Teresa's Take On Things
Five Hundred Inches of Snow
May 05, 2011 12:49 PM --
Hello, everybody,
Here in Breckenridge we are recovering from 500 inches of snow! Several of the local ski areas have passed that mark. It has been a long winter but great skiing. All the skiers are talking about how many days they have in this year. As we prepare ourselves for spring and warm weather we are also getting ready for the selling season. Approximately 70% of our business happens in the summer. I believe it is because people that come here for the winter skiing don't want to spend their time looking at real estate so they often come back during the summer. Also, many people have their property on rental programs and want to get those high dollar rentals. So this is the time we are building our inventory of property for you to see. We have about five listings that are ready to be put on the MLS from folks that have been waiting for the summer season to come. We are excited as people are feeling more confident in the economy and the lenders are offering great deals.
Come visit us and remember that in Breckenridge, “Our everyday is everybody's dream!”
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
Here in Breckenridge we are recovering from 500 inches of snow! Several of the local ski areas have passed that mark. It has been a long winter but great skiing. All the skiers are talking about how many days they have in this year. As we prepare ourselves for spring and warm weather we are also getting ready for the selling season. Approximately 70% of our business happens in the summer. I believe it is because people that come here for the winter skiing don't want to spend their time looking at real estate so they often come back during the summer. Also, many people have their property on rental programs and want to get those high dollar rentals. So this is the time we are building our inventory of property for you to see. We have about five listings that are ready to be put on the MLS from folks that have been waiting for the summer season to come. We are excited as people are feeling more confident in the economy and the lenders are offering great deals.
Come visit us and remember that in Breckenridge, “Our everyday is everybody's dream!”
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
How To Have A Smooth Transaction
April 18, 2011 02:48 PM --
Hello, everybody,
Here are a few items that I wanted to share with you on how to get the property you want and have a smooth painless professional transaction. I have noticed a few things over the years that have killed a deal and wanted to share them with you.
So I think I will do this periodically because it is getting a lot of good response and it is sort of the ABC's of real estate. It is the little things that can make all the difference.
See you soon,
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
Here are a few items that I wanted to share with you on how to get the property you want and have a smooth painless professional transaction. I have noticed a few things over the years that have killed a deal and wanted to share them with you.
- Sellers, don't bring your emotions to the business of selling a home. In these turbulent times the buyers are aware that there are good deals out there, but they are not sure where to start when they make an offer because the selling prices vs. asking prices are all over the map. They see reports on the comps in your area where there might be a bank owned property with a low price that throws everything off. As a seller, never just reject an offer, and always counter (maybe with full price). Sometimes the first offer is just to see where you stand and how motivated you are. As a seller, when you get an offer do not be offended if you feel it is too low. This is not a reflection on your property but simply a different understanding of the market.
- When a property is advertised as “Motivated Seller,” this could mean one price to the buyer and another to the seller. No one is being dishonest; it is just a different way of thinking. When negotiating an offer, $10,000 may seem to be an exorbitant amount of money to the seller but not to the buyer.
- Buyers, don't trash talk a home thinking that this will help you in negotiating a better price. Even though I advise people to not take the business of selling a home personally, people still have a lot of emotions about their homes and their memories, style of decorating etc. This business can be done with integrity and respect so that all parties are pleased.
- Pick your battles. If there is a microwave that is in dispute for example, do you want to walk away from buying or selling a home because of it? Really? I have seen it happen. Pick your battles and choose the items that truly matter to you and don't sweat the small stuff.
So I think I will do this periodically because it is getting a lot of good response and it is sort of the ABC's of real estate. It is the little things that can make all the difference.
See you soon,
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
You Know It's A Buyer's Market When...
February 08, 2011 10:13 AM --
Hello, everybody,
“So, you know it’s a buyers market when the locals are buying up all the real estate!”
This has been our experience with the local Breckenridge, Colorado real estate market so far in 2011. I believe that people have been waiting for the bottom to hit so they can obtain the best deal possible.
Since our numbers have shown some recovery, the locals are stepping forward and taking advantage of the opportunities. Most of the homes and condos we have sold have also been cash deals. Even though the interest rates are staying low with a lot of lenders, many people have been sitting on cash and are now ready to purchase.
The other source of business has been our clients that we have been working with for years and they are seeing that prices that are rolled back to what they were around 2005-06. One client finally bought his family a log home after looking at property for nearly 10 years! The family is thrilled to be here part time and are enjoying the great snow we have had this year. He was able to buy this beautiful log home at those prices from years ago.
We had another couple that have wanted to own here for years and just bought their first townhome after renting for way too long. The figured they could now afford a place and their payments go towards their investment instead of rent paying someone else's mortgage.
So life is good here in the mountains! Come and see us or give us a call!
Teresa
PS: Oh by the way - we have a new video introducing ourselves - check it out!
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
“So, you know it’s a buyers market when the locals are buying up all the real estate!”
This has been our experience with the local Breckenridge, Colorado real estate market so far in 2011. I believe that people have been waiting for the bottom to hit so they can obtain the best deal possible.
Since our numbers have shown some recovery, the locals are stepping forward and taking advantage of the opportunities. Most of the homes and condos we have sold have also been cash deals. Even though the interest rates are staying low with a lot of lenders, many people have been sitting on cash and are now ready to purchase.
The other source of business has been our clients that we have been working with for years and they are seeing that prices that are rolled back to what they were around 2005-06. One client finally bought his family a log home after looking at property for nearly 10 years! The family is thrilled to be here part time and are enjoying the great snow we have had this year. He was able to buy this beautiful log home at those prices from years ago.
We had another couple that have wanted to own here for years and just bought their first townhome after renting for way too long. The figured they could now afford a place and their payments go towards their investment instead of rent paying someone else's mortgage.
So life is good here in the mountains! Come and see us or give us a call!
Teresa
PS: Oh by the way - we have a new video introducing ourselves - check it out!
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
Breckenridge Real Estate in Fall 2010
November 06, 2010 11:51 AM --
Hello everybody,
In the world of real estate here in Breckenridge the summer proved to be better than expected. We had a surge of activity in the spring and then things got quieter in the summer. I understand this was a nation-wide lull. The beginning of fall, things picked up again and we have seen buyers coming into town. Most of our buyers have been cash and relatively quick closings. I was somewhat surprised to see the cash purchases, given the incredibly low interest rates of around 4% (or even lower) for those that qualify. To me, this is an indicator that people have been waiting for the great deals out there and are starting to come forward.
Just to share our experiences with you. We recently sold a beautiful home that was originally priced at $3,999,000 and was incrementally reduced to $2,799,000. The home just closed for $2,050,000. (You can see it on our website at www.themoens.com -- it is the castle of Breckenridge). The buyers were thrilled for us to have sold their home in this market. Was the home worth more? I would say yes, but a home is only worth the price that the market will bear. This is our difficulty in pricing lately. In 2006 and 2007, homes were selling for about 97% of asking price. When people ask me these days about asking prices vs. selling, it is a more involved answer. How many times has the seller reduced the price? What are the comparable sales in the area? Was it cash? It has certainly become a more competitive market and more complicated. That is where we come in. Our job is to figure out what the best price is for you to pay for your mountain property. So, give us a call and we can talk more about how to do this. In the meantime, life is good here!!
It’s a beautiful day in Breckenridge,
Teresa
PS: Oh by the way - we have a new video introducing ourselves - check it out!
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
In the world of real estate here in Breckenridge the summer proved to be better than expected. We had a surge of activity in the spring and then things got quieter in the summer. I understand this was a nation-wide lull. The beginning of fall, things picked up again and we have seen buyers coming into town. Most of our buyers have been cash and relatively quick closings. I was somewhat surprised to see the cash purchases, given the incredibly low interest rates of around 4% (or even lower) for those that qualify. To me, this is an indicator that people have been waiting for the great deals out there and are starting to come forward.
Just to share our experiences with you. We recently sold a beautiful home that was originally priced at $3,999,000 and was incrementally reduced to $2,799,000. The home just closed for $2,050,000. (You can see it on our website at www.themoens.com -- it is the castle of Breckenridge). The buyers were thrilled for us to have sold their home in this market. Was the home worth more? I would say yes, but a home is only worth the price that the market will bear. This is our difficulty in pricing lately. In 2006 and 2007, homes were selling for about 97% of asking price. When people ask me these days about asking prices vs. selling, it is a more involved answer. How many times has the seller reduced the price? What are the comparable sales in the area? Was it cash? It has certainly become a more competitive market and more complicated. That is where we come in. Our job is to figure out what the best price is for you to pay for your mountain property. So, give us a call and we can talk more about how to do this. In the meantime, life is good here!!
It’s a beautiful day in Breckenridge,
Teresa
PS: Oh by the way - we have a new video introducing ourselves - check it out!
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
How's The Market?
June 12, 2010 04:32 PM --
Hi friends, clients and family,
People ask me what I think the market will do, or is this the bottom, or what about the lenders etc………………….
So is your crystal ball fuzzy? Mine is a little.
Here is what I think……….
The lending market is at the bottom I believe. When was the last time you saw interest rates at 4.25%? After the terrible time in 2008 and 2009, the lenders are starting to loosen up a little and feel more comfortable about lending money and wanting the business. Keep in mind the interest rates on a second home or investment property are about a quarter point higher.
I am also seeing more people pay cash for their vacation or rental properties. This is great for sellers as this is usually a quick closing and they feel more secure when there is not a loan involved or an appraisal. This is great for the buyers because “money still talks!”
There is a flood of inventory so sellers are having to lower their prices. Supply and demand!!!! This is a buyer’s market so if you don’t have to sell, my advice would be to sit on your property until the market is more in your favor. Timing is everything after all!
Overall, the market is improving thank goodness. The sales in Breckenridge alone are up 42% over last year at this time. Don’t just take my word for it! See for yourself.
So, bottom line is, we are not going anywhere, Americans are extremely resilient and I believe there is pent up demand and people want to be here in the mountains enjoying life again. I know I do.
See you next time and remember: if you know of anybody that is interested in real estate in Breckenridge, we are Your Mountain Realtors!
Oh by the way - we have a new video introducing ourselves - check it out!
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
People ask me what I think the market will do, or is this the bottom, or what about the lenders etc………………….
So is your crystal ball fuzzy? Mine is a little.
Here is what I think……….
The lending market is at the bottom I believe. When was the last time you saw interest rates at 4.25%? After the terrible time in 2008 and 2009, the lenders are starting to loosen up a little and feel more comfortable about lending money and wanting the business. Keep in mind the interest rates on a second home or investment property are about a quarter point higher.
I am also seeing more people pay cash for their vacation or rental properties. This is great for sellers as this is usually a quick closing and they feel more secure when there is not a loan involved or an appraisal. This is great for the buyers because “money still talks!”
There is a flood of inventory so sellers are having to lower their prices. Supply and demand!!!! This is a buyer’s market so if you don’t have to sell, my advice would be to sit on your property until the market is more in your favor. Timing is everything after all!
Overall, the market is improving thank goodness. The sales in Breckenridge alone are up 42% over last year at this time. Don’t just take my word for it! See for yourself.
So, bottom line is, we are not going anywhere, Americans are extremely resilient and I believe there is pent up demand and people want to be here in the mountains enjoying life again. I know I do.
See you next time and remember: if you know of anybody that is interested in real estate in Breckenridge, we are Your Mountain Realtors!
Oh by the way - we have a new video introducing ourselves - check it out!
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
How's The Market?
March 04, 2010 12:35 PM --
Hey everybody,
Teresa here!
So I guess you are wondering what is going on these days in Breckenridge? Or maybe you have speculations about the market? Well, here is the scoop. The number of residential sales are up 47% this year so far. Yahooo! Sounds good doesn’t it? You betcha! Bearing in mind that it was sooooooo dead last year, 47% on nothing is well……………….we are very excited.
It feels like there is pent-up demand. People want to get in on the best deals they can because they are figuring the market is repairing itself and they don’t want to miss out. This does seem to be the case. What you have to know is that the sales that are happening are after our poor sellers have reduced their prices many times to accommodate a lower market. There is also quite a bit of inventory out there to choose from and the buyers know this.
Contrary to popular belief, we are not having a lot of foreclosures but we do have our share. Remember, this is a resort market so many of our owners own multiple properties and often have the luxury of not needing to sell until the market goes up.
We are seeing some small real estate companies closing down and only the big dogs are able to hang in there with deep pockets. RE/MAX luckily is one of them and we are doing well. If not I would be waiting tables right now!
I think since Roger and I have been here for so many years (13 in May) we have a good client base that is coming back to us to buy right now. To all of you we are grateful.
So that is the quick update, just to let you know we are still here, life is good in the mountains, fresh powder, lots of tourists and friendly people. As you know, Roger will be giving you the charts and statistics about the market. In fact, I married an engineer and that has come in so handy for our real estate business. Ha!
See you next time and remember: if you know of anybody that is interested in real estate in Breckenridge, we are Your Mountain Realtors!
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
Teresa here!
So I guess you are wondering what is going on these days in Breckenridge? Or maybe you have speculations about the market? Well, here is the scoop. The number of residential sales are up 47% this year so far. Yahooo! Sounds good doesn’t it? You betcha! Bearing in mind that it was sooooooo dead last year, 47% on nothing is well……………….we are very excited.
It feels like there is pent-up demand. People want to get in on the best deals they can because they are figuring the market is repairing itself and they don’t want to miss out. This does seem to be the case. What you have to know is that the sales that are happening are after our poor sellers have reduced their prices many times to accommodate a lower market. There is also quite a bit of inventory out there to choose from and the buyers know this.
Contrary to popular belief, we are not having a lot of foreclosures but we do have our share. Remember, this is a resort market so many of our owners own multiple properties and often have the luxury of not needing to sell until the market goes up.
We are seeing some small real estate companies closing down and only the big dogs are able to hang in there with deep pockets. RE/MAX luckily is one of them and we are doing well. If not I would be waiting tables right now!
I think since Roger and I have been here for so many years (13 in May) we have a good client base that is coming back to us to buy right now. To all of you we are grateful.So that is the quick update, just to let you know we are still here, life is good in the mountains, fresh powder, lots of tourists and friendly people. As you know, Roger will be giving you the charts and statistics about the market. In fact, I married an engineer and that has come in so handy for our real estate business. Ha!
See you next time and remember: if you know of anybody that is interested in real estate in Breckenridge, we are Your Mountain Realtors!
Teresa
Roger & Teresa Moen
Your Mountain Realtors
877.453.2266
What are Buyers doing today?
August 03, 2009 11:54 AM --
Hi everybody,
Here is an update on what is going on here in Breckenridge.
First, for my Buyers out there:
These bullets below are all examples of how very different the real estate market is, in Breckenridge right now. It is a very strong buyer's market, with so many properties to choose from. Today there are 388 homes on the market and 429 condos - both much higher than usual. You are in the driver’s seat for the first time in a very long time!
Next time, look for information for my Sellers! We aim to inform and please!
Teresa and Roger Moen
Your mountain Realtors
Here is an update on what is going on here in Breckenridge.
First, for my Buyers out there:
These bullets below are all examples of how very different the real estate market is, in Breckenridge right now. It is a very strong buyer's market, with so many properties to choose from. Today there are 388 homes on the market and 429 condos - both much higher than usual. You are in the driver’s seat for the first time in a very long time!
- You need to stay in constant contact and watch the market updates and activities that I send so you will know when a great deal comes along. I can send you automatic listing updates. Knowledge is power.
- Make sure you know of the recent interest rates - they are still near historic lows.
- Don’t forget the $8,000 tax credit being offered if you are a first time buyer (or you haven’t owned a home in several years)
- Buyers have been picking their top 3 choices, and I call to interview the listing broker to see which seller is the most motivated. This insures you the best deal.
- In some cases, offers are being presented verbally and once all parties agree to the terms then contracts are being written and signed.
- Buyers are going to more open houses (there are a ton) so that you can be aware of what is available
- If you are looking at properties in a particular price range, bump up your price range, because properties are selling for less than usual, as a percentage of listing price. You might be able to get into a nicer condo or home than you think you can!
- Get pre-qualified before you start looking at homes, as the lending community is much more particular and requires more information than they have in the past.
- Feel terribly lucky to have such a great realtor. Just threw that in for fun!
Next time, look for information for my Sellers! We aim to inform and please!
Teresa and Roger Moen
Your mountain Realtors