Real Estate Information

You’ve started looking for a home and a real estate professional to assist you, your buyer’s representative may ask you to sign a Buyer’s Representation Agreement….what is this form and why should you sign it? 

A Buyer’s Representation Agreement or Buyer’s Agency Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return.  While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty and most of all, elevating the services you will receive. 

Here are five (5) reasons why you should use a Buyer’s Agent:

1. Receive a higher level of service:  If you’ve formalized an agency relationship with a buyer’s rep, you can expect to be treated like a client instead of a customer…what’s the difference?? Clients are entitled to superior services, relative to customers.  While the details vary from state to state, and from one buyer’s agent to another you can generally assume that being a client means that you’ve formed a fiduciary, or agency relationship with your buyer’s rep. 
2. Get more without paying more:  in almost every case, home sellers have already agreed to pay a buyer’s agent’s commission, if they haven’t you can ask your buyer’s rep to avoid showing you any such homes.  Or you can still view the homes knowing that you will need to factor in your agent’s commission into any offer you may write.  While buyers rarely pay real estate commissions, this is an important detail you’ll want to discuss with your buyer’s rep and clarify in their representation agreement.
3. Ways to avoid misunderstandings:  A Buyer’s Agency Agreement clarifies expectations, helping you understand what you should and shouldn’t expect from your buyer’s rep and what they will expect from you…which usually centers on loyalty to one another. 
4. Agency relationships are based on mutual consent:  While most representation agreements specify a time period, like six months, they can be terminated early if both parties consent.  Most buyers’ reps are willing to end the agreement early if the working relationship isn’t going too smoothly.  Some buyer’s reps also offer representation agreements for as little as one day, for the purpose of giving both parties a brief trial period to explore working together. 
5. Strength as a team:   When you and your buyer’s rep work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home buying experience! 

For more information on homes in Summit County, Colorado, please visit www.YourSummitRealEstate.com to find a representative that will be pleased to help you.

1.       Taste something straight from the tree….apples,  almonds,  bananas….you are only limited by your imagination!

2.      Give your way out of a bad mood---make a donation, have a foot massage or compliment a stranger…friend…family member.

3.      Chaos on a daily basis likely will not cease…do not struggle against…find your own rhythm.

4.      View your surroundings with fresh eyes.  Find yourself by discovering where you are.  Maybe a new route to work?  A new recipe?  Change up your daily routine

5.      Head outside and move—it will invigorate the mind and the body!

6.      Ignite your own creative fire…inspiration will not strike on its own.

7.      Take a day off...Really!! The world and the office will be fine – and still there when you get back!

8.      Notice your cravings—for sugar, caffeine attention.  What do you really need and why?

9.       Kick off your shoes, spread your toes, and ground yourself to the present.

10.   Rising to a physical challenge can make you FEEL POWERFUL in every way.

Thoughts on living….from an article I read while waiting for a massage…

Take time for yourself!

There were 17 residential sales in Frisco, Colorado for the month of September.  The most expensive home sold for $1,285,000.00 at $417.00 a square foot. And the least expensive sale was $146,000.00 at $269.00 a square foot.  The days on the market range from 5 days to 706 days.  The average selling price per square foot was $334.00.  In 2009 there were 22 residential sales in Frisco in September with the highest sale $1,600,000. with a square foot price of $464.00 and the lowest priced sale of $299,000.00 with the price per square foot of $285.00.  The days on the market ranging from 3 to 1,069 with the average price per square foot $309.

A new ebook, produced by Keller Williams, is available discussing where the housing market is right here, right now. For a complete copy of the book email us.   

Home affordability is at an all-time high. The median mortgage payment on the median priced home as a percentage of the median household income is lower than it’s been in a generation.

Mortgage rates are at rock bottom. It’s hard to imagine interest rates going much lower, and when they start to inch back upwards, monthly payments and total loan costs will spike upwards.

Home prices are back on the rise. After declining for 30 months, home prices are trending back upward. The time get in to the market is NOW!

Sellers are motivated. This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power.

Financing is readily available! Banks are back in the game and ready to lend to well-qualified buyers.

Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years.

Homeownership is still at the core of the American Dream! Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live and a great tax deduction.

We look forward to hearing from you.

Here is an article from the Wall Street Journal that may answer a lot of questions you have about the future of real estate and whether it’s right for your portfolio.

http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html?mod=wsj_share_facebook

Economists are predicting a housing shortage beginning next year. How is this possible when so many houses sit languishing on the market, seemingly ignored? The drastic reduction of home building over the last five years will begin to catch up to us later in 2011. Just to keep up with the growth in US population we must add a little over 1.5 million homes every year. Since 2006 We have fallen far below that lever, with just over half a million homes being built last year and this the surplus of available homes is rapidly shrinking. It is estimated we could be several million homes short by as early as the end of 2011 and it will take several years for home builders to re-ramp up and make this up.

There were 27 residential sales in Breckenridge for the month of September.  The most expensive home sold for $2,700,000 at $614.00 a square foot. And the least expensive sale was $182,000 at $146.00 as square foot.  The days on the market range from 11 days to 941 days.  In 2009 there were 40 residential sales in Breckenridge in September with the highest sale $3,375,000 with a square foot price of $676.00 and the lowest priced sale of $199,000 with the price per square foot of $182.00.  The days on the market ranging from 6 to 941, maybe 941 days on the market is the magic number for the 2 + million dollar home to sell. 

Disclosure laws make it important to reveal all material defects when you are selling a home. It is important to be absolutely candid with your agent and all buyers about the condition of the property. If there is anything wrong with the roof, the plumbing, the wiring or structure, it will probably not remain a "sleeping dog". The problem will probably wake up, snarl, growl and snap at your ankles at the precise moment your buyers feel their first stirring of buyers' remorse.

It is unlikely that defects will go undetected, because most buyers get a home inspection before they are contractually obliged to complete the purchase. Even if the problems do not surface before the closing, your liability does not end after the closing for any defects you may have forgotten to report. Buyers almost never accept misrepresentation graciously, but they can usually deal with a house that is short of perfection if they know what they are getting into from the beginning. When selling your home, your real estate agent will provide you with a Seller's Property Disclosure form. Protect yourself by clearly describing any material defects prior to the sale.

Managing water is a growing concern in the United States. Communities across the country are starting to face challenges regarding water supply and water infrastructure. Launched in 2006, WaterSense is an EPA-sponsored partnership program that seeks to protect the future of our nation's water supply by promoting water efficiency and enhancing the market for water-efficient products, programs, and practices..

Save water at home with a few easy fixes:

1. Replace your toilets. If your toilet is from 1992 or earlier, you probably have an inefficient model that uses at least 3.5 gallons per flush. New and improved WaterSense labeled models use less than 1.28 gallons per flush-that generally  60 percent less than their older, less efficient counterparts saving you money each year.

2. Fix a Leaky Faucet. Leaky faucets that drip at the rate of one drip per second can waste more than 3,000 gallons of water each year

3. Make it a Full Load. The average washing machine uses about 41 gallons of water per load. High-efficiency washing machines use less than 28 gallons of water per load. To achieve even greater savings, wash only full loads of laundry or use the appropriate load size selection on the washing machine.

4. Take a Shower. A full bath tub requires about 70 gallons of water, while taking a five-minute shower uses 10 to 25 gallons. If you take a bath, stopper the drain immediately and adjust the temperature as you fill the tub.

5. Water Your Yard Wisely. The typical single-family suburban household uses at least 30 percent of their water outdoors for irrigation. Some experts estimate that more than 50 percent of landscape water use goes to waste due to evaporation or runoff caused by overwatering.  Install drip irrigation systems which will use between 20 to 50 percent less water than conventional in-ground sprinkler systems. They are also much more efficient than conventional sprinklers because no water is lost to wind, runoff, and evaporation.

Use this simple calculator to estimate how much water you can save by installing WaterSense labeled products in your home or apartment building.

Source: WaterSense, an EPA Partnership Program.

With all the choices in today's market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover.

It's important to visualize your needs and plan ahead.  A good rule of thumb is to know what you want in a home, what's important to you, and what you can live without.  Many of us start out with a champagne taste and a beer bottle pocketbook, so it's important to be realistic.

Where and what you buy will affect you for as long as you live in the house.  Get your priorities in order before you start looking or even talk to a real estate broker or sales associate.   

For first-time home buyers this is a new experience, so it's especially important to do your homework. If you currently own a home, you know exactly what's lacking. You may need another bedroom or bathroom, or a good school nearby.

First, decide where you want to live. A big part of the answer hinges on where and how you earn a living. If your job requires a lot of reading or is quite stressful, public transportation may offer valuable time to sit quietly.  Regardless, you should practice the commute in rush hour before you make a commitment. A seemingly quiet road can transform into gridlock during peak hours.

People with children have other major considerations: school and safety. If you plan to send your children to private schools, you can live where you want assuming you can easily arrange transportation. On the other hand, a lavish public school system may indicate high local real estate taxes be sure to check them out.

Obviously, lifestyle is an important consideration. People who frequently dine out, go dancing and attend the theater probably belong in the city or a close-in suburb. In other words, make sure you're in close proximity to the things that matter most.  

It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse, condominium or apartment condominium or co-op. 

In planned unit developments (PUDs), you can find almost any combination. In condos and other such communities, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company handles that.

On the other hand, you'll pay fees for these services.  In addition to checking the documents and financial soundness of the homeowner's association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room.

Affordability can be a factor not only in the type of housing, but whether it's new or an existing home. Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. They generally sit on landscaped lots with mature trees and grown bushes.

New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. Make sure you're dealing with a reputable builder, and have an attorney review all documents.

Selecting a real estate professional is an important first step in beginning your search.  Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service (MLS).   Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.

               Make sure your agent is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is "The Voice for Buyer Representation," with more than 50,000 active real estate professional members of the organization throughout the world.   There are a few of us at Keller Williams Top of the Rockies…just ask for one of us.  To help you in shopping for that new home, please log onto our website…www.YourSummitRealEstate.com for more information on homes in Summit, Grand, Park and Lake Counties in Colorado.   Thanks!