Cam Boyd Blog

Welcome to the new face of SteamboatRealtor.com!

In response to the overwhelming feedback we've gotten over the years as to what our clients want most from the website, we've answered.  We hope you'll find this new tool useful and share this with anyone you know that's interested in Steamboat Springs Real Estate.  With the new site comes some cool new features:

• Easy access to search ALL of the area's listings!
• Sort by price, location, bedrooms, bathrooms and a TON of other criteria
• You can now share listings with your friends and family!
• Sign up for a free evaluation of your home's current value
• Register to receive daily email with new listings that match your needs
• Updated BLOG!  Get the timely low-down on local market information
• Sign up to receive our monthly newsletter filled with current market trends
• and LOTS MORE!!!

Take some time to explore and share your thoughts.  We'd love to know what more we can do to better serve you in your search for Steamboat Springs area real estate. 

Happy Surfing!

Looking over the year-to-date sales numbers for Routt County, ending 10/31/08, the following is what we know.

Total dollar volume sold for the year stands at $647,000,900.  That ranks at 49% pacing as compared to the record year of 2007.  Comparing year-over-year numbers with 2006, we're pacing at 73% of sales.

There were 68 transactions completed in October this year versus 196 in 2007 and 266 transactions in 2006.  Actual number of closings has slowed dramatically from what we've come accustomed to in Octobers of yore.

Of the total transactions in October, 37 of them consisted of "Residential Improved Units" which includes any residence that an owner buys outright (ie. not a "fractional" or "timeshare" unit) that's not land or commercial.  Of these 37 transactions, 21% (8 units) closed at $1,000,000+ accounting for 55% of total volume.  These statistics demonstrate that the high-end market is still doing relatively well.

Pricing property at an attractive level is more important now than ever.  Getting prospective buyers interested in making an offer becomes difficult in this type of market, but not impossible.  Adding incentives such as paying closing costs, covering a month or two of the buyer's mortgage and other creative deals are ideas you should ask your realtor about.  If you're a seller, these types of unique add-ons will go a long way in getting your property sold.

The deal is that you need to book your stay through the Steamboat Central Reservations office.

I just read some interesting stats from the Rocky Mountain Realtor Association.  Thought I'd include the 3^rd Quarter sales stats chart here.

Overall in 3Q, there were 2,107 total listings in Steamboat Springs.  This includes homes, condos, land and commercial.  In the same period of time we saw 638 closings, so a little under a third of the total.

The average sales price of a single family home is still holding strong in our community, at $996,816 in the 3^rd Quarter.  The average price of a condominium was just over $462,000.

Total sales volume in the Steamboat market for this quarter was $371,638,905 which is well below 3Q in 2007 (a record breaking year, I'll add) but only about 15-20% off from 2006.

The amount of inventory we see on the market right now is more than the current demand which makes this somewhat of a buyer's market.  However, with winter comes more visitors to our community and an influx of new interest.  The deals we're seeing close as of late however are averaging about 10-20% below asking price. 

Now more than ever it's imperative to competitively price your property if you want to attract buyers and sell your property.

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.

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!