start paying it back on your 2010 taxes that are due in 2011, so you get at least two years without a payment. You pay back 6.67% of the credit each year, so for a $7,500 credit the payment is $502.50 per year. If you stay put for 15 years, you pay it off with no interest.

What happens if you sell the house? You pay the balance back at the closing. So, you get $7,500 now, and pay the rest of it back if you make money on the sale of your house. What happens if you do not make enough money when you sell your house? They forgive the rest of the debt.

Other restrictions stipulate that you have to buy your first house in three years before July 1, 2009, not have super high income, not use bond financing and buy anywhere in the US.

If you'd like to learn more about this program, please call me!